Advantages/Disadvantages of Stock Broking
What are the advantages and disadvantages of being a stock broker?
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As far as I know, it's the equivalent of a cold sales job. You're going to be recommending/selling securities that may or may not pan out for your clients. You're going to be cold calling high income individuals all day who probably don't want to be bothered by some 20something stock broker. You must believe in the products you sell even if you don't. You'll only make money if you're one of the best & if you're willing to bust your ass. It's not a 9-5 in which you can sit back and do your job and bring in constant pay.
With that said, it can open up better sales opportunities like Institutional Sales and so forth.
That's really all I know.
don't do it unless you have the rolodex or can sell ice to eskimos
It's sales. High turnover, inconsistent pay, no actual skill set (besides being able to sell, IF you're successful). Upside is if you're good (read: REALLY good) you can make solid money and move on to better sales jobs. Most people aren't good and don't cut it.
working in securities/stock brokerage firms (Originally Posted: 03/17/2010)
Does what undergraduate college one goes to matter as much for becoming a stock broker compared to investment banking?
Also, I don't understand how someone gets their first job if they don't have the Series 7 but they need to have a job to get the Series 7?
Also, how hard is it to actually pass the Series 7 test, can anyone decently smart study hard and pass it?
Thanks.
What I can say is your major matters more for which field is suited for you rather than your college. As a Physics major I'm not going to try and get into M&A or IB but I could get a good S&T position.
What college you go to will matter when it comes to which places will actually interview you. You would be surprised how hard it is to get interviews if you don't go to a target school of a BB firm. In fact, it's almost impossible to get an interview if you aren't in a target school and don't have a connection in the firm.
Once you get the internship, at least for S&T, it's a different story. After 10 weeks with you nobody really cares where you went to school, they either like you or they don't. The people that you will work with will come from Universities you probably have never heard of, and they could be a making a lot of money at a firm like CS or Goldman.
Series 7 should be easy. This is a relative term for me but even a mediocre student from a state school can pass with some studying. CFA on the other hand is the test that will strike fear into even students from top-tier schools.
Screw that, bro. There are some sorry-ass students that go to private schools too. Don't get it twisted.
Im not talking about BB S&T or BB anything. Just a regular/regional securities broker. Im thinking target schools dont matter as much?
No, not as much. You should look into a Wetfeet or Vault guide for more info.
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