Stock Brokers can aim to trade on the New York Stock Exchange, which is the largest stock exchange in
the world, the
American Stock Exchange, which specializes in
exchange-traded
funds, along with small to mid-size stocks, or the NASDAQ, which is the "over the counter" stock exchange.
The
average stock broker salary may be in excess of $175,000 for retail stock brokers and about double that figure for institutional
stock brokers, while the average investment banker may take home about $850,000 in pay and bonuses.
Traits of
successful stock brokers
To convince clients to trust you with their business, you need self confidence, selling
skills and the capacity to take repeated rejection. Stock brokers must have integrity, together with competence and professionalism,
in order to succeed.
Employers prefer to hire mature people with good interpersonal skills, who are capable of
working independently. Successful people from other professions, who want to make a career change, are also preferred by employers.
Employers may like to do a background check to ensure that applicants have a clean record and a good credit history.
Essential qualifications and licenses
There is no stock broker requirement for any specialized qualification,
though many stock brokers have a college degree. A college degree in business, economics or finance can be useful, and it
may be necessary to have one, if you are interested in joining one of the larger brokerage firms.
Usually, people
don`t become stock brokers immediately after they graduate. To become a stock broker, you need to get on the job career training
with a stock
broker firm and obtain a license, after passing the General Securities Registered Representative Examination. Before you can sit for
this examination you have to undergo on-the-job stock broker training with a brokerage for at least four months.
After passing the General Securities Registered Representative Examination, you may also be required to take the Uniform
Securities Agents State Law Examination in many states.
Unlike other careers, online career training or free career
training for stock brokers cannot replace this mandatory period of working with a brokerage house and grants for career are
not available for this practical training.
The Series 7 Stock Broker exam, which is administrated by the National
Association of Securities Dealers (NASD), provides individuals with the qualifications needed to trade in various types of
corporate securities, with the exception of commodities and futures.
Posting their profile on a stock broker listing
on the Internet can help brokers to gain visibility and to get more business. These listings can help customers to make a
stock broker comparison, before they decide to give their business to a particular broker.
Stock broking is an
amazing profession and those who persist in their efforts to succeed, can look forward to success beyond their wildest imagination.
