The world of finance is a competitive one, and not for the faint hearted. If you have an eye for an opportunity, are good with figures and love to live on adrenaline as well as thriving under pressure, then being a stockbroker might be the job for you. So, how do you become one and how much money can you make? Find the answers in this article.
What does a stockbroker do?
Stock broking jobs Stock brokers are basically employed by big companies to manage their investments. They usually do this in three ways: by being discrete, but having an almost a total free rein on managing and investing a companies money, by working in an advisory capacity to a firm, or by working on the explicit commands of a company. What are a stock brokers' roles? A stock broker keeps an eye on a company's folio as well as being in tune with the financial climate and investing in stocks and shares for that company. Some brokers specialise in a particular market.
How to become a stockbroker
Become a stockbroker
Whilst there are no formal qualifications necessary to become a stockbroker, most companies would prefer that you have at least a degree in something like finance, economics, business or accountancy. Increasingly, companies are preferring candidates with a masters. The higher educational qualifications you can get, the better it is.
Other desirable skills
To succeed in a stock broker career, you need to have the personality for it. Stockbrokers need to be able to take risks, handle immense pressure and have a constantly evolving knowledge of the financial world.
To become a stockbroker, you need to have passed the registration exam with the FSA ( financial services authority).
How much do stockbrokers get paid?
Trainee stockbroker When you start out as a stockbroker, you will be a trainee. The average stockbroker salary for a trainee is around £300 - £500 a week. As a trainee, you will learn on the job and your responsibilities will slowly be increased. After around five years, you will get the chance of promotion and of being in charge of a team of junior brokers. After this, your career development depends on how good you are. Salary of a stockbroker A stockbroker's salary is entirely linked to his performance. You will get commission on the amount that you make for the people you are working for. So, in reality, the sky is the limit on top of the basic salary. It takes nerves of steel to be successful in the trade of stockbroking. If you can take the pressure, then you can make yourself very rich indeed.