How do I Become a Financial Broker for Free?
A financial broker is another name for a stockbroker. A financial broker is a licensed professional who works in the investment field. Brokers work for banks or brokerage firms buying and selling stocks, mutual funds and other investment vehicles for their clients. The financial broker makes money from the commissions he earns from the purchase and sale of investments. Becoming a broker costs money, but there is a way to get your training and licensing for free.
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Instructions
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Get hired as a financial broker trainee. Apply for jobs with brokerage firms, investment advisory firms and banks that buy and sell for the public. Many companies are always looking for new employees to train to become financial brokers. In most cases, you receive a small weekly salary as you train. Once you have become a licensed financial broker, your earnings are commissions only.
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Register with FINRA, the Financial Industry Regulatory Authority. This is the first step toward becoming a licensed broker. Your employer will send out the forms on your behalf as your sponsor. Part of the registration process is a background check. You will also be fingerprinted.
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Study for the Series 7 Exam. Your employee will provide on-site training for the General Securities Registered Representative Examination, the official name for the Series 7 exam. Your employee may also pay for training at a nearby school, or provide you with video courses or online courses as a way to prepare for the licensing exam.
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Schedule a date to take the exam. Your employer may choose the date for you or allow you to pick the date and location to take the exam. The exam must be taken at either a Pearson Professional Center or a Prometric Testing Center, both of which are authorized to administer the Series 7 exam by FINRA. Your employer pays the fee.
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Pass the computerized Series 7 exam to get your license. The test consists of 250 multiple-choice questions. Results are available immediately.
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Retake the test if you fail the first time. Some companies will pay for you to retake the exam. Other companies require you to pay for the second round of testing yourself. If you fail the test again, in most cases you are out of a job.
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