Getting a job as a stock broker can be a great way to earn extra money. It takes a lot of dedication and hard work to succeed in this profession, but if you’re willing to make the effort, it can be a rewarding experience.
Chartered Financial Analyst (CFA) certification
Chartered Financial Analyst (CFA) certification is a highly-respected and widely-recognized qualification. A CFA designation is considered the gold standard in finance and can open doors to many different career paths. With the right qualifications, you can become a stock broker, investment banker, financial analyst or risk manager.
In order to become a CFA, you will need to take the CFA exams and earn the CFA designation. While many people are qualified to take the exams, not everyone will be successful. In fact, the pass rate is less than 50%. This means that you will need to put in a lot of work to become a CFA.
Generally, you must be a college graduate with at least four years of work experience. You will also need to complete an undergraduate program in finance or economics. You can complete the required coursework before you begin your CFA program or during your studies.
Once you have completed the CFA program, you will need to take three exams. The first exam is a multiple-choice test that tests your knowledge of valuation and investment techniques. The second exam is an item set that tests your knowledge of planning skills and portfolio management. The third exam is a 44-question multiple-choice test that tests your practical ability.
Bachelor’s degree
Having a Bachelor’s degree in a business or financial field is the most basic requirement to become a stock broker. It is not uncommon for brokerage firms to require a four-year degree. Some may even require a master’s degree in business.
For some, the degree may be in the form of an accounting degree. An accounting degree provides a thorough understanding of the financial aspects of a business, including tax implications. This knowledge can be helpful for stockbrokers who are also entrusted with other tasks.
A bachelor’s degree in communication studies is also useful, particularly for the ability to communicate effectively with clients. This degree also includes a good grasp of the principles of communication, such as effective use of social media.
The stock or indices market has undergone some major changes over the years, and the internet has made it easier for people to do business on their own. While you may be required to go through on-the-job training, a degree in business or finance can be a good start.
On-the-job training
Whether you’re looking to make a full-time career out of trading stocks or just want to supplement your current income, there are ways to get on the job training for becoming a stock broker. Whether you choose to work for a large brokerage firm, a small broker, or an individual broker, there are a few key steps to take.
Obtaining a bachelor’s degree in finance or business is a great start. It’s the best way to get your foot in the door. Generally, you’ll have to take classes in economics and accounting as well as some courses in business. You’ll also need to take a few electives, such as technical writing and public speaking.
Earning an MBA is also a good idea. This will improve your chances for advancement in the industry, as well as give you the chance to earn a higher salary. You’ll also have the opportunity to earn certifications, such as the Chartered Financial Analyst, or CFA.
Job growth
Whether you are looking for a career in finance or you just enjoy sales, you may want to consider a career as a stock broker. This is an industry that is growing and has great earning potential.
Stockbrokers are paid almost entirely through commissions. Their income varies based on their firm and geographic location. However, they are still paid more than the average worker. They earn higher wages with more experience and additional certifications.
In addition to earning commissions, stockbrokers may also earn bonuses. The average salary for entry-level professionals is $46,382. However, the highest salaries are earned by experienced brokers.
Some of the best ways to advance in the industry are to earn an MBA or obtain experience with a financial firm. This can lead to higher pay and more promotion opportunities. The BLS projects a 6% increase in job availability for stock brokers and traders between 2016 and 2026.
The growth of online trading has made it easier for brokers to facilitate transactions. As the economy grows and the population ages, more individuals will need brokerage services. The demand for assistance with mergers and acquisitions is also expected to grow.