We Recruit Stockbroker’s
If you are interested in financial markets and enjoy analysing information, this job could be ideal for you.
To work in the City you will need to have a degree.
To become a stockbroker, you will need to be honest and trustworthy. You’ll also need to understand complex information. You’ll need to be calm under pressure.
As a stockbroker, you would manage investments for your clients. These could be individual people, companies and large organisations. It would be your job to get the best financial return for your clients by buying and selling stocks, shares and other financial products.
You could offer three types of service:
- discretionary – managing all your clients’ investments and making decisions on their behalf
- advisory – advising clients about various investment options
- execution only – buying and selling only when clients ask you to, without giving advice.
You may specialise in one type of service or offer all three.
For all types of service, your work would involve:
- managing and reviewing clients’ investment portfolios
- helping clients develop their investment strategy
- researching financial markets – for this you would work closely with investment analysts who report on how companies and markets are performing
- answering clients’ questions
- keeping clients informed about their investments and changes in the market
- instructing stock market traders to achieve the best market prices
- marketing your services to new clients.
In larger companies, you might specialise in investing in certain markets such as technology or finance, or in specific regions such as the Far East.
If you work for private individual clients, you may be known as an investment manager or wealth manager.
You would work long hours, typically 7 am until around 6 pm, Monday to Friday. If you work with commodities or Asian markets, your hours may be irregular due to international time differences.
You would usually work in a large, open plan office, and spend most of your time at the computer and on the telephone.
Starting salaries range from £24,000 to £30,000 a year. With experience and appropriate qualifications, earnings can be £45,000 to £80,000 a year.
With bonuses, senior stockbrokers with an extensive client base and higher value trades can earn over £150,000 a year.
Annual bonuses are common in stockbroking, and are based on personal and company performance.
Figures are intended as a guideline only.
The main route into stockbroking is through a formal graduate programme.
You will need to be numerate and you will normally be expected to have a 2.1 degree. Any degree may be accepted, but some employers prefer a management, business, economics, financial or numeracy related subject.
Individual employers will specify their exact academic requirements and preferred degree subject.
Training and development
As stockbroking is a regulated role, you will need to achieve one of the following specific qualifications:
- CFA Society of the UK (CFA UK) Investment Management Certificate (IMC) and CFA Level 1 Qualification
- CISI Level 4 Diploma in Investment Advice
- CISI Level 7 Masters in Wealth Management
- Fellow or Associate of the Faculty or Institute of Actuaries
- Manchester Metropolitan University BA (Hons) Financial Services, Planning and Management.
Skills and knowledge
To become a stockbroker, you will need to have:
- the ability to understand and analyse complex information
- good communication skills
- good mathematical and IT skills
- confidence and decision-making ability
- calmness under pressure
- the ability to work as part of a team as well as on your own
- drive and determination
- attention to detail
- good judgement of risks
- honesty and a trustworthy attitude
- strong relationship management and interpersonal skills.
Language skills, especially German, Japanese, French and Russian, can be an advantage if you want to work with overseas clients and markets.
You could work for an international bank, financial investment and fund management firm, and specialist broker. There may also be opportunities in private banks, where wealth managers handle some of the stockbroking role.
Most jobs are based in London but there are also opportunities in other major cities in the UK and in overseas financial centres, such as New York, Tokyo and Sydney, Paris, Frankfurt, Milan and Madrid.
Companies with graduate training schemes usually recruit through university job fairs. Summer internships are offered by some of the larger firms, which can be used to pre-select graduate recruits.
Jobs may be advertised in the national and financial press, and by specialist financial recruitment agencies. You could also contact stockbroking firms and investment banks directly. See the Association of Private Client Investment Managers and Stockbrokers (APCIMS) and the Association for Financial Markets in Europe (AFME) websites for details of member companies.
Related industry information
The financial services industry is represented by the Financial Skills Partnership (FSP) which includes the following activities:
- Banking – for individuals and businesses to manage their money, access loans, buy property, exchange currencies and many other activities. It is organised into three core categories: Retail; Corporate; and Wholesale banking.
- Investments – managing and growing the wealth of individuals and organisations
- Insurance – covers a huge variety of risks, from cars and houses to ships, planes and satellites.
- Financial Advice – about working with people to plan their financial goals, based on their current situation and looking at the best ways they can achieve their financial objectives, such as helping someone to choose a mortgage, invest their savings or plan for their retirement.
Almost 1.2 million staff in 34,000 workplaces constitute the UK’s financial services sector, from online car insurers to retail banking giants, and from self‐employed independent financial advisers (IFAs) to global investment banks. Operating under a regulatory framework unique to the UK, the sector facilitates the allocation of capital, promotes confidence and continuity in life and business by managing risk and maintains the transaction systems that the rest of the economy relies on to conduct its business.
- 47% of firms employ 250 people.
- Employment is dominated by a handful of large employers, most notably the high street retail banks, e.g. Barclays, HSBC.
- 29 % of the financial services workforce is employed in administrative or secretarial roles.
- About a quarter of the workforce is in associate professional and technical roles.
- Managerial roles, including owners in private companies and the self‐employed, account for 37% of the workforce.
- Employment growth in UK financial services has been weak when compared with other countries, notably the US
- Recently, there have been notable declines in employment numbers because of the recession
- Staff turnover has declined, as fewer vacancies and concerns about the recession may be deterring people from changing jobs
Jobs in the industry range from:
- Insurance – underwriting, broking, customer services, sales, risk management, compliance, training, actuarial and administrative roles
- Investments – asset management (sometimes called fund management), product development, product management, investment analysis, relationship management
- Banking – retail banking (customer services, customer advice, financial advice, foreign exchange and branch management); corporate banking (corporate advice, relationship management, small business management and corporate management); and wholesale banking (mergers and acquisitions, research, sales and trading, and corporate finance)
- Financial advice – mortgage adviser, independent financial adviser, compliance practitioner, pensions adviser
National and regional data
East Midlands – retail banking dominates financial services employment in the East Midlands. Women make up 53% of the workforce and 51% of workers are aged 35‐59. Full‐time employees account for 73% of the workforce and the average salary is £29,383.
East of England – insurance and insurance broking make up the most important parts of the financial service economy in this region, with Norwich a main centre. The region employs 12% of the country’s financial services workforce, with the majority, 88%, full‐time. Men make up 56% of employees, with 57% of workers aged 35‐59. Average earnings are £34,433.
London – this is the major centre of the UK’s financial services industry, centering on the City and Canary Wharf. Wholesale banking and insurance, investments and exchange markets are all well represented here. Almost of quarter of the workforce; 24% is based in London. Men make up 66% of the workforce and most jobs are full‐time, 94%. The majority of employees; 49% are aged 20‐34 and the average salary is £86,779 although this is heavily skewed by the number of high‐earning posts in the City. For most, the average is much lower.
North East – insurance broking and banking are the most important financial services in the region, with Newcastle the main centre of activity. Around 3% of the UK workforce is based in the region. Women form 66% of the workforce and 63% of workers are full‐time. Employees aged 34‐59 make up the largest share of the workforce at 52%, and the average salary is £27,219.
North West – Manchester is the biggest centre in the region but Chester, Macclesfield and Stockport are important clusters. Banking and general insurance form the bulk of businesses. The region employs 9% of the UK’s financial services workforce, with women making up 56% of employees, and most jobs are full‐time, 80%. Workers aged 34‐59 form the largest section of the workforce at 57%. The average salary in the region is £28,416.
South East – the region is second only to London in size, taking up 15% of the workforce. The gender split between men and women is fairly even at 54% and 46%, respectively, and 60% of all employees are aged 34‐59. Most people are employed full‐time, 84% and the average earnings are £37,298.
South West – The main centres for financial services in this region are Bristol, Bournemouth, Gloucester and Swindon. The sector here makes up 7% of the UK’s sector total. Women form 59% of the workforce and the majority of jobs are full‐time, 75%. People aged 34‐59 form the largest share of the workforce. Average salary for the sector is £34,910.
West Midlands – the region employs around 6% of the UK’s workforce, with the majority centred on Birmingham. Banking, general insurance and credit are the most important sub‐sectors here. Men make up 52% of employees, with 72% of jobs overall being full‐time. Workers aged 34‐59 are in the majority at 52%. The average salary is £29,014.
Yorkshire and the Humber – the emphasis across the region is on retail banking and makes up 7% of the country’s workforce. There are slightly more women than men working in the sector at 51%, and 81% of jobs are full‐time. Once again, the 34‐59 age range is most common among employees, accounting for 51%. Average earnings are £27,481.
Scotland – financial services in Scotland range from retail banking to pensions and car insurance, with centres of activity in and around Edinburgh, Glasgow and Dunfermline. Over 2,100 companies are directly involved in the industry, providing 7% of the UK’s financial services workforce. The most common age range of employees is 34‐59, and most people work full‐time, 81%. The average salary for the sector as a whole is £35,016.
Originally from national careers service