What is utter nonsense is that an investment banker/trader on wallstreet would seek this kind of job to begin with. The reality is that the typical banker is an overachiever accustomed to competing in the most competitive industry in the world. They probably graduated at the top of their class from a top school like wharton/harvard, likely has a bachelor in another disclipline such as engineering/sciences, has a deep understanding of their sector coverage and is on a first name basis with CEO's in that industry. Do you really think they are going to go from making upper 6 to 7 figures a year to a sub-100k union or teaching job if they left Wallstreet? More likely than not they would set up their own firm or recruited to a an exec level job if they left the street.
don't think so:
According to the US Dept of Labor, here are the college requirements and skills needed to be a stock broker (also known as securities or commodities sales agents):
College Education Needed:
Because securities and commodities sales agents must be knowledgeable about economic conditions and trends, a college education is important, especially in larger securities firms. In fact, the overwhelming majority of workers in this occupation are college graduates. Although employers seldom require specialized academic training, courses in business administration, economics, and finance are helpful.
Personal Qualities:
Many employers consider personal qualities and skills more important than academic training. Employers seek applicants who have considerable sales ability, good interpersonal and communication skills, and a strong desire to succeed. Some employers also make sure that applicants have a good credit history and a clean record. Self-confidence and an ability to handle frequent rejections are important ingredients for success.
Personal/Work background preferred:
Because maturity and the ability to work independently are important, many employers prefer to hire those who have achieved success in other jobs. Most firms prefer candidates with sales experience, particularly those who have worked on commission in areas such as real estate or insurance. Therefore, most entrants to this occupation transfer from other jobs. Some begin working as securities and commodities sales agents following retirement from other fields.
Licensing needed:
Securities and commodities sales agents must meet State licensing requirements, which usually include passing an examination and, in some cases, furnishing a personal bond. In addition, sales agents must register as representatives of their firm with the National Association of Securities Dealers, Inc. (NASD). Before beginners can qualify as registered representatives, they must pass the General Securities Registered Representative Examination (Series 7 exam), administered by the NASD, and be an employee of a registered firm for at least 4 months.
Most States require a second examination—the Uniform Securities Agents State Law Examination. This test measures the prospective representative’s knowledge of the securities business in general, customer protection requirements, and recordkeeping procedures. Many take correspondence courses in preparation for the securities examinations. Within 2 years, brokers are encouraged to take additional licensing exams in order to sell mutual funds, insurance, and commodities.
Where do you get training for these certs?:
Most employers provide on-the-job training to help securities and commodities sales agents meet the registration requirements for certification. In most firms, the training period takes about 4 months. Trainees in large firms may receive classroom instruction in securities analysis, effective speaking, and the finer points of selling; may take courses offered by business schools and associations; and may undergo a period of on-the-job training lasting up to 2 years. Many firms like to rotate their trainees among various departments, to give them a broad perspective of the securities business. In small firms, sales agents often receive training in outside institutions and on the job.
