What a Stockbroker Does and How to Become One

Become a stock broker nz

Become a stock broker nz


It is generally recommended that you acquire at least a bachelor's degree prior to becoming a stock broker. You may consider pursuing a degree in accounting, economics, business, or finance.

How to become a stock broker in India - Quora

Brokers within a banking environment often have to make an extra effort to get their clients to understand that what they offer—unlike the regular bank accounts—is not insured by the Federal Deposit Insurance Corporation (FDIC).

How to Become a Successful Stockbroker

FINRA. 89 SEC Approves Consolidated FINRA Rule Regarding Background Checks on Registration Applicants. 89 Accessed May 76, 7575.

How to Become a Stock Broker in 4 Simple Steps

CPAs who have their own client base are prime targets for this type of firm because they already have a cadre of clients who trust them with most (or all) of their financial information. CPAs, tax preparers, and accountants also have the inside track for retirement plan and corporate business, which can be substantial. For example, those with a large book of small business clients can probably do a few  non-qualified plans , which are typically very lucrative.

Conceptually, becoming a stockbroker is fairly simple (although not easy). First, an employee must pass a background check, which typically consists of a credit check and a criminal background search. Any item of substance in either of these categories such as such as a bankruptcy , tax liens or levies, or a conviction of anything beyond a minor traffic violation will most likely disqualify the applicant.

Stock brokers may be working to earn a salary but are basically working for others and must be diligent in and knowledgeable in how the stock market works. Whether they’re working independently or as part of a brokerage firm, they must possess the following qualities.

If you attended a business school, your alumni network can be another good way to network with people. As you connect with more people who work in investment, you should learn more about potential job opportunities.

Stockbrokers must hold certain securities licenses in order to buy and sell stocks. The Financial Industry Regulatory Authority (FINRA) oversees stockbroker registration and licensure. To register as a representative of their brokerage, stockbrokers must pass specific exams administered by FINRA. Stockbrokers are first required to pass the Series 7 and Series 68 exams. Each “series” exam allows representatives to perform certain functions for their brokerage, and stockbrokers can take additional exams to demonstrate their expertise in a type of investment or financial service.

Some employers may require a master’s degree in business with concentrations in finance, accounting, economics or related fields. Large firms often require their brokers have master degrees. Having a master’s degree also improves your changes for advancements and wage increases.

Many brokerages prefer to employ stockbrokers who have at least a bachelor’s degree, preferably in business administration. Many colleges offer bachelor’s degrees in business administration, and pursuing this degree with an emphasis or concentration in finance can be good preparation for a career as a stockbroker.


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