Did you go into the stock market industry as a broker hoping to make a good deal of money? If you did, you might be in for a shock. To start a career as a stockbroker, you first have to go through a grueling set of exams and training.
Though you are not required to even have a college degree, having an educational background that deals with the economy and financing helps you gain an analytical understanding of how the stock market works. Before you can start brokering any transactions, you have to first gain your license. To do so, you must first look for a brokerage firm that will take you under their wing. It is only after four months of on-the-job training with the firm that you are allowed to take the General Securities Registered Representative Examination. After you acquire your license by passing this exam, most states require you to take another test in the form of the Uniform Securities Agents State Law Examination. In this exam, it is determined whether you have a wide knowledge in the stock market as a whole. After passing these two exams, you are simply branded as a trainee. Most firms put you through a number of classes and training programs for as long as two years. It is only then that you can start looking for a pool of clients you can call your own.
It is after that entire process that you will start reaping the benefits. The average starting salary of a stockbroker in the U.S. is around $17,000. The average salary throughout the U.S. after five years of working would be around $30,000 to $49,000. The upper percentile may earn around $60,000 and higher.
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