Becomming a stock broker

[mattonline]

OK, well im looking into a job as a stock broker and think it will very exciting and challenging, i'm living in the UK and plan to apply for a job in London, but theres a few questions i would like to know...

1)What exams/registrations do i need to complete to become one, and where do i find the information needed. - Understand i need to take the exams on sii.org.uk but not sure which ones as there are a few.
2)Are there any stock broker specific websites, as i've had a little look and can't find many, which offer advice and help etc.
3)when i do become a stock broker, am i able to invest on the exchange myself, processing my own exchanges.. Or does me becomming on not allow this...


thanks in advance

[mattonline]

anyone know? any information would be great

[EthanK]

There is a major difference with certifications and requirements depending on the country, I for one know that US brokers have to pass their series 7 or 9 exam, I can't remember which.

[akula]

the way it works is like this...

in UK, under the Financial Services Act 1986 the FSA regulates stock brokers

All firms who conduct investment business and who deal with the public, whether they are banks, building societies, stockbrokers or independent advisers, must be authorised by the UK’s regulator, the Financial Services Authority (FSA), or be recognised by the FSA as a Recognised Professional Body (RPB) or Recognised Investment Exchange (RIE). These firms have to prove to the FSA that they are competent, financially sound and treat their customers fairly. If you have received any advice, the firm must make sure that any recommendations are suitable for you. More

The FSA will set forward a minimum set of educational requirements (in their handbook) that stockbrokers must meet in order to work for an RPB (i.e. a stock brokerage firm)

Then, there exist FSA recognized educational providers who train people to meeting those FSA standards

What you need to do is i) call the FSA and ask them what the educational standards are to be eligible to work for an RPB, and ii) a list of education providers who will train you to meet the standard

or....because I'm not 100% sure about everything I've told you, do the obvious and call a broker...but then, tell me what h tells you because I also want to know

[mattonline]

ok, well i've already started to contact firms about jobs, what they do is train you up and give you a basic pay (ranges, some offer as much as £35K and i think the least i've seen is £25K for first year trainees, and i think the training process takes about 23 weeks ish.. (then you sit the exam) i think,

second year pay increases to £40k - £50k and 3/4th year goes up to £100k + (unmasked)

and all these salarys don't include bonuses, and other incentives.

and i've been reading into this and i think the exam board or the commitie is www.sii.org.uk (securities investment institute)

will do some further research into this and contact a few more firms, (i've contacted a couple and been rejected from them lol, my CV isn't that great so will amend that, and re-apply.


I will look into the information inyour post akula and get back to you.

[mattonline]

anyone else with any more info?

[Paint and Air Sportz]

GOOGLE.com is your friend all you ansers can proably foundwithin 2 minnutes of searching, and since this is asite for entrepanuers i doubt many people have are employed and that many would be in the stock business.

[SsZERO]

OK, well im looking into a job as a stock broker and think it will very exciting and challenging, i'm living in the UK and plan to apply for a job in London, but theres a few questions i would like to know...

1)What exams/registrations do i need to complete to become one, and where do i find the information needed. - Understand i need to take the exams on sii.org.uk but not sure which ones as there are a few.
2)Are there any stock broker specific websites, as i've had a little look and can't find many, which offer advice and help etc.
3)when i do become a stock broker, am i able to invest on the exchange myself, processing my own exchanges.. Or does me becomming on not allow this...


thanks in advance

This isn't really something you "look into", like a job at Wal*Mart or something. As a broker you're a middle man. You'd start by working for an existing firm, and you're job would be to buy and sell stocks for the firm's clients. You would also do research and make recommendations of which stocks to buy and sell for your clients...but using the info you have access to at the firm to trade your own is illegal. It is known as insider trading. For example, if your firm is dumping 500K shares of a stock, and you know this before it happens, you can make some big money by shorting your shares of said stock. Brokers make a percentage of the dollar amount transacted...aka a commission. It's very competitive, and if you're not highly motivated and driven, forget it.

[NewMerchant]

Hi,

Depending on which product (equity, derivatives) you work on you have to do a exam in it, (used to be FSA and is mandatory think it is backed SII) plus a compliance exam (called regulatory environment)

Ity used to be that you pretty much cant talk to & trade for a client unless you have these two exams passed.

http://www.bppfinancialservices.com

Is a good course provider

With regards point 3, forget it. All phones are connected to tapes, you'll get busted front running

[mattonline]

but using the info you have access to at the firm to trade your own is illegal.

i know this is illegal, what i'm trying to ask is that, after the trading day has ended am i allowed to go home do my own research and then invest my own money in stocks of my choice.

[bopa media]

If im not mistaken, most stock broker or broker jobs in general are 100% commission maybe they pay you $200 a week while your training. Ohh and if you fail the 7 your first time, tough luck go find another shop to work at and thats not hard since there are 1000s of them. It's alot of cold calling and you dont need to do much research as the firm will tell you which stocks to push to your clients and most of the time its for their benefit, but if you sell the most you win stuff like vacations and meals. No offense but anyone can become a broker most "stock" brokers dont even have high school degrees or have GED. If your a smart guy and plan on attending a very good school i'd set your sights on something else in finance if thats the area you like, but if your a great saleman then being a broker could be right for you

[mattonline]

Stock broker is where all the money is and there is a basic salary

Ohh and if you fail the 7 your first time, tough luck go find another shop to work at and thats not hard since there are 1000s of them.

so if i fail my exam the first time will i def have to find a new firm to take it under as it would seem to be a great waste of there time if they just release me.

Stock brokers where all the money is

[bopa media]

Stock brokers where all the money is [/QUOTE]

If your talking about the finance world then your very wrong. Look into the salaries of Prop traders for BB banks. Also take a gander at Ibanking salaries first year outta college 70k + %90 bonus (USD) thats a nice chunk of change for a 22 year old. Stock brokers can make money but you have to have a large book of clients and if you dont you wont eat as they say in S&T (sales and trading) "you eat what you kill"

[mattonline]

70K usd is appx 35 k GBP which is what a stock broker gets (at the higher end of the scale) for first year training. And this comes with bonuses and other perks.

you eat what you kill"

like this quote

[akula]

Stock brokers where all the money is

Well...to be precise, that's not entirely true

but it's certainly a very nice, simple job

make money when you sell them the security, and make some more when they they rid of it

btw..."stock broker" is the old expression...there are no jobs listed under that name on monster

now days, people are called analysts or securities brokers 'caus a lot of the times you're gonna be selling people ETFs, derivatives and debt..in addition to common stock

just like in the movie

notice how in all scenes will smith was pushing people bonds and other non equity products