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The best way to become a Stock Broker, with no experience

Veteran

karlton minter Minot, ND

B.S. Degree in Criminal Justice, currently working on my Master Degree in Finance. I am currently an Medic Technician in the Air Force.

10 August 2017 6 replies Career Exploration

Answers

Advisor

Jenifer Drake New Orleans, LA

As mentioned earlier, I too would suggest joining a large firm that would give you the opportunity to learn about the business and obtain the necessary licensing. Today's financial services world is more about comprehensive wealth management - ensuring clients needs are met across a range including assets as well as liabilities - than pure stock picking. Though that is undoubtedly a piece of it through research and analysis, a very different side of the industry. Look at large firms that have hubs, they are always hiring client service representatives for their call centers. This isn't glamorous work but you'll learn quickly - some of the best advisors and managers I know started working in the call center. Example of this type of opportunity - Charles Schwab has centers in Orlando & Phoenix. Best of luck!

Advisor

Kit Lancaster Chicago, IL

Why do you want to be a stock broker? Who do you want to serve as a stock broker?

Advisor

Jennifer Polhemus Santa Monica, CA

What financial press are you reading? Kiplinger & Money magazine for sure. Also, Wall Street Journal (online is inexpensive) IF you are a fast reader. And read a lot so that you can read faster and then get going with WSJ.

Remember that being a stockbroker is about sales. Brokerage firms have researchers who provide lots of info, but the broker is a salesperson. Be sure that you want to be in sales, facing rejection every day but also experiencing upside potential.

Dynamic, fast-paced, high-stress field.
For a bit less stress, look into personal financial planning, including becoming a CFP.

Good luck!

Advisor

Noel Anderson Waltham, MA

My advice is to join a financial services company as a W2 employee (not a commission-only or commissions based adviser) - OR, to join a larger firm as a junior member. Both options will get you the licensing and registration that you want to pursue, on the company.

The military is a meritocracy, so your abilities determine your promotions and income to a large degree. Your success as a stockbroker is going to be contingent upon your network of buyers, and I'm suspecting that you don't have any going into a civilian career. Starting as an employee will give you some experience and the licensing that you need to make the additional leap into direct sales, without the pressure of having to pay bills every month.

The brokerage world has changed considerably - income has gone down - due to the DOL Fiduciary Rule, which in turn determines how you get paid and what you can sell clients. It would be important to understand this before you make that leap into personal production.

Advisor

Tim Cochrane New York, NY

In order to become a stockbroker and actually execute stock trades for public and institutional traders you need a Series 7 license. In order to get a Series 7 you need to be sponsored by a FINRA registered firm or an SRO. Although stock trading is done almost exclusively electronically and the commission based business has slowly disappeared, almost all financial services jobs require a Series 7 license. So my advice is to get one at the first opportunity. Most series 7 courses will give you all the basic knowledge to become a stockbroker. Good Luck!

Advisor

John Green Cary, NC

In the olden days, stock brokers made several hundred dollars in commissions per trade. These days, they will be lucky to make seven dollars.

Why is it you want to be a stock broker ?

To directly answer your question, see the FINRA qualifications page.

https://www.finra.org/industry/registration-qualification

https://www.finra.org/industry/qualification-exams

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