If you’re wondering how you can become a stockbroker, what you need is a job as a stockbroker at stock brokerage firms Merrill Lynch, Morgan Stanley, Charles Schwab or Fidelity. However, you don’t just walk into those companies and say you want to become a stockbroker.
Back in the day when the stock market was really new, it was possible for just about anyone to work at a stock brokerage. These days, however, you need to prove to people (read: your future boss) that you can be trusted with other people’s money.
The first thing you need is a degree in a related course like finance, economics, accounting, business management. After graduation, it’s either you sign up as an intern with a stock brokerage firm or you pursue your MBA or both. The idea is to have something on your resume that proves that you have the necessary educational background to be very good at your job.
Between finishing your studies and moving on to your MBA, you should start to build your own stock portfolio and read books or else work with someone who is building his or her own portfolio. Do this even when you’re busy with your internship.
Again, the idea here is to prove to your prospective employer that you’ve gotten over the steepest part of the learning curve.
As a stockbroker, there are really only two career paths for you: full-service broker or discount broker.
A full-service broker is a very sales-oriented person and work with clients, giving them advice on which stock to buy or sell. He or she is also responsible for finding his or her own clients. A discount broker, on the other hand, assists in buying and selling but do NOT give advice.