How to Get a Stock Trader License
A college education is not a requirement for getting a stock trader or stockbroker license, but with all the technicalities and regulations governing the financial industry, a college degree helps. To become a registered broker/dealer qualified to trade a full line of securities, you must take a series of exams and participate in on-the-job training before receiving your license. Although there are a number of different licenses you can obtain to work in the financial industry, most stockbrokers or traders have their Series 7 and Series 63 licenses.
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Things You'll Need
- Company sponsor
- Series 7 study guide
- Series 7 exam
- Series 63 study guide
- Series 63 exam
Instructions
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Get a job at an investment company or brokerage firm. Whether you have your college degree or not, you must be employed by an investment or brokerage firm because they will be your corporate sponsor for the Series 7 exam. You cannot sit for this exam without a sponsor.
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Study for your Series 7 exam. The Series 7 exam covers general securities regulations. Once you find a job at an investment or brokerage firm, you not only have to complete your employer's on-the-job training requirements, you are expected to study for the Series 7 exam at the same time. See Additional Resources to obtain a Series 63 study guide.
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Sit for your Series 7. After your employer registers you for the Series 7, you have to call and schedule a time to sit for the exam at your local testing office. You must receive a score of 70 percent or better on the exam to pass.
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Study for your Series 63 exam. The Series 63 exam covers securities regulations specific to your state. Not all investment brokerages or firms require a Series 63, but most do. See Additional Resources to obtain a Series 63 study guide.
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Sit for your Series 63. After your employer registers you for the Series 63, you will need to call and schedule a time to sit for the exam at your local testing office. You must receive a score of 72 percent or higher on the exam to pass.
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Tips & Warnings
If you fail one of the tests you may take it again. You must wait 30 days after you last took the test to reregister.
Never wait to schedule your Series 63 or 7 exams. Once your employer registers you for these exams, you have six months from the time of registration to schedule the date you wish to take them. If that time expires, your employer will have to reregister you as well as pay for the costs to take the exams.
References
Resources
- Photo Credit stock exchange image by Christopher Walker from Fotolia.com
