Can a Person Be a Part-Time Stock Broker?
Tens of millions of Americans hold investments in the stock market, but only a tiny fraction of these people are allowed to directly buy and sell stocks on an exchange. These people are known as stock brokers. To become a stock broker, a person must pass an exam, known as the Series 7 exam, and receive a license. A stock broker can work part time, but the vast majority of stock brokers are full-time employees.
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Employment
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According to the Bureau of Labor Statistics, most stock brokers are employed full-time by brokerages or other financial services companies. Because stock brokers execute trades on behalf of clients, they must be available whenever the stock exchange is open.
Compensation
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Some brokers are paid a flat salary, but many are paid commission. The more trades a broker executes, the more the trader will be paid. A broker who works part time would be unable to earn the kind of commissions made by full-time brokers.
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Considerations
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There are two main types of brokers: full service and no frills. A full-service broker executes trades and offers financial advice. A no-frills broker executes trades. It would be far easier to be a part-time no-frills broker, as these brokers are relatively interchangeable. One broker could fill a client's order for half of the day and another for the second half, with no appreciable decline in service.
Traders vs. Brokers
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The term "stock broker" and "stock trader" are often used interchangeably. However, these positions are different. A stock broker executes trades exactly as a client instructs him to. While a broker may offer financial advice, it is the client who decides which stocks to buy and sell. A trader, whether trading for himself or another party, has far greater discretion in how to invest the money; traders choose the stocks. Brokers are required to have licenses. A trader can only place an order through a broker. It is easier for a trader, particularly a self-employed one, to work part time.
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