Stock market broker license

Stock market broker license

Author: s1rius Date: 28.06.2017

A stockbroker is a regulated professional individual, usually associated with a brokerage firm or broker-dealer , who buys and sells stocks and other securities for both retail and institutional clients through a stock exchange or over the counter in return for a fee or commission. Stockbrokers are known by numerous professional designations, depending on the license they hold, the type of securities they sell, or the services they provide.

In the United States, a stockbroker must pass both the Series 7 and either the Series 63 or the Series 66 exams in order to be properly licensed. The first stockbroking began in Rome , where the first recorded buying and selling of shares occurred in the 2nd century BCE.

After Rome fell, stockbroking did not become a realistic career until after the Renaissance , when government bonds traded in Italian city-states such as Genoa or Venice. New stock exchanges opened their doors in the 16th and 17th centuries, including the London Stock Exchange , which was opened at a coffee shop in In Canada, a stockbroker is called a "Registered Representative" or an "Investment Advisor". Within 30 months of obtaining their designation as a "Registered Representative", the registrant is further required to meet the post-licensing proficiency requirement to complete the Wealth Management Essentials course WME.

A Registered Representative is also required to complete 30 hours of professional development product knowledge and 12 hours of compliance training every three year continuing education cycle as set out by the Investment Industry Regulatory Organization of Canada IIROC.

To become a representative one has to work for a licensed firm and pass 3 exams to prove one's competency. Passing a fourth exam results in obtaining a 'specialist' license. All tests can be taken with the HKSI.

How to become a Stock Broker |

However, passing all tests doesn't result in automatically obtaining the license. It still needs to be approved by the financial regulatory body.

Stockbrokers typically earn a bachelor's degree in finance or business administration. Students study the principles of economics and currency, financial planning and financial forecasting.


On-the-job training programs are often available to aspiring stockbrokers, which allow them to gain practical experience and work towards earning the required professional licenses.

In Singapore, becoming a trading representative requires passing 4 exams, Modules 1A, 5, 6 and 6A, from the Institute of Banking and Finance and applying for the license through MAS and SGX. Stockbroking is a regulated profession in the UK and brokers must achieve a recognised qualification from the Financial Conduct Authority FCA 's Appropriate Qualifications list. A number of qualifications are available and the one a trainee does will depend on their duties and their employer.

CFA UK also offers qualifications. It represents the interests of around 11, investment professionals and is part of the worldwide network of members of the CFA Institute.

While the term "stockbroker" is still in use, more common terms are "broker", "financial advisor", "registered rep.

Requirements for a Licensed Stock Broker: Education and Career Info

Individuals holding some of those licenses, such as the "Series 6", cannot be called stockbrokers since they are prohibited from selling stock and are not trained or licensed in the full array of capabilities of a Series 7 stockbroker see list of securities examinations. Selling variable products such as a variable annuity contract or variable universal life insurance policy typically requires the broker to also have one or another state insurance department licenses.

Professional titles similar to that of stockbroker include investment advisor , and financial advisor. A "financial advisor" may or may not be a stockbroker, since some Series 6 licensed individuals—who are prohibited from selling stock—have that as their professional title. An "investment advisor", registered investment advisor , or investment advisor representative has training and capabilities similar to that of a stockbroker, but different licensing and different regulatory oversight.

Many individuals hold both licenses, and might typically manage commission-based accounts as a stockbroker and fee-based accounts as an RIA investment advisor, or investment advisor representative IAR. The Financial Industry Regulatory Authority FINRA provides an online tool designed to help understand professional designations.

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How to Become a Licensed Stockbroker - Career Challenges & Rewards

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stock market broker license

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