The Stockbroker
By Alex Simon
What is a stockbroker?
A stockbroker is a regulated professional individual, usually associated with a brokerage firm or broker-dealer, who buys and sells stocks and other securities for both retail and institutional clients, through a stock exchange or over the counter, in return for a fee or commission. Or in more simple terms, someone who buys and sells stock on the stock exchange.
Aptitudes/Skills Necessary for the Job
- Maintain knowledge of all financial services the company offers and promote these services to the client.
- Manage client portfolio with care and integrity, ensuring that their financial well-being is protected.
- Analyze and interpret portfolios and assist in the creation of strategies to meet financial goals of the client.
Required Training
To become a stock broker, one must need a bachelor's degree in a related field such as finance or business is typically required. Relevant training, such as successful completion of Series 7, 63 and 65 classes is needed as well.
Where You Can Receive Training for this Job
There is not an exact place where a stock broker can receive training for their job. According to Glenn Curtis an equity analyst at Cantone Research, it is highly recommended that the future stock broker starts out as an intern.
Wages
The national average pay for a stockbroker is the following:
Low- $44,638
Median- $59,477
High- $68,857
The Georgia average pay is the following:
Low- $45,017
Median- $59,983
High- $69,442
Job Setting
Stockbrokers will often work in an office for a larger company. As portrayed in the movies, stockbrokers often work at desks and are on the telephone with clients very often. Stockbroking is a very risky and fast paced job because the stock market is very unpredictable and can change in minutes.
Personalities Suitable for this Type of Job
According to Evan Lerman, principle at IJC Partners, a Wall Street search firm, stockbrokers need to be as emotionless as possible because negativity can negatively impact their results. Stockbrokers must also be flexible because, “They must have the confidence in their ability to see in future what others in the market do not, and assess whether events undermine or reinforce that view" (Stein).
Other Facts about Stockbrokers
- The projected 10-year growth is 11%
- The number of jobs is 354,600 (2012)
- Internship opportunities are everywhere and thousands of firms are willing to take in interns to learn the skills to become a stockbroker