A career as a stock broker is not only exciting and rewarding, but it comes with its fair share of pressure as well. There are sales quotas you have to meet, clients you need to find and an unpredictable market you need to, well, predict in your client’s favor. This is why receiving the best stock broker training available can put you in a better position in handling those issues.
Nowadays, college is a must before applying to a brokerage firm and receiving in-house training there. In the past college wasn’t as important but many brokerage houses currently require a degree before hiring. And a degree in either business or finance is highly recommended.
Some Business Degree Courses Include:
- Business Management/Entrepreneurship
- Computer Applications
- Statistical Analyst
A business major can help as being a stock broker is essentially like running your own business as you’re responsible for building your client base and servicing them. However, it could also be helpful for stock brokers who desire to run their own firm.
- Read More: Udemy Online Courses for Stock Brokers!
Conversely, you could also instead simply minor in business and major in finance to get more in-depth learning with investing, laws and regulations and other financially related disciplines.
Some Finance Courses Include:
- Corporate Financial Management
- Options and Futures
- Investment Theory
- Financial Markets and Instruments
- Risk Management
Additionally, internships and joining investment clubs or college trading groups can grant you valuable learning experiences and networking opportunities. Simply put, college is a definite starting point to jump-starting your career as a stock broker.
And once you have graduated college, there are other ways you can receive stock broker training that can be beneficial.
Stock Broker Training from Brokerage Firms:
When applying for a job as a stock broker, many brokerage firms offer training programs to a select number of individuals every year. Unfortunately, when a financial crisis occurs like the 2008 downturn, they’ll likely cut down costs by decreasing the number of trainees they enroll.
For instance, Morgan Stanley has had to decrease the amount of trainees they accept from 2,000 to 1,250 to minimize training costs. And Merrill Lynch is only hiring 1,200 trainees which is down from the 2,500 they hired in 2012.
There are exceptions:
Edward Jones, however, who hired 2,682 trainees in 2012, has a training program for financial advisers that lasts 26 weeks. And remember, full-service stock brokers fall within the broad term of financial advisers. A financial adviser is simply someone who assists in financial matters – whether it be preparing for retirement, estate planning or investing in the stock market – they can fill any number of roles within the financial adviser umbrella.
Anyway, In Edward Jones’ training program, you’ll be able to do things like:
- Creating and Interacting with Clients
- Understanding Edward Jones’ Investment Philosophy
- Performing Market Research
- Familiarizing Yourself with Edward Jones’ System
- Observe Established Financial Adivsors Meet with Clients
They’ll also assist you in receiving your securities license (series 7 and 66) with pay. You’ll have to dedicate at least 45 hours each week to study for the exam.
Other Ways to Receive Training:
The company Advisors Ahead specializes in matching recent graduates to firms that are hiring. They actually have a paid Resident Program that prepares students to be successful financial planners or advisers. Simply submit your application on their website if interested.
Seminars, webinars, and other online forums provide insightful information about the market and what you need to know. Seminars often feature a speaker who has had success in while utilizing specific strategies. Not all seminars require payment. Most of them are free and is simply a platform for networking and growing your contacts.