Stock Market Trader Training
To qualify to work as a stockbroker, you must successfully complete stock market trader training. This training involves learning while on the job as well as passing various licensing exams.
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Education
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A college degree isn't an absolute requirement to train as a stock market trader. A bachelor's degree in economics, finance or business should be an important consideration, however, as this field is highly competitive and many big brokerage houses may require one.
Job Training
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You must work for a Financial Industry Regulation Authority (FINRA) registered brokerage firm for a minimum of four months before qualifying for stock market trader testing. The brokerage firm for which you work also has to sponsor you to sit for your Series 7 Exam. You cannot sit for this exam without corporate sponsorship.
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Testing
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You must pass the General Securities Registered Representative Exam, or Series 7, with a score of 70 percent or higher. Stockbroker candidates must also pass their state's Uniformed Combined State Law Exam, or Series 63, with a score of at least 72 percent.
Additional Testing
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If you plan to give financial advice to clients during your work as a stock market trader, you must also pass the Uniform Investment Advisor Law Exam, or Series 65. The passing score on this exam is 72 percent. FINRA offers the Series 66 test, which is a combination of the Series 63 and Series 65 exams. A passing score for this exam is 75 percent.
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References
- Photo Credit stock exchange image by Christopher Walker from Fotolia.com
