Expert: Dr. Joseph de Beauchamp - 4/19/2007

Question
oaky im 18 and start college next fall.  im contemplating being a stockbroker but im not sure if i should or not.  do u know anything about this occupation or recommendations? also im looking for a job while im in college and right now where i can gain experience.  do u think a brokerage firm would hire an 18 yr old to do basic work? would a bank job benefit me at all also? any info u have would be great!!!

Answer
You do not need a degree to be a stockbroker. You need to demonstrate commission sales, and know many rich people. I would suggest that you go to the largest broker dealer in your area, probably Merrill, and see if they have some back office work. Many large broker dealers have student programs, and might even be interested in paying for some of your college. As far as becoming a stock broker? Well, you might want to go to the student services of your school and ask them to provide you with a few tests, such as a career inventory and interest test. This should be free and career counselors are usually at most schools in student services. You would need to really "love" sales and commission based wages to want to be a stock broker.

You came to the right place, since I have been a professor of finance for three decades, and also a stock broker for two decades.

Dr. Joseph de Beauchamp