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General Description

This is an ideal career for analytical thinkers. A stockbroker is a professional who deals in financial market transactions, buying and selling stocks, bonds, and other securities for clients. Exchanges on the stock market must go through a stockbroker, since not just anyone can make a transaction. Your clients will be institutional, corporate, or private investors. You must interview prospective clients to assess their financial situation, and if approved, it is your job to advise them on their investments, get them the best price possible, and make the transaction on their behalf.

The services of a stockbroker fall into three categories: execution-only, advisory dealing, and discretionary dealing. Similar jobs to a stockbroker include investment advisor and financial advisor; however as a stockbroker you may also be an investment advisor. You may also choose to specialise in either private or institutional client work.  

As a stockbroker, you will need to possess advanced knowledge and commercial understanding of business, finance and commerce. You will constantly need to stay on top of the stock market news. It is a high pressure, high stress occupation.

What you do every day?

As a stockbroker, you may perform a number of tasks during a standard working day. You may interview clients to assess their potential in the financial marketplace; offer advice to clients about which funds or companies to buy or sell; make transactions in the marketplace on behalf of clients, seeking the best possible price; calculate and record the prices of transactions; read and research in order to stay up to date on the stock market; and manage and review portfolios.

As an execution-only stockbroker, it is your job to follow your client’s instructions on what and when to buy and sell. The client is simply using you as a qualified professional to carry out their transactions. As an advisory stockbroker, your daily work will involve making recommendations to your clients, regarding which shares to buy and sell. Although you offer your educated advice, it is ultimately your client’s decision whether to invest or not. And lastly, as a discretionary stockbroker, it is your duty to understand exactly what your client wants to get out of the stock market, and make the appropriate decisions and transactions on their behalf.

Personality that best fits this occupation

Overall, stockbrokers must work well under pressure and have the ability to make accurate calculations and quick decisions. You should be good at mathematics, research and analysis. You will need good business sense, with an aptitude for finance, accounting and economics, and an understanding of how different investment sectors work. Your job will require you to have strong computing skills.

To succeed at being a stockbroker, you will also need good communication skills. Not only to interact with clients effectively during assessments and consultations, but also to assertively buy and sell in the marketplace. You will need confidence, persuasiveness, and mental stamina.

Importantly, you will need to cope with a high stress environment. Knowing your client and their objectives is as necessary as gaining their trust. They are placing their money in your hands, so you must give them a reason to be confident with your stockbroking ability.  

Best thing about this career

Stockbroking is a mentally active and quick-paced profession. If you have an interest in the financial marketplace, then your daily dealings couldn’t be more exciting. You have the responsibility of making the best transactions possible, and so you can thrive on each successful investment you make for your clients. Your work is fascinating and challenging, and the transactions you make can give you a great sense of job satisfaction. The position of a stockbroker is much sought after, and certainly respected in the world of finance.

Worst thing about this career

Although the rate of employment in this field is increasing, you may find that positions are often filled through referrals. It can be a case of who you know, not what you know. You will need to gain experience in the field, forming contacts and networking to get yourself into a positive employment position. There is also a lot of pressure for a stockbroker. The market is constantly changing, so you have to know exactly when to buy or sell, with the weight of your clients’ expectations on your shoulders. They trust you to make accurate judgements and transactions regarding their finances, and a badly judged transaction could mean financial hardship for your clients.