Archive for The Wise Dollars Musings

Is Becoming A Stock Broker The Right Career Path For You?

Stock Broker

Stock BrokerWorking in the financial industry can be a very profitable career choice. Any finance-related career will mean it’ll be that much easier to manage your own finances as you will have advanced knowledge that the rest of the population didn’t have the privilege to receive. One potential career choice is that of a professional stock broker. According to the Bureau of Labor Statistics, the expected job growth to this career is 11% which is about average.

So, who exactly is a stock broker?

A stockbroker is basically a person who takes the role of an agent when it comes to buying and selling stocks, shares and other securities for customers of a brokerage firm.

How to become a stockbroker

Get an Education

In the past, as long as you had a solid understanding of investment matters you could successfully become a stock broker without a college degree. However, with today?s competition a college degree is necessary. In fact, most employers only accept bachelor?s degree graduates for entry level stockbroker jobs.

Of course, when pursuing a career in the finance industry, you’ll want to earn a degree in either business, finance, economics or any other finance related field. Additionally, ensuring you?go to a good college?in terms of reputation and education quality is a wise move also.

Get Experience

Internships are a good way to learn more about this prestigious field. Even if the internship is unpaid, it is for your own benefit. This is because in order for you to be licensed as a broker you must have been in employment as a broker for at least four months.

Have an Individual Investment Portfolio

By the time you are out of college, you should be old enough to start and manage your own investment portfolio. This will also add to your level of experience. If you can successfully do it for yourself then you can do it for others as well.

Three Distince Career Paths

Full Service Broker

If you decide to seek employment at a full service firm, you’ll be allocated an office, a salary and the required training. You will also be given a high sales target that you must meet so as to be retained.?This calls for exceptional sales skills.

Discount Broker

As a discount broker you will not be charged with sales but only investment management. You’ll be assisting walk-in clients with buying and selling stocks and bonds. Discount brokers get a flat rate salary and little or no commission.

Be a Bank Broker

Banks also employ stock brokers to assist their customers with annuities. Working as a bank broker can build your clientele as you’ll be offered referrals by other employees working at the bank. This, of course, is good for business since the bigger your book of clients, the higher the income you will receive.

Take the mandatory exams and get licensed

To be Fully Licensed Take the Series 7 and 63 Exams.

Series 7

The?Series 7 Exam?is also call the General Securities Registered Representative Examination and is administered by the Financial Industry Regulatory Authority (FINRA). It is very long and lasts a whole six hours. Armed with this, you are certified to sell all investments and securities except product futures, real estate and life insurance.

Series 63

This is a 75 minute examinations and is known as the Uniform Securities agent state Law. It is offered by the North American Securities Administrators Association. This exam is meant to test your knowledge as far as all kinds of securities are concerned.

Think about taking and passing additional exams

  • Series 65 to make you become a professional registered investment consultant
  • Series 66 which is merely a combination of the mandatory series 63 and 65
  • Series 3 to give you the knowledge required in selling future contracts for commodities
  • Series 31 to educate you on selling managed future finances

Network, apply for better jobs and scale the heights of success

Once you have the license and experience, you can now set yourself to move out of your comfort zone. If you are working for a small firm you can apply for better jobs at larger firms. Better still, you can decide to venture out as an independent broker.

So it’s obvious that good education is necessary for you to succeed as a?stockbroker. Also, reading valuable books will equip you with the required knowledge as far as your career is concerned. Exposing yourself by keeping in touch with what is trending in the financial markets is a good move too. To learn more about this profession, visit?


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The Wise Dollars Mid-May 2013 Favorite Blog Posts

Mid May Blog Posts

Mid May Blog PostsHere?s my Mid May favorite blog posts, a few days late but I suppose better than never! It?s been hectic the last couple of weeks. Actually it?s been hectic the last month and a half. The new job is demanding on time, extremely demanding! Mind you, I?m not complaining. I?m enjoying what I?m doing and although there?s a lot of travel, I am learning a lot and am with a company that is a pleasure to work for. Read more

The Wise Dollars Favorite April Blog Posts

April Blog Posts

April Blog PostsSo here we are at the beginning of May, it seems like the year is flying by. I’m getting comfortable with my new job and although I’m still in learning mode, I feel more and more at home with it every day. I still don’t have as much time as I would like to focus on my blog, but I have to prioritize my time, and the job has top priority for now! So without too much further ado, here’s my collection of?favorite?blog posts for the latter half of April. Read more

The Wise Dollars Mid-April 2013 Favorite Blog Posts

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The Wise Dollars Keyboard Musings – First Edition

The Wise Dollar Keyboard MusingsI decided that I need to post some random musings on a periodic basis. Updates, mini rants, interesting blog notes. These are all things I want to write about but don’t necessarily want to do an entire post on. I won’t be putting these out on a set schedule, so don’t look for them?regularly. Once in a while, when you least expect it, and when I’ve got a bunch of stuff to say, a WiseDollar musing will be spawned! Read more