Is being a stockbroker a good career to have and if so what does one have to do to get in?

4 Answers

  • 1 decade ago
    Favorite Answer

    There is no particular education requirement. Successful stockbrokers have come from all backgrounds and walks of life, ranging from the high school drop-out to the Harvard MBA!

    One of the positives about our business is that the stock market is the "Great Equalizer." Integrity, tenacity and a friendly personality are far more important than where you came from or what school you went to!

    A stockbroker is a market professional who buys and sells securities on behalf of clients at a Stock Exchange in return for a brokerage commission.

    Main requirements to be licensed and to continue as a stockbroker include:

    a) Certificate of Incorporation and Memorandum and Articles of Association (must be incorporated as a company).

    b) A detailed business plan.

    c) Lodgment of a security of Kshs 1.5 million or such higher amount with a securities exchange or a central depository (as the Authority may determine, taking into account the financial position and settlement record of the applicant) or provide a guarantee in a form acceptable to the Authority from a bank.

    d) Paid up share capital of not less than Kshs 5 million.

    e) The level of shareholders funds shall not be below Kshs 5 million at any time during the licence period.

    f) The minimum paid up share capital shall be unimpaired and shall not be advanced to directors or associates of the stockbroker.

    g) The working capital shall not be below 20% of the prescribed minimum shareholders funds.

    h) Unsecured advances, loans and other amounts to directors or associates shall in aggregate not exceed 10% of prescribed shareholders funds at any time.

    i) The ratio of the stockbroker’s bank overdraft to the paid capital shall not exceed 20% at all times.

  • 1 decade ago

    I'll start at the end. You need a business degree with a focus on finance. Is it a good career? There really are no good and bad careers. A career has to fit your personailty, skills, preferred lifestyle, work environment. A broker must make be well versed in most current affairs and ecoomic conditions, so must stay on top of news, must be able to think on his feet and make very quick decisions, must be computer savvy, and must be able to work in a very loud and high-pressured environment, and must have a thick skin to not break down when he makes choices that turn out bad for his investors. If you can take that and like roller-coaster rides, go for it.

  • 1 decade ago

    Yes...if you have the ummm....guts. Straight and dial. Work your nuts into a frenzy. Straight commission.

    But in the end...if you work hard. YOU WIN.

    Ohh and dont quit for at least five years. By the fifth ought to be on to something.

    You'll need to take the Series 7 for sure. Not sure what other exams a broker has. Maybe 63 and 65

  • 1 decade ago


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