While you might think of stockbrokers as high rollers, making six figures every year, only a minority of them work for those firms that pay super well. Still, learning how to become a stockbroker means you can make a respectable salary which will go up depending on how well things go.
Here are three things to keep in mind when considering working as a stockbroker.
1. Get an Education
To become a stockbroker, you need to start with a good education. In order to be prepared for what the world will throw at you, you should start with a strong bachelors degrees. Learn about business and economic first.
If you find that economics is boring to you and hard for you to learn, you might not be a good fit for this field.
After your undergraduate degree, you should get a master's degree to make yourself more attractive to employers.
By getting an MBA or a master's degree related to finance, you can show off your advance knowledge and your commitment to the filed. If you want to take your education even further, there are certifications to get.
The Series 7 exam is meant for people who want to get involved in stocks and bonds. The Series 63 exam is what's required by most states to become a stockbroker. The alternative to that is the Series 66 exam which gives you the ability to also work as an investment advisor.
2. Learn Your Role
As a stockbroker, you'll be doing the fun work of wheeling and dealing, buying, selling, and trading. There will also be lots of other work that might not be quite as attractive as being on the ground floor of Wall Street, shouting "buy!" and "sell!"
In order to make a lot of money as a stockbroker, you're going to be paid for how much knowledge you have. You need to research stocks to learn about what could be the next big thing and which might be about to tank. Having that insight will make you valuable to clients and able to offer important advice to them.
You'll also need to build your own client base. In order to build a clientele, you need to network, cold call potential interested people, and even do some writing. Posting blogs and articles can help you show off your knowledge.
3. Learn Important Skills
You need a special set of skills to be a great stockbroker. If you want to keep the clients that you win over, you should find a few skills that you can master.
First, you need to be able to handle numbers in a unique way. You'll have to do lots of number crunching and if you're someone who has always struggled with math, you might not be happy as a stockbroker.
On top of that, you should have a way with people. When you're able to communicate well, you can make people feel comfortable with their investments, in good times and bad.
As the field changes, you should also learn a thing or two about forex strategies.
Learning How To Become a Stockbroker Takes Time
Just about anyone could get a degree in finance. Learning how to become a stockbroker takes more than just a degree. You have a lot to learn when you want to become great at this job.
Check out these forex trader jobs to learn more about what's possible in the world of finance.