Are you interested in a career on Wall Street? If you are, then you have your choice of options. The amount of money you could make as a stock broker on Wall Street can depend a lot on your level of education, experience and training. It also depends on the current market state and the current economic conditions. The New York Stock Exchange is for people who can think fast and who are good with numbers. If you are interested in such a career, you may have to consider the following tips:
Before you are able to work on Wall Street, you may first think about getting a college degree. This is not a requirement, but a recommendation. A bachelor’s degree can provide a clear advantage for people who earn it. For improving your chances to find a good job, you could get a degree in accounting or finance.
The preparation phase should begin from your last year of college. Don’t wait until you graduate, as there are firms that can offer you an internship. You will be able to work while you are still in college and earn some experience. Write your resume and apply to different companies on Wall Street. Don’t forget to write about your grades, your work experience and any proof that you are an ambitious and hardworking individual. Make sure you include all the references.
It can be very hard to work for a company on Wall Street from the beginning, so you may have to begin with some of the available satellite firms. The company that you choose must be a member of FINRA (Financial Industry Regulator Authority). After four months have passed from the moment you became employed, you can take the series 7 licensing exam.
The employer may apply to this exam for you. The template of the test is available online, so you can download it and familiarize yourself with it. There are more than two hundred questions with multiple choice answers and the duration of the test is of six hours. Study and prepare yourself for months before the exam by taking a Series 7 course. If you pass the exam you will get a license. But, this license is not permanent. You will have to update it every year.
If you don’t find a job on Wall Street immediately, you will have to work for many years for a satellite firm, in order to get the training and experience necessary to become a successful Wall Street stock broker later. There is a lot of competition in New York Stock Exchange and you have to be well-prepared for it.
It would be wise not to have any regulatory issues or compliance problems in your record. Brokerage companies on Wall Street avoid hiring any suspicious brokers. Not only that you will have to maintain your record as clean as possible, but you also have to make it to look impressive. This can be done by achieving high commissions while you are working for a satellite firm. Visit www.stockbrokersalary.bizregarding more information on financial careers on wall street.