How to Become a Discount Brokerage Sales Representative
Career News June 10, 2014Do you understand numbers and business figures? More importantly, can you explain these terms in simple ways and sell it to a person with questions? Then your ideal job may be working as a discount brokerage sales representative.
Selling securities demands more than strong mathematical and analytical skills. These skills are also applied to a complete observation of the world in its day-to-day structure. They must incorporate an understanding of human dynamics as well as marketing abilities and a keen awareness of the buying and selling trends.
Education Matters
For a discount brokerage sales representative, early education begins with a daily study of stock market quotes and reading financial advice magazines online. A minimum of a Bachelor of Arts (B.A.) in finance or business is needed for entry-level positions, with many companies requiring a Master’s in Business Administration. As much of the business of discount brokerage is done online, companies often offer online internships that the candidates may fill during the course of their studies.
Discount brokerage sales representatives sell securities directly to customers for a smaller commission than full-service brokerages. Their services do not include managing client investments for them or offering help, although some companies do include an advice service for clients with questions concerning their investment options.
Discount brokerage sales representatives are expected to build their own clientele. This ought to begin immediately after passing the licensing exam. If you have begun an internship, your discount brokerage firm will sometimes offer to pay for the licensing, and allow you to begin establishing a clientele for the length of the internship; usually six months, before licensing.
Job Requirements
Establishing a clientele may involve exhausting the phone book and doing a little door to door campaigning. The largest percentage of candidates who become discouraged quit in the first year. The discount brokerage sales representative must have a confident attitude, engaging personality and ability to accept negative answers without becoming discouraged.
Generally, the discount brokerage sales representative works on commission; although, some discount brokerages offer a salary. Usually discount brokerage sales representatives work forty hours a week, sometimes including weekends. The discount brokerage sales representative is often given a quota for security buyers.
The position requires computer skills in networking and financial and marketing software. They must familiarize themselves with stock options and remain up to date with security sales, market offers and new computer technology. Customer services are often conducted through the Internet, but discount brokerage sales representatives may also schedule with clients through phone of in person.
Employment of discount brokerage sales representatives is expected to grow by eleven percent by the year 2022, an average growth ratio in comparison to all other occupations, according to the U.S. Bureau of Labor Statistics. The average earnings for discount brokerage sales representatives are $72,000 a year.
This is an industry that welcomes the ambitious, willing to learn, and energetic crowd. Why not assume more responsibility and salary than you currently have? The only thing stopping you is taking the first step and going to college. Take this opportunity, and you won’t regret it!
