A stockbroker is an agent or firm that acts on behalf of clients to buy and sell securities, for a fee, on the stock exchange. While it is commonly thought that only the very wealthy can afford the services of a stockbroker, with the explosion of internet stockbrokers, just about anyone can afford to build their wealth portfolio with the help of a qualified stockbroker.

So, what makes a qualified stockbroker? How do you become one?

Aspiring Stockbrokers Must Possess The Skills and The Desire

Being a stockbroker often seems like a glamorous career choice due to the various Hollywood films that depict this profession, like Wall Street and the Pursuit of Happyness. However, a lot of novice brokers actually end up dropping out of this career since it typically requires long working hours and huge amounts of dedication. A successful stockbroker generally has an inner drive to become successful, and very little will prevent him or her from getting there.

Stockbrokers should also have the ability to sell, effectively communicate and explain to other people concepts that are complicated. Although seminars and classes to improve communication skills, as well as salesmanship courses are being offered, taking them can take time as well as money. Therefore, it is ideal for individuals to have these skills before becoming a stockbroker.

What Education Is Required to Become A Stockbroker?

Ideally, stockbrokers are required to earn a bachelor’s degree in a related field like finance, economics, accounting and business management. In addition to this, earning a post graduate degree like Master of Business Administration will definitely make any broker stand out and beat out the competition.

A beginning stockbroker is also required to learn about investment and money management. A stockbroker must also undergo an on the job training. He or she needs to work for a brokerage firm for several months before being eligible to take the stockbroker licensing exam.

Essential Stockbroker Exams to Take

Even if an aspiring stockbroker is already hired by a firm, this would not guarantee that he or she will become a successful and full functioning stockbroker. To able to become one, however, the aspiring stockbroker must first pass some exams.

Series 7 Examination. Beginning stockbrokers must get their general securities license or GS license through passing the Series 7 examination or the General Securities Registered Representative examination. This exam is provided by the Financial Industry Regulatory Authority or FINRA. The exam lasts for about 6 hours. After passing this exam, the stockbroker will now be authorized to sell securities and investments.

• Series 63 Examination. The Series 63 examination is the Uniform Securities Agent State Law examination. This is provided by the North American Securities Administrators Association or NASAA. Most of the states will require stockbrokers to pass this exam in order to be licensed.

While the entire process of becoming a stockbroker is not considered an easy one, the endeavor is definitely worth it considering the rewards that this career brings. Proper education and training is needed, in addition to having the strong desire to become successful, the patience, and the right mindset to take on the career choice of becoming a stockbroker.