Brokers that work for such firms as Scottrade, TDameritrade, and others, what do they make a year if they dont make a client list, but rather sit behind a desk, and take peoples orders all day?...I thought being a broker is like it was in such films as "Wallstreet", and "The boiler room". Whenever I walk into Scottrade's office, its always calm and casual..not like the movies at all. I'm currently studying for my series 7.
In Canada its more like 45-50 k + all the perks (bonus insurance etc). I did it for a few years and no its not like wall street and not too much glamour but not always relaxing ( specially when the "system crashes" and you got hundred of clients calling at the same time). Anywhays less stress then prop because you have the same paycheck every two week.
I'm curious - did you gain much out of the experience? I have sometimes considered this as a possible move for a year or two, partially to see things from the broker's perspective.
The broker at a discount broker is more of a customer service agent answering stupid questions from dumb asses who shouldn't even have a brokerage account to begin with.
youngmoney00, don't believe what you see in movies. Real life is a breeze. In movies, they just try to over-dramtize everything.
Where I work (NYC) .....Order Entry Traders make: $40k - $48k..... You have 6 months to pass the Series 7 (they will allow 2 chances and then you are released if not passed on the 2nd attempt), 63 and 55 are soon after.
Not always the case ... Plus for a young person wanting to learn about the markets and get sponsor for licensing it can be a good experience ( better then learning from a grind shop that teaches how to hit the hot keys and the bid -ask )
Ouch...50k will not serve you justice in NYC.....that reminds me that I am finishing with school in about 3 years...screw work...grad school after college