How to become a stockbroker?

[Posca]

Hi,

I recently finished studying a master’s degree and now I want to go into stockbroking. I have no experience in the financial markets and currently work in sales office. I have not made any plans to attend interviews with brokerages because perhaps I feel there is certain few things that I should know as a prerequisite.

Hence I have decided to study either for an IMC or the CISI certificates off my own back. In my opinion, this qualification could provide me with a far better chance at getting the job.

After speaking with the Financial Services Skills Council I was advised to take one of the following routes;

An Investment Management Certificate (IMC)
Unit I - UK Regulations and Markets
Unit II - Investment Practice

Or a Certificate in investment (CISI)
Unit I – FSA Financial Regulations (Retail & Wholesale)
Unit II - Securities
Unit III - Derivatives

 

[N Rothschild]

first of all, do you actually want to be a stock broker, or do you mean a trader? this is important!

 

[Masquerade]

Get a tele-sales job. Get good track record, then call up some broking firms.

 

[Posca]

first of all, do you actually want to be a stock broker, or do you mean a trader? this is important!

Please enlighten me on the difference between the two?

 

[N Rothschild]

a stocker broker buys and sells stocks in behalf of a client. a trader is the client. (doing the buying and selling). stock broker is a glorfied sales man really

 

[Posca]

I'm interested in both!

 

[Adamus]

I worked at a stockbroking firm for private clients. My boss had several very rich clients who phoned up for advice. When asked his opinion on a stock, he would open his draw where he had a toy roullette wheel which he would spin. If it landed on black, he say "Buy", red "Sell". His main interest was to see that the clients did something - it didn't matter what as long as the commission was paid.

 

[Posca]

Ha Ha lol! Obviously an execution only broker and not one that gives advice.

 

[Posca]

I might book my course materials this week as I'm quite enthusiastic about getting regulated. The only thing is that the FSA are changing their sylabus as of the 1st September 2010. They're changing both the IMC and CISI exams from a level 3 to a level 4 qualification.

To get around this, the FSSC gave me two options; I can either study Unit I of the CISI until September and then do the two other units post September. On the other hand, if I was to take the IMC route I would have to do the both units before September.

Anyone know how long on average it takes to complete the two IMC units? Or how long it takes to do a single CISI unit?

 

[Jack o'Clubs]

a stocker broker buys and sells stocks in behalf of a client. a trader is the client. (doing the buying and selling). stock broker is a glorfied sales man really

Actually I don't know anyone who calls themselves a 'stockbroker' these days, the term went out with the ark - they're quite happy to be called 'equity sales' which is exactly what they do.

My boss had several very rich clients who phoned up for advice. When asked his opinion on a stock, he would open his draw where he had a toy roullette wheel which he would spin. If it landed on black, he say "Buy", red "Sell". His main interest was to see that the clients did something - it didn't matter what as long as the commission was paid.

Nice anecdote. But they wouldn't last two minutes outside a bucket-shop if they worked like that - clients have pretty good memories and increasingly sophisticated ways of formally tracking buy and sell advice from their sales contacts - these days more often offered direct through computer trading systems rather than over a bottle of claret at lunch. Someone who persistently blew up their clients would find themselves out of work pretty quickly.

 

[andybon]

Hi,

Are you still interested in the books? Im selling the CISI Financial Regulations plus questions and help booklet and CISI Securities plus questions booklet.

The 4 books for £200.

If interested contact me to [email protected] or 07930992840

 

[hitchslap101]

Hi,
what materials, texts books etc are you using for these qualifications? what is the exam process? how long have you been studying for it? Please could you tell me your process in preparation for these exams and anything else you feel would be helpful

thanks

 

[TobyDoyle]

Hi,
what materials, texts books etc are you using for these qualifications? what is the exam process? how long have you been studying for it? Please could you tell me your process in preparation for these exams and anything else you feel would be helpful

thanks

Doing a Google search, it's the CISI Certificate Courses based in the UK. I don't know anything about it other than it's pretty pricey and these books could probably be helpful to somebody in the UK who's interested in this kind of thing.

 

[mightymayesy]

Hi,

I have some CISI Derivatives Level 4 pdf slides to give away via email if anyone is interested.

I don't need them anymore.

[email protected]