I'm interested in becoming a stockbroker. I am NOT talking about trading. I want to sit at a desk and sell stocks. I'm currently a high school Junior. What are the steps to becoming a stockbroker? Does one HAVE to go to an Ivy League college?
| +26 | Scam - Remote Equity Analyst Role at Top LO | 7 | 6d | |
| Am I cooked? | 7 | 1d | ||
| +18 | Portfolio Associate Interview - Need advice! | 1 | 1w | |
| +18 | Breaking into LO AM from FP&A... | 4 | 1w | |
| +15 | How to not be mentally drained by this job? | 4 | 1w | |
| +13 | Portfolio management vs asset management | 4 | 3w | |
| +13 | Do LO invest in businesses or stocks? | 3 | 1w | |
| +12 | Private Credit to Fixed Income? | 3 | 1w | |
| +12 | Consequences of reneging offer (mid-level Analyst)? | 9 | 1d | |
| +11 | Best funds/long only firms in low cost states | 6 | 6d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I don't think those even exist anymore
I see you watched The Wolf of Wall Street.
Hop in a time machine and head back to 1985.
I mean are you speaking of S&T that is the closest thing to what you are speaking too. But no, you will not be Leonardo.
1) You are not smart enough to be a trader
2) +1 for time machine comment Nick Naylor
3) Become a computer, because they have taken over that job.
Assuming you aren't trolling (which I assume you are, but just in case), stock brokerage is a dying career field. There are only a tiny handful of stock brokers left. Within the next decade or so, the career field will be in the history books. Technology and regulation have essentially done away with the career field.
Unlike others here, I believe stockbrokers, as useless as they are for anyone who understands what an ETF is, will exist for a long time to come.
Best way to become a stock broker: work in retail banking (in a downtown metropolitan area) as a glorified mutual fund advisor for ten years, build a huge book (100M+), then make the transition --> become a stock broker at the same bank or elsewhere and convince your clients to follow you (sell it as a promotion, where you'll be able to offer them better products). You'll probably convince 50% to follow you.
And Bam! You just built yourself a 50M+ book and can golf all the time!
It may exist in some manner (especially in other countries), but in the U.S. laws are moving toward investment persons having a "fiduciary responsibility" to their clients. It's extremely difficult to tell your clients to buy and sell stocks (for the benefit of your own brokerage fee) when it's highly unlikely to be in the clients' best interests.
That's why stock brokers are transitioning to fee based Asset Management. Fewer and fewer brokers charge per transaction. This fee-based system more greatly aligns interests as there is no longer the incentive to churn accounts near month end.
haha you make it sound easy.
I'll save a dissertation on why my industry isn't going away for another day. I'm assuming you're not an idiot and you're not trolling, so if you are either, shame on me.
if you want to know about the business, read my blog, read books out there, don't ask WSO. they think PWM is the red headed stepchild of finance and IB is the holy grail (probably because most of the virgins on here area afraid of sales). it's easy to get into the business, it's NOT easy to become successful at it.
here are your most important priorities right now:
what bro said
You don't have to go to an Ivy school to become a stock broker, you just need the right certifications. There are many many different kinds of brokers, but most brokers make their money from commission from selling and buying stock. Obviously, there is a lot of cold calling / networking involved, unless you have an established network of friends and families you can sell stock to.
If you do decide to take the broker route, make the decision of what kind of broker you want to be. Do you want to specialize in a niche and become well known in that space? Sell small cap tech companies to high networth / institutions? Help out your ibanking arm placing their stock?
Do you want to become a wealth advisor and actually go through the process of building an IPS with clients and maintaining the right portfolio mix? Maybe eventually managing their portfolio on a discretionary basis?
Or do you just want to pitch ideas and try get people to listen to you.
Broker is a very broad category, but the main thing it comes down to is selling. ABC
There isn't really such a thing as a "stockbroker" nowadays. They're financial advisors and have high quotas to reach that are practically impossible for a 22-23 year old. I'll let others in that field talk about it but no, they aren't investment/asset managers.
^^^ Yes the other posts are correct - the name has changed to Financial Advisor.
Check out the following book: The Million-Dollar Financial Advisor: Powerful Lessons and Proven Strategies from Top Producers
I know plenty of financial advisors that went to community and crappy colleges. I know a dude that makes 600k a year selling annuities to clients at a bank (he never went to college-worked his way up from a teller). Get a job as a bank teller to learn salesMorgan Stanley
Thank you!
17 year old guy who wants to be a Stock Broker (Originally Posted: 11/15/2016)
Hey guys. I'm 17 and I'm looking to become a stock broker when I graduate. Trouble is my grades throughout high school have been very bad. I barely skimmed by.
So to any stock brokers here:
Can I still become a stockbroker with my awful high school grades? What's the job like? What does it consist of? Would you recommend it?
Thanks in advance.
I know plenty of financial advisors that went to community and crappy colleges. I know a dude that makes 600k a year selling annuities to clients at a bank (he never went to college-worked his way up from a teller). Get a job as a bank teller to learn sales
not sure if youre trolling or its a legit question.
could you specify more by what you mean by being a stockbroker, like pitching ideas? managing money? what do you think a stock broker does?
so you just watched the wolf on wall street?
if you have no idea what the job is like or what it consists of, you don't really know if you want to do it or not.
Advice for pursuing any career is to get your grades right. The better your GPA the better your chances. Get into whatever college you can, GET FOCUSED , crush your gen ed courses and transfer into the best school you can.
you should still have fun in college, but if you struggled in high school, you should probably aim to have LESS fun.
nice topic, there are very helpful discussion about stockbroker. thanks for it.
I've always wanted to be a stockbroker. How can I start working in that position? (Originally Posted: 12/06/2017)
Hi,
I have always wanted to be a stockbroker. I am 28 years old but haven't had financial services working experience. How can I enter this types of jobs? Will becoming a Financial Advisor at AXA Advisors would help me in my goal?
I will appreciate any solid and truthful advise.
Its mainly a two step process.
1) Watch the Pursuit of Happyness
2) Become a stock broker
lol I did number 1 already. Is Financial Advising the same thing as StockBrokerage?
Becoming a stockbroker (Originally Posted: 03/07/2010)
All,
I know people say that it is very difficult to move from operations to FO (sales), but what if you were on a grad scheme in operations and then after a year or two applied to another grad scheme at another bank?
Surely you stand a better chance with having additional knowledge from working in the industry for a year or two??
Appreciate any opinions!
Sounds like you are talking about institutional equity sales. If you want to land a role in institutional sales with a strong reputable firm then you will definitely need a 4 year college degree.
BO to sales is a lot more common than other BO moves. What is a grad scheme? Not familiar with that term.
@ Anthony,
Thanks for the reply...maybe its a UK thing......
A grad scheme is a training program that graduates usually do when they start a firm...this is usually two years. So im thinking if someone does the 1 year of it and in sep/oct of the 2nd year starts applying for grad schemes in sales of other banks, would they be in with a decent chance of getting something??
Good start to stock broker career ? (Originally Posted: 08/11/2013)
So I'm just wondering if this a good start to my career being a stock broker. I live in Augusta Ga and I'm starting college on the 19th . I'm attending community college for monetary reasons, but after my 1st year at my school I plan on switching to somewhere bigger . My degree is focused on computer programming . I'm wondering should I switch to accounting ? Or would programming be ok for me to get a job as a broker after college? Also I'm trying to intern anywhere I can . I've called Scottrade and was told to check back during September for an intern opening. I'm pretty knowledgeable about the markets , I'm always reading investopedia , the motley fool , wall street journal and watching CNBC or Bloomberg. Is there any other things I can start during to prepare myself for a job as a broker?
I know this is an old thread but programming would be perfect. Major in what you like. If you like finance more major in that. Take some investment classes.
a stock broker? Can I ask why a stockbroker, say, instead of analyst? I hope you don't envision yourself cold-calling people like in Boiler Room/Wall Street: that career is pretty much dead. Also, the ones who are hired into that don't go very far these days.
I think he's thinking ETrade. Scottrade, TD Ameritrade etc. They don't cold call. Those brokers are on salary plus bonus. The company gives them warm leads. They aren't calling up total strangers.
Can I first work as an analyst and then become a trader or a stock broker (Originally Posted: 12/19/2014)
I was wondering if I could start my carreer as an analyst on a bank and then switch to become a trader or an analyst. Is this posible? Will companies hire me as a trader having previously worked as an analyst? Thanks
im going to assume youre born in 1999 so youre only 15. But im not sure you quite understand what an analyst at a bank is or what a stock broker is or what a trader is. I suppose you could make the most from banking to trading, im not sure tons of people do that
Holy shit.
He just watched Wolf of Wall Street I bet!
They just keep coming.
Typically you start off in a stock broker trainee role and go from there. As long as you don't pitch the bitch and you don't write wood, the transition should be fairly smooth to analyst. Just remember, always be closing.
Qui qui cupiditate consequuntur vero. Facilis ducimus quaerat eaque ut voluptatem qui nulla atque. Tempore rerum eveniet natus eos. Porro et voluptatum laudantium sapiente nostrum ex quia.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Itaque porro inventore doloribus aut consectetur deleniti. Iste accusantium blanditiis nesciunt est. Non rerum sed in aut molestiae. Facilis deleniti officia vitae sed. Enim reiciendis quas cum deleniti corrupti libero est.
Quas pariatur et sed tempora rem doloremque. Beatae nisi magni temporibus qui aperiam aspernatur. Nihil repudiandae quam corporis cupiditate est sit. Accusamus dicta vero quia aperiam necessitatibus aut voluptas. Soluta consequatur ratione ab quidem voluptates ullam. Molestias aliquam itaque et ipsa beatae modi fuga. Nostrum enim est repellendus deleniti quasi doloribus.
Hic mollitia voluptatem aut voluptatibus quibusdam. Harum aliquid et aliquid quo voluptas impedit sint. Eius et dignissimos nam et eveniet.
Velit necessitatibus repellat sit assumenda cumque ut. Eligendi fugit iste assumenda voluptatem. Qui cupiditate eaque occaecati molestiae. Sapiente voluptatum quia sunt architecto. Et velit dignissimos nesciunt hic quo nam ipsum at.
Qui odio minima ipsa sit ea. Officia sit inventore ut et dignissimos autem. Maiores laboriosam eum quibusdam eligendi. Numquam voluptatem nostrum qui vel ex iste est autem.