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Everything You Need to Know About the Career As a Stockbroker
Have I Chosen the Right Career?
Congratulations on choosing stockbroker as your future career option! It's a highly lucrative and well rewarding profession since the annual stock broker salary could range to millions of dollars. However, you won't be fed with a golden spoon in your mouth as soon as you step into the shoes of a stock broker.
Having said that, no one could deter you if you're determined to make your name in the financial world and are prepared to put forward your best. This profession is for those who can connect with people, understand their emotions and possess powerful convincing skills. In other words, you got to have selling skills like that of a salesperson.
In case you've just visited here to know the ins and outs about the general profession of stock broker, click here to get the detailed information about stockbroker career. This website contains every bit of information you'd require including stock broker salary, stock broker job description, how to become a stockbroker and many other things.
Stock Broker Salary Information
How much do stockbrokers actually make?
Ok, so you want to know how much money does a stock broker earn? Everyone says that the stock broker is an enticing career option as they make millions of dollars every year. This statement partly holds truth, but in a larger context, there's lot to be examined and revealed as to how much a stock broker earns typically.
Apparently, the earnings pattern for stock brokers differs from other conventional professions. While doctors, engineers, scientists are paid a monthly salary, most brokers aren't. They make a bulk of their income off commissions. So someone who has a large client base willing to invest vigorously in stocks makes more money than others.
According to US Bureau of labor statistics, the stockbrokers earn around $70,190 on average in 2012. This doesn't take into consideration the fluctuations one could observe in the earnings of stockbrokers. It typically depends on factors like location, experience, client base, etc. As a stockbroker, you can expect to make as much as $166,400 every year or satisfy with a lower annual pay of around $31,330.
Of all the factors, location is the most important. If you happen to be in states like Connecticut or New York, you can expect to receive higher pay checks. Whereas states like Kentucky doesn't guarantee higher pay. To be exact, stockbrokers earn an annual sum of around $159,950 in Connecticut compared to just $59,060 in Kentucky.
Stock Broker Salary Survey
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Stock Broker Career Information
How to Become a Stockbroker?
Do you know how to become a stock broker? Are you acquainted with all the facts about how you can enter the profession, what it takes to become a stock broker and how to proceed?
Like any other profession, stock brokers are also required to possess formal education, preferably a bachelor's degree in a related field, such as finance, economics, accounting or business management.
Some years ago, brokerage firms would accept anyone with great selling skills and detailed investment knowledge for the post of stock broker. However, with the passage of time, the requirements have changed a bit. Now you need to go to college before becoming a stock broker as the competition has gone stronger so you need to be at the top of your game.
After passing your bachelor's degree, you would start as a stockbroker trainee with a brokerage firm. You must be employed at a stock brokerage for at least four to six months before being eligible for taking the General Securities Registered Representative Examination, better known as Series 7 examination. Only after you've passed this examination, you'll get the required license to practice as a stockbroker on your own.
Besides this license, some states also require you to pass the Uniform Securities Agents State Law Examination and the Uniform Advisor Law Examination. Make sure you check for your state requirements regarding the license.
A Stockbroker consulting with a client
Are Stock Brokers and Financial Advisers Same?
Although it might sound wacky, but today a stock broker isn't called by that name. The popular term for someone involved in financial services is either financial adviser or financial planner. This is because being referred as a stock broker left a negative impression on clients as they feel brokers are largely concerned about their self-commissions.
So the next time you find someone looking for a financial adviser or financial planner, you should know that he or she is in hunt for a stock broker, although the job description for a financial adviser or financial planner may be broader than that of a stock broker.
Stock Broker Job Description
So what exactly does a stockbroker do? Basically, a stockbroker is a regulated professional who assists clients in buying and selling stocks. They act as a middleman in carrying out stock transactions. Just imagine a scenario where you want to buy stocks of a certain company but you don't know how to proceed. Who would you go for help then? Obviously, a stockbroker is the only person that could assist you.
You may not go directly to a stockbroker rather you may visit a brokerage firm and present your intentions of buying the stocks of a company. The brokerage will then assign you to a specific broker who will then evaluate your financial capacity as to how much you can invest, whether the stock you're trying to buy has a good future prospect or not. If your preferred acquisition matches your financials, the stockbroker will help you acquire that particular stock in return of a small commission.
Besides helping to buy and sell stocks, full time stockbrokers also provide financial advice to their clients to guide them in the right direction and make the most out of their investment.
If you're pursuing stockbroker as your career option, you've a great prospect going forward. It is estimated that between 2010 and 2020, the demand for stockbrokers is going to rise by 14%. Although there was a scare that the jobs would be hit severely by the 2008 financial crisis, it has eased of a bit. However, the competition is going to be fierce as the positions are limited while the applications aren't. So make sure you do all the hard work and prepare for this very rewarding career as a stockbroker, aka financial adviser.
Visit, http://www.stockbrokercareerhq.com/, a site dedicated to providing up to date information on stock broker career information including stock broker educational requirements, training and licensing requirements and many more.