I'm an 18 year old guy, I'm still in high school and I don't think any job out there would be better for me than being a stock broker, I can't think of anything else that I like, I have no plan B, I'm currently takin accounting 2 and AP Macroeconomics, but accounting is just not for me, it's really boring and I find no inspiration while doing it, on the other hand Macro is really interesting, specially when we talk about monetary policy, Stock market, Banking. I asked my Econ teacher what would be the best major for what I wanna be and he said to take finance since "finance" majors focus more on the stock market more than anybody else. I don't wanna be a stock broker because of the money or the glamour that the Job has, I want to do it because I like, it looks like a very fun game to play, where you need skills and an agile mind, and I like that, the money is an incentive but not the main reason of why I like it.
Is there anything I should be doing right now at my age to be competitive in the future?
I know you have to pass a 250 multiple choice exam called series 7 in order to obtain the license, and that you need a brokerage firm to sponsor you to be able to take the test, in my case it'd be "Umpqua Holdings Corporation" in Portland Oregon, which is where I live. Is the only firm there is in the city. So how should I be preparing myself right now? I think I really have a passion for this job.
Answers & Comments
Verified answer
In the US - You need to be an employee of a Broker/Dealer so they can sponsor you in order to become a licensed stock broker. So what you should do is to visit a brokerage firm in your to see what they can offer you.
Firms usually want college graduates, but it is not really necessary nor really a requirement but many firms like it and make it their requirement. Bank broker/dealers usually want all the sales reps to be college graduates.
Your college major is not important, (No courses in the academic world prepares you to be a broker). But since your coming into the world of Finance, some of the more helpful majors would be Finance, Accounting, Economics or Statistics,
You should be good at math and have a decent idea about the stock market.
You should be good at selling, and it would help if you have an outgoing personality.
So if you‘re good at sales, or have a good sales background in place of a college degree, you’re part way there.
Try to get with any major brokerage firm they will put you through an in-house training program, which is primarily getting you ready to take the necessary test for licenses. You will need a Series 7 which is a General Securities Brokers test, and a Series 63 which is just for state approvals.
Most brokerage firms, except bank B/Ds, will put you on salary and once you have passed the test, they will slowly take you off salary and put you on commission basis pay out. Banks will usually keep you on salary but no commissions.
If you have your choice, you’re always better going to work for a regular B/D rather than a bank you will learn, faster, better and the proper way of how the industry works. As a broker for a B/D you can always find another B/D that will hire you or at the worse, you can always work for a bank. But if you’re Bank B/D trained and licensed, it’s very difficult to go work for a regular B/D unless you have years of experience or believe you can bring a “big book”
Good luck, go try it, you may like it
No, it's not difficult to become a stock broker. The hardest part is to find clients. The career of stock broker has been dead flat for most than 10 years. No body can earn a living in that career anymore.
So far it looks like you know what your doing and
have a plan for the future. Best choices for you are
stock broker and even better an investment banker.
Check out these two links from ehow.
http://www.ehow.com/how_5135_become-stock-broker.h...
http://www.ehow.com/how_2069038_become-investment-...
From your description, you are probably thinking of becoming a trader rather than a broker. Or maybe working for a fund or investment bank.
A broker is closer to a clerk with high-pressure sales. Not many full-service brokers left, but they do exist. In a world of trading, brokers take their orders from others and rarely make their own contribution to anything other than executing the order (clerical). Your Econ teacher would probably not have a clue about the difference. A broker serves an accounting function in the trading world, and that is exactly what you despise. Full-service brokers can provide expertise for people who don't have the time to stay up-to-date on complicated issues such as tax or estate planning, but most of these functions have been taken over by investment advisers. Don't be confused by a "brokerage business" that is sometimes referred to as a "broker." Distinguish between full-service broker and discount broker, but again, the definition may be relating to a "business" rather than the function of an individual.
Read more: http://www.investopedia.com/terms/f/fullservicebro...
With such an energetic attitude, I think you would waste that energy on becoming a broker.
Targeting "finance" would give you a good start.
Define your terms at Investopedia.
http://www.investopedia.com/terms/i/investmentbank...
http://www.investopedia.com/articles/financialcare...
http://www.investopedia.com/terms/t/trader.asp#axz...
http://www.investopedia.com/terms/m/marketmaker.as...