Sub-brokers have been glorified and glamorized in the movies and the popular media. (The Wolf of Wall Street, anyone?) In reality, the job is probably the most competitive and demanding than any other in the share market. Sub-brokers are not trading members of the stock exchange, but they act for a trading member to facilitate the dealing in securities. Potentially, he or she can make millions per year, but what does the job of a sub-broker really cost? What do you have to do to become a sub-broker in India?
In reality, the job is somewhere between highball glasses in the afternoon and 2 am con-calls with traders. It is challenging, demanding and, sometimes, a full-time commitment that competes with your friends and family for attention. Are you interested in becoming a sub-broker? Then you should learn about the advantages and disadvantages of the job today!
What are the pros of becoming a sub-broker?
There are several advantages to being a sub-broker. Sometimes, these pros are enough to keep someone on the right path of learning and becoming a better sub-broker, while overlooking the disadvantages altogether.
Yes! This is the most lucrative part of being a sub-broker. It is a business with the potential to make your millions. You can earn an envy-worthy high basic pay if you have the dedication and persistence. Moreover, there are commissions and bonuses that will increase your earnings. The profession is cut-throat at times, but the promise of a lucrative pay compensates for it. There is no upper limit to the monthly earnings. You proceeds will depend on your hard work and experience. You will be in control of your earning to a great extent. Most successful stock sub-brokers go onto finding a place in the list of the leading rich entrepreneurs of India.
Better job security:
The high volatility in the Indian job market actually makes the job of a sub-broker look stable. The job security is a distinct benefit of a sub-broking job. There has always been a demand for sub-brokers in India and abroad. As long as there are financial markets, there will be a demand for them. You will never again have to worry about employment opportunities once you complete your sub-broking training and join as one. Making your mark in the financial industry by getting to know the top traders and investors will ensure that further.
Advancing your career:
One of the greatest advantages of sub-broking is the option for advancing the career advancement. The climb might be slow, but it is usually steady for the entire career. Your educational requirements will determine the start line of your career. Sub-broking will never lead you to a dead end, as long as you can keep learning. You can keep adding new achievements to your online profile and keep acquiring new certifications to advance your career.
What are the cons of a sub-broking career?
Just like any other job and business, there are several drawbacks to being a sub-broker. However, do not let these cons keep you from reaching for your dreams. You need to learn about the cons to be able to successfully avoid them in the future –
Long hours and stressful work:
The biggest con of the sub-broking job is one of the most demanding jobs in the world. There are no off days or leisure hours. Sub-brokers are always on the clock and always running. Sometimes, you might have to work for 14 to 16 hours a day to push the metrics further. It will cost you dearly in terms of your social life and family life. Many find it impossible to devote time to their hobbies and passion once they take up the sub-broking business. Hence, most sub-brokers face serious trouble in their family and social life fronts. It is indeed challenging to make money AND find time to spend it while sub-broking.
The irritation of cold-calling:
No one likes to make cold calls. It is possible that you are trying to sell your services to an unknown party, who might be nursing a terrible hangover right now. It is the worst disadvantage all sub-brokers have to face. Angry people displeased receivers, abusive investors and upset potential clients are parts of the daily challenges you will have to face as a sub-broker. Setting up a database for finding potential clients and increasing your clientele is a regular part of the job. Even when you have a respectable number of clients, you need to keep cold-calling to reach potential customers.
The market will influence your finances:
The state of the market and the trends of the BSE & NSE will affect your personal finances. The value of the shares, mutual funds, equities and products will determine your proceeds in the long run. If the market is suffering from high vulnerability and investors are pulling out from the bearish market, you will have to bear the brunt. During a recession, you will have to deal with the loss of clients and the loss of business proceeds. The recent fall of crude oil prices in the global market had a positive effect on the Indian share market. The BSE and NSE are still reeling from the benefits of India are a leading importer of the oil, but the US and Middle Eastern share markets are taking a direct hit from the process. That is how the events of a foreign, strong economy can influence your earnings. Your financial well-being will depend directly on the national economy, global trade, and the stock markets.
After weighing the three pros and three cons of a sub-broker’s job responsibilities, it is understandable that it is a job for the brave. It is not for everyone. India is a competitive landscape for brokers and sub-brokers. You need an appetite for risk, a thirst for personal improvement and an aptitude for continual learning. You need to set up your priorities, expectations, and objectives before you can start your work in the market. Depending on your understanding of the market trends, prediction powers and hard work you can climb the ladder of success in record time.