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.

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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.

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.

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.

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.

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.

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.

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.