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I enjoy the action in working on Wall Street! It seems exciting.

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Information on the Plus and Minus of becoming a Stock Broker

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Information on the Plus and Minus of becoming a Stock Broker

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Pros and Cons of Being a Stock Broker

Stockbrokers have been portrayed in many ways in film and media. The most recent example is The Wolf of Wall Street. The job might look glamorous in one depiction and then cutthroat in another. The reality is somewhere in between. You should know the pros and cons of being a stockbroker today.

Pros

Potentially Good Pay

One of the major pros of being a stockbroker is the potential for good pay. You can earn a very high base salary if you stick with the job and are successful over time. Your pay can be enhanced by commissions and bonuses as well. Successful stockbrokers can become very wealthy over the course of a career.

Job Security

A benefit of being a stockbroker is job security. There will always be a demand for stockbrokers as long as there are financial markets. This is true even with the rise of algorithmic trading and day trading. You will never have to worry about being unemployed as a stockbroker. This is especially true if you are successful and become well-known within the financial industry.

Career Advancement Opportunities

Something that is a great advantage of being a stockbroker is the opportunity for career advancement. You will be able to slowly climb the ladder within a company to higher positions. You could find a way into management if you meet some basic educational requirements. Stockbroking is rarely ever a dead-end job.

Cons

High Stress and Long Hours

A clear con is that stockbrokers are in high-stress positions that require working long hours. You are constantly going to have to perform. You will have to keep your performance metrics above the competition. You might have to work 14 hours or longer a day. Some successful stockbrokers can have a difficult time leading a normal life outside of work.

The Markets Affect Your Finances

A con that few people realize is that your finances and income will normally be affected by the movements of the markets. If the economy goes into a downturn or recession, you will have fewer customers, fewer profitable trades and more losses. Your personal economic wellbeing is going to be tied to the larger economy and stock markets.

Cold-Calling and Angry People

A final disadvantage is that stockbrokers need to constantly bring in new business. This often means cold-calling people and trying to sell your services or products on the phone. This is basically outbound telemarketing. You will encounter angry or upset people while making these calls.

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Stockbrokers have been portrayed in many ways in film and media. The most recent example is The Wolf of Wall Street. The job might look glamorous in one depiction and then cutthroat in another. The reality is somewhere in between. You should know the pros and cons of being a stockbroker today.
Potentially Good Pay
One of the major pros of being a stockbroker is the potential for good pay. You can earn a very high base salary if you stick with the job and are successful over time. Your pay can be enhanced by commissions and bonuses as well. Successful stockbrokers can become very wealthy over the course of a career.
Job Security
A benefit of being a stockbroker is job security. There will always be a demand for stockbrokers as long as there are financial markets. This is true even with the rise of algorithmic trading and day trading. You will never have to worry about being unemployed as a stockbroker. This is especially true if you are successful and become well-known within the financial industry.
Career Advancement Opportunities
Something that is a great advantage of being a stockbroker is the opportunity for career advancement. You will be able to slowly climb the ladder within a company to higher positions. You could find a way into management if you meet some basic educational requirements. Stockbroking is rarely ever a dead-end job.
High Stress and Long Hours
A clear con is that stockbrokers are in high-stress positions that require working long hours. You are constantly going to have to perform. You will have to keep your performance metrics above the competition. You might have to work 14 hours or longer a day. Some successful stockbrokers can have a difficult time leading a normal life outside of work.
The Markets Affect Your Finances
A con that few people realize is that your finances and income will normally be affected by the movements of the markets. If the economy goes into a downturn or recession, you will have fewer customers, fewer profitable trades and more losses. Your personal economic wellbeing is going to be tied to the larger economy and stock markets.
Cold-Calling and Angry People
A final disadvantage is that stockbrokers need to constantly bring in new business. This often means cold-calling people and trying to sell your services or products on the phone. This is basically outbound telemarketing. You will encounter angry or upset people while making these calls.

Becoming a stockbroker isn't for everybody. It's all about setting expectations and priorities. If you think it is for you, then be ready to put in the hard work and long hours. But you will be rewarded handsomely in the end.
CC image courtesy of Hernan Seoane on Flickr.
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Jonah Engler - Pros and Cons of Being a Stock Broker

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Stockbrokers have been portrayed in many ways in film and media. The most recent example is The Wolf of Wall Street. The job might look glamorous in one depiction and then cutthroat in another. The reality is somewhere in between. You should know the pros and cons of being a stockbroker today.

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Find out what you can do before you jump into this career.

Education: In order to land a entry level job, it is recommended that you have at minimum a Bachelor Degree. If you want to have an advantage, you should major in Business Finance.

Internship: An internship allows you to test the job.  Many large firms like Meryl Lynch and Morgan Stanley have paid internships.  You can reach out to the headquarters and inquire on opening and locations.
Check out this link to learn more... Morgan Stanley

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Investing now will make your future bright! Save, save, save!

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Salary and  Duties

One of the great attractions for many that become stockbrokers, is that there is no such thing as a typical day. In fact, being a stockbroker is essentially the same as being a small business owner. You decide when, how and who you work with.

While that sounds like a wonderful life of leisure, it usually takes successful brokers five to 10 years to get to that level. The first few years can be especially grueling. During this time, the vast majority of a stockbroker's energy is put into finding new clients with assets to invest. Since the average stockbroker generates approximately 1% revenue on their assets under management, and they only get to keep 30-40% of that revenue, a new broker would typically need to find $10,000,000 in new client assets to make $30,000-40,000 in their first year.

While some stockbrokers get lucky or have great connections, the vast majority of new brokers do initially keep a daily schedule that is built heavily around marketing themselves. This means showing up at the office an hour or two before the stock market opens for trading, so that they can get all their research done early in the day. The first few hours of trading are spent contacting their existing clients with recommendations for their portfolio. Following a short lunch, the broker may meet with a few clients or prospects face-to-face as well as wrap up the day's paperwork. Then, most new brokers usually end their day by spending two to four early evening hours making cold calls, networking or teaching seminars to prospective clients. It's not uncommon for new brokers to spend four to six hours on Saturdays, doing some kind of marketing as well.

For more on this read, Financial Careers According to Hollywood.

Read more: What is a typical day in the life of a stockbroker, from start to finish? http://www.investopedia.com/ask/answers/09/life-of-stock-broker.asp#ixzz4i7AWhdmK
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