When someone thinks about a stockbroker, a vivid image of a gentleman with a suit appears in mind; a smart person understands and knows all about which companies' shares are going up or down. That may be fancy, but in real life, it is a stressful and intense experience when investors or people trust you with their fortune, and it all depends on you to turn it into gold or ash.

Apart from this, if stocks and playing with money excites you and you are passionate, have an interest in finance, and are willing to take it as a career, then you can become one; it's not an easy process to become a successful broker, it requires knowledge, decision making, critical and analytical thinking and nerves to be one. One cannot become a broker as soon as one graduates; however, taking the right steps and measures can make a successful career as a stock broker.

What Stock Brokers Do?

In simple words, a stock broker is a person who buys and sells stocks or investment securities for their customers; they play with their investor's money to make profits and take their fair share, fees, or payment for their services.

There is a certain requirement, skills, and spark to excel, and the desire to learn and earn is essential if you want to become one. The skills and other licensing can be learned, but the desire to excel and make thing works is either in you or comes with experience.

Types of Stockbrokers:

Different stockbrokers depend on one's personal preference and ability to handle the clientele. The three types of stock brokers are:

Full-Service Broker: This type includes the stock brokers working in full-service firms; they are provided with all the necessary knowledge and training. They also get amenities like office space, separate desks, and a good salary or commission, but it all depends on completing their given targets of high sale quotas. However, it's a lot to learn, but most brokers fail to meet the targets.

This particular type also includes brokers who joined independent broker-dealers; there is the compulsion to meet the targets in a shorter period rather than the long term. Still, it has a wide range of proprietary products that need to be sold.

There are no amenities like office space or administrative training; brokers must arrange that independently. However, the commission is good in it, more than the full-service offers, and if you work for them for longer, your perks can also be increased. It is advisable for fresh brokers who have no experience or licensing to join these firms to gain experience and administrative training.

Discount Broker:

Those who find it difficult to find their way to full-service firms are entered into the discount brokers category, where they can learn about managing investment for walk-in clients; discount brokers are provided with flat salaries; however, their learning curve and ability are much diverse and higher than a full-service broker.

Providing services to broader clients helps the discount broker learn about different businesses and have a better chance to build their clientele. They work and provide services like research, technical analysis, margin accounting, mutual funds, exchange-traded funds, charitable gifting, partnerships, and other investment areas.

Bank Brokers:

Once considered a low pay title, bank brokers are now making a handsome amount of salaries and amenities; however, bank brokers are different from the other two types; they have to work with the bank policies and often have to work with more conservative clients, who want to invest in a low-risk investment, an experienced and person with good communication skills can be successful in this category, newcomers are not recommended as the clientele is limited. One has to work as the bank prescribes, meaning fewer learning and growth opportunities.

What it takes to become a Stock Broker:

Skills and Inner Drive:

Most of the time, many people want to become a broker due to the image they have in their minds about the glamorous life the broker has. Still, it takes hard work, long duty hours, breaks free working environment, and a lot of stress and nerves to face rejection. Although some things can be learned, most of it is the inner drive and desire that makes a successful broker. Other must-have skills that broker needs are:

• Strong Communication Skills.
• A good salesman and the ability to sell anything.
• Being able to explain complex things in non-specialists' terms to their clientele.

Education Requisite:

To become a successful broker, one doesn't need any formal education. Still, due to the fierce competition in the market, firms are encouraging newcomers who at least hold a bachelor's degree and study business, finance, or marketing as their majors. New brokers with little experience are more welcomed due to their communication skills and administrative training.

Licensing:

Licensing is necessary for all the brokers to represent themselves as a registered representative for practicing as professional brokers; passing series 7 and series 63 exams is a must to become an authorized person to buy and sell all kinds of stocks, mutual funds, bonds, and another different kind of securities, these exams are also helpful in building your clientele and advise them legally. Financial Industry Regularity Authority conducts these exams.

The beginners usually take a series of 7 exams. They get a general securities license, after which they can buy and sell securities. Other exams like Series 63 focus more on state laws and regulations.

Final Thoughts:

Stock brokers are often imagined as successful people driving exotic cars. They have a lot of capital at their disposal. Still, it's a hard job requiring long hours, no breaks, a stressful environment, and cut-throat competition. Suppose you are passionate and have the drive and desire to learn and become a successful stockbroker. In that case, you can attain your goal by pursuing your passion, learning, and fulfilling licensing requirements.