How to become a broker? 8 tips!

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Have you just watched the movie “The Wolf of Wall Street”? Working as a stock broker is not always as attractive and glamorous as it seems at first glance, but still quite interesting. An exchange broker is a financial adviser who advises clients (corporations or private individuals) where it is better to invest in accordance with their capabilities and goals. In order to become a stock broker, you need to work in a brokerage firm that buys and sells shares on the stock exchange. The broker is also known as a trading agent for the sale of securities or a trading agent for the sale of securities and goods.

In this article, I will give you 8 main tips on how to become a successful broker and make a brilliant career.

1. Go to a good college. It used to be that anyone who knew how to count and had good connections could become a successful stock broker. Now everything is different! If you want to be a competitive specialist, you will have to get a diploma. Areas suitable for this include economics, finance, mathematics, accounting, or business management. And remember that the more prestigious the university, the more chances you will have of success in the future!
If you are a graduate student, try to get good grades. The better your grades, the more prestigious universities will open their doors to you. Remember that education is very useful when working on the exchange!

2. Take an internship. Some brokerage firms hire graduate students in college. Join the University “Investment Club” or create your own, if it does not already exist! This internship will help make the path to big money a lot easier.

3. Engage in self-education. Read. Watch. Show you. Learn. You can work on yourself in your free time. Read books! See financial news programs. Watch for different stocks – which rise and which fall. While Joe breeds ferrets and Jim plays football, you will leave the institute convinced that you are replenishing your knowledge base.
Read William Bernstein’s “Four Pillars of Investments: Lessons on Building a Winning Portfolio” or Mark Hebner’s “Index Funds: A 12-Step Program for Active Investors.” [1] The Wall Street Journal or the New York Times financial column won’t hurt either!
You may know half a dozen people who invest. Ask them what they know!

4. Get your investment portfolio. Once you have matured enough, start taking care of your money (if you are under 18, open an account in the name of your parents). So together you can see how you benefit from your know-how. If you do not trust yourself with your money, how can other people trust you with their money?

5. Consider the options. There are three ways to develop your career:
Be a full profile broker. Those. Work for a company like Merrill Lynch or Morgan Stanley. But in order to succeed there, you need to have a trading approach. They will provide you with accommodation, train and assign a special payment until you pass the probationary period.
Be a discount broker. Examples of discount brokers include Charles Schwab or Fidelity. If you are more service oriented, this is for you. You will have a constant salary without commission and your duties will include only buying and selling, not advice.
Be a banking broker. It’s pretty simple – you’ll work at the bank. Banking customers will buy bonds from you, etc.

6. Study at the company. You will have to undergo training at the place of work for several months before obtaining a broker license, but you will already have experience. It all depends on where you got settled. Some companies call it an internship, others consider it training, some offer more money than others. You must remember that this is an important and necessary step.

7. Be convincing. All your work is to convince people to believe you. Entrust you with your hard-earned money. It costs a lot! It’s not even worth mentioning that you are a complete stranger to them. How did you even manage to cross the threshold of someone else’s house?

8. Communicate effectively. Simply put, you will know such terms and concepts that the average Joe has no idea about. Instead of using abbreviations and words that people don’t understand, try to be at their level. Can you explain your thoughts in plain language? We hope so!

9. Work for an independent broker. Raymond James or LPL are two examples of independent brokers. They offer almost every project, and employees see payments within 80-95% (full-profile brokers can start with about 40%, which will increase slowly but surely).