So you want to Know How to Become a Stockbroker

So you want to know how to Become a Stock Broker

STEP 1: Begin to organize for your Brokerage career in high school by taking courses in math, economics and business. And even with a small sized float, you can manage your own stock portfolio (in a parent’s name if you are under 18) allowing you to learn about diverse investments and their returns. Do learn how-to-invest time.

STEP 2: Join or start a Stocks and Bonds Investment Club, which compares dissimilar investment opportunities, analyzes results and jointly invests its funds, $20 bucks each is all you need. Re-invest your gains or distribute your profits.

STEP 3: Go to College or University. Most brokers are College graduates with a degree in finance, economics or business. Real business experience or a strong desire is all-it-takes to capture the attention of the Investment Firm you target.

STEP 4: Pass the Canadian Securities Course, administered by the Canadian Securities Institute (CSI). All provinces require the Financial Planning Course be complete and that you pass the Examination within three years. The Canadian Securities Institute also requires ongoing continuing education… forever.

STEP 5: Be advised to take advantage of on-the-job training, obtainable through most brokerage firms via their sales assistants programs, preparing you for the above exams’, a process that takes four to six months (some never pass). It is self directed!

STEP 6: A person passing the mandatory exams, becomes a Stock Broker, a registered representative agent of his or her sponsoring firm. Now garner support from your contacts and join the Chamber of Commerce… and network… network… network.

STEP 7: Anticipate a very competitive work environment after being employed. Firms often hire a plethora of graduating college and university students as juniors; with the expectation or knowledge that a large percentage of you will ‘wash-out‘ during the gruelling early months of training, while building your clientele or book.

STEP 8 or ∞: Emphasize your studies and work experience in finance, economics and/or business when writing your résumé. A professional, aggressive image is crucial at the sponsoring dealers interview, where prospective employers will be testing your drive, evaluating your resolve and your business adviser savvy.

Due-diligence, is the Key to being a best-of-class broker, to the benifit of your client.

Tips & Cautionary Warnings - The Bull and the Bear of it!

* Success in the brokerage business is qualified and quantified by sales volumes. It can be a realistic and rewarding career move for someone changing over from a sales position in real estate, insurance or the banking business and the Canadian Bond Market for example.

* Sample firsthand the products you’d be brokering by visiting any brokerage firm, agent, promoter, advocate, bank or mutual fund Web site. Also, visit job fairs where securities firms are recruiting and talk to a real live stock broker. Get live data in due-diligence, business and life.

* Negotiate a sales assistant position, become a Junior, with the right to have a number of your own clients… why not get paid while you take the course, become an advisor, and build your book.

* A Stock Broker, as in any sales position, needs to be thick skinned to succeed, and especially surviving those lean early years of long hours… disappointment… plain spaghetti dinners… and an acquired and unexpected taste for wiener water…

♀ $$$ ♂
Questions; Contact by E-mail, The Canadian Stockbroker© | TCS newswire™

Hawalla (Hawallah)

Hawalla often given the definition of being a money laundering scam, Hawalla is older than the banks, it is a system used all over the world. Hawalla is said to move more money then modern Banks do daily in the Middle East and is often coupled with interest free loans with nominal service charges. World governments (and banks) fear the system as it allows untraceable asset transfers worldwide and is suspected to be the single biggest threat to the increasing terrorism against the US and other countries. It will not be easy to root out as it such a protected and secret group which controls it. Bin Laden and the boys regularly use the Hawalla system and it is deeply rooted in South Asia and the Middle East. Hawalla is often the only money transfer system in some areas of the world and even in the face of third world banks is perceived to be more trustworthy and efficient than the legal banking systems. :O

Questions and Answers About RRSPs

Questions and Answers About RRSPs

Are regular RRSP contributions mandatory?

Payments to an RRSP are not fixed by law, although some plans set out minimum allowable contributions (e.g., $100). Contributions can be made up to 60 days after the end of a calendar year. These post-December 31 contributions may be deducted for either taxation year up to allowable limits.

How are income and capital gains in an RRSP taxed?

Income and capital gains derived from the assets of an RRSP are free of tax until the funds are withdrawn. At that time, they are taxed as regular income.