8 How To Become A Junior Stockbroker

(doylc.com) How to Become a Junior Stockbroker - If you're tuned into the stock market, you may have considered a career as a stockbroker. Stockbrokers advise people and businesses on how to invest their money based on their financial capabilities and the state of the stock market. Becoming a junior stockbroker is the first step in the career path to senior stockbroker and beyond. We've answered some of your most common questions about this job so you can start your career today.

• What Education Does It Take to Become a Junior Stockbroker?

A bachelor's degree in finance, business or economics. There is no standard education for a stockbroker, but it helps to have experience in these three areas. You might want to take different courses like math, statistics, accounting, English and writing to give you more versatility. You can also learn a foreign language such as French, Russian, Chinese, Spanish or Japanese to facilitate trade with companies abroad.

Get an MBA to be more competitive in the job market. It's not required, but a master's degree in business administration can really make you a qualified candidate. If you can get your first job without an MBA, the company may pay your tuition to get your master's degree part-time.

• What skills does it take to become a junior stockbroker?

Communication is key. As a junior stockbroker, you will be trained to work with clients and advise them on how to use their money wisely. It's important that you know how to share details and financial information while remaining professional yet personable.

IT skills are a big plus. Information technology (IT) is a big part of the financial industry. Since everything is done online, knowing how to use a computer will help you a lot in your job. You don't need to be a master programmer, but a general knowledge of how to use online trading tools is an advantage.

• How Do You Find Junior Stock Broker Jobs?

Develop a good professional network. Make professional contacts through your internships, your studies and through clubs and activities. Reach out to people you know in this field and tell them you've just graduated. Tons of jobs in the market are filled by word of mouth, especially stockbroker jobs.

Join professional associations and organizations. Many professional organizations, such as the National Association of Stockbrokers or the National Association of Securities Dealers, welcome students interested in the field of stocks and finance. This will help you network and give you resources about jobs and professional training. You can visit their websites to learn more about what it takes to become a member and what resources they can offer you.

Attend recruitment events and job fairs. These can be at your school or in the local community. You will meet hiring managers and have the opportunity to discuss your qualifications and career goals. Be prepared to move anywhere in the country to find the right job.

• How to Get a Junior Stock Broker Job?

Make a good resume. List your work experience, education points, club leadership positions, and career goal. Mention your analytical skills, attention to detail, decision-making skills, and math skills to make your resume stand out.

Find online opportunities. Sites like Indeed, Monster, LinkedIn, and Google Jobs can give you opportunities you might not find elsewhere. You can also apply for an apprenticeship to get your foot in the door at a company before moving into a full-time position.

Emphasize your knowledge of human nature in the interview. Firms don't expect junior stockbrokers to have much experience in this field. However, you can mention how good you are at talking to people and using sales tactics. A lot of what a junior stockbroker does is sell things over the phone or online, so try to really highlight that quality when you get an interview.

• Do you need a license to become a junior stockbroker?

Yes, you need a license through FINRA after you get a job. Once you get a job in the field, you will need to pass an exam called Series 7 to be licensed by the Financial Industry Regulatory Authority, or FINRA. The exam will test your knowledge on financial matters and make sure you're competent enough to work as a stockbroker. You can register for the exam by visiting https://www.finra.org/registration-exams-ce.

• How do you advance your career as a junior stockbroker?

Stay up to date on the field. Read papers such as The Wall Street Journal and The Financial Times. Watch CNBC and Bloomberg Television, and pay attention to breaking financial news. The more you know about the stock market, the better you can advise your clients.

Find a mentor to work with. An experienced stockbroker can teach you a lot about the tricks of the trade. Develop a mentoring relationship with someone you respect to learn more and gain new skills. Some companies will give you a mentor, others will let you find one yourself.

Join a certification program. Once you are a licensed stockbroker, you may want to further your career in the financial industry by pursuing various certifications. For example, a Certified Financial Planner (CFP) certification provides guidance and financial advice to their clients. Or you may want to become an analyst and pursue the highly respected Chartered Financial Analyst (CFA) certification. Both certifications require a 12-week course and cost around $1,000 each.

• How Much Does a Junior Stock Broker Make?

Between $40,000 and $60,000 per year. The pay depends a lot on where you work and what type of company you work for. As a junior stockbroker, you start at the bottom end, but as you gain experience you can earn raises and promotions.

• Is stockbroker a dying career?

No, not according to the Bureau of Labor Statistics. According to their reports, stockbroker careers are expected to grow by 4% before 2029. That's pretty average and comparable to most other careers. Although many people can buy stocks online these days, they still like to seek advice from professionals when making large purchases.