I want to be a stockbroker!

MajorMaccas

MajorMaccas

MajorMaccas

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Joined
20 Oct 2005
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Suffolk, UK
Don't warn me about what's involved, I've researched it heavily, and I have no problem working 60+ hour weeks, done it before with no quibbles. I also manage stress very well, and I know this is a stressful kind of job.

So, I don't have a degree, I have 120UCAS points from a BTEC National Diploma in IT. I have people skills/customer facing experience (supermarket delicatessen), and certified City & Guilds Key Skills level 3 Communication among others, but no sales experience.

Currently i feel my life/career is slightly stalled, still working on the supermarket delicatessen. So, what is my next step? Is it realistic to think of applying to an institution/firm as I am now, or should I attend evening classes at college, or pursue a degree? I don't want to go to university if I can avoid it.
 
Wihtout a maths based degree you'll find it very hard. Failing that you'll need some experience in a role dependant upon numbers and calculations..
 
You need a good degree really. Nothing worthwhile is ever easy.. That said there's no better time to start working towards it. Jobwise the economic climate isn't favourable generally at the moment, not to mention in the finance sector. And once you're finished the economy will be on the up.
 
Good luck.

And yes,, you will need a degree. Gone are the days of people moving into revenue generating roles from support side due to people like Nick Leeson.
 
Like others have said, you need to be fairly quantitative. Your CV will need to have a string of A*s/As at GCSE, all As at A-level (incl. Maths) and a 2.1 or 1st in a quantitative degree from a top university. Furthermore, everyone else applying to the same job will have all of these things, so you'll need extra curriculars.

Are you sure you want to be a stockbroker in particular? Not a trader?
 
Good luck. Considering the economies in recession and there's been thousands laid off in the financial services sector, I'd imagine the competition for jobs that do come up out there is going to be extremely intense.
 
You don't necessarily *need* to have a degree and you certainly don't need to be particularly quantitative. This isn't investment banking we're talking about here - stockbrokers deal with retail clients. Making sure the old grannies have a higher portion of bonds etc... in their portfolio and maybe chucking in a few small caps for a younger client with an appetite for risk is about as complicated as it gets. The main thing you need experience in isn't maths but sales.

The problem you've got is that you won't get into a reputable firm at the moment - there are firms out there who, believe it or not, will take you on if you get your FSA exams (basically some multiple guess questions on financial regulations then a securities paper (+ a derivatives one if you fancy it)) You may find you'll have certain ethical issues with these firms as they basically just flog penny shares to grannies and end up trashing their portfolios - effectively they are legal boiler rooms.

A Degree from a proper uni would help with the more reputable firms however you won't get into a proper university. One thing to consider would be trying for another financial sales type job for a few years and then apply - i.e. get a job flogging mortages or working as a financial adviser in a high street Bank (basically flogging the banks own products) or get a job with an IFA. If you get some experience selling financial products to retail customers then that is potentially a way in.
 
As some one has already asked, are you sure you mean stockbroker and not trader? Brokers kind of act as middle men for buyers and sellers and earn money on commission where as traders made investment decisions and get rewarded for the amount of return they generate.

Cant help but feel the hay day of the broker is behind us. Its a lot more efficient to replace brokers with computers. When was the last time you heard anyone talk about ringing their broker, now its all about online brokerage accounts. Even big institutional clients are using computer based brokerage especially for easy things like ordinary stocks.

If you are interested in a lucrative areas in the financial sector you might want to look into derivatives, structuring or algorithmic trading. But understand that the days of walking into high paying jobs are long dead. Its become very competitive and all of the high paying roles are dominated by professionals with strong maths and science degrees. Not putting you off but it not as simple as it used to be.
 
If you want to be a trader, you don't specifically need a degree although it will help. The most important things are being good at mental arithmatic and a good logical thinker. There's plenty of money to be made as a trader, and also a broker if you prefer that.
 
Is this is a case of; "Stockbrokers earn lots of cash, I want to be one of them and earn it too!" ? Maybe think about a career that would make you happy too?
 
N9ne said:
Like others have said, you need to be fairly quantitative. Your CV will need to have a string of A*s/As at GCSE, all As at A-level (incl. Maths) and a 2.1 or 1st in a quantitative degree from a top university. Furthermore, everyone else applying to the same job will have all of these things, so you'll need extra curriculars.

Are you sure you want to be a stockbroker in particular? Not a trader?
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Well, not all the time - cousin got a 2:1 engineering degree and has been a stockbroker for a few years. Until recently of course when everything imploded.

That said, his dad is very good friends with the owner of the company so maybe that had something to do with it...
 
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