Stockbrokers, also known as business partners with brokerage firms, guide investors through various buying and selling decisions for securities. Becoming a business partner with a brokerage firm is an appealing career because it helps to earn lucrative earnings and provides an opportunity to build long-lasting relationships with clients. In this article, we’ll explore who a stockbroker is, the skills required to become a stockbroker, and how to become one.
Who is a Business Partner with a Brokerage Firm?
A business partner with a brokerage firm usually refers to the stockbrokers who handle the stock portfolios of prominent clients. These professionals buy and sell securities based on their clients’ needs and requirements. Investors trust these business partners because they have relevant knowledge and experience in the market.
Skills Required to Become a Business Partner with a Brokerage Firm
In this fast-paced world, becoming a stockbroker with a brokerage firm can open many opportunities. As they play a crucial role in shaping the strategic direction of the brokerage firm. But like any other profession, in order to become a business partner with a brokerage firm also need some relevant skills that make them eligible for a job in this field. Some of those skills are mentioned below.
Problem-Solving
A stock market is a place where unforeseen situations keep arising again and again, which makes it crucial for a stock broker to be constantly updated and aware of upcoming market trends so that they can guide their investors about the right decisions to make.
Wealth Management
It’s crucial that a broker knows what are the upcoming opportunities in the market and one can only do this if he has relevant knowledge about the market. It’s essential to know about the opportunities to guide your investors better.
Research and Analytical Thinking
Stock brokers’ one of the roles is to analyse the market well to find relevant opportunities. They need this skill to guide their clients with trading and investment decisions for complex products like option chain, futures chains, etc. They also need critical thinking ability so that they can make relevant strategies in line with the objectives of the client.
These are some of the primary skills that are required to become a successful business partner with a brokerage firm. After understanding the relevant skills, it’s crucial that one knows the process of becoming a business partner with a brokerage firm.
How to Become a Business Partner with a Brokerage Firm?
Here is the process to become a business partner with a brokerage firm.
1. Seek a bachelor’s degree
There’s no specific degree to become a partner with a brokerage firm, but one should definitely have a basic level of education, which is a bachelor’s degree. It can be in any relevant field of finance and accounting. Some basic skills that are expected from the candidate are mathematical and statistical skills. It’s a bonus if the candidate has done a master’s in a relevant field.
2. Do an internship in a broking firm
Just like any other field, even stock market firms want you to have some level of real-life experience working in a stock broking firm. So that when you enter their firm as a broker, you have a basic level of knowledge of working in the market. This is why they expect that you’ve done an internship with a firm which also helps in building meaningful relations.
3. Enrol with a stock exchange
In addition to an internship, it’s essential that a stockbroker is registered with a stock exchange. Because then only one gets the right to act as an agent on the stock exchange’s behalf. There are a number of exchanges available in India, namely, the National Stock Exchange, Bombay Stock Exchange, Calcutta Stock Exchange, etc. After this, the person receives an ID, and he starts trading.
4. Register with SEBI
After registering with the broking firm, one needs to get a certificate of registration from the Securities and Exchange Board of India (SEBI). This certificate can be obtained by registering on SEBI’s official website. Apply for the certificate and provide relevant details like Name, address, PAN and stock exchange name. After acceptance of an application, a membership fee needs to be paid.
Conclusion
You can follow this guide if you want to enter a brokerage firm as a business partner. Apart from this, some brokers offer specific programs to become advisors. Some brokerage firms let you become an independent financial advisor by enabling you to invest in various products. To be eligible for the program, one should have a strong history of serving clients in the financial sector and possess 2-3 years of experience selling various financial products. You can kickstart your career by partnering with this reputed financial firm.
Reference:
https://in.indeed.com/career-advice/finding-a-job/how-to-become-a-stockbroker