Questions

[AngryBircher17]

Hi
I'm currently a high school Senior, and I'm interested in becoming a Stockbroker( my interest is NOT because of Wolf of Wall Street) I'd like to sit at a desk, sell stocks, and make decent money. I had some questions.
1. What are the steps to getting an entry level job as a Stockbroker? Are college rankings as important in the field as they are in IB?
2. Are jobs as a Stockbroker only on Wall Street, or are there such jobs in Dallas and Atlanta? I'd be fine with working on Wall Street, but I'd prefer to work in the South.
3. What does a day in the life of a stockbroker look like? What do the hours look like?
4. Does a Stockbroker get a salary or is it commissions based? What's the starting salary like for an entry level stockbroker in the South and on Wall Street? What does the pay scale look like?( how much does a broker make 10-20 years in)
Thanks!

 

[michaelbai]

Well the biggest key to education is not where you got it from, but how much you actually got. Ive hired people from top universities that had less going on in their head than those from middle to lower ranked universities. Ive also sat through classes myself and "earned" A's in them, but learned next to nothing. Focus on learning the rest of your life. University gives you a good foundation and points you in the proper directions, its up to you to absorb that and run in the direction(s) you wish.

I personally dont have any experience working in the Stock market, but I do get the feeling their jobs are highly commission based and high pressure sales.

 

[zaysev36]

I'd also really like to know about what entry level is, beacuse for eveyone it seems completely different As to college rankings they seem really irrelevant to me. After all, it's you who is going to make or lose money, not your grades. So the first and main step should be making shure that you undestand some basic principles of the job: how stock prices change, how markets work, and what can one do to predict those changes and most importantly - minimize losses.

 

[timsk]

Hi AngryBircher17 & zaysev36,
If you''ve not read it already, check out this FAQ: How Do I get a Job Trading? As the title implies, it's focus is on getting a job as a trader - rather than as a stockbroker - but many of the same principles will apply. Regarding stockbroking specifically, there's likely to be a strong emphasis on sales, so knowledge and experience in this field will be highly desirable - if not essential.
Tim.

 

[zaysev36]

Hi AngryBircher17 & zaysev36,
If you''ve not read it already, check out this FAQ: How Do I get a Job Trading? As the title implies, it's focus is on getting a job as a trader - rather than as a stockbroker - but many of the same principles will apply. Regarding stockbroking specifically, there's likely to be a strong emphasis on sales, so knowledge and experience in this field will be highly desirable - if not essential.
Tim.

Thanks, I'll definitely read the FAQ later! For now, could you suggest some least painful ways of getting the initial experience in sales and trades? Perhaps there is some common ways for newcomers to try out?

 

[timsk]

Thanks, I'll definitely read the FAQ later! For now, could you suggest some least painful ways of getting the initial experience in sales and trades? Perhaps there is some common ways for newcomers to try out?

Hi zaysev36,
Getting experience as a trader is touched on in the FAQ and covered in greater detail in the second and third links in my signature, below.

Sales is similar to trading in one respect: it's one of the easiest professions to get into, but one of the hardest to survive in - let alone excel at. Ideally, if stockbroking is your end goal, you'll want your sales experience to be finance related. If it were me, I'd focus on becoming a recruitment consultant for a firm that specializes in banking and finance positions. If you can cut it in that environment, it's likely to stand you in very good stead when making the transition to stockbroking. If you can back this up with a solid understanding about how equity markets function and, better still, have a trading account with a rising equity curve, then you're likely to have an edge over other candidates for the job.

Having said all the above, this is just my personal opinion. I don't work in recruitment or HR and have never worked - or even applied to work - as a stockbroker. IMO, the very first step for anyone wanting to get a specific job (e.g. stockbroker) would be to contact the biggest and best employers in the relevant sector and ask them direct what knowledge, experience and qualifications are needed to stand a good chance of being offered a job.
Tim.

 

[zaysev36]

Thanks a lot, you've certainly given me a lot of stuff to think out. I guess I will now explore everything you've said and return a bit later with some new, hopefully not so newbie, questions