Become a Junior Stockbroker

If you’re tuned into the stock market, you may have considered a career as a stockbroker. Stockbrokers help advise people and companies on how to invest their money based on their financial ability and the state of the stock market. Becoming a junior stockbroker is the first step in a career path toward senior stockbroker and beyond. We’ve answered some of your common questions about this job so you can get started on your career today.

Steps

What education do you need to become a junior stockbroker?

  1. A Bachelor’s Degree in finance, business, or economics. There’s no standard education for a stockbroker, but it helps to have experience in those 3 areas. You may want to take a variety of classes like math, statistics, accounting, English, and writing so you’re more well-rounded. You could also take a foreign language like French, Russian, Chinese, Spanish, or Japanese to help you trade with companies overseas.[1]
  2. Get an MBA to be more competitive in the job market. It’s not required, but a Master’s Degree in business can really make you a qualified candidate. If you can land your first job without an MBA, the company might pay your tuition to get your Master's degree part time.[2]

What skills do you need to become a junior stockbroker?

  1. Communication is key. As a junior stockbroker, you’ll be trained to work with clients and advise them on how to use their money wisely. It’s important that you know how to relay details and financial information while remaining professional yet personable while you do it.[3]
  2. IT skills are a big plus. Information Technology (IT) is a huge part of the finance industry. Since everything is done online, knowing your way around a computer will help you out a lot in your job. You don’t have to be a master at coding, but general knowledge of how to use online trading tools will be beneficial.[4]

How do you find job opportunities as a junior stockbroker?

  1. Develop a good professional network. Make professional contacts through your internships, school studies and through clubs and activities. Reach out to people you know in the field and let them know that you’ve just graduated. Tons of jobs on the market are filled via word of mouth, especially stockbroker jobs.[5]
  2. Join professional associations and organizations. Many professional associations such as the National Association of Stockbrokers or the National Association of Securities Dealers welcome students to join who are interested in the field of stocks and finance. This will help your networking, and will give you resources on jobs and career training. You can visit their websites to learn more about what it takes to join and the resources they can offer you.[6]
  3. Attend recruitment events and job fairs. These could be at your school or in the surrounding community. You will meet hiring managers and have an opportunity to discuss your qualifications and career goals. Be willing to relocate anywhere in the country for the right job opportunity.[7]

How do you get a job as a junior stockbroker?

  1. Craft a good resumé. List your work experience, educational credits, leadership positions in clubs, and your career objective. Mention your analytical skills, your attention to detail, your decision-making skills, and your math skills to make your resumé stand out.[8]
  2. Find opportunities online. Sites like Indeed, Monster, LinkedIn, and Google Jobs can give you opportunities you might not find elsewhere. You can also apply for apprenticeships to get your foot in the door at a firm before moving up to a full-time position.[9]
  3. Emphasize your people skills in the interview. Firms don’t expect junior stockbrokers to have much experience in the field. However, you can mention how good you are at talking to people and using sales tactics. Much of what a junior stockbroker does is sell things over the phone or online, so try to really play up that quality when you land an interview.[10]

Do you need a license to become a junior stockbroker?

  1. Yes, you need a license through FINRA after you get a job. Once you get a job in the field, you will need to pass an exam called Series 7 to be licensed by the Financial Industry Regulatory Authority, or FINRA. The exam will test your knowledge on financial matters and make sure you're competent enough to work as a stockbroker. You can register for the exam by visiting https://www.finra.org/registration-exams-ce.[11]

How do you advance your career as a junior stockbroker?

  1. Stay up to date on the field. Read papers such as The Wall Street Journal and The Financial Times. Watch CNBC and Bloomberg Television, and pay attention to breaking financial news. The more you know about the stock market, the better you can advise your clients.[12]
  2. Find a mentor to work with. A senior stockbroker can teach you a lot about the tricks of the trade. Develop a mentor relationship with someone you respect to learn more and get new skills. Some firms will assign you a mentor, while others will let you find one on your own.[13]
  3. Take a certification program. Once you are a licensed stockbroker, you may wish to further your career in the finance industry by pursuing different certifications. A Certified Financial Planner (CFP) certification, for instance, provides counseling and financial advice for their clients.[14] Or you may wish to become an analyst and pursue the highly respected Chartered Financial Analyst (CFA) certification.[15] Both of these certifications require a 12-week long course and cost around $1,000 each.

How much does a junior stockbroker earn?

  1. Between $40,000 and $60,000 a year. The pay ranges greatly on where you’re working and what kind of firm you work for. As a junior stockbroker, you’ll start out on the lower end, but you can get raises and promotions with more experience.[16]

Is being a stockbroker a dying career?

  1. No, not according to the Bureau of Labor Statistics. According to their reports, stockbroker careers are expected to grow 4% before 2029. That’s fairly average, and it’s comparable to most other careers. Although many people are able to buy stocks online nowadays, they still like to get advice from the professionals when it comes to making large purchases.[17]

References

  1. ↑ https://nationalcareers.service.gov.uk/job-profiles/stockbroker
  2. ↑ https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm#tab-4
  3. ↑ https://www.ucas.com/ucas/after-gcses/find-career-ideas/explore-jobs/job-profile/stockbroker
  4. ↑ https://www.ucas.com/ucas/after-gcses/find-career-ideas/explore-jobs/job-profile/stockbroker
  5. ↑ https://nationalcareers.service.gov.uk/job-profiles/stockbroker
  6. ↑ https://www.ucas.com/ucas/after-gcses/find-career-ideas/explore-jobs/job-profile/stockbroker
  7. ↑ https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm#tab-4
  8. ↑ https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm#tab-4
  9. ↑ https://nationalcareers.service.gov.uk/job-profiles/stockbroker
  10. ↑ https://www.jobinterviewquestions.com/securities/stock-broker
  11. ↑ https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm#tab-4
  12. ↑ https://businessdegrees.uab.edu/blog/online-mba-career-spotlight-stockbrokers/
  13. ↑ https://www.ucas.com/ucas/after-gcses/find-career-ideas/explore-jobs/job-profile/stockbroker
  14. ↑ https://www.cfp.net/why-cfp-certification/why-get-certified/for-financial-professionals
  15. ↑ https://www.cfainstitute.org/en/programs/cfa
  16. ↑ https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm#tab-5
  17. ↑ https://www.bls.gov/ooh/sales/securities-commodities-and-financial-services-sales-agents.htm
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