So You Want to Be a Stockbroker

So you want to be a stockbroker. Doing this job does not require a college degree, or any degree for that matter. Just as a lawyer need not even go to law school, (Abraham Lincoln didn’t, he just took the bar exam), no actual college degree is necessary. In the case of being a stockbroker, a series 7 and 66 license is all that is needed.

Even so college is still a good idea. Why? Well, common sense really. The test is obviously easier to pass if you have a degree in finance. Also, most importantly, this isn’t 1827; someone has to hire you to do the trading and a college degree still tells people a lot about you, like your smarts and your work ethic. Further, you have to be sponsored to take the series 7 test and firms are more likely to sponsor a college graduate. Also, a professor you know from college with a series 7 license can sponsor you. Further, for some of the better jobs a company may require a degree.

The other thing a degree helps with is your customers who want to see a certificate on the wall or hear about your qualifications over the phone and a degree helps take away a customer’s butterflies about you as his or her stockbroker/financial planner. Too, many useful things are learned at a college, though theory only goes so far. This is evident in the fact that most firms will not hire an economist. This is because economists tend to be gloomy on risk taking and so they’re not welcome because all stock trading or bond investment above United States bonds involves at a least conservative amount of risk.

As for the series 7 and 66 licenses; these licenses are issued by two different authorities, the Financial Industry Regulatory Authority (FIRA) issues the series 7 license and the North American Securities Administrators’ Association (NASAA) issues the series 66 license after the appropriate tests are passed. There are other licenses in the series 66 class, but if you pass the 66 exam, you don’t need to take the other test for the 66 license is inclusive of the other licenses.

For more information which gives the reasons for these licenses and explains about the tests, the scores needed to pass and length of time given to complete the test, I have provided this link for those who wish to investigate being an investment advisor or stockbroker.

http://www.investopedia.com/articles/financialcareers/07/securities_licenses.asp#axzz1eNsvfm6O

So, suppose you really want to do this, with a degree or without one, and have no sponsor? How do you go about this? Well, there are companies which will sponsor employees but you may have to start at the bottom of the pile with a job not requiring the licences. For higher paying jobs, it’s assumed you have the necessary requirements already met. A helpful idea is since some jobs offer sponsorship if hired, look for “assistant” in the job title noting if the job offers a sponsorship. Look on job boards that a firm may have. We also have job boards on this site and our other sites.

Of course it would not hurt to study for the series 7 and 66 tests before you apply, so you understand the field. Tutors are available as are on-line course books and on-line classes in the field.

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