How do You Become a Stock Broker?

If you want to work in the finance industry connecting buyers and sellers, it is time to learn how to become a stock broker.

While the atmosphere can be extremely stressful, successful stock brokers can earn a sizable income if they understand money and they act in their client’s best interest.

Even though many stock brokers don’t have a degree, having a specific set of skills and inherent traits is crucial in this cutthroat environment. Read on and find out if you have what it takes to go down the path of becoming a stock trader or broker.

What Skills and Traits Do You Need to Work in Trading?

All stock brokers need to have an ability to pay strong attention to details in order to make trades and keep up with constant stock market changes. While you don’t need to be a math genius, you need to be good with numbers to feel comfortable in your role. Here are some other traits that you need to possess before you start pursuing the training and licensing that you need to get to work:

* You must be able to separate emotion from your business decisions
* You must be flexible by nature so that you do not get stuck in a specific market view
* You must be able to handle and cope with stress
* You must be methodical in your approach

Step One: Earn Your Bachelor’s Degree

The very first step to entering the world of stock trading as a broker is earning your Bachelor’s degree. While you don’t have to acquire a 4-year degree just to get your licensing, the formal training is necessary to pass licensing tests when you don’t have any experience in the finance industry.

There are a few different discipline areas that you can major in to learn what you need to know to succeed in trading. Some of your options include accounting, finance, business, or economics. Even though you don’t have to have a bachelor’s degree for your credentials, most of the larger stock companies want to train someone with an undergraduate degree.

Step Two: Land a Position With a Company That Will Train You

Before you can practice as a broker, you are required by law to take mandatory tests to earn your license. To train for this intense test you must gain employment with a stock company or broker who is willing to sponsor you. It is best to pursue a position with a company that will pay for your training and pay you while you are training. Some companies only offer sponsorship opportunities to unpaid interns. Be sure to research the companies that offer training so that you can find the ones with the best programs that will land you a license in as little as 4 months.

Step Three: Pass Your Licensing Exams

The last step to becoming a broker is obtaining your license. Once you complete training and you have on-the-job experience, you will be able to apply to sit for your Series 7 and 63 licensing. The Series 7 exam will cover the content that you need to know to work as a broker. Series 63 exams cover transaction law and business practices.

After you pass your exams and you pass the background check conducted by the government you can start to work as a broker. Start by getting an education with a focus in finance and then you can start to shop the market for great entry-level opportunities. Complete your training and then you can test to get licensed as a stock broker.