Introduction to the Stockbroker Career
As a recent graduate, one career option you may be considering is that of a stockbroker. Stockbrokers are finance professionals who work with individuals and companies to buy and sell stocks, bonds, and other securities. They are responsible for analyzing market trends and helping clients make informed investment decisions to achieve their financial goals.
Career Values, Traits, and Skills
To succeed as a stockbroker, you will need a strong work ethic, excellent communication skills, and a dedication to ethical practices. You must also have strong analytical and critical thinking skills, as well as the ability to work well under pressure. Key values for a stockbroker include attention to detail, honesty and integrity, and a customer-focused mindset.
Career Path
To become a stockbroker, you will need to obtain the necessary licenses and certifications. This includes passing the Series 7 exam, which covers securities regulations and accounting practices, as well as the Series 63 exam, which covers state securities laws. Many firms require additional certifications and continuing education for their brokers.
After completing the necessary education and certifications, entry-level stockbrokers typically start in sales roles, working with clients to acquire and manage investment portfolios. As you gain experience and build your client base, you may be able to advance to more senior roles, such as account management or research.
Salary Range
According to the Bureau of Labor Statistics, the median annual salary for securities, commodities, and financial services sales agents was $63,780 as of May 2020. However, this can vary widely depending on factors such as employer, location, experience, and performance. Top performers may earn six-figure incomes or more, including commissions and bonuses.
Tips for Success
To excel as a stockbroker, you will need to cultivate strong relationships with your clients and continually update your knowledge and skills in the ever-changing finance industry. Here are a few tips to help you succeed:
- Build a strong network of clients and colleagues through networking events, industry associations, and social media.
- Continually educate yourself on market trends, regulatory changes, and new investment products.
- Build a personal brand that showcases your expertise and professionalism.
- Foster strong relationships with your clients by providing excellent customer service and communication.
- Be ethical and transparent in your dealings with clients and colleagues.
References
- Bureau of Labor Statistics, Occupational Outlook Handbook – Securities, commodities, and financial services sales agents: https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm
- Investopedia – Stockbroker: https://www.investopedia.com/terms/s/stockbroker.asp
- National Association of Securities Dealers – Getting Licensed: https://www.nasdaq.com/education/getting-licensed
- The Balance Careers – The Skills You Need to Succeed in a Career in Finance: https://www.thebalancecareers.com/finance-skills-list-2059750
