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If you’re looking for a job with stock trading, you might be interested in becoming a stock broker.
A stock broker is someone who buys and sells stocks for either themselves or others. They can also advise clients on which stocks to buy or sell. Stock brokers are usually self-employed, but some work for investment banks or large corporations.
What does a stock broker do?
Stock brokers help their clients make money by buying and selling stocks for them. They need to have good knowledge of the markets and how they work, as well as an understanding of how different businesses operate and what makes them successful or not. They should also have good communication skills so that they can explain complex financial concepts in simple terms that their clients understand.
How long does it take to become a stock broker?
Most people spend between five and seven years studying before getting their first job as a stock broker, although there may be opportunities for those with less experience if they have other qualifications such as an MBA or CFA designation (Chartered Financial Analyst).
What Is a Stockbroker?
Stockbrokers are, for the most part, middlemen. Stocks are bought and sold through stock markets such as the New York Stock Exchange and NASDAQ, and most people who want to trade stocks need brokers to make trades on their behalf.
While it hasn’t always been the case, making stock trades happen for individual investors is most often carried out electronically by discount firms such as Fidelity, TD Ameritrade, E-Trade, or Charles Schwab. But human brokers still handle many trades, especially those for large institutional investors.
Stockbrokers know the markets and can offer advice on the best times to buy and sell. It is their job to find clients the best prices possible. In exchange for making trades and giving advice to clients, a broker gets a commission in the form of a flat fee or percentage of the value of the transaction.
In the age of online trading, there is less demand for brokers. But there are still many times when an investor wants to work with a broker to execute a stock trade. For example, they may want to ensure that the stock sale happens at a specific price, or they have many trades they’d like to happen in a specific order.
Stock Broker Salaries & Job Growth
Stockbrokers earn most of their income through commissions. However, some stockbrokers who work for an investment firm may earn a small base salary. PayScale reports that stockbrokers earn an average yearly bonus of $5,833 and a yearly profit share of $5,129.
To progress up the compensation ladder, stockbrokers must learn sales techniques, build a large client base, and form trusting relationships with clients with large budgets. For this reason, experienced stockbrokers earn more than double that of entry-level professionals.
For example, stockbrokers with 5-9 years of experience earn an average yearly income of $69,500. Once stockbrokers have worked for 10-19 years, their average yearly income progresses to $90,000.
Location also impacts pay. For example, PayScale reports that stockbrokers in Los Angeles earn 146% more than the national average, while stockbrokers in St. Louis, Missouri, earn 26% less.
The Bureau of Labor Statistics (BLS) refers to stockbrokers as securities, commodities, and financial services sales agents. Review the chart below to learn about the salary and projected growth rate for these professionals. You can use this information to compare similar jobs. For example, financial planners earn a higher median pay of $129,890. The BLS projects jobs for these professionals to grow 16% between 2018 and 2028.
The median income of a stock broker is well above the national average. However, the actual income of a stock broker relies on many factors, including years in the business, the firm they are working for, their level of educational attainment, and geographical location. These salary differences, based on geography, are highlighted in the below map.
| CAREER | LOWEST 10% SALARY | MEDIAN ANNUAL SALARY | HIGHEST 10% SALARY | PROJECTED GROWTH RATE (2018-2028) |
|---|---|---|---|---|
| Securities, Commodities, and Financial Services Sales Agents | Less than $35,320 | $62,270 | More than $204,130 | 4% |
Steps to Becoming a Stock Broker
Step 1
Obtain a High School Diploma
All stockbrokers must earn a bachelor’s degree to practice. But to earn admission to a bachelor’s program, individuals need a high school diploma. Some colleges accept applicants with a GED.
Step 2
Get a Bachelor’s Degree
Earning a bachelor’s degree is one of the most crucial steps to becoming a stockbroker. Learners typically need four years to complete a bachelor’s degree, but this number varies based on credit requirements and personal course loads. Some colleges offer accelerated programs for full-time students.
The FINRA exam series requires a bachelor’s degree in a major relating to stockbroking. However, most colleges do not offer specific stockbroking degrees. For this reason, many aspiring stockbrokers pursue a finance or business major.
Business degrees teach students about day-to-day business operations. Understanding what it takes to run a business can help stockbrokers communicate with business owners. This versatile degree covers topics like marketing, ethics, human resources, and business law. Programs also cover finance subjects like accounting.
Students unsure of whether they want to pursue a career as a stockbroker, but who know they want to work in business, can benefit from this degree. A bachelor’s in business teaches basics on topics like securities and stock trading, and some schools may offer a concentration in one of these subjects.
A bachelor’s degree in finance provides a more concentrated curriculum. For this reason, a finance degree typically covers topics more closely related to stockbroking. Common finance courses teach students how to analyze the value of securities. Students also learn about financial accounting and finance banking.
A finance degree best suits students who possess confidence in pursuing a job as a stockbroker or a related position because it is not a comprehensive, multi-subject major. Finance majors can also earn jobs as financial advisers, accountants, auditors, and loan officers.
Before enrolling in a business or finance program, learners should review course descriptions to ensure that they align with their career goals. Admissions counselors can also help students select the right major.
Step 3
Complete an internship
Most business and finance degrees require an internship component. Some internships offer a salary, while others only count for school credit. An internship allows students to get hands-on experience in a business setting under supervision. These learning opportunities also allow students to build portfolios and enhance their resumes.
Step 4
Find a Sponsor to Take the Necessary Licensing Exams
To assist individuals and businesses with buying, selling, and trading stocks, stockbrokers must pass the FINRA exams. These exams require sponsorship from a FINRA-regulated financial firm. Individuals can apply for sponsorship by completing FINRA’s Form U4.
Step 5
Take and pass the licensing exams
Stockbrokers must take multiple exams before beginning their practice. Almost all states require stockbrokers to pass the FINRA Series 7 and Series 63 exams. The Series 7 exam quizzes applicants on financial topics that relate to trading securities. Series 63 focuses on state rules and laws in addition to securities trading.
Licensing and Credentials for Stockbrokers
At a minimum, stockbrokers must pass the Series 7 and Series 63 exams. These exams require sponsorship through a FINRA member firm. Individuals must also pass the SIE before taking the Series 7 and Series 63 exams.
The Series 7 license allows the holder to sell securities, but not futures and commodities. This license is also known as the General Securities Representative Qualification Examination. Many individuals who work in the financial planning field take this exam before earning additional certifications.
This exam covers topics like taxation, retirement plans, investment risk, and equity. It also includes questions that relate to client interactions. The exam consists of 125 questions and posts a time limit of 225 minutes. To pass, students must answer at least 90 questions correctly.
The Series 63 exam, also known as the Uniform Securities State Law Examination, includes 60 questions and allows students 75 minutes to complete. The exam requires 43 correct questions for a passing score. Once aspiring stockbrokers pass the Series 63 exam, they can facilitate the purchases and sales of mutual funds, bonds, and stocks in a state.
The Series 65 license is an additional credential stockbrokers can pursue. Passing this exam allows them to become a licensed investment advisor. Rather than taking the Series 63 and 65 exams separately, individuals can take a combination of the two through the Series 66 exam.
Advanced stockbrokers can earn additional certifications. For example, certified financial planners and financial advisors can offer comprehensive financial planning advice to their clients. Additional certifications allow professionals to offer more client services.
Earning certification to become a chartered financial consultant requires nine college-level courses that cover topics like estate planning and income tax planning. After earning these credentials, consultants must complete 30 hours of continuing education every two years.
Similarly, becoming a chartered financial analyst requires education in statistics, probability theory, and economics. The Chartered Financial Analysts Institute administers the exams for this certification. Applicants must pass three levels of exams, and each one requires about 100 hours of learning and studying.
Graduate Business and Finance Programs
Aside from additional certifications and licenses, stockbrokers can enhance their qualifications by earning a graduate degree. Individuals can choose to pursue a graduate degree immediately after their bachelor’s degree, but many choose to pursue a few years of professional experience beforehand.
On average, full-time learners need two years to complete a master’s degree. Part-time learners take about four years.
A master of science in finance and a master of business administration (MBA) both prepare stockbrokers to succeed in their field. A master of science in finance offers a more focused curriculum than an MBA. This degree covers finance-related topics, like managerial accounting, investment analysis, and corporate finance.
Individuals who want a more comprehensive educational experience can pursue an MBA. This degree includes courses pertaining to finance, and it also covers topics like marketing, management, human resources, strategic planning, and operations.
Regardless of which option learners choose, a graduate degree prepares them to emerge as leaders within the finance or business field. Graduate courses teach students how to make big-picture decisions that influence an organization’s success.
