With a good academic track record and a strong undergraduate degree under their belt, an individual can move on to the first stage of the stockbroker career.
The Financial Services Association must grant the individual FSA Approved Person Status to work as a stockbroker within the stock market.
This approval comes after the individual has completed one of the FSA approved qualifications – most notably the SII or CFA examination and has one on to prove to an FSA certified employer that they are competent within the role.
The most commonly followed path of the stockbroker career that is followed would involve working forts as a trainee stockbroker. The trainee stockbroker would be working hard to encourage new clients to join the firm. Their role would be based predominantly at the desk using the computer and telephone to market themselves, set up events and meetings and general account handling.
Many of the day to day tasks of the business will be delegated to the trainee stockbrokers by the more experienced stockbrokers.
As a trainee stockbroker there are opportunities to work within an investment bank or firm or for a specialist stockbroker firm or go on to work as a fund or hedge manager or run your own firm. For increased benefits and the prestige attached many stockbrokers work towards employment within investment management.
The numerate and analytical individual should be prepared to work hard to the financial rewards associated with a stockbroker career. The hours are long and if one is involved with the foreign markets trading hours are lengthened and can be unsociable.
Although the hours can be arduous and long the benefits can be great. A trainee stockbroker can start on £25,000 – £35,000 and the very best individuals who are top of their game can take home in excess of £1 million a year plus bonuses.