How to Become a Discount Brokerage Department ManagerCareer News February 8, 2014
Discount Brokerage Department Manager Overview
The climb to the Discount Brokerage Department Manager position will be a gradual well planned climb based on education, professional certifications, and experience. There may be those who manage to get to the top without these accomplishments; however, there are seldom candidates. Employers are looking for the best and brightest talent with the most experience and proper education.
First, the Discount Brokerage Department Manager should, at the very least, have a Business Administration Degree. In this field, at least 57 percent hold a Bachelor of Arts (BA) or higher. At the management level, a Master of Business Administration (MBA) is more desirable. The U.S. Department of Education has 19 accrediting agencies. Many online schools offer an MBA, but all schools and their reputations are not the same.
These agencies will review the school’s policy and regulations, along with programs, before accrediting them. In the financial workplace, trust is paramount. The first step on the Broker Department Manager’s climb to success should be gaining an education from an accredited school.
Second, the Discount Broker Department Manager will have to pass the General Securities Registered Representative examination at level 7. The test requires them to show proficiency in seven financial areas. The test is generated by the New York Stock Exchange.
The Financial Industries Regulatory Authority (FIRA) has oversight of this test. The completion of this test is one of the ways FIRA protects the public, and lets them know who is qualified and safe to hire. Without these credentials, it would be difficult to work in this field. Successful completion of this test allows registry with self-regulatory organizations.
Third, this type of manager will be expected to have experience in multiple departments of securities. Employers are searching for 3-5 years of experience as a minimum. The integrity of the individual is a must. The person will be the liaison between sellers and buyers. At a brokerage firm, they will coordinate selling investments, products and financial securities at discount commissions, in a myriad of areas such as insurance and real estate.
They will be in charge of motivating, counseling, and coaching other brokers. The manager will market programs and plan avenues to increase profitability. It is expected, as a result of this effort, that the company can enter new markets. The Discount Broker Department Manager sets the standard for accuracy and customer services with his staff. The potential candidate will have a proven record of success in managing people and finances.
Ascending to the summit of a Discount Broker Department Manager is a calculated pattern of good decision and organization. The person who is efficient in preparation will be more then qualified and ready for the challenges of supervision of employees, customers, and securities. The career of a Discount Broker Department Manager successfully proves the adage that luck does, in fact, favor the prepared.