Summary of occupation
Stockbroking dealers buy and sell shares, stocks and bonds within the exchange market, on the behalf of their clients. They provide them with the most current and relevant information on securities, market conditions and government regulations.
Stockbroking dealers must have expert knowledge about market and economic trends as well as investment strategies and portfolios. They must use the information available to them to make profitable investments for their clients.
Buys and sells stocks and bonds on behalf of clients. Registration or licensing is required.
A stockbroking dealer needs:
- to have a good mathematical ability
- excellent logic and good problem-solving skills
- good time management skills
- strong communication skills
- the ability to work under pressure
- confidence, enthusiasm and a persuasive nature
- the ability to work to deadlines.
Stockbroking dealers usually work in offices and stock exchanges, and generally work long hours in high-pressured environments.
Their working hours often coincide with the opening and closing times of the stock exchanges that they follow. Although they mostly work in cities, they may work independently for finance companies throughout Western Australia.
On average, stockbroking dealers, classified under financial brokers, can expect to earn between $1 500 and $1 999 per week ($78 000 and $103 999 per year), depending on the organisation they work for, and their level of experience. As a stockbroking dealer develops their skills, their earning potential will generally increase.
Stockbroking dealers use computers and other general office equipment. They work with a range of word and data processing programs and specialised financial software programs that are relevant to their work. They use also securities reports and financial periodicals to stay up to date with market cycles.
To become a stockbroking dealer you usually need to complete a degree majoring in commerce, finance, accounting, economics or actuarial science.
Most universities in Western Australia offer relevant courses. Contact the universities you are interested in for more information.
You may be required to have an Australian Financial Services (AFS) licence to work in this field. Before you can provide advice about financial products to retail clients you must satisfy the requirements contained in the Regulatory Guide 146 (RG146) as set by the Australian Securities and Investments Commission (ASIC). Contact ASIC for more information.
In Australia, stockbrokers who wish to enter orders on buying and selling shares in a particular market need to be registered with the Australian Securities Exchange (ASX) as a Participant. Contact ASX for more information.
Apprenticeships and traineeships
As an apprentice or trainee, you enter into a formal training contract with an employer. You spend most of your time working and learning practical skills on the job and you spend some time undertaking structured training with a registered training provider of your choice. They will assess your skills and when you are competent in all areas, you will be awarded a nationally recognised qualification.
If you are still at school you can access an apprenticeship through your school. You generally start your school based apprenticeship by attending school three days a week, spending one day at a registered training organisation and one day at work. Talk to your school's VET Co-ordinator to start your training now through VET in Schools. If you get a full-time apprenticeship you can apply to leave school before reaching the school leaving age.
If you are no longer at school you can apply for an apprenticeship or traineeship and get paid while you learn and work.
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If you think you already have some of the skills or competencies, obtained either through non-formal or informal learning, you may be able to gain credit through recognition of prior learning.