Stockbrokers are individuals or firms licensed to trade on behalf of a client on an organised stock exchange such as the London Stock Exchange. The job is known for its high pay and social status and so is very competitive.
Becoming a stockbroker requires certain qualifications and skills. All brokers in the UK are required by the Financial Services Authority (the UK equivalent of the U.S. Securities and Exchange Commission) to pass exams for the Chartered Institute for Securities and Investment Certificate in Securities.
- Skill level:
Other People Are Reading
While still at school, learn maths and economics. These two subjects are indispensable to a stockbroker, who has to calculate stock prices fast and understand the meaning of different economic and financial news.
If you can afford it, enrol in a private school such as Eton. Private schools are considered a stepping stone to a career in the City.
Go to a major British university (Cambridge or Oxford) and preferably get an advanced degree in Finance and Economics. Try to get an internship at a stock brokerage or a related firm. Start following the stock market, and read financial publications such as the Wall Street Journal, the Financial Times, and The Economist. A good idea is to write some papers or articles on the stock market and get them published.
Apply for a job at a brokerage firm that is an active member of the London Stock Exchange. If you have a degree from a good university and good grades, you are almost guaranteed an interview. Ask any friends who managed to get jobs as stockbrokers for tips on how to do well during the interview.
Many investment banks and brokerage firms have several rounds of interviews and give applicants tests. Before the interview, read as much as you can about what would you do if you got hired, and present that knowledge to your interviewers to show you are ready to be a stockbroker.
Obtain the Chartered Institute for Securities & Investment Certificate in Securities and become a stockbroker. You need to pass two exams to get the Certificate: either International Fixed Income and Derivatives Financial Regulations or Principles of Financial Regulation for Markets in Financial Instruments Directive (MiFID) -compliant retail trading, and either Securities, Derivatives or both Securities and Derivatives.
- 20 of the funniest online reviews ever
- 14 Biggest lies people tell in online dating sites
- Hilarious things Google thinks you're trying to search for