Why do people want to be stockbrokers and how they can achieve it?

Question

Why do people want to be stockbrokers and how they can achieve it?

Answer 1

why do people want to be mechanics, accountants, doctors, - they just want to try it

In the US - You need to be an employee of a Broker/Dealer so they can sponsor you in order to become a licensed stock broker.  

Firms usually want college graduates, but it is not really necessary nor really a requirement but many firms like it and make it their requirement.

Bank broker/dealers usually want all the sales reps to be college graduates.

Your college major is not important, (No courses in the Academic world prepares you to be a broker).  But since your coming into the world of Finance, some of the more helpful majors would be Finance, Accounting, Economics or Statistics,

You should be good at math and have a decent idea about the stock market.

You should be good at selling, and it would help if you have an outgoing personality.

So if you‘re good at sales, or have a good sales background in place of a college degree, you’re part way there.

Try to get with any major brokerage firm they will put you through an in-house training program, which is primarily getting you ready to take the necessary test for licenses. You will need a Series 7 which is a General Securities Brokers test, and a Series 6 which is just for state approvals.

Most brokerage firms, except bank B/Ds, will put you on salary and once you have passed the test, they will slowly take you off salary and put you on commission basis pay out. Banks will usually keep you on salary.

If you have your choice, you’re always better going to work for a regular B/D rather than a bank - You will learn, faster, better and the proper way of how the industry works. As a broker for a B/D you can always find another B/D that will hire you or at the worse, you can always work for a bank.

But if you’re Bank B/D trained and licensed, it’s very difficult to go work for a regular B/D

Good luck, go try it, you may like it

Answer 2

Stockbrokers in major banks receive commision on their profits and a high base salary. They deal with other people's money in huge quantities and can make themselves very wealthy without posing any real financial risk to themselves.

Look at this site:http://www.learndirect-advice.co.uk/help...

It is a British site but will answer most of your questions.

Answer 3

They get a college degree in anything.  It really doesn't matter.  Then they apply for a stock broker position.  Next they are given a booklet of names and are told to get people to sign up for the funds you are pushing.

6 months later you are looking for another job.

Stock brokers are salesmen.  It is possible to make money if you stick with it but there is a good chance you won't.