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Friday, August 26, 2011
How to Be a Security Trader
Securities trades are made by financial sales agents whose duties can vary depending on their specialty, notes the U.S. Department of Labor's Bureau of Labor Statistics. Some securities traders work on behalf of "everyday people," while others perform trades for banks or other corporate institutions. The BLS notes that while employment for securities traders is expected to grow by 9 percent through the year 2018, competition for available jobs will be keen. Aspiring securities traders must meet educational and licensure requirements in order to qualify for employment in the financial services industry.
Instructions
1 Earn a college degree. A bachelor's degree in a subject such as finance, business or economics is the standard educational preparation for a securities trader. While in college, participating in an internship program can provide you with valuable on-the-job experience, and in some cases, can result in an offer after you graduate.
2 Get a trainee position. In an entry-level position, you will receive on-the-job training and learn about the services offered by your new employer. The Bureau of Labor Statistics notes that financial services firms seek candidates who are confident, comfortable working in a team environment, and have a clean credit history because they deal with large sums of money.
3 Register with the Financial Industry Regulatory Authority. Known as FINRA, the authority grants licenses to industry professionals who have worked with a firm for at least four months and pass the Series 7 and Series 66 exams. These multiple-choice exams, which are administered by FINRA, are designed for securities agents. FINRA notes on its website that the Series 7 exam consists of 250 questions, and the Series 66 exam has 100 questions.
4 Maintain your FINRA credential. You will need to complete a computer-based training course administered by FINRA two years after your registration is approved, and then every three years. The authority offers content outlines on its website to help you prepare for the course. In addition to taking the FINRA course, you are required to complete a continuing education course prepared by your employer.
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