Did you just watch the “Wall Street” movie? Becoming a stockbroker is not flashy and flashy, but it is indeed a very powerful job. Stockbrokers are financial advisors who provide advice to clients (companies or individuals) and help them make appropriate investments that meet their abilities and goals. To become a stockbroker, you must have experience working in the securities industry – buying and selling shares in the stock market is restricted by membership in the stock exchange. Stockbrokers are also considered securities sales agents or securities and commodity futures sales agents. Here’s everything you need to know!

Start Becoming a Stockbroker

Get into a good college. It used to be thought that anyone sensitive to numbers and well-connected could become a successful stockbroker, but that is no longer the case! If you want to be more competitive, you need to get a degree. A degree in economics, finance, mathematics, accounting, or business management is very useful. And the better school you go to, the more likely you are to win in later games!

• Especially if you want to go to graduate school, and improve your grades. The higher your grades, the more and better schools will open their doors for you. Not to mention, this will give you an early idea of what to do once you get into the exchange market.

Find internship opportunities. Some brokerages hire seniors to do internships. Join your college’s “Investment Club”—or if there isn’t one yet, start one! Landing a dream internship can make it easier to achieve your dream of becoming a billionaire.

• If you don’t want to get an MBA but want to get into the industry as quickly as possible, this is the best way to do it. But know that it’s entirely possible to relax and take your time, one step at a time. Many people will return to school to study for an MBA after working for a few years and enter this industry later. At the same time, people will be more willing to trust a 28-year-old with their money than a 22-year-old, so waiting a few years is not a bad thing.

Consider pursuing an MBA. Well, getting an MBA is not necessary per se, but if you want to stay ahead of the competition, an MBA will ultimately help you stand out among job seekers. More and more people are getting MBAs these days, so it’s almost a requirement. This can help you gain a greater advantage in your job search and a higher salary.

• Similarly, you are free to choose how many years to work after graduation before studying for an MBA. Getting some viable job opportunities (even some menial positions in banks or companies) will bring you closer to your options. Showing that you understand what you are doing or what you want to do will make you more thoughtful about participating in the project learning.

Educate yourself. This is for you to improve yourself through self-practice. So read on! Watch financial news shows. Follow up on different stocks to see whether they are rising or falling. While others spend their spare time raising ferrets or playing soccer, you have to make sure you’re making a six-figure starting salary when you get out of school.

• Try reading “The Four Pillars of Investing: Lessons in Winning Securities” by William Bernstein, or “Index Funds: A 12-Step Program for the Active Investor” by Mark Hebner. The Wall Street Journal or the New York Times also has a very good financial section.
• You probably know a half-dozen or more people who are involved in investing. Ask them for advice! You need training now because that’s the current academic trend. In the past, entering the industry only relied on strong interest. So all resources need to be fully utilized as quickly as possible.

Build your investments. When you are about the same age, start paying attention to your money situation (if you are under 18, you need to fill in your parents’ names). Work with someone in your family who is doing this to see if you can apply what you learned. If you can’t trust yourself with “your” money, how can you get others to trust you with their money?

Planning for the Future

Consider your options. Consider these three steps for your career:

• Become a full-service broker by working at a firm like Merrill Lynch or Morgan Stanley. To be successful here, you have to be a very sales-oriented kind of person. The company will provide you with a certain amount of space, train you, and provide you with a starting salary until you pass the probation period.
• Become a discount bill broker. Charles Schwab and Fidelity Investments are two examples. If you prefer to do service, this is a good choice. You’ll be paid well with less responsibility, primarily helping people who come to you for help buying and selling, but “not” providing advice.
• Become a bank broker. It was pretty straightforward – just work in a bank. Bank customers will buy a fixed annuity from you or make other more conservative choices.
• Discount note brokers generally need to have some knowledge of all parts of finance (rollovers, stock options, financing accounts, derivatives, bonds, etc.), while full-service brokers need to be particularly proficient in one area, such as individual retirement accounts rollover delivery, or employee stock options.
• Full-service brokers need to find their clients. However, they also have work space and a starting salary. Like a discount bill broker, you pay a management fee and take on fewer appointments. This is a relationship of equal give and take.

Research the company. Once you’ve narrowed it down to knowing what type of agent you want to be, you still need to decide which firm to apply to. Just like if you want to buy a pair of pants that will last ten years, you need to buy a pair of pants that fit you perfectly. What are the main things you need to consider? Company Size.

• Large companies may often offer you competitive training opportunities, making you feel more entrepreneurial and allaying your fears from the start. However, you may feel like you are just a small fish in a big pond.
• Small firms can give you the attention you want and feel more personal (and also offer higher commission rates), but they can’t provide the clients or training for larger projects.

Get training in the company. You will need several months of on-the-job training before you can obtain a license and become a fully qualified stockbroker. It all depends on who you are hired by. Some might call it an internship, some might call it pre-workout. Some offer more money. But no matter what method you use, this is a necessary step before testing.

Be Fully Qualified

Take the necessary exams. There are two “must” exams:

• Series 7 exam. The official name is the “Security Brokers Examination.” This exam is administered by the Financial Industry Regulatory Authority (FINRA) and is the most difficult exam you will ever take, lasting 6 hours. After passing this exam, you will become a “registered representative,” or stockbroker. You have the authority to sell all securities and investments except real estate, insurance, and commodity futures. The current exam fee is $290.00.
• The Series 63 exam is simply an exam on the various laws that govern business operations and transactions. The exam is shorter, only 75 minutes, and easier. The exam fee is $96.00.

Consider taking other specialized exams. These are not required but will make you capable of anything. Remember after passing the Series 7 exam, you still had some areas that you couldn’t cover. After passing these exams, all barriers will be removed.

• Series 65 exam. Your company may require you to become a “Registered Investment Advisor.” You must pass this exam so that they can use a professional management platform.
• Series 66 exam. This is a combination of 63 and 65.
• Series 3 exam. This test is required for selling commodity futures contracts.
• Series 31 exam. To sell managed futures funds, you need to pass this exam. It usually replaces the “Series 3” exam.

If you’re in the UK, know that the exam process is completely different. This series of exams is not required. You can choose to obtain the Certified Financial Analyst (CFA) Level 4 certificate from the British Society in the field of investment management, the Level 4 degree from the Securities Investment Association in investment advice, and the Master of Level 7 from the Securities Investment Association in wealth management, and become an actuary. A member or associate of the Guild or the Institute of Actuaries, or a bachelor’s degree in financial services, planning and management from Manchester Metropolitan University.

Processing large amounts of paperwork. After taking the exam, you will need to complete registration with FINRA or the NFA and register with the Securities Commission in each state where you plan to work. The following are the basic requirements:

• Pass a background check (anything other than a minor traffic violation will disqualify you).
• Get a fingerprint card.
• Complete paperwork at the state and national levels.

Complete the quota and pass the first-year inspection. If only the hard part was over. But now that you are a legitimate broker, you have some expectations to live up to. Your company may give you six months to a year to build your customer base. This is the hardest part. It takes many people several years to become truly familiar with this industry and feel comfortable with it. This industry is very stressful but well worth the effort.

• Most people who want to quit do so now. Wealth doesn’t come as expected and they are not good sellers. They cannot stand for long periods of time trying to find customers, and they fail because they do not bring enough benefits to the company. If you can get through the toughest stages, you will shine like gold.

Continuing education courses. To obtain a license, you will need to attend seminars and receive ongoing courses. Your employer will provide you with these courses. Just keep at it! Be aware that the market changes from time to time.

Achieve Professional Success

Build a customer base. Again, there are three traditional methods:

• Make a phone call without an appointment or knock on the door directly. You pick up the phone book and contact each person one by one (the phone book surprisingly exists in some places), and then start talking on the phone with a smile. You might also be able to get a list of neighborhoods from the county clerk and knock on doors. Yes, you may be chased by a dog.
• A list of possible future customers. You can buy it from the market company or get it from your boss. Think carefully to avoid being charged with a crime.
• Through your own social networks. Contact friends, friends of friends, friends of uncles you haven’t spoken to in a long time, join exchange clubs and various organizations to meet their members, etc.

Overcome the learning curve. It is very obvious that the stock market is not a simple place like 2 + 2 = 4. There are tens of thousands of factors at play here, and you need to use judgment. You will constantly give advice to others and risk their hard-earned money. There’s a lot to get used to here. Of course, this “a lot” is just a very inadequate conservative estimate.

• The amount of money you take home increases every year. The easier the job, the more money you make, surprising right? The hardest part is getting the snowball to grow.
• Initially, you will be working all the time. Whenever you meet a client, you are working. That means evenings, weekends, and holidays too. But as you build a solid client base, you’ll find that you only have to work 6 hours and can take a break whenever you need it. This will only take a few years to achieve.

Get used to sales pressure from time to time. You have to reach a certain share in one day. If you don’t have a certain audience to support your sales, it will be very dangerous. Unless you have some clients that you can rely on to invest their money with you, you’re stressed every second. For some people, this pressure is overwhelming.

• Likewise, if you are not a great seller, a discount bill broker or bank broker may be more suitable for you. Sales isn’t “for” everyone. You can also start with a bank or discount bill, build your network, and then “move on” to become a full-service broker.

Learn to persuade people. Your entire job is to make people trust you. Trust you with their hard earned money. This requires a lot of things! Not to mention you might be a complete stranger. How do you take the first step?

• This is when you need a mentor. To prevent others from hanging up on you or slamming the door on you, professionals will use some tricks. It goes without saying that you need to develop a thick skin.

Talk effectively. Simply put: you need to know a lot of technical terms and definitions that the average person doesn’t. This is your job. Don’t get hung up on acronyms or definitions that people don’t understand, put yourself on their level. Can you explain everything you know in simple terms to everyone? hope so!

Work for an independent broker. Ruijie Financial Group and Lipola Financial are two examples of independent brokers. They offer almost any stock program, and their company’s employees will handle 80 to 95% of clients’ large expenditures (full-time brokers are only responsible for 40% of expenditures when they first join, and this share will slowly but steadily increase over time.)

You need a built-up customer base. A very, very large customer base. To this end, certified public accountants (CPAs) and people who get fees for helping others file their taxes often have an edge in this area. Of course this is very enviable. After playing this game for a while, your possibilities are endless.

Tips

• After working for four years, a broker can also obtain the Certified Financial Analyst certification by passing three exams.
• The passing standards required by FINRA (U.S. Financial Industry Regulatory Authority) and NASAA (North American Securities Administrators Association) are both 70% correct, except for the Series 7, 63, and 65 exams. The passing mark for these exams is 72%; Series 66 requires 75% accuracy to pass.