How to build a brilliant career in the stock market and live like ‘The Wolf of Wall Street’
Do you want an incredible stock market career and a luxurious life like depicted in movies such as the Wolf of Wall Street? Then this is just the right time to make the leap as the GDP of India at present is roughly $2.8 trillion and is expected to cross the $5 trillion mark in the next few years.
"To have lasting success in the stock market, you must decide once and for all that it’s more important to make money than to be right, your ego must take a back seat." - Mark Minervini.
Has it ever surprised you to see images of stockbrokers that are pro in their business on television and popular movies like the Hollywood flick 'The Wolf of Wall Street'? Have you ever wondered how stockbrokers build millions in wealth but never known how to get into their footsteps?
If yes, Dalal Street in Mumbai, the financial capital of India, or the Wall Street in New York, USA, are the best destinations for you. These places are known for their stock markets that hold the lure of immense money through investment in shares.
The stock market refers to the regular activities of buying, selling, and issuance of shares of publicly held companies take place.
The Indian stock market has great options for career opportunities when a person wants to make it as his/her profession which provides consistent growth without any barriers in age limits.
There is a myth that only those with an academic background in commerce can make a career in the stock market. Nothing is farther from the truth than this.
Scope in India for a career in the stock market
The GDP of India at present is roughly $2.8 trillion and is expected to cross the $5 trillion mark in the next few years. It clearly reflects the growth of capital markets in the country.
With the private sector expanding evermore, the scope for jobs with disposable income is also growing.
A trend has also been noticed amongst judicious workers to invest their disposable income in the stock market for quick growth of their wealth.
Salary for stockbrokers
A study conducted by a stock broking company in 2019 showed that the average per-month salary in stock market careers has grown almost five-fold in the past 10 years.
The remuneration of the stockbroker will depend on their qualification and the portfolios they prepared for the clients; else, the sky is the limit as far as remuneration is concerned.
The average salary of a stockbroker is Rs 5 crore per year.
Job roles in the stock market
In a stock market, you can either work as a personal financial advisor or financial manager or financial analyst depending on the stock-broking firm in which you are employed.
With adequate experience under your belt, you can also start your own business to manage the people portfolio or you can work for the Stock Exchanges (i.e. NSE and BSE).
There are several top stockbroking firms, particularly in metro cities that regularly employ men with requisite qualifications and experience. Freshers are also hired as interns.
To become a stockbroker, you need to register with the Securities and Exchange Board of India (SEBI).
Where can you work?
As per a report published in a leading financial daily, there are over 6,500 registered stock brokers with the Securities and Exchange Board of India.
The BSE or the NSE are perfect launch pads for those interested to make a career in this profession.
There are also many stockbroking and investment consultancy firms which offer various job prospects.
What do you need to study to build a great stock market career?
It is generally recommended that you acquire at least a bachelor's degree in accounting, economics, business or finance prior to entering into the stock market.
Rather, whereas in other professions you need to learn skill sets through academic degrees, the stock market is that place where you can learn from experience by getting exposure to the market.
A course in the stock market is helpful though since operations are computerized, highly technical and the lectures are managed by guest faculty with long years of experience.
There are hundreds of stock market training institutes across the country offering endless opportunities in the capital market with certificate courses having a duration of six months to one year or more.
- Article by Rishi Rai, CEO, Brainers Business School
Read: 5 critical skills needed for jobs in the stock market
Read: 7 career options in the Finance industry for those who like to play with numbers
Read: 5 key skills every Investment Banker needs to be hired easily