Basic Job Description of Stock Brokers
Stock brokers, work with different clients ranging from individualas well as large companies. They perform financial service duties for clients relating to stocks and other securities. In general, their duty is to manage and also look after the investments of their clients. Stock brokers, offers advice to clients on current as well as prospective investment opportunities, assist clients to manage their portfolio and give advice on which investment might produce the best returns, and also process transactions on behalf of their clients. It is very important for stock brokers, to possess effective communication as well as interpersonal skills, so that they can communicate efficiently with their clients. Stock brokers generally have a wonder career, although the career might be somehow demanding for some because you will be working with more than one client, in order to get more commission or pay. As a broker, individuals must be able to take key decisions in a fast-paced environment, conduct effective financial analysis, maintain good relationship with clients while working, and also be able to manage multiple client portfolios effectively. It is also the stock broker’s job to maintain an up-to-date understanding of the stock market and monitor changes that occurs in the market throughout their workdays.
Those in this profession, basically work for financial service organizations in the period the stock market is open, with additional hours required most times. Their payment may also be based on commission or on flat fees. This shows that having a large, steady base of clients is also very critical. Also, professionals in this field must possess good customer service as well as sales skills, and should also be able to use basic computer programs, that is required to perform the functions of their job.
What Degree is required to become a Stock Broker
Becoming a stock broker is potentially a lucrative and very competitive career. However, possessing a degree is not a basic requirement for one to be a stock broker but it can also give an applicant some edge over others and also an advantage as they move higher in their field.
- Bachelor’s Degree:
There are numerous degrees that can be advantageous to an individual, pursing a profitable career as a stock broker. The types of bachelor’s degrees, prospects may have that will help them secure a job faster, in this profession are; business and accounting, economics, finance. These degrees can give students useful skills like basic economic principles, securities and commodities, financial planning, accounting methods, as well as international finance and risk management. Having a finance-focused degree is somehow helpful, due to the fact that a lot of stock brokers are now being called financial consultants. Apart from trading on the stock market, stock brokers also assist their clients to do some financial planning.
Having a degree may not be a prerequisite to becoming a stock broker but yet, it gives a job applicant, an advantage over other competitors going for the same jobs. The degree will tell potential employers, how serious you are about the job and also determine which applicant have more knowledge about the trade.Possessing a degree will also make the individual to advance faster in the job. Having an advanced degree is very much helpful than a bachelor’s degree. Stock brokers who have a Master of Business Administration (MBA) are more advantageous in advancing past entry-level jobs, getting promotions and also receive some pay raises and signing bonuses.
Is there any requirement for Certification or License?
Having a bachelor’s degree is not just advantageous when it comes to landing a job in this profession, it also leaves candidates in a better position to prepare and pass their licensing examinations. Classes that are being offered for a finance or economics degree, may cover related subjects to those set for the licensing examinations.All stock brokers, must possess a license by passing the series 7 examination, which is also called the General Securities Registered Representative Examination. Individuals can decide to take the test after working for at least 4 months at a brokerage firm. Most states requires a series 63 exam, which is also called a Uniform Securities Agents State Law Examination. After passing the test that is required, a broker undergoes a training program for about two to three years, while working full time. Although it is not that important, most employers prefer brokers most times, to be certified.The Chartered Financial Analyst Certification, is obtained by stock brokers that possesses a bachelor’s degree, coupled with 4 years of proven job experiences. He or she will also pass three separate examinations.
How long does it take to become Stock Broker
Stock brokers may be hired directly, after they graduate with a bachelor’s degree. Obtaining this degree, basically takes for years to complete. Most individuals may go for a Master of Business Administration (MBA), before they decide to pursue a job as a stock broker. Obtaining an MBA degree, takes about two to three years to accomplish.
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Stock Broker Job Location and Prospects
Stock brokers are individuals that handles their client’s orders to buy or sell securities. Just the same way a grocery store acts as a middleman between shoppers and the companies that produces the items. Stock brokers, function as middleman between the securities that are traded on the market and the investors who purchase them.Stock brokers are typically hired to work in a brokerage firm. They work with individual or large companies. According to the report from the Bureau of Labor statistics, employment for those in this profession, is expected to grow by 11% from now till 2020. The BLS also went ahead to predict that brokers who specialize in commodities, will enjoy the best opportunity, but competition for all types of position for the stock broker will be tough, due to the potential for high compensation. Those that possess either a bachelor’s degree or Master’s degree, will have the best chances to land a job.