Is becoming a securities and commodities broker right for me?
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How to become a Securities and Commodities Broker
Securities and commodities brokers generally must have a bachelor’s degree to get an entry-level job. Studies in business, finance, accounting, or economics are important, especially for larger firms. Many firms hire summer interns before their last year of college, and those who are most successful are offered full-time jobs after they graduate.
Numerous securities and commodities brokers eventually get a Master of Business Administration (MBA), which is often a requirement for high-level positions in the securities industry. Because the MBA exposes students to real-world business practices, it can be a major asset for jobseekers. Employers often reward MBA holders with higher-level positions, better compensation, and large signing bonuses.
Most employers provide intensive on-the-job training, teaching employees the specifics of the firm, such as the products and services offered. Trainees in large firms may receive technical instruction in securities analysis and selling strategies. Firms often rotate their trainees among various departments to give them a broad understanding of the securities business.
Many other licenses are available, each of which gives the holder the right to sell different investment products and services. Traders and some other sales representatives also need licenses, although these vary by firm and specialization. Most firms offer training to help their employees pass the licensing exams. Securities and commodities brokers usually must attend continuing education classes to keep their licenses. Courses consist of computer-based training on legal requirements or new financial products or services.