The financial stock market seems to be where the action is due to the tremendous growth of wealth in the country. New York City is the primary banking capital of the world. Here is information on getting an investment broker license in NYC.
Investment Brokers Buy and Sell Financial Assets
The Bureau of Labor Statistics (BLS) describes the investment broker career as one where stockbrokers buy and sell financial assets for their clients. Some brokers (also called dealers) will manage client portfolios giving them advice on the best stock, bonds, indices or commodities to purchase. The career is fast-paced, intense and will usually require longer than 40 hours per week.
Schooling Prepares Individual for Exam
Some individuals will acquire a Masters in Business Administration or Bachelors in Accounting before taking the brokers’ license. But it is not necessary. The primary thing that Wall Street is looking for is an intelligent employee.
Most brokers will take a summer job as a runner or low-level Wall Street worker to gain experience. This is valuable for a number of the following reasons: learn the basics of how stock markets work, develop contacts and determine if this is the career for you. Many financial relationships last for decades because Wall Street is a tight-knit clique of professionals with their own standards, rules and cultural norms.
All brokers must pass the General Securities Registered Representative Examination (Series 7) to be licensed. This 3-hour exam includes 2 parts of 125 multiple choice questions on corporate securities, options, investment company products and variable contracts.
Develop Close Relationship with Wall Street Firms
After having gained experience working on Wall Street during the summer and having passed the Investment Broker License exam, you will now need to apply to a firm to get your “foot in the door.” Many brokers start as statistical analysts who will help crunch numbers, run reports and respond to customer inquiries for a professional broker. Wall Street truly emphasizes the “hands-on approach” to learning the ins-and-outs of economics, supply and demand, technical analysis and charting price movements.
The investment broker career has a number of great ways to advance. A hard-working broker might start his own firm if he builds up his client list. There are many financial exams that can be taken to gain certification in related fields, such as municipal bonds, options and equity trader.
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