If you are interested in a career in finance and specifically in the stock market, then working as a stockbroker license may be one of the best options. It should be noted that without the proper license, engage in brokerage activities is totally illegal. Although the requirements for broker license may vary slightly from one place to another, most of the necessary things remain the same. However, before going through the requirements of education and training of a licensed broker, let us know of their basic functions.
Duties of Stockbrokers
The broker job description is basically to carry out transactions of stocks of retail and institutional. Brokers earn all brokerage transactions, buy and sell, which is their source of income. The most famous brokerages also offer good advice on investment and sales calls in the common stock market helps investors make money. Many brokerage firms, recently has diversified its business model of portfolio management and wealth management solutions to customers. Stock brokers help their clients while applying for initial public offerings of companies.
Becoming a licensed broker
Get a degree
The first step in becoming a licensed broker for graduation / degree s in a relevant subject. Candidates with a degree in fields such as accounting, finance, economics or business administration are most preferred by major employers. It is therefore necessary to start preparations right from high school doing well in subjects like math, physics, English and get good scores on the entrance exam for graduate school.
Working as an intern
To become a licensed broker, you need to be in constant contact with the world of securities brokerage, and that while in college, working part time for a brokerage firm would be a good option. This will give you exposure that requires practice and a greater knowledge of his subject. If you do an internship with a reputable company, you can obtain the sponsorship of the Series 7 exam is a must for all brokers.
Take the Series 7 Exam
National Association of Securities Dealers is the authority that deals with the Series 7 exam. Series 7 exam is also known as General Securities Registered Representative exam. The exam consists of a total of 125 questions you must answer in two parts of three hours each. After eliminating this test, it can become an authorized representative.
63/Series take the Series 66 Examination
After the Series 7 exam, you need to pass either the Series 63 exam is also called a Uniform Securities Agent State Law Examination or an examination of the 66 series is known as the Uniform State Law combined test. After eliminating this test, you can realize your dream of becoming a stockbroker.
Educational qualifications, previous work experience and character of an individual will be thoroughly assessed before granting a license to broker. Character and background check is very important that any illicit activity by brokerage professionals can affect the stock market and the entire financial services industry. Therefore, it is very important for these professionals to be honest and sincere with their work.
Broker license Fee
The broker fee is $ 25 in the state of California. Therefore, it is quite affordable, but the main point is that fees must be paid in time to be eligible for a broker license.
Initially, most brokers work for brokerage firms for their expertise in the field. Later, they can work as independent agents, acting as a franchise brokerage firms at the top. The broker salary depends largely on educational qualifications, the job location and type of employer of the candidate. The salaries of brokers can range from $ 60,000 to $ 120,000 per year depending on experience.
Stock broking is a good field for those who have good mathematical and analytical skills, the ability of decision-making and the presence of mind. Therefore, if you think you have these qualities, then this work will help them achieve their life goals. Good luck!