How to Find Stock Broker Jobs and Careers

A stockbroker buys and sells securities -- stocks, bonds and options -- as an employee of a brokerage firm, an investment bank or a private fund. According to the 2010 figures from the Bureau of Labor Statistics, this segment of the financial services industry boasted 317,200 positions in 2008 and has a projected growth rate through 2018 of 9 percent. This is a demanding, competitive field, with a median wage of $68,680, as of May 2008, and an abundance of applicants vying for coveted positions. Having a finance background or an advanced degree, especially in business or economics, can enhance your prospects.

Things You'll Need

• Sponsoring brokerage firm
• $200 registration fee for Series 7 Exam
• General Securities Representative license

Instructions

1. Complete your licensing and education requirements to qualify as a General Securities Representative. Get a brokerage firm to sponsor you as you prepare for the Series 7 exam, administered by the Financial Industry Regulatory Authority, or FINRA. You must have continuous employment with a firm for 4 months prior to taking the test. Pass with a score of 70 percent or higher to join FINRA as a member associate. The test has 250 questions, and you have 6 hours to complete it.

2. Apply for an investment banking internship. The big firms have summer analyst positions, trade desk internships and sales and marketing internships. Explicitly inquire about trainee positions but analyze the needs of the company first. Do not send a letter slanted toward a mergers-and-acquisition department to a company that needs day traders on its roster. An internship -- very often, a paid one -- can give you an inside track. Apply early with an immaculate package and include letters of recommendation. This approach is suitable for college and graduate students.

3. Submit your resume to discount brokerage firms. Try the large and boutique outfits, which offer trade and portfolio management at rates greatly reduced from those of full-service brokers. Typically, these firms provide telephone service for clients who want to place their stock orders with a representative; this is still a large segment of investors. Many of these companies offer telecommuting positions and virtual offices. Excellent telephone skills and salesmanship give you an edge.

4. Get your resume in circulation at a company that specializes in job placement for finance professionals. Use an online jobs bank or headhunter service and batch-submit your proposal package. The best way to exploit this tool is to use online trade and finance journals that post current jobs. Set up an alert to notify you when a position that matches your search criteria gets posted. Prices for these services can vary from free to hundreds of dollars. You are competing with experienced professionals so distinguish yourself.

Tips & Warnings

• Rigorously prepare for the challenging Series 7 exam. Consult online study guides and sample questions.

• The securities and investment field has a high turnover and burnout rate, especially among newcomers.

References

• Bureau of Labor Statistics; Securities, Commodities, and Financial Services Sales Agents; 2010
• Financial Industry Regulatory Authority: FINRA Registration and Examination Requirements

Resources

• NASD Stockbroker Series 7 Exam: Preparation Guide