Editor’s note: This article was first published in August 2010. The statement that Spain had no university specialising in the stock market, and the description of the job’s skills and tools, such as several chart screens and phone calls with clients, reflect that time.
Becoming a stockbroker is probably one of the most all-round careers there is, and one of the best paid, as long as you are a true professional. The problem is that Spain still has no university specialising in the stock market, something that does exist in the United States. So how do you become a broker in Spain?
First of all, you should know that to be a broker you need a combination of qualities that very few people manage to bring together. The job mixes sales skills, chart analysis, languages and decisions made in a matter of seconds, decisions that can affect your clients’ finances.
Most brokers in Spain have studied business administration or economics, although you can become a broker with any science or humanities degree complemented by an MBA.
In the United States, even though there are degrees designed for brokers, anyone can sit a set of tests. Once you’ve passed them and the exam, you’re ready to join a firm, if one hires you.
So, to give you an idea of what a broker’s job in Spain involves:
- Sales: You’ll have to win clients and build a good client portfolio, just like an encyclopedia salesman. You’d start with clients who invest small amounts of money and gradually work your way up.
- Computer skills: They say user-level knowledge is enough, although in fact it’s more complex than that. You’ll have to watch more than one screen of charts at the same time and handle specialised software perfectly. Admittedly, all of this is learned quickly.
- English: Most of the real-time information a broker receives comes in English, so the language is essential in this job.
- Pressure: Pressure will be your companion every moment of every day. Phone calls you have to make, calls from clients worried about their money because they’ve heard their shares have fallen. And all this while you analyse a chart and keep an eye on the market’s latest ups and downs. Few people are prepared to handle that level of pressure and stress.
- Nerves of steel: With a single keystroke, you can make a group of clients lose millions. They trust you; you lead their finances. Which key do you press without letting your emotions get the better of you?
That said, precisely because the job demands such a wide range of qualities, more and more brokerage firms are looking for new talent regardless of academic background. Because make no mistake: being a broker is a talent.
Further reading
- Why investing in the stock market is the most profitable option
- The mindset of an entrepreneur
- Investing in Spanish government debt
Featured image: Tobias Deml, CC BY-SA 4.0, via Wikimedia Commons.
