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anyone on here a stockbroker?
- Thread starter speedy7
- Start date
timrock
New member
i'm not a broker or financial planner. i don't even have a bachelors yet.................but i do work the trade desk at a major brokerage firm in dallas.
i have a lot of friends in the business and most of them have general business degrees.
i would recommend a BBA in finance or accounting if you plan on being a financial planner or broker.
good thing is with these degrees, you could get your CPA and quit the brokerage industry once your tired of all the ups and downs and stress in the stock market.
thats IF you get sick of it.
BUT if your good and you keep your clients happy and get a lot of them you can make some BIG BUCKS! earning potential is unlimited.
i have a lot of friends in the business and most of them have general business degrees.
i would recommend a BBA in finance or accounting if you plan on being a financial planner or broker.
good thing is with these degrees, you could get your CPA and quit the brokerage industry once your tired of all the ups and downs and stress in the stock market.
thats IF you get sick of it.
BUT if your good and you keep your clients happy and get a lot of them you can make some BIG BUCKS! earning potential is unlimited.
NoDaddyNo
New member
If you are willing to skip any semblance of morals - look into forex and you might find that the regulations there are still relatively low and there is some fantastic sleaziness going down - meaning lots of money.
Get in while the scams are fresh and before the laws and made to take them into account.
Get in while the scams are fresh and before the laws and made to take them into account.
The thing you have to understand first and foremost is that a stockbroker is basically a salesman, not a financial guru. It doesn't matter what you majored in, as long as you graduated. They're paying you to sell something, not be a financial wizard....that's what analysts are paid to do.
I've worked for Lehman Bros, Smith Barney and Charles Schwab. I worked with guys who majored in Business, English, History, Religious Studies (seriously).
More important than what you major in is where the hell do you intend to drum up business from? This is why ex-pro athletes and Ivy Leaguers do well. They already know people with money.
I've worked for Lehman Bros, Smith Barney and Charles Schwab. I worked with guys who majored in Business, English, History, Religious Studies (seriously).
More important than what you major in is where the hell do you intend to drum up business from? This is why ex-pro athletes and Ivy Leaguers do well. They already know people with money.
speedy7
New member
wow, i didn't think that i'd get that much response out of it, but this is great. thanks for all of your help people. i was thinking about going into accounting and maybe going into investment banking. it would be great to be able to work on the floor of Wall Street though, does anyone know if that is a realistic goal, or is that something where you'd have to have a connection to get into or not?
speedy7
New member
really, that surprises me that you don't need any degree, eventhough people have to trust ya with their hard earned money. one thing i have run across is something called an "Options trader" what are these and what do they do?
WizKid25- do most brokerages pay you while interning? if so i think i might decide to take a pay cut and get started. but still go ahead and get a degree anyway.
WizKid25- do most brokerages pay you while interning? if so i think i might decide to take a pay cut and get started. but still go ahead and get a degree anyway.
Tarheel
New member
If you're pretty good at math, I'd pick economics over business. Business seems to teach you some theory behind the markets, but also management, accounting (boring as shit to me), when a company should make decisions, maybe some advertising, etc.
Econ will be about how the markets move and what makes them move, different trade and economic systems, etc. Seems to me the guys who really know whats going on have some econ background, while guys who run individual business are more apt to have the BSBA.
I used to want to be a broker. I went and talked to a local Edward Jones broker and he told me it doesn't matter what degree you get, you'll go to St Louis and they'll train you, you just need a 4 year degree. He also said you'll starve the first year, but if you make it one year chances are you'll be able to make a living off it. Of course this was before Ameri-trade and stuff.
Also, a futures trader buys and sells contracts for (usually) agricultural products on futures. But you can also trade on the future price of oil, where the markets will be, etc. VERY risky, but of course you can make a lot of money on it too. Too risky for most, and I think hard to understand (too hard for me). Hilliary Clinton made a nice chunk on cattle futures back in the early 80s. She took like 12,000 and made over 100,000 in 10 months.
Basically, you buy a contract for something way in advance. Lets say back in the spring you buy a contract for November feeder [email protected] cents per pound. Now depending on a ton of factors, including weather and the price of corn and feed, the market for cattle might be 91 cents per pound in November. If it is, then you made money, if its lower than 89.00 cents/lb, then you lost money (you agreed to buy at a certain price, so they make you buy them at that price). But very few contracts are carried untill the end, most traders sell the contracts in advance. Once you buy a contract, you can sell it prior to maturity, to either make some money or to cut your losses so you dont take a huge hit. Anyway that might not even be all correct....
Econ will be about how the markets move and what makes them move, different trade and economic systems, etc. Seems to me the guys who really know whats going on have some econ background, while guys who run individual business are more apt to have the BSBA.
I used to want to be a broker. I went and talked to a local Edward Jones broker and he told me it doesn't matter what degree you get, you'll go to St Louis and they'll train you, you just need a 4 year degree. He also said you'll starve the first year, but if you make it one year chances are you'll be able to make a living off it. Of course this was before Ameri-trade and stuff.
Also, a futures trader buys and sells contracts for (usually) agricultural products on futures. But you can also trade on the future price of oil, where the markets will be, etc. VERY risky, but of course you can make a lot of money on it too. Too risky for most, and I think hard to understand (too hard for me). Hilliary Clinton made a nice chunk on cattle futures back in the early 80s. She took like 12,000 and made over 100,000 in 10 months.
Basically, you buy a contract for something way in advance. Lets say back in the spring you buy a contract for November feeder [email protected] cents per pound. Now depending on a ton of factors, including weather and the price of corn and feed, the market for cattle might be 91 cents per pound in November. If it is, then you made money, if its lower than 89.00 cents/lb, then you lost money (you agreed to buy at a certain price, so they make you buy them at that price). But very few contracts are carried untill the end, most traders sell the contracts in advance. Once you buy a contract, you can sell it prior to maturity, to either make some money or to cut your losses so you dont take a huge hit. Anyway that might not even be all correct....
speedy7
New member
do the people that work in the Scottrade or ameritrade offices make good money?
reason i ask is because we got one here in town, and i was thinking about just walking in and asking them some questions, but the salary questions are kinda personal i think.
karma to all ya bro's, this is a big help!
reason i ask is because we got one here in town, and i was thinking about just walking in and asking them some questions, but the salary questions are kinda personal i think.
karma to all ya bro's, this is a big help!
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