Not any Tom, Dick or Harry can buy or sell stocks on the stock exchange: There are three types of services offered by a stockbroker: They keep a finger on the pulse of the financial market, researching stock and shares and keeping up to date with all the latest financial news. They put all these factors into speculating the ripe time to buy or sell a share, making their money through the brokerage they get after every transaction is made.
Stockbrokers try to build up and maintain a healthy roster of clients: Portfolio management plays a big part in this, assessing the needs and risk-taking abilities of the client and matching it with the right type of stocks and shares.
Consequently, stockbroking is very much a sales role, in that they have to convince new clients to entrust them with their funds and assets. In between all the buying and selling, a good stockbroker spends plenty of time marketing themselves and networking their socks off to get new clients. The salary is a big draw to the profession.
Life as a stockbroker is no easy walk in the park. It can be extremely pressurised, stressful and draining. The hours, in particular, are very long. The London Stock Exchange opens at 8am so most stockbrokers will be at their desks at 7am and stay until about 6pm.
There are no strict academic requirements to become a stockbroker, but most employers will be looking for those with a degree. This can be in any subject, but a degree in economics, business or finance might put those wishing to enter the profession at an advantage. A good understanding of how financial markets work is essential, and most employers will expect trainees to have previous work experience in an investment bank, firm of stockbrokers or similar.
Employers will also be looking for strong decision making skills, top notch communication skills and bucket loads of confidence. High energy levels are needed to keep up with the pace and high pressure of the working environment, whilst good mathematical and I.
If you want to work with overseas clients, language skills such as in French, German, Japanese and Russian will be extremely helpful. Much of the training is on the job, although many trainee stockbrokers will probably study towards qualifications from the Chartered Institute for Securities and Investment CISI or the Chartered Financial Analyst CFA Society , such as an investment management certificate. Progress can be meteoric with top brokers pulling in staggeringly high salaries.
Others will choose to specialise in trading or investment management, building up a high-profile client list and reaping the rewards.
What about all the good times we shared? Ok, before you go, just tell us one thing…. Cancel account I've changed my mind. Working hours Life as a stockbroker is no easy walk in the park. Entry There are no strict academic requirements to become a stockbroker, but most employers will be looking for those with a degree.More...