Someone intending to become a stockbroker trainee must successfully graduate from high school and complete a brokerage licensing examination. Investment firms typically hire college graduates as trainees, and some companies even require applicants for these roles to have completed advanced degree programs. Anyone wishing to become a stockbroker trainee must have the ability to work under pressure and a good grasp of mathematics.
Stockbrokers are traders who buy and sell securities such as shares, bonds and commodities. Due to the complex nature of financial markets, laws in many countries mean that brokers and trainee brokers have to obtain securities licenses. Private companies, colleges and regulatory agencies arrange training classes for prospective brokers during which students are taught about securities laws, business ethics and the processes involved in conducting various kinds of transactions. Someone wishing to become a stockbroker trainee may have to enroll in one of these training courses although some firms hire non-licensed individuals and then pay for these people to attend the necessary training sessions. Classes typically conclude with an examination and candidates must achieve a certain score in order to obtain a securities license.
Investment firms often hire accounting or finance graduates to work as trainee brokers; these individuals are sometimes recruited at job fairs that are held on college campuses. In other instances, firms may accept applications from students who wish to work as interns during breaks between college semesters. Someone wishing to become an intern must provide an investment firm with an up-to-date resume; some companies require college transcripts since internships are only offered to students with above average grades. Additionally, some employers require applicants to provide references from college professors, former employers or personal acquaintances who work within the financial services field.
Brokers typically conduct transactions on behalf of a large number of individuals and institutional clients. Consequently, someone wishing to become a stockbroker trainee must have good customer service skills and many firms prefer to hire people who have previously worked as service representatives for banks or financial companies. Since brokers are typically paid on commission, brokerage jobs are ideally suited to individuals who have prior sales experience since these individuals are more likely to persuade investors to purchase securities rather than other kinds of assets. Therefore, brokerage houses often seek recruits who have worked as salespeople for insurance firms or mortgage companies since these individuals have prior experience with working in an environment where wages are directly tied to sales results.