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[I540]Is The Right Career For Me

by William Smith, Wil

If you are a college student with an interest in stocks, perhaps you've thought of becoming a broker. Or maybe you're an older professional who has enjoyed some success in the market, and you're tired of your current nine-to-five. Maybe you've though of becoming a broker as well.

The good news is that being a broker is equally feasible for someone in her twenties and fifties. The bad news is that being a broker is a very difficult job with a high failure rate.

An unfortunate truth is that your sales skills may be more valuable than your intellect and investments knowledge. After all, it is your sales skills that get you your initial clients, and all of the knowledge in the world won't do you any good if you don't have any clients.

Steps To Becoming a Broker

Here is a real catch-22: In order to become employed as a broker, you must pass the Series 7 exam. But in order to even take the Series 7 exam, you must be employed by a brokerage firm.

What this means in reality is that you'll have to find a firm that will hire you on the contingency that you pass the Series 7. Normally, this company will be making an investment in you and paying for your exam.

So you have to impress the firm that you can make it as a broker. Since few brokerage firms typically have help wanted signs in their windows, even getting your foot in the door can be difficult.

And once you have that taken care of, then you have to pass the Series 7. Thirty-three percent of all would-be brokers who take this exam do not pass, and the average score is just 73 percent - a score of 70 is required to pass.

To prepare for the exam, you are given a 700+ page book and about two weeks to have it mastered. Then you are signed up for a seven hour, 300 question multiple choice test on a plethora of investment and regulatory questions.

The most important tips for passing the exam are 1) Master all concepts associated with trading options, and 2) Be intimately familiar with municipal securities; the laws and regulations that govern them particularly.

Recognize That It's A Sales Job

The good news - or bad news, depending on your point of view - is that the information on the Series 7 exam has little to do with what you'll be doing in your first year as a broker.

In fact, you might wonder why you have to wear a suit and tie, or why you had to go to college or even grade school to get this job. Mostly, you'll be expected to get the senior brokers and their clients coffee, and to undertake the dreaded task of cold calling - a euphemism for the despicable act of telemarketing.

Perhaps even worse, you'll be expected to hit up friends, family, neighbors, old classmates, and basically anyone whom you've ever met, and try to convince them to buy stocks.

As you approach the end of your first year, barring tremendous success, you will be especially desperate, since most brokerage firms have quotas for their first-year hires. Think you can book $3 million in assets?

As far as pay, you can expect a salary of between $24,000 and $30,000 plus, hopefully, benefits. But even this money isn't really yours - it represents a draw on commissions, meaning that you are being fronted money that you will hopefully earn from selling products to clients. Only once you earn back your draw do you start to see some real money as a broker.

Are You Scared Yet?

If none of this scares you off, then perhaps you have what it takes to be a broker. More than anything, being a broker requires perseverance.

Once you are able to build a solid client-base, then being a broker can be the dream job you probably imagine it to be. You analyze stocks, review your clients' needs, and make recommendations that fit the big picture.

You are looked upon with respect, and you earn very good money - the average experienced broker is said to make well in excess of $100,000 per year.

But be sure you understand all that becoming a broker entails. If you think that your brokerage firm will hand over millionaire clients to you, you are wrong. No matter how smart you are, no matter how much you know about stocks and bonds, you have to be a salesman.

It is sort of like running for office. You can be the best would-be president in the world, but if you're a lousy campaigner, you'll never see the White House. In choosing a career as a broker, make sure you're aware that there is heavy campaigning for sales involved in the job.

The first thing to take into account is that most claims of it being easy work are exaggerated. If you are looking for a way to get rich quick on the internet, this is not it. However, you can make a good income in this line of work (as much as $3000 or more a month!) if you have the right skills.

It is important to know that the ads you answer are usually for eBooks and training programs that teach you how to work for yourself. Data-entry jobs come in many types, but almost all of them involve spending time and effort to attract and retain clients.

Depending on the type of data-entry task you would do, there are certain skills you should have. These range from marketing know-how to strong typing and organizational skills. At the very least, you should have the ability to manage your time well and to be very productive with minimal supervision.

The two main types of data-entry jobs are very different from one another and each requires a different set of skills.

The most common type involves filling out forms for advertising on the Web. This is quite different from a traditional data-entry job, and some of the programs you might sign up with don't give you the detailed directions you might need to be successful. For this reason, many have called programs claiming to teach you this kind of work scams. Others don't view them as scams—many people have been successful doing it—but it is not the type of work you might expect to do, or as uncomplicated as it seems.

The more traditional type includes transcribing, typing reports, and other administrative tasks. Virtual Assistants often fall into this category. Just like an in-person administrative assistant or secretary, a VA prepares documents, performs transcription services, types letters, etc. The difference is that this type of work is done from home instead of in the office. Less of these kinds of jobs exist online because most large corporations have a large pool of assistants in house and don't need to hire someone to do it from home. However, someone with excellent skills and experience will find work from the many small and home-based businesses unable to hire a large secretarial pool, or even a steady secretary.

What do you need to be successful in online data-entry work?

Traditional data-entry workers should have secretarial/administrative skills and experience. In fact, many hiring agencies for Virtual Assistants only want someone with at least 5 years experience. Of course, you should be able to type fast (at least 60 WPM). You should also be highly organized. You should also have an entrepreneurial spirit because you are in business for yourself.

Marketing data-entry also takes an entrepreneurial spirit, only even more of it. You need to understand or be willing to understand marketing to be successful. You will be marketing yourself to clients, and helping them market their products and services.

Both types of jobs are only for someone with a great deal of patience because things won't always go your way (just like any business). In addition you should be a self-starter, someone who is comfortable working independently.

Now that you know more about what online data-entry is really like, you can better decide if it is the right for you. If you decide to take up this field, don't just click through the first banner ad you see. Find a program that offers you thorough training for all types of online data-entry jobs and focuses on ensuring you have adequate skills to be successful. You should also try to find a program that connects you to prospective clients.

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Both William Smith & John Heideman are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

William Smith has sinced written about articles on various topics from Investments, Network Marketing and Baseball. William Smith the author provides additional financial information on many subjects as well as the secret to his success in the market along with 5 Free power stock picks emailed daily so grab your Free subscription on his website at. William Smith's top article generates over 90500 views. to your Favourites.

John Heideman has sinced written about articles on various topics from Careers and Job Hunting. . John Heideman's top article generates over 880 views. to your Favourites.