What Is a Stock Broker and How to Become One
Table of Contents
What Do Stock Brokers Do?
Stock brokers buy and sell stocks and securities. They work with a brokerage firm or broker-dealer to assist both individuals and businesses in navigating the stock exchange. It is the stock broker’s job to act as an intermediary between two or more parties, arranging transactions between buyers and sellers. Stock brokers have to be excellent negotiators and communicators.
What Is a Stock Broker's Work Environment Like?
Stock brokers work in very fast-paced offices, monitoring changes to the stock market diligently to make informed decisions on behalf of their clients. Since stock brokers do not buy and sell for themselves, they have to consult with their clients and advise them. They work long hours in the office and are tied to computer screens and phones calls to clients.
What Does a Stock Broker Do on a Daily Basis?
A stock broker’s day is all about trading. They start off the day researching and contacting their network of clients to discuss their portfolios before making any moves. They make plans for what to buy and sell. At the famous New York Stock Exchange, stock brokers take to the trading floor to trade and buy shares on behalf of their clients. For those not on the floor or in New York, there are software and programs that stock brokers can use to set opening prices and the number of shares. At the end of the day, brokers spend time making calls and networking to secure new clients.
How Many Hours Do Stock Brokers Work?
When first starting out, stock brokers work very long hours. Since trading begins early, stock brokers have to be on the job and making big decisions before the opening bell. After the closing bell, stock brokers need to spend time marketing themselves, networking, and building their client base. Some stock brokers work 12-hour days, while others work regular business hours, starting early in the day.
Stock Broker Job Description Sample
With this Stock Broker job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remember, every employer is different and each will have unique qualifications when they hire for a Stock Broker role.
Job Summary
We are seeking an experienced and highly motivated individual to join our team as a Stock Broker. This position is responsible for evaluating and selecting investments, providing advice and financial planning services to clients, and managing portfolios. The ideal candidate has excellent client service skills, a strong knowledge of the financial markets, and an excellent track record of success in the field.
Duties and Responsibilities
- Analyze financial markets and research investments to determine potential opportunities
- Provide advice to clients on investments and asset allocations
- Develop investment plans and portfolios tailored to the financial goals of clients
- Execute trades on behalf of clients
- Monitor investments and make adjustments as necessary
- Monitor client accounts and provide regular updates
- Stay informed of changes in the financial markets
- Develop and maintain relationships with clients
Requirements and Qualifications
- Bachelor’s degree in finance, economics, or related field
- 2+ years of experience as a stockbroker preferred
- Excellent communication and customer service skills
- Knowledge of financial markets, investment products, and regulations
- Strong analytical and problem-solving skills
- Able to work independently and multitask
- Series 7 and 63 licenses required
