And while this challenging field requires a broad skill set coupled with a willingness to work long hours in order to succeed, the rewards can be enormous for those who make the grade.

Of course, it typically takes most fledgling brokers at least a few years to accumulate a large enough base of customers to allow them to live comfortably.

However, those who embark on a career in this field today have more options than were available in the past. Initial Requirements Regardless of the specific career path they choose, all stockbrokers are required to obtain the same standard securities licenses. To become a registered representativeone must pass the Series 7 and Series 63 exams administered by FINRA ; these authorize representatives to buy and sell stocks, bonds, mutual funds and other types of securities.

Many stockbrokers are then required or choose to obtain other licenses as well, such as: Those with recent bankruptciestax liens or repossessions will likely be discarded from the list of potential candidates just as quickly as those who have been in any type of legal trouble more serious than traffic citations. Full-Service Broker Working at a full-service firm such as Merrill Lynch NYSE: MER-FMER-D or Morgan Stanley NYSE: MS is still the most traditional approach to selling investments.

Brokers who work for these firms will be provided with a comprehensive training package that includes sales and product training as well as education in administrative procedures and compliance regulations.

They will also typically be provided with an office space or at least a deskbusiness cards, a guaranteed salary or draw against commission and a very high sales quota that they must meet within a relatively short period of time, if they want to stay on there.

Some firms have changed their models and allow their reps longer periods of time with better starting salaries so that they have a better chance of succeeding. But a relatively large percentage of each class of trainees will wash out of these programs because they were not able to generate enough business to meet their quotas.

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Many very successful brokers eventually leave firms such as Merrill Lynch and move on to independent broker-dealers such as Raymond James NYSE: RJFRJD or Linsco Private Ledger.

These firms typically offer a wider array of products and services and do not require their reps to sell proprietary products of any kind. They also usually offer much higher payouts on commission than full-service firms such as Merrill Lynch.

However, they are usually only capable of giving back office administrative support and do not provide amenities such as office space.

Those who work for these firms must pay for all of their own expenses and overhead. Discount Brokers If you are not a super salesman by nature but would still like to try your hand at managing investments, a discount broker firm such as Charles Schwab NYSE: SCHW or Fidelity NYSE: FNF might work for you. These firms are geared toward providing effective service for walk-in clients and usually pay their brokers a flat salary albeit with some minor bonuses or other incentives. Some brokers can eventually build up enough of an informal clientele that they can eventually move back to a full-service or independent broker-dealer and make a living there.

Discount brokers are likely to gain a much broader base of experience than many full-service brokers, who generally specialize in certain areas such as IRA rollovers or employee stock options. A rep who works at a firm such as Schwab or Fidelity is expected to be able to provide a broad array of research and services, including basic technical and fundamental analysisrolloversstock optionsmargin accounting, make money fostering kidsbond laddersopen, closed-end and exchange-traded mutual fundspartnerships, charitable gifting, exchanges and many other areas of investment, retirement and estate planning.

Reps will also often be required to perform administrative duties such as cashiering, new account setup, processing stock certificates and other paperwork. But they are not subject to the kind of sales pressure as their full-service discount stockbrokers canada and generally have either very low or no production quotas of any kind.

Bank Brokers Being a broker at a bank is a very different proposition than working at Merrill Lynch or Fidelity.

Like most discount firms, many banks also look for licensed brokers with previous experience, but the banking system is so unlike the brokerage world that it usually takes new investment consultants a while to get their bearings. Bank brokerage positions were once viewed as dead-end jobs that were only for brokers who failed elsewhere, but this perception has largely disappeared with the growth of this segment of the brokerage industry. Most banks and credit unions now employ in-house investment consultants who can offer non- FDIC insured products and services.

A growing number of banks also expect their reps to cultivate a clientele from outside the bank, however, and most successful reps who work in this system have worked to develop a system that rewards bank employees for referring customers to them as well as some sort of prospecting platform to bring in new business from outside the bank.

Experienced brokers understand that they need to be visible and present to the bank staff and work to educate them on what they do, but also be able to stay out of their way when they get busy with their banking duties.

Many of them will invite wholesalers and other product vendors to bring lunch for the staff and then explain how their products can benefit bank customers. Bank brokers can also expect to work with a more conservative clientele than they will encounter elsewhere, and many of them rely heavily upon fixed annuities and other low-risk products to build their businesses.

But bank brokers usually escape the sky-high sales quotas and pressure to sell proprietary products that those who work at other full-service firms face. The banking environment is usually a much more relaxed atmosphere, but brokers often have to make an extra effort to get their clients to understand that what they offer is not FDIC insured. The Bottom Line There is more opportunity than ever in the financial industry today for those who are willing to work.

The modern stockbroker has several major arenas in which to build a business, but those without prior training or licensure might be wise to start at a full-service firm that will provide this at no cost. This is advisable, even if the reps feel that they are not a good fit for this model, because they will be much more marketable once they leave. For more information on becoming a stockbroker, visit the Financial Industry Regulatory Authority website at www.

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Canada's best and worst online brokers in - The Globe and Mail

Sophisticated content for financial advisors around investment strategies, industry trends, and advisor education. Is A Stockbroker Career For You? Becoming a stockbroker requires a broad skill set and the willingness to put in long hours. But the rewards can be enormous. A discount broker is a stockbroker that does not offer clients investment advice, but trades shares for a smaller commission than a full-service broker. A stockbroker who carries out buy and sell orders at a reduced commission compared to a full-service broker, but provides no investment advice.

Investors cannot simply telephone a company and buy its shares. They need a stockbroker for that, and there are two basic types of brokers they can choose. Make sure you're getting the best service by staying informed and involved. A stockbroker can play an invaluable role in growing your investments, but not all brokers are created equally. Independent broker-dealers are a great choice for experienced, self-starter planners who have established practices.

Learn the clues you'll need to determine whether you've chosen a reputable professional. One of the great attractions for many that become stockbrokers, is that there is no such thing as a typical day.

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