How to Be a Stock Broker on Wall Street

Stock broker applicants go through a rigorous interview process.

Becoming a stock broker on Wall Street takes considerable dedication and preparation. Stock brokers have to meet the same licensing requirements that other financial investment professionals must meet. They also need to have a strong determination to succeed, considerable financial acumen and the interpersonal skills necessary to build a client base. A career in this field can be quite lucrative. Simplyhired.com notes that Wall Street stock brokers made an average salary of $114,000, as of November 2010.

Instructions

1. Obtain your education. There are no formal education requirements to work as a stock broker on Wall Street, but you do have to get hired by a brokerage firm to break into the industry. Most firms prefer college graduates with interpersonal skills and an outgoing personality. You need not pursue a degree in business or economics to work as a stock broker, but it can be helpful. Explaining complex financial concepts to clients will come easier with a greater knowledge of how investing works.

2. Prepare for your licensing exam. To work as a stock broker on Wall Street you will have to pass the Series 7 examination, administered by the Financial Industry Regulatory Authority, and a state licensing examination. Several months of preparation will likely be necessary to prepare for these exams. If possible you may wish to begin preparation while you are going to college.

3. Apply for a position with a brokerage firm. Before you can take your exam, you need to be registered with a firm. Some brokerage firms will provide you additional assistance in training for your exam, especially if you have an impressive resume that includes a degree and some experience in the sales and marketing field.

4. Follow up on your application and schedule an interview. Never wait for a phone call from the brokerage firm. They will be looking for candidates who are outgoing and persistent in obtaining new clients and you should treat the firm you are applying to as if they were your first potential client. Continue to follow up until you get an interview scheduled. Some firms will require multiple interviews, so start the process early.

5. Attend your formal interview and assert yourself as the right candidate for the position. Being assertive does not mean you have to be obnoxious; it simply means that you should be self-confident and articulate in the way that you answer interview questions. Prepare for the interview by conducting research about the firm, its history and its hiring process so that you know exactly what to expect.

6. Pass your Series 7 and state licensing examinations. Some firms will only give you one opportunity to pass the examination, so be prepared to pass it on the first try.

References

• Simply Hired: Average Wall Street Stock Broker Salaries
• Bureau of Labor Statistics: Securities, Commodities, and Financial Services Sales Agents
• Bureau of Labor Statistics: Securities, Commodities, and Other Investments
• FINRA: FINRA Registration and Examination Requirements

Resources

• Broker Hunter