How to Become a Stockbroker in New York State
- 1). Learn fundamental economic principles. There is no law that says you need a college degree in finance to become a New York stockbroker, but not having that type of advanced financial knowledge can hinder your ability to succeed. Certain financial services firms may also overlook your application for employment if you do not have some type of background in finance or economics.
- 2). Work at a well-regarded financial services firm. Before you can get licensed as a New York stockbroker, you must work for a firm that will sponsor you for the general securities examination. Most firms have an introductory broker training course that will help you prepare for the exam and the business, but first you must convince someone at the firm to hire you. As with most jobs, relevant industry experience or knowledge, along with a strong work ethic and a good attitude, can help you stand out from the crowd.
- 3). Score at least 70 percent on the Series 7 and Series 63 exams. To get a broker's license, you must take and pass the General Securities Registered Representative Exam, also called the Series 7. This multiple-choice exam administered by the Financial Industry Regulatory Authority is the bedrock requirement for all brokers. Your firm will most likely fire you if you fail to pass the exam, as you cannot work as a broker without it. You must also take and pass the Uniform Securities Agent State Law Examination, also called the Series 63 exam. This exam focuses on state securities laws.
- 4). Register with the state of New York. Upon passing the Series 7, your firm should automatically register you as a broker with New York state securities regulators if you work in New York. You will also have to register with any state in which you will do business.
- 5). Find clients. Once you pass the Series 7 exam and register with state securities regulators, you are technically a stockbroker in New York. However, to actually be a New York stockbroker you must develop and maintain a client base. Your career will be short-lived if you cannot find clients to generate the necessary fees and commissions to sustain yourself.
