| A
female
age
16-17,
anonymous
writes: Please - This question might sound boring but I need to know. What's the work of an investor? How many hours a day do they work? Do they work on bank holidays? Is their income high or low? Reply to this Question |
Fancy yourself as an agony aunt? Add your answer to this question! A
female
reader, Ask oldersister  +, writes (28 June 2008):
 Thank you for clarifying, Wastedlife, and if in fact I have compromised the integrity of said question, the poster can certainly feel free to not invest any stock in it.
A
male
reader, WastedLife +, writes (27 June 2008):
I would like to clarify - the questioner is asking about an investor - not an investment broker. An investor is one who invests his or her OWN money in the hopes of adding or creating value or otherwise getting the highest return on said money. An investment broker is one who facilitates the purchase or sale of various standardized investments such as stocks, bonds, mutual funds, etc. The investment broker invests OTHER people's money in that role, not their own.
...............................
A
male
reader, LazyGuy  + ♥, writes (27 June 2008):
 What the? Tech support questions, now job questions, is there a database error that causes these the site to list questions from the other sites?
...............................
A
female
reader, Ask oldersister +, writes (27 June 2008):
An investment broker? You work very long hours and are tied to the market and your computer. It is a high stress job, you are responsible for bringing in new business which means a lot of cold calling and prospecting in the first few years. This will put you at at least 60hrs a week if you want to be successful, including weekend and holiday work. Depending on your clients, if they are high net worth (this is what brings you the money), they may expect for you to be available on major holidays or any time the market is open.
Things may be different in the US, but in order for me to become a stockbroker, I had to take all the exams and get licensed. I got series 7, 63,65, property and casualty, life, health, disability, annuities and also a LUTCF fellowship (which is like a small advanced degree). Many brokers keep stacking licenses and other designations on to their credentials, so it is the norm to not only have the licenses but also CFP (certified financial planner) because they are encouraged to get these. You also have mandatory continuing education to maintain your licenses like Ethics classes and other classes yearly that keep you up to date in your field.
Starting out, your income is about 50k because the first year, you are just building your business. I would probably never work in a bank as an investment broker because banks aren't going to pay you the most and they don't offer the best products, except for CDs which you don't make much commission off of. Look at big name companies like Fidelity, Schwab, Vanguard, to start out at to pay for all your expenses getting started and then you want to move on after you get your feet wet to earn some real money. After the first couple of years, it's not to difficult to make in the 6 figures, depending on the net worth of the clients you have brought in and how much you want to keep working.
Most brokers have college degrees and a lot of companies won't even hire you to pay for licensing if you don't. At your age, I would take some Economic courses in college and really see if you have an interest in the market and want that to be a major part of your life. That was my degree in college, I loved it, and naturally fell into that career. I left my career after 10 yrs because it's all just sales, it's constant pressure, and so now I am back in school to get a master's degree (I'll be finished next year) in computers so I can work on salary without having to be constantly pressured and give up weekends and evenings to appease clients.
The weedout rate for most companies hiring brokers in the first 2 yrs is about 86%. Most cannot do this job. When you ask if the income is low or high, well, if you are a low income broker, you won't survive, the company expects you to make a certain amount (6 figure) and if you don't, you aren't doing your job and they will fire you. If you aren't a veteran broker, you'll make almost that much but anything below or mediocre, you'll be fired. Unless you plan to open your own business and work entirely on your own but that's risky, it takes a lot of start up $$ to do that and you'll work even longer hours.
Hope that anwers your questions. It's not a glamorous job, not like the movies.
...............................
A
male
reader, WastedLife +, writes (27 June 2008):
Investors choose the best way to use money to add value or get a good return on it. They take careful risks with their own money. They may work anywhere from an hour a day to 16+ hours a day, since it's their own money at risk and they need to understand the real level of risk and opportunity. A lot of research can be involved if they are dealing with risky investments or very volatile markets. They often make their own schedules and may work on bank holidays or any other days. Often, markets are volatile over weekends, and investments need to be watched. Their income may be high, low, or highly variable depending on whether they are specializing in fixed income investments(bonds, etc.), or real estate, commodities(highly variable), stocks, or special situations, such as venture capitalism.
...............................
|
