How to Become a Stockbroker Without a Degree (7 Steps)

How to Become a Stockbroker Without a Degree or Experience

How to Become a Stockbroker Without a Degree: You don’t always need a fancy degree to be a stockbroker! Only about 13.79% of job postings around the world ask for one.

Now, let’s talk about the important skills you should focus on. There are two types: soft skills (like communication and problem-solving) and technical skills (like knowing your way around the Series 7 and Series 63 tests).

Make passing the Series 7 and Series 63 tests your main goal. These are like the keys to your stockbroker journey.

So, on average, stockbrokers make around $64,770 every year or about $31.14 per hour. That’s not too shabby! And guess what? More jobs are popping up – a 4% increase is expected from 2020 to 2030.

Now, why do so many folks dream about being stockbrokers? Well, movies like “The Wolf of Wall Street” and “Boiler Room” make it seem pretty cool. Plus, the money is above average, which is always nice.

lots of people think being a stockbroker is like reaching for the stars. It’s true, it’s a competitive world out there, and many think you need a fancy degree to even stand a chance. But you know what? That’s not always true.

Let’s clear up the misunderstanding that you absolutely need a degree to be a stockbroker because you don’t! I’m going to break down that myth for you. [How to Become a Stockbroker Without a Degree]

Now, when it comes to making it big in this field, it’s not just about having a degree. It’s about having the right skills

Also read: How to become a Counselor Without a College Degree? (6 Simple Steps)

Here’s what you’ll learn:

  1. What is the job of a stockbroker
  2.  Do you need a degree to become a stockbroker?
  3.  What are the requirements for becoming a stockbroker?
  4.  What skills does a stockbroker need?
  5.  Steps to becoming a stockbroker without a degree

What is the job of a stockbroker?

How to Become a Stockbroker Without a Degree or Experience

They’re like financial guides who help folks invest and sell things like stocks, bonds, and other money stuff. It’s like a money game, and stockbrokers give advice and make deals happen.

To be good at this job, they need to know what’s going on in the money world – like the latest news and how markets work. They’re also like friendly pals, building trust with all kinds of people and helping them reach their money goals.

Stockbrokers usually work in places like investment banks, brokerage houses, and other money-related spots. But here’s the cool part: lots of stockbrokers now do their thing right from home! It’s like having your office at home, comfy and convenient.

Is it necessary to have a degree to become a stockbroker?

You don’t need a degree to become a stockbroker. Even though many stockbrokers have a college degree in business or finance, it’s not necessary. Our info shows that more than 86% of stockbroker jobs worldwide don’t ask for a degree. So, you can dive into the stockbroker world without having a college degree. [How to Become a Stockbroker Without a Degree]

Take a look at this chart to see the differences between countries:

Take a look at this chart to see the differences between countries:

How to Become a Stockbroker Without a Degree
Job outlook for stockbrokers without a degree. Data: LinkedIn Job Search (2022).
  1. Out of all the stockbroker jobs worldwide (which is a big number – 54,462!), a whopping 46,953 of them don’t ask for a degree. That’s like 86.21% of the jobs that you can do without needing a diploma.
  2. Now, looking at the United States, out of 26,759 stockbroker jobs, 22,272 don’t require a degree. So, about 83.23% of the jobs in the US are open to non-degree holders.
  3. In the United Kingdom, out of 1,609 stockbroker positions, 1,451 don’t need a degree. That’s a cool 90.18% of jobs in the UK saying, “No degree? No problem!”
  4. And for the European Union, out of 5,599 stockbroker positions, 4,753 are up for grabs without a degree. That’s around 84.89% of jobs in the EU that you can snatch without needing that diploma.
  5. In Australia, out of 260 stockbroker jobs, you only need a degree for 62 of them. So, for about 76.15% of stockbroker jobs there, no degree is needed.
  6. Now, over in India, out of 302 stockbroker positions, only 63 of them ask for a degree. That means a whopping 79.14% of stockbroker jobs in India don’t require a degree.

Also read: How to become a millionaire without a college degree (10 Tips)

Now that we know you don’t need a degree to be a stockbroker, let’s talk about the next steps. [How to Become a Stockbroker Without a Degree]

What are the criteria for becoming a stockbroker?

If you want to work with stocks and investments but don’t have a college degree, you can still do it! You just need to get some special licenses and certifications. In the United States, there’s a group called FINRA that takes care of making sure people who handle money in the financial world are qualified.

They have tests you need to pass to show that you know the rules and can do the job well. So, without a degree, you can still join the securities world by getting these licenses and making sure you follow FINRA’s rules.

To become a stockbroker, you need to take two important tests given by FINRA:

  1. Series 7 Exam (General Securities Representatives): This test covers things like how to invest money, the rules that need to be followed, and different types of investments. It helps you understand investment strategies and the products you’ll be dealing with.
  2.  Series 63 Exam (Uniform Securities Agent State Law): This test is a bit broader. It covers things like what’s right and wrong in the financial world (ethics) and the laws specific to the state you’ll be working in. It makes sure you know how to follow the rules that apply to your job.

To become a stockbroker, you don’t need a college degree for the exams, but there’s a bit of a catch.

For the Series 63 exam, you can pretty much just go ahead and take it without any special requirements.

However, for the Series 7 exam, it’s a bit different. You have to find a company that’s willing to sponsor you. This means they support and vouch for you to take the exam. The tricky part is that many companies prefer to hire people with a college degree. So, without one, it might be a bit challenging to find a company to sponsor you for the Series 7 exam. [How to Become a Stockbroker Without a Degree]

But hey, there’s always room for exceptions, If you go for a job as an assistant at a medium-sized company instead of a big famous one, they might be more open. If you gain some experience on your own, you could convince a sponsoring company that you’ve got the drive, skills, and know-how to pass the Series 7 exam

Most people pass the Series 7 exam with an average of around 65%, and the Series 63 exam has an even higher pass rate of about 86%, as reported by the Wall Street Journal. So, if you’re ready to put in the effort, these numbers show that you’ve got a good shot at acing these tests.

Also read: How to Become a Blockchain Developer Without a Degree(7 Steps)

Besides the must-do tests, here are three extra exams I suggest for people looking to become stockbrokers:

Series 6 – Investment Company and Variable Contracts Products Representative Exam. Mutual funds and other packaged investment products are covered under this certification.

Series 3 – National Commodities Future Exam. Futures contracts and options on futures will be the primary focus of this certification.

Series 65 – Uniform Investment Adviser Law Exam If you want to get paid for things other than commissions, you need to take and pass this exam

Now, let’s talk about the skills you’ll need to pass these tests and become a stockbroker.

Stockbroker career paths that don’t require a degree

As a stockbroker, you’ve got lots of paths to choose from based on what you want to achieve and where you dream of going in your career. [How to Become a Stockbroker Without a Degree]

Retail stockbroker

Retail stockbrokers are like helpers for everyday people who want to invest but might not have a ton of money to spare. These stockbrokers not only help you buy and sell investments but also give you advice on where to put your money.

Institutional stockbroker

Institutional stockbrokers are like the pros of the stock world. They usually know a lot more about investing and work for big, well-equipped companies.

Research Analyst

Research analysts have a cool job, they check out different investments and study them. It’s like being a detective for investments. They figure out which ones are the best and help people make smart choices with their money.

Investment banker

Investment bankers are like financial helpers for businesses. They help companies get money by selling stocks and other financial stuff.

Portfolio manager

they look after other people’s money. It’s like they’re the guardians of your cash, making sure it’s in the right places to help it grow.

Financial planner

They help you with different money matters, like planning for when you stop working (retirement) and figuring out how to make your money grow (investment planning).

If you like the idea of starting your own business and you’re okay with taking some risks, it can be a super exciting option. Sure, it’s a bit more uncertain, but if things go well, you can get awesome rewards. Plus, running your own business gives you more freedom to do things your way at work. [How to Become a Stockbroker Without a Degree]

As a stockbroker, you have lots of choices for what you can do in your career. It all depends on what you want to achieve and dream about doing.

Key skills stockbroker must have

To be a good stockbroker, you need two kinds of skills. First, you need to understand the technical stuff about stocks and investments. Second, you should also be good with people and have soft skills

Here are the list of key skills for a stockbroker:

  1. Great communication skills
  2. Quick decision maker
  3. Knowledge of financial industry
  4. Having strong analytical skills
  5. Ability to take a risk
  6. Accounting principles
  7. Managing stress and staying calm in tough situations

1. Great communication skills

Being a good stockbroker means you need to communicate and write well. You’ll be chatting with bosses, colleagues, and clients a lot. Also, you should be good at selling stuff that’s important for doing well as a stockbroker.

2. Quick decision maker

In finance, stuff can change really fast. So, to be a successful stockbroker, you’ve got to be quick at making decisions and understand new information easily.

3. Knowledge of the financial industry

To be a good stockbroker, you need to know a lot about money stuff, understand the different types of investments, and stay updated on what’s happening in the financial world

4. Having strong analytical skills

Being a successful stockbroker means you should be good at understanding numbers and complicated financial reports. Your main job is to look at all this money information and make smart decisions about where to invest. [How to Become a Stockbroker Without a Degree]

5. Ability to take a risk

One of the most important things for a stockbroker is to be okay with taking risks. The main job is to buy and sell financial stuff to make money.

6. Accounting principles

For a stockbroker, knowing about accounting is super important. When you understand accounting, it’s like having a smart tool that helps you make wise investment choices and easily understand financial statements.

7. Managing stress and staying calm in tough situations

A good stockbroker needs to be able to handle stress and stay calm, especially when things get tough. If you’re not good at dealing with stress, it can affect how well you do your job and make decisions.

7 Steps: How to Become a Stockbroker Without a Degree

  1. Learn the basics of finance and math.
  2. Work on your communication skills.
  3. Join an online stock trading course.
  4. Join stockbroking communities.
  5. Gain first-hand experience
  6. Clear the test series 7 and series 63 exams.
  7. Work with a broker-dealer firm.

To be a stockbroker, you need to be good with numbers and money.

1. Learn the basics of finance and math.

Get curious about stocks, bonds, and other money-related things to understand how finance works. Also, learn about the rules and methods involved in money matters. [How to Become a Stockbroker Without a Degree]

If you want to learn about international business, reading good books is a great start. Be careful, though, because there are some books with tricky advice. Stay away from titles like “Become The Next Warren Buffet in 7 Days” – they usually don’t have solid advice. Stick to books written by real money experts, and be a bit cautious about the advice you get.

Once you know the basics of money stuff, try subscribing to a good financial magazine like Barron’s, Forbes, or The Economist. Get into the habit of staying updated on what’s happening in international business. Watching out for trends is key to doing well in the stock market.

When it comes to math, the fancy software we use in finance, like Bloomberg Terminal, does a lot of the hard work. But, to be a good stockbroker, you still need to know some math. That’s because things are always changing in finance, and being successful means being able to work with numbers quickly and accurately.

2. Work on your communication skills

For a full-service broker, it’s important to not just buy and sell stocks but also to help clients with their money. This means they have to understand tricky financial ideas and explain them in simple words to their clients.

There’s a famous saying from Albert Einstein that goes, “You don’t understand something yourself if you can’t explain it to a six-year-old.” In finance, this means it’s really important to be able to talk about complicated stuff in an easy way. [How to Become a Stockbroker Without a Degree]

So, if you want to be a stockbroker, pay attention to how you talk to people. You don’t need a degree in communications, but having good people skills is key to doing well in the job.

It’s a big responsibility, and you need to be really good with people. It’s hard to think of a more sensitive topic than money. So, having good soft skills is super important.

To get better at this, you can read books about it, take classes on public speaking, or join a group like Toastmasters.

3. Join an online stock trading course

If you didn’t study the stock market in regular education, it’s important to take some time to learn about it. You don’t need a business degree for this. One good way is to join an online stock trading course.

Be careful, though, because many of these courses are taught by people who aren’t real experts. They’re just trying to make quick money by selling you their courses, not by actually trading stocks. So, choose wisely and make sure you’re learning from someone who knows about this.

There are good stock trading courses out there, but you have to look carefully to find them.

Here are some trustworthy courses on stockbroking and stock trading that I recommend:

You don’t have to sign up for an online course if you don’t want to. You can still be a successful stockbroker by using free stuff like books, newspapers, journals, and financial news channels. [How to Become a Stockbroker Without a Degree]

4. Join stockbroking communities

If you want to be a stockbroker without a business degree, start making connections as soon as possible. In this field, personal relationships are the main way to find job opportunities.

A great way to begin is by going to local events about investments. These gatherings often have guest speakers from the industry who are happy to talk with attendees.

You can use social media to find and connect with people who can be your mentors. Reddit is a good place to start. Check out these four Reddit investment communities:

Sure, some subreddits and forums might have a lot of jokes and funny pictures, but if you look carefully, you’ll find a bunch of useful links and real-life stories.

5. Gain first-hand experience

You don’t need tons of experience to be a good stockbroker, but it helps if you’ve tried trading a bit before taking your Series 7 and Series 63 tests. These exams cover things like risk management and order types, and practicing them is the best way to learn.

A great way to get some practice is by opening a pretend account with an online broker. You can trade with fake money on various trustworthy websites. This way, you can learn without risking any real money. [How to Become a Stockbroker Without a Degree]

Volunteering at a brokerage business is a great way to learn and make important connections. You get to see how things work in this industry and meet some important people.

If you do a good job, you might even get a Series 7 sponsorship and a job in the future. When you start looking for opportunities, try smaller, local brokerage houses. They’re likely to give you more than just coffee-making tasks and might be more open to hiring someone without a finance degree.

Don’t be afraid to start from the bottom. You’ll need to work hard and show your worth before you can climb up the ladder.

6. Clear the test series 7 and series 63 exams

To become a stockbroker, remember you need to pass the Series 7 and Series 63 exams. These tests, managed by FINRA, cover things like ethics, investing, and laws.

For help in getting ready for these exams, check out the Kaplan Financial Education website. They’ve got lots of useful stuff like video lessons and practice tests. The good news is that some of these tools are completely free, so make sure to give the website a visit as part of your study plan.

After passing your exams to become a stockbroker, the next step is to join FINRA. It’s pretty straightforward if you meet their requirements. Just fill out an application and pay the required fees. [How to Become a Stockbroker Without a Degree]

If you want more details about joining FINRA, check out their website.

7. Work with a broker-dealer firm.

Once you pass your exams, the next step is to apply for a job at a brokerage firm. These are the companies that hire stockbrokers and let them trade for their clients.

Before you jump into the job market, there’s an important decision to make. You need to choose what kind of broker you want to work for—full-service or discount.

Full-service broker:
A full-service broker does a lot for their clients – from giving simple investment advice to taking care of their entire investment plan. They often work with wealthier clients and charge higher fees for their services. To be a full-service broker, you need to know a lot about the financial world.

Discount broker:

customers and usually don’t provide financial planning or investment advice. Discount brokers often have lower fees and work with smaller investors.

Once you decide which type of company you want to work for, the next step is to apply for a job. The easiest way to do this is by reaching out to your contacts and asking if they know of any available positions.

If you’ve got a sponsor for your Series 7 exam, chances are they might have a job for you. After passing your exams, many sponsors want to hire you.

Another good way to find a job is by using online job boards like Indeed or LinkedIn. When you apply for a job, make sure to customize your cover letter and resume for each application. Applying for jobs can take some time, so make sure to give yourself enough time to do it properly. [How to Become a Stockbroker Without a Degree]


In conclusion, becoming a stockbroker without a degree is doable. But, you’ve got to be good at teaching yourself and be prepared to do a lot of networking and hard work to get started

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