on behalf of clients and advise them on financial matters. Their clients may be large institutions or individual investors. They also advise companies on the raising of finance on the stock market.StockbrokerAlso known as:Broker, StockShare/Stockbroker |
Stockbrokers are employed by firms who are members of the Irish Stock Exchange. Stockbroking firms buy and sell stocks and shares on behalf of clients and advise them on financial matters. Their clients may be large institutions or individual investors. They also advise companies on the raising of finance on the stock market.
| Central Aspects |
| Selling or encouraging sales |
| Being interested in economics |
| Making agreements through negotiating and bargaining |
| Secondary Aspects |
| Calculating financial and other commercial figurework |
| Using statistical methods to obtain, interpret and present information |
| Seeking out and analysing information |
| Using the telephone or two-way radio |
| Providing advice |
| Other Aspects |
| Dealing with paperwork such as letters, forms and records |
| Using keyboard skills |
| Influencing the actions or decisions of others |
| Working under pressure |
There are numerous jobs available in stockbroking firms, all of which require different skill sets.
Stockbrokers:
Stockbrokers buy and sell stocks and shares (collectively known as securities) on behalf of clients, and give advice on financial matters. Generally stockbrokers are referred to as those individuals who work on the dealing desk.
These dealers have access to the latest share prices through online quotation systems that inform the broker of the buyers and sellers in particular stocks. Dealers also have access to other essential financial information such as news services that provide them with real time information on markets and individual companies.
Deals can be undertaken through the online dealing system. Negotiations for the sale and purchase of securities can also be carried out by telephone.
Dealers can act on an execution only basis, i.e. buying and selling shares in accordance with specific instructions given by the client or in an advisory capacity helping individuals and larger institutions make decisions in relation to their investments.
Private Client Executives :
Private client executives deal with individual customers advising them on their investments in shares, as well as unit trusts, pension schemes and other financial instruments.
Their services may also extend to managing portfolios of securities for clients either in an advisory capacity or on a discretionary basis. This work involves the regular review of portfolios to check the performance of portfolios and the recommendation of changes as appropriate.
Corporate Finance :
Most large firms also have a corporate finance division that acts in an advisory capacity to private and public companies on financial matters as well as the type of securities they should issue and the most appropriate time to try to raise capital.
Research Analysts :
As their name suggests, the research analyst conducts research on companies and markets and provides comments and advice based on their findings. Research can be sourced from numerous areas including information from the financial press, online publications, company road shows and statements, and opinions and forecasts of other investment or economic analysts.
Back Office Employees :
Back office employees support the dealing activities of the firm. This work involves ensuring that when a customer buys or sells shares that the proper service is given to them.
You'll need good communication skills to work in stockbroking. For advisory roles such as stockbrokers, private client executives and corporate finance work you also need to be persuasive in negotiations.
The capacity for quick, clear thought and confidence with figures is also necessary. Salaries, promotion and even job security are dependent on performance. As a prospective employee of a stockbroking firm you need to enjoy pressure and be able to cope with stress. You also need to be good at calculating risks.
Opportunities can arise with financial institutions with a stockbroking division, banks, or firms of stockbrokers. This is a highly pressurised and competitive position which is dominated by younger people. Promotion is based on performance and job security is limited. The financial rewards can be high. Settlement administrators and junior stockbrokers can earn from EUR30k to EUR40k per year. Private client dealers can earn from EUR50k to EUR70k per year depending on prevailing economic conditions. Experienced portfolio managers can earn from EUR60k to EUR90k per year. Top earners can earn over EUR250K depending on the success of their investments. Performance related bonuses or commission can supplement basic salary.
Most entrants are graduates with a relevant subject, for example Economics. Many also have postgraduate qualifications.
Those seeking employment with a stockbroking firm should approach firms directly. A list of names and addresses can be found in the Yellow Pages directory, or may be obtained from the Stock Exchange's website.
In addition those who work in an advisory capacity must be approved and registered by the Irish Stock Exchange that has absolute discretion in deciding whether a candidate should be admitted. Candidates have to make written application in a manner prescribed, giving answers to certain questions regarding their personal circumstances. This application must be supported by the stockbroking firm that the individual is working for.
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In view of the importance and responsibility of the work a high standard of education and integrity is required. The entry levels vary depending on the nature of the position sought.
Given that there is strong competition for jobs, minimum entry levels are generally at degree level except for some roles at back office level. While many have a business-related degree, some have other degree qualifications particularly those working in research.
Dealers and those working in an advisory capacity such as private client executives and research analysts must pass the Stock Exchange 'Registered Representative' examination. A more senior qualification of 'Registered Stockbroker' is available to individuals with three years experience who pass or are exempted from the 'Registered Stockbroker' examination.
Research employees tend to have a qualification in accountancy, finance or economics although some have specific qualifications in the areas that they specialise in researching such as technology companies or food companies. There are no specified requirements for the administration staff, but competition for positions can be intense.
Whatever qualifications you offer, personality and an aptitude for the job are extremely important.
Application for admission to undergraduate courses must be made in accordance with the regulations and procedures and timetable described in the CAO Handbook.
The Handbook is confined to giving information on how to apply for admission to the relevant institutions. Applicants should not attempt to complete the application form without first referring to the information literature on courses, which is available from the institutions to which application is to be made.
You should check with the individual Institutions' prospectuses for specific entry requirements and course details.
There is no formal upper age limit for entry to this occupation.
Entry to relevant training may be possible through college and university programmes which relax normal academic requirements for suitable mature applicants. Most academic institutions define people aged 23 years or over as mature candidates.