Requirements to become a stockbroker

Another name for stock broker is securities sales agent. They are the most common type of securities sales agents. They advise consumers or retail investors on investments that are appropriate for their needs and financial ability.

Once the broker and client reach an agreement, the broker sends the order to the securities exchange floor in order to complete the transaction. Many companies require stock brokers to be licensed and educated. A bachelor's degree in finance, accounting or economics is required in order to be a stock broker. A number of brokers will get their master's degree in business administration MBA.

This is an ideal degree for those who are seeking a high-level position in the industry. With an MBA, stock brokers will receive better compensation and larger signing bonuses, according to the United States Department of Labor.

Employers will also provide on-the-job training on the specifics of the company and the products and services they offer.

Some brokers will receive training in securities analysis, speaking and the finer points of selling. Stock brokers must also keep up with the new products and services that the firm develops. In order to do so, they must regularly attend conferences and training seminars. Stock brokers must requirements to become a stockbroker with their firm through the Financial Industry Regulatory Authority FINRA.

Requirements for a Licensed Stock Broker: Education and Career Info

In order to qualify for the license, they must be an employee of the firm for at least 4 months. They must pass the General Securities Representative Examination or the Series 7 Exam. The test takes 6 hours to complete and consists of multiple-choice questions.

A score of 70 or above is required in order to pass the examination. Most states will also require stock brokers to take a second examination: It will test applicants on their knowledge of the securities business, customer protection and best stocks to buy under $10. Some companies will offer training for employees to pass the examination.

Stock brokers must maintain their licensing by attending continuing education classes. Stock brokers should have skills in communication and teamwork and should possess good work ethics. They should also have skills in analyzing numbers and in basic math. Stock brokers will have to deal with people's accounts and money, so they must submit to a background check and credit check.

A certification can help stock brokers advance in their careers, although it's not a requirement.

Trainee stockbroker job description

They can earn their certification as a Chartered Financial Analyst CFA through the CFA Institute. Qualifications include having a bachelor's degree, at least 3 years experience and passing three examinations. Exam subjects include accounting, securities analysis, corporate financing and portfolio management.

By Chanel Adams eHow Contributor. The Job Description of a Junior Broker. How to Lift Restrictions on a Stock Certificate. What Is a Series 7 Brokers License? How to Become a Licensed Real Estate Broker. A Day in the Life of a Stock Broker.

How to Become a Licensed Investment Broker.

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