Most traders or people with an interest in stock markets may choose to carry it to the next level. They may elect to totally concentrate on the stock market situation and go into stock broking themselves. In case you’re considering becoming a stock broker, what do have to do? What does the job entail and how do you prepare yourself for this kind of job? What are the qualities required to be an excellent stock broker?
In case you wish to become a stockbroker, then you can consider working on:
- NASDAQ
- The American Stock Exchange
- The New York Stock Exchange
- Small or medium stocks
- Etc
No matter where you wish to work and regardless of how great your aspirations are, there are a few necessary things you have to do to groom yourself for the job. Firstly, you may wonder how much a stock broker makes. Films for sure make it look like a very glamorous job and something the rich and the famous deal in. Actually a regular stock broker can look forward to making more than $175,000 while working as a retail broker and twice that while working as an institutional broker. The majority will concur that’s fairly decent pay.
But, an average investment banker makes nearly $850,000 in pay plus bonuses per year, which is significantly more than most people may dream of. Therefore, you can observe that this indeed is a lucrative business. But, to get that kind of pay, they have to put in many hours of hard work. How can you find out whether you are suitable for the job of a stock broker?
Successful stock brokers display some of the following traits:
- Determination to find out about stocks
- Self confidence
- The ability to accept rebuff
- Great interpersonal skills
- Excellent selling skills
- Competence
- Maturity
- Integrity
- Professionalism
- Ability to function independently
- Persistence
- Passion for success
Now that you’re aware of certain qualities that will stand you in good stead on the job, have you any idea what kind of educational qualifications are required? Well, to qualify as a stock broker no particular specialized qualification is needed. However, having a degree will certainly be a plus point when looking for a job as a broker. In case you wish to work in a big brokerage firm, having a degree in economics, finance, and business can be really useful.
However, on the job training is an extremely significant part of education. You may have to undergo training with a specific firm in order to obtain a license and later do well in the GSRRE (General Securities Registered Representative Examination). You will have to do compulsory internship (normally for four months) before you’re eligible to sit for this test. Even after you take the GSRRE, you might have to take additional certification in certain states. You will have to go through the state laws of your place of work for the details.
Then you can take the Series 7 Stock Broker test. The National Association of Securities Dealers (NASD) conducts this test. If, by now, you haven’t yet been employed by a firm, you can start applying, posting your profile on the internet and also in the stock broker listings, etc. to help you locate an opening in a firm that suits you.
Some firms, as an employment condition, require that you go through a credit check conducted by it to ensure you have a good record and a favorable credit history even though this isn’t always needed.
