What is a stockbroker and what do they do ??

Question

What do you need to become a stockbroker?? Is it hard??I'm just wondering....

Answer 1

Being a broker is all about getting a company to sponsor you to take a series of exams (series 7 plus insurance). It will cost $500-$1000 plus a couple months of studying. Your first 3-5 years will be all about calling a couple hundred people a day to get them to sign up with you. Expect to work 60+ hours, 6 days a week earning about $10 an hour(no time and a half overtime). Your potential income is based on how many clients and how much money you can bring in. Some companies only want you to sell their line of products so pick a decent financial company. If you can make sales and keep a tens of million dollars worth of clients you can earn around $80,000 a year around year 5.

Answer 2

Stockbrokers, often called Financial Advisors or Financial Consultants by many companies, sell financial products (stocks, bonds, mutual funds, etc.) to clients, provide investment advice, and research investments.

They are basically salespeople focusing on financial products. Now in order to become one, you must become registered by obtaining your Series 7 and 63 licenses. When you gain employment with a financial service firm or brokerage house, they will generally pay for this. Basically, all you need is a college degree in some area of business or a proven sales background. The company provides the rest.

FYI, the Series 7 is the harder test because it focuses on financial concepts and products. The Series 63 are the laws, which are pretty much common sense.

And lastly, you'll have sales goals to make, and will make the majority of your money off commission. Some companies pay a decent salary for 1 to 3 years, and then it's 100% commission, while others offer a regular but lower salary + commission.

Answer 3

You need strong motivation. Next there is the phone. A stockbroker will spend most of his day on the phone arguing with potential customers. He has to make tons of phone call to strangers especially when starting out. To be registered you will need a series 7 exam. Which is pretty difficult exam based on different financial products, taxes, bonds, stocks option and more. Then depending where you are a another smaller exam. Most firms dont need college degrees if you are willing to get on the phone. The high end firms do want college education.

Answer 4

An individual or company who buys and sells securities on behalf clients in return for a commission based on the value of business done. Otherwise simply known as a broker.