needless to say, that’s not the reality for most stockbrokers, but it can be a lucrative and fulfilling career field if you’re the right kind of person. stocks are bought and sold through stock markets such as the new york stock exchange and nasdaq, and the average person needs a stockbroker to execute a trade on their behalf. in exchange for executing the trade and offering advice, a stockbroker gets a commission in the form of a flat fee or percentage of the value of the transaction. in the age of online trading, there is less demand for human stockbrokers. but there are still many instances in which an investor wants to work directly with a broker to execute a stock trade. to take this exam, a person must be sponsored by a finra member firm or a member of a similar self-regulatory organization (sro). the series 7 exam is difficult and consists of 125 multiple-choice questions that must be completed in 225 minutes.
the job consists of advising clients and requires a strong ability to sell, since you’ll earn your pay through commissions. the job tends to be very competitive since one stockbroker can help you buy stock as easily as another can. it was once impossible to invest in stocks without going through a human stockbroker, but now most investors can buy and sell stocks and manage their own investments. millions of stocks and other securities trade on the new york stock exchange alone every day, and not all trades will be executed using computers. finra reported 624,996 registered representatives in 2019, down from a high of 672,688 in 2007. however, the need for stockbrokers isn’t going to disappear anytime soon, so this is a fine choice if you are still sold on it and willing to put in the work to make it happen.
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