How do i become a stock broker?What is a stock broker? and Stock~Church Side Door

How do i become a stock broker?What is a stock broker?

What education do i need to become a stock broker? Is a stock broker someone that sells share of companies to people and gets them to buy it, and puts the order through the computer and gets a commission when they buy and sell the stock.? What degree do they need, I know you need a series 7 license.
Also what is the estimated salary for a stock broker?


Stock best answer:

Answer by A nobody
Most stock brokers that are with wire houses or regular brokerage firms are not salaried, they work on commissions and/or markups
Stock brokers that are registered with banks are usually paid a salary, which is considered to be decent but a bank broker does not make as much as broker with a regular brokerage firm

In the US - You need to be an employee of a Broker/Dealer so they can sponsor you in order to become a licensed stock broker.

Firms usually want college graduates, but it is not really necessary nor really a requirement but many firms like it and make it their requirement. Bank broker/dealers usually want all the sales reps to be college graduates.

Your college major is not important, (No courses in the Academic world prepares you to be a broker). But since your coming into the world of Finance, some of the more helpful majors would be Finance, Accounting, Economics or Statistics,

You should be good at math and have a decent idea about the stock market.
You should be good at selling, and it would help if you have an outgoing personality.
So if you're good at sales, or have a good sales background in place of a college degree, you're part way there.

Try to get with any major brokerage firm they will put you through an in-house training program, which is primarily getting you ready to take the necessary test for licenses. You will need a Series 7 which is a General Securities Brokers test, and a Series 6 which is just for state approvals.

Most brokerage firms, except bank B/Ds, will put you on salary and once you have passed the test, they will slowly take you off salary and put you on commission basis pay out. Banks will usually keep you on salary.

If you have your choice, you're always better going to work for a regular B/D rather than a bank - You will learn, faster, better and the proper way of how the industry works. As a broker for a B/D you can always find another B/D that will hire you or at the worse, you can always work for a bank.
But if you're Bank B/D trained and licensed, it's very difficult to go work for a regular B/D

Good luck, go try it, you may like it

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