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Any of you Stock Brokers by chance?
logangregor
Member Posts: 1,524
A off topic question for the off topic forum.
I wouldnt ask this here but, I cant seem to actually find a legitimate stock broker forum and I figure with over a half a million members there has to be a few stock brokers among you all.
Why you might ask?
I want to become a stock broker and I have many questions.
If any brokers among you would be so kind as to answer some questions, send me mail via the forum mail. Or if any of you have friends that happen to be stock brokers and they might be willing to help me out, please let me know.
Thank you very much
Comments
For starters, you used to need a degree, second you need to have a job with a stockbroker, third you must pass the Series 7 (Federal Stockbrokers liscense) and Series 63 (State Stockbrokers liscense) exams. I used to teach those two courses long ago for Kaplan Financial.
For Investment Bankers at First Security, you get hired, and they give you a $50,000 "loan." You have a year to make that money back, and if you successfully earn it back, you're hired.
Also, your first few years will be tough, but once you get a solid client base, you're only looking at working about 25 hours a week, and you make $100,000+ per year. Go for it.
You must pass a number of tests administered by NASD (National Association of Securities Dealers), which are:
Series 7 (must take this to take other exams)
From my understanding, the Series 7 exam is the required one. However, the two below are often always taken by brokers.
Series 63 (solicit orders for corporate debt and equity securities, including preferred stock, bonds, warrants)
Series 65 (retirement planning, portfolio management, fiduciary obligations)
Other Exams:
Series 6 (sell mutual funds and variable annuities)
Financial Planner
However, if you want to play a financial planner or advisor, you need to obtain your certification in that, which I almost certainly believe requires both extensive college experience and work experience.
Good luck.
Sources: SEC (Securities and Exchange Commission), CFP.org
PS
Another interesting field to pursue is Certified Fraud Examiners.
Most good broker dealers pay for your classes and exams, but if you don't pass, you lose your job. Some jobs will require you to have all the prerequisites beforehand (on your $).
Good information, daendor.
I have a question: why would some one take Series 6 if it is incorporated in Series 7?
So if you need any extra information besides what's posted above I'll gladly get some answers for you..
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You have all been terribly kind. Thank you very much.
Oh btw, Ive done some research myself into the subject.
Average stock broker makes 175k per year. AVERAGE. Not bad.
First year Im told you will work at least 60 hours per week and after your first year the ammount of hours drops significantly.
There is no college degree required. Stock brokers come from all walks of life.
The downside or at least one of the downsides to this industry is the drop out rate is about 90 percent within 3 years. That and its really tough to get started. From what Ive been told you get a VERY small salary of 280-500 per week and to get clients your basically hitting up everyone you know and a whole lot of people you dont.
When I was 18 (Im now 29) I worked for Painewebber in there mailroom. How I wish I would of stayed and become a broker. By now Id be loaddddded
Thanks again for the help and if any of you "Brokers" out there would be so kind and answer a few questions for me, that would be great.
I hope you enjoy your pursuit of your goals.
It was informative for me as well.
I found this recently. Thought some of you might find it interesting.
A Day in the Life
A stockbroker invests in the stock market for individuals or corporations. Only members of the stock exchange can conduct transactions, so whenever individuals or corporations want to buy or sell stocks they must go through a brokerage house. Stockbrokers often advise and counsel their clients on appropriate investments. Brokers explain the workings of the stock exchange to their clients and gather information from them about their needs and financial ability, and then determine the best investments for them. The broker then sends the order out to the floor of the securities exchange by computer or by phone. When the transaction has been made, the broker supplies the client with the price. The buyer pays for the stock and the broker transfers the title of the stock to the client and performs clearing and settlement procedures. The beginning stockbrokers first priority is learning the market. One broker said, First you have to decide whether you have an interest in the stock market. This will determine how well youll do. If youre just interested in making money you wont get very far. Stockbrokers spend their time in a fast-paced office, usually working from nine to five, unless they are just starting out or have to meet with clients. The new broker spends many hours on the phone building up a client base. Sometimes brokers teach financial education classes to expose themselves to potential investors who may then become their clients.
Paying Your Dues
A college degree is not required, but most brokers have one. Brokers have to be licensed. A license is obtained by passing the General Securities Registered Representative Examination and, in many cases, posting a bond. Individuals may take this test after they have been employed by a brokerage firm for four months. Firms use these four months as an on-the-job training period to prepare their workers for the test. Many states also require the candidate to take the Uniform Securities Agents State Law Examination. These tests are designed to ensure the candidates knowledge of all aspects of the stock market. After passing these tests, an individual is considered a trainee. While working full time, he takes classes and trains for up to two years. Employees are expected to take training courses throughout their careers to keep abreast of developments in the field. Those with prior work experience have the greatest opportunities for becoming a stock broker. Few people become brokers straight out of college. Most employers seek applicants who have already succeeded in other fields, such as insurance sales. If you know your interests lie in the market, study economics, finances, computers, and business management in college. Many employers view ambition as the most important quality a candidate can possess.
Associated Careers
The sales aspects and the need to build up a client base are similar for stock brokers and insurance and real estate agents. Financial planners create and execute financial plans for people or businesses. They ascertain their clients needs, resources and goals and use this information to draw up a financial plan that suits the individual or the company. Traders are the people you see in the movies yelling on the chaotic floor of the stock exchange. They perform the actual exchanges
Good information, daendor.
I have a question: why would some one take Series 6 if it is incorporated in Series 7? If they only planned on selling mutual funds and annuities. Many insurance companies require only the Series 6 and 63 exams to get a job because the only securities insurance agents deal with are annuities which incorporate mutual funds in their prospectus.
Well looks like Im putting this dream on hold for the moment.
I was talking to my cable man and found out that in a average week hes making 1k.
Sounds pretty good. Some people might think it was a bit too good to be true.
But I went in for a interview and talked to who would basically be my boss.
He said last week his lowest paid contractor made 600 dollars.
His highest paid contractor last "week" made 2200.
I asked why the one guy only made 600 for that week.
He said that particular guy is a bit lazy and on average takes off 3-4 days a week.
So Sunday, I leave to do my training for two weeks. Its paid and they pay for my stay.
Im On my way!!!!!!!!!!!!!!!! woot woot