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How to Become a Discount Brokerage Operations Manager

Career News June 9, 2014

Do you love the idea of handling responsibility, helping to guide others, and working in the fast-paced business world? If this interests you, think about becoming a discount brokerage operations manager.

Brokerage firms become very serious about whom they elect as an operations manager. They expect a Bachelor’s degree or higher in finance, business administration or a related field. Sometimes they even give preferences to applicants coming from universities of advanced research.

Brokerage firms want candidates with strong marketing skills and a working knowledge of finance and investment. Full service brokers generally specialize in a particular field, such as IRA funds or employee stock options, while discount brokers are more diverse. Along with their completed studies, candidates should become involved in extra-curricular activities and remain up-to-date on stock options, margin accounting, derivatives, and rollovers, among other skills related to the movement of funds.

The Operations Management Business

Operations management is a high-level, executive position that requires years of experience in the field. Operations managers must have an excellent work record and prior management or supervisory experience. The NASD Series 7 license is required for discount brokerage operations managers.

The discount brokerage operations manager oversees the daily operations of the company. Operations managers establish policies and procedures in accordance with organizational goals. They implement the standards of performance for employees, create safety policies, and make changes in policies when necessary. The operations manager consults with the top executives to ensure all policies are in keeping with federal and state guidelines and in compliance with all legal regulations.

Operations managers must have strong analytical skills. They will review the daily data of customer sales and securities, as well as the discounted commissions. They will assess the accuracy of the transactions and oversee the maintenance of accounts. They can observe and analyze market conditions for favorable investments. Occasionally, they are asked to serve as a liaison for full service brokerage.

Skills and Qualities Needed

Operation managers also meet with other executive teams to develop a business budget for their branch of the business. They provide sales reviews data, activity reports and other financial statements and information related to the company’s goals for successful services.

The operations manager directs all human resource activity within the business. Decision-making skills are required of the operations manager for determining the number of staff members needed for the project, the selection of new employees and the assignment of responsibilities to the rest of the team.

Much of the communications done by discount brokerage operations managers is through computers or phones. Operation managers must have good written and oral communication skills, thorough knowledge of business software applications, the ability to conduct Internet research for marketing strategies and trends, and remain up to date on securities. They are required to have an on-going education to remain current on technological developments, new products and the buying and selling climate.

You can land a job in a successful and growing business if you take the initiative early on to push forward, earning a degree in a related field. This is the first step and a decisive step towards improving your quality of life.

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