Additional Information
High school courses in math, economics and business will give you a solid
foundation for your later training.
You can also try your hand at managing your own small stock portfolio --
but it will have to be in a parent's name if you're under 18. Another option
is to manage a virtual portfolio online -- there are websites that allow you
to practice managing a portfolio, while keeping your real money safe!
Most brokers have a college or university degree in finance, economics
or business. An MBA can be helpful for career advancement.
To become a stockbroker who offers general securities in the U.S., you
must sit for the Series 7 exam. It is administered by the Financial Industry
Regulatory Authority (FINRA). Stockbrokers in the U.S. must also meet their
state's licensing requirements, which vary from state to state. FINRA also
requires ongoing continuing education.
"I'm glad I went to college because they can never take it away from you,
but it really doesn't prepare you to be a broker," says Brian Paragamian.
He was an independent stockbroker for 15 years and now teaches stock trading
online. "What does help prepare you, somewhat, to a degree, is you have
to pass the Series 7, which is your brokers' test," says Paragamian. "That
really lays more of a foundation than anything."