Who is a Stock Broker?
A Stock Broker is a person responsible for financial instrument trading on behalf of other clients. In other words, this profession allows an individual to study the share-trends of the market and make decisions based on his research. The Stock Broker is responsible for the effective management of clients’ portfolios with financial tools spread. There are mainly two types of Stockbrokers:
- Full-Service Broker
- Discount Trading Broker
How to Become a Stock Broker:
It might look handful to many, with the right approach and guidance, one can soar high in stock brokerage. A stockbroker is supposed to possess some critical skills and educational qualifications required for becoming a stockbroker.
Qualification & Experience:
- Although there are no explicit conditions of mandatory degrees for educational qualification in the field, a potential candidate will earn hands-on experience to start in this career. However, financial and economics-based coursework can benefit a stockbroker to get ready for this career. Such as:
- A degree in Finance/Economics/Statistics
- A degree in Business Administration
- Studies in Quantitative Analysis
To become a licensed broker and practice in the trading market, all stockbrokers should have standard licenses and certifications. A potential candidate should clear Series 7 and Series 63 exams.
Prominent key skills:
- Mathematical mastery
- Computer and IT Skills
- Determination to succeed
- Ability to persuade and sell complex ideas
- Exceptional Communication Skills
- Strong decision-making Skills
- Negotiation Skills
- Client Relationship
- Able to work under high stress and work pressure
- Analytical Thinking
Career Opportunities for Stock Brokers in 2021:
It is on how you start with your career. The right understanding of the career-path and helpful guidance in the initial stages of the career brings exceptional career opportunities. One can build a luxurious life if they play by the rules of the stockbroking profession. Warren Buffet was not served his capitals on a silver platter, started from somewhere.
Here are potential workplaces of a stockbroker:
Financial Advisory Firms
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Features of the Career:
- Job Security:
Since this career is all about making new money off a client’s investments, it brings job security to a stockbroker. It is the ever-going process of trading. The whole world’s economies operate on the trading of numerous commodities.
- Good Salary:
The commission on The financial investment is what brings capitalists into the trading systems. Therefore, the salary remains more than average for a potential beginner stockbroker. Furthermore, the income is bound to rise with time. Also, if one sticks with their profession of stock brokerage, they will succeed. Various commissions and bonuses on investment will keep rolling out based on how well the career graph goes.
- Career Growth:
Undoubtedly a filmy part of the career is that growth is imperative with time. It is safe to say that with due career diligence, one can step up high on the professional ladder within a firm or organization. Individual brokers often are seen expanding immensely on their career graph with time.
Stock Broking is a lucrative career option for many among us. Also, the charm of the portrayal of the profession in movies and TV shows. It is what adds to its glory. Once you become a stockbroker, it’s a career that will keep the life of an individual on a rollercoaster ride with high stakes. The career opportunities for the right candidate to work as a stockbroker are endless.