anyone on here a stockbroker?

[speedy7]

i am a 21 year old college student. i am currently attending a buisness college here in town. i am only a sophmore and am going to declare a major in a few months. my intrest is in investing, and mostly in stocks. the problem i am having is that everyone in my family is a blue colar worker and no one has a clue about anything i am trying to do. so any question i ask, well...i just get this blank stare. i really need to find out what degree most of these stockbrokers are getting. i know this is probably an easy answer to find, but i figured that this would be a good place to start.

Bulk32

 

[FISHTALES]

no, but i do play one on tv.

 

[Paulo]

I am an amatuer stockwhore.

 

[NoDaddyNo]

Testosterone Boy says that he used to be a stockbroker, but is now a photographer.

Are you interested in being on the actual floor trading in that sense, or do you want to be in charge of a portfolio, or do you wan to be in with an investment bank?

In the end, if you want move up higher in any of those, you are going to want as much Econ and Math as you can take.
If you want to take Physics as well, you will learn some interesting things about patterns in life that would help as well (Brownian motion comes immediately to mind).

 

[Paulo]

to be pro, you have to have a degree in charging people 120 dollars to click a fucking button

 

[Paulo]

Sorry, I don't know where that came from

 

[fogg88]

You really don't need any particular degree to be a stockbroker, just your NASD Series 7 license... hence the glut of former sports stars who are now stockbrokers.

Do a bit more research before you commit to this career. You're going to start out making crap money, having to do a lot of cold-calling to build up your clientle, and still no guarantees. I'm sure you've seen the employment ads by Edward Jones, etc... if you only knew what you'd really be making there.

 

[NoDaddyNo]

It largely depends if you want to do it, or if you want to be good at it.

 

[Paulo]

I would suggest watching "Wall Street" with Michael Douglas and Charlie Sheen. A prerequisite for shure.

 

[NoDaddyNo]

I would suggest watching "Wall Street" with Michael Douglas and Charlie Sheen. A prerequisite for shure.

Don't forget the modern version - "Boiler Room"

I have then both memorized after watching them entirely too often.

 

[Paulo]

I don't like Ben Aflac anymore. So I haven't seen Boiler Womb.

 

[timrock]

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.

 

[NoDaddyNo]

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.

 

[Dial_tone]

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.

 

[magman1]

go into finance...it'll give you the most opportunity! im a junior at psu, majoring in it now!

 

[speedy7]

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?

 

[WarriorPL]

I intern at a brokerage firm right now here in NYC.... no degrees needed. I know one dude who didn't go to college and is a broker making a shitload of cash. All you need is to pass the Series 7 exam for a license.

 

[speedy7]

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.

 

[Tarheel]

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....

 

[speedy7]

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!

 

[MattTheSkywalker]

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?

What people are not pointing out is that "working on Wall Street" has many connotations.

You cn be a guy with a Series 7 license (license to trade securities = stockbroker.) Move up the food chain some and you can do investment or corporate banking. Further along still is venture capital, and at the top of the financial food chain is private equity.

Within those contexts there are many sub-contexts. If you are interested in straight-up brokerage, you can get an entry level position (either at a brokerage or on the trading floor) without a degree from a top school, though without at least a bachelor's it will be tough. (I have known some brokers who do not have a degree, just a Series 7; they work in "Boiler room" type places. Worth a look anyway.)

If you want to do investment banking, you won't even make the final cut unless you have a finance/economics/math degree from a top 15 school. Most of the top banks hire straight from the Ivy League.

VC and private equity jobs are available only for people with advanced degress from Top 5 biz schools as well as a track record of success in "lesser" financial positions.

As you might expect, the salaries follow the food chain. A very successful broker will do $200K per year. The principals of a private equity fund might do $5M.

My advice to you would be to major in economics, and go to the best school you can. Entry level Wall St jobs such as working on the trading floor or at a securities desk (anything outside of investment banking) can be had if you look for them, and together with a grad degree can help you get into some really great opportunities later on.

 

[KristopherWalken]

lmao at some of these answers!!!!!!!!!!!!!!!

anyway, get a finance degree. it will help you the most if you are interested in being a broker. finance is also applicable to life in general as it deals mainly with relationships and whatnot.