Sta je Berza

ŠTA JE BERZA

U literaturi i praksi nailazi se na veliki broj različitih definicija, mišljenja i stavova po pitanju „šta je to berza“. Berza, najprostijim rečnikom, predstavlja mesto gde se sastaju ponuda i tražnja za tačno određenom robom, u tačno određeno vreme, na tačno određenom mestu. Moglo bi se reći da, kada je berza u pitanju, postoji mnogo toga „tačnog“, što je istina jer to predstavlja njenu glavnu osobinu koja je razlikuje od svih drugih neformalnih, susretanja ponude i tražnje U počecima berzanskog poslovanja ona se nalazila na mestima gde su se skupljali trgovci i poslovni ljudi jednoga grada i regiona. Počeci organizovane trgovine koja je ličila na berzansku, vezani su za Flandriju i grad Briž, gde su se ljudi još u XVI veku, okupljali u kući trgovca Van der Bursa radi trgovanja lukovicama lala i predpostavlja se da je po njegovom prezimenu svaka slična institucija i dobila ime.

Berza danas predstavlja mesto gde se susreću ponuda i tražnja za tačno definisanim predmetima trgovine, pri čemu taj predmet trgovine mora biti podložan tipizaciji i standardizaciji. Procesom standardizacije postiže se da predmet trgovine po svojim osobinama bude poptuno identičan u malim i u velikim količinama. To je lako učiniti sa robama niskog stepena obrade, dok je sa finalnim proizvodima, zbog raznolikosti, to veoma teško. Standardizacija i tipizacija su neophodni jer se na berzi trguje na reč, odnosno na poverenje. Razvitkom trgovine ovo “poverenje” se institucionalizuje i biva zamenjeno mrežom pravila po kojima se trguje.

Mesto susretanja ponude i tražnje se u mnogome promenilo tokom vremena i kretalo se od trgova gradova, preko gostionica i specijalizovanih zgrada, pa sve do globalnog tržišta, međusobno povezanog putem savremenih tehnologija. Sve to danas omogućava da se trgovanje obavlja 24 časa dnevno, jer kada se jedna berza zatvori, na drugom kraju sveta, druga berza tek počinje sa radom.

S obzirom na to koji je predmet trgovanja na berzi one se dele na berze HoV i robne berze. Ako pričamo o počecima berzanske trgovine HoV, lako se može zamisliti da je prva transkacija, koja bi se mogla nazvati berzanskom, bila transakcija vezana za hartiju – najverovatnije neku vrstu pismene obaveze o budućoj naplati, koja je promenila vlasnika pre roka dospeća. Za razliku od berzi HoV, pretečom robnih berzi mogu se smatrati veliki sajmovi i vašari, na kojima se, između ostalih stvari, prodavala i roba. Ključna razlika između sajmova i berzi leži u tome što se na njima trgovalo na osnovu uzorka, odnosno robe na licu mesta,dok se na berzi trguje na reč.

Na kraju dolazimo do odgovora na pitanje šta je berza. Iz svega navedenog možemo zaključiti da berza predstavlja organizovano mesto, gde u tačno određenom vremenu, dolazi do susretanja ponude i tražnje standardizovanog berzanskog materijala, po tačno određenim pravilima od strane tačno određenih lica. Na pitanje koji su osnovni postulati berze može se reći da su to poverenje i sigurnost koji i proizilaze iz same njene definicije. Kad berza ne bi bila toliko precizna ne bi bilo ni njenih osnovnih postulata, a ni nje same.

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POČECI, NASTANAK I RAZVOJ BERZE

Razvoj berzi i trgovanja na njima posledica je razvoja konkretnog tržišta. Berza je nastala spontano, iz samog tržišta, odnosno iz njegovih potreba. Iz tog se razloga nastanak, širenje i razvoj berzi i poslovanja na njima poklapa sa širenjem i osvajanjem novih tržišta, kako prostorno, tako i tehnološki.

Koreni prve trgovine iz koje je berza dobila ime, vezuju se za Flandriju, grad Briž i XVI vek. Međutim, današnje velike berze nastale su nešto kasnije. Počeci Njujorške berze vezuju se za 1792. godinu, kada se 24 brokera okupilo i potpisalo Batonvudski sporazum, koji predstavlja osnivački akt najveće svetske berze. Nekoliko godina kasnije, tačnije 1801, osnovana je još jedna velika berza – Londonska. Pored ovog formiranja berzi u institucionalnom smislu, paralelno su tekli tokovi kreiranja predmeta trgovanja. Tako su prve emisije „akcija“ nastale polovinom XVI veka, kada su se prikupljala sredstva za trgovačke ekspedicije. Firme su umesto uzimanja kredita, emitovale potvrde (preteče akcija) i tako prikupljale novac za sprovođenje skupih putovanja. Time su kupci „potvrda“ postali i vlasnici robe koja treba da bude predmet trgovanja, a sa njom i svih rizika i benefita koje putovanje i trgovina donosi. Vlasnicima „akcija“ je ostalo da se nadaju očekujući dobar poslovni rezultat i tako ostvaren lični dobitak.

Razlozi nastanka institucije berze najbolje se mogu sagledati ako se isprati razvoj elemenata berzanskog poslovanja. Jedan od osnovnih jeste prikupljanje manjih suma kapitala koje su se nalazile u više ruku, kako bi se ta sredstva koncentrisala radi finansiranja skupih projekata. Drugi bitan element jeste premošćavanje vremenskog perioda od ulaganja do profitiranja, što se često u literaturi označava kao kapitalizacija očekivanja. Odnosno, mogućnost prodaje Hov pre nego ona dospe na realizaciju.

Terminske transakcije su zabeležene još na glinenim pločicama, odnosno obaveza jedne strane da svoje dugovanje namiri određenom robom u nekom budućem periodu. U trenutku kada je poverilac – posednik dokumenta o budućoj isporuci robe, preprodao taj dokument da bi zaradio na razlici u ceni, dobili smo i prvi posao koji bi se mogao nazvati berzanskom špekulacijom. 

Kao ni elementi berzanskog poslovanja, tako ni sama pravila ponašanja u trgovini, kao krucijalan uslov berze, nisu morala čekati flamanske trgovce da bi bila izmišljena. U vidu običajnog prava postojala su otkada i sama trgovina, ali su se prvi pisani dokazi pojavili u starom Rimu. Ustaljena praksa sastajanja na jednom mestu dozvolila je i da se formiraju prva pravila trgovanja, ali i prvi standardi robe. Pravila koja su nastala iz običajnog trgovinskog prava, naslonjena i na pravila kojih su se pridržavali antički trgovci, a pre svega rimski, unose u organizovano trgovanje dva principa, koja su i danas nerazdvojna od razvoja institucije berze – poverenje i sigurnost. Ova dva principa postaju neophodni uslovi berzanskog načina trgovanja, nešto bez čega je ono nezamislivo.

Dok su se svi elementi berzanskog poslovanja sklopili u jednu celinu i formirali berzu koju mi poznajemo, prošlo je dosta vremena, a priča o berzi, kao načinu organizovanja i unošenja reda i pravila u trgovanje, mnogo je starija.

Pojavom industrijske revolucije berza dobija sadašnje konture: zgradu, pravila poslovanja, organe upravljanja, arbitražu itd. Država se (1929-1933) umešala u ono što je do tada bilo autonomno berzansko pravo nastojeći da poveća sigurnost poslovanja a da pri tom ne ugrozi osetljivi berzanski mehanizam. Sedamdesetih godina XX veka dolazi do snažnog razvoja berzi finansijskih derivata (fjučersa i opcija). Naglom kompjuterizacijom berzanskog poslovanja, „mesto“ kao sastavni deo definicije berze gubi na značaju. Sada se može trgovati sa bilo kog mesta elektronskim putem gotovo kontinualno u vremenu .I pored ovih promena berza je zadržala svoje osnovne funkcije.

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 ISTORIJA BEOGRADSKE BERZE

Prve ideje o osnivanju berze u Srbiji javile su se tokom tridesetih godina XIX veka. Osnivanje berze u ondašnjoj Srbiji imalo je pre svega ekonomski, ali i nacionalni značaj. To je bilo vreme buđenja nacionalne svesti i stvaranja institucija koje su potvrđivale dobijeni status potpune samostalnosti i državnosti Srbije. Realizacija ideje malo je potrajala, pa je Narodna skupština tek 3. novembra 1886. godine usvojila Zakon o javnim berzama. Tek posle osam godina od usvajanja Zakona, Beogradska berza je počela sa radom. Beogradska berza je pokušala da najpre razvije svoju aktivnost kao produktna berza da bi se cene poljoprivrednjih proizvoda formirale na domaćem tržistu. Pošto je berzansko trgovanje postajalo sve uspešnije i obimnije, izvršeno je razdvajanje poslova: odeljenje za robu je ostalo u kafani «Bosna» na obali Save, kao Produktna berza, dok je odeljenje za valute i efekte (Valutna berza) prešlo u prostorije hotela «Srpska Kruna», u Knez Mihailovoj ulici. Tu je Berza radila sve do početka Prvog svetskog rata, do 1914. godine.

Stvaranjem Kraljevine Srba, Hrvata i Slovenaca i pripajanjem teritorija koje su bile u sastavu Austro-Ugarske javile su se potrebe da se obnovi rad Beogradske berze i osnuju i druge berze na teritoriji nove države. Velike razlike u strukturi privrede i nivou razvijenosti pojedinih delova zemlje uslovile su neujednačenost u obavljanju trgovanja pojedinih berzi koje su nastale u ovom razdoblju. Ali je promet na Beogradskoj berzi bio u to vreme veći nego zajedno na svim drugim berzama u tadašnjoj državi. Tadašnja Beogradska berza postigla je veliki ugled i svrstrala se među vodeće evropske berze tog doba. Ovakvi rezultati su zahtevali stalno usavršavanje organizacije i poslovanja. Od 1921. Upravni odbor Berze je počeo da se bavi pitanjem izgradnje odgovarajućeg zdanja Beogradske berze. Konačno, tokom 1934. Beogradska berza je dobila sopstvenu zgradu, na Kraljevom trgu br. 13, zgradu u kojoj se danas nalazi Etnografski muzej. Odmah po izbijanju II svetskog rata u našoj zemlji, aprilu 1941, Beogradska berza obustavlja rad, a definitivno je ugašena 1953. odlukom Vlade Srbije.

Jugoslavija je posle Drugog svetskog rata transformisana u federativnu državu sa socijalističkim društvenim i privrednim sistemom. Finansijsko tržište kapitalističkog tipa proglašeno je nepoželjnom tvorevinom, a posebno sekundatno tržište hartija od vrednosti, koje se u potpunosti pojednostavljuje. Zadatak banaka i drugih finansijskih institucija bio je da samo distribuiraju fianansijske izvore i usmeravaju ostvarenu akumulaciju u skladu sa državnim planovima društvenog i privrednog razvoja. Krajem osamdesetih godina prethodnog veka započeta je korenita društvena i privredna reforma. Ubrzani razvoj finansijskih tržišta omogućen je usvajanjem velikog broja sistemskih zakona u ovoj oblasti. Na inicijativu Narodne banke Jugoslavije i Udruženja banaka Jugoslavije, u septembru 1989. godine, obrazovan je Odbor za pripremu osnivanja Tržišta novca i kratkoročnih hartija od vrednosti u Beogradu. Što se tiče tržišta kapitala, odnosno berzi dugoročnih hartija od vrednosti, u oktobru 1989, godine su održani Osnivački odbori u Beogradu i Ljubljani. Zatim je 27. decembra 1989. godine održana Osnivačka skupština Jugoslovenskog tržišta kapitla u Beogradu, koje je u maju 1992. godine promenilo ime i dobilo naziv - Beogradska berza.

Beogradska berza je osnovana kao akcionarsko društvo, pri čemu su se kao osnivači našle banke, Poštanska štedionica, osiguravajuća društva, Savezna država i Republika Srbija. Od kada je Beogradska berza obnovila svoj rad, na njoj se trgovalo uglavnom kratkoročnim hartijama od vrednosti, tačnije kratkoročnim pozajmicama novca, kratkoročnim dužničkim instrumentima preduzeća i, povremeno, državnim obveznicama nevelikih vrednosti. Sekundarne trgovine akcijama gotovo da i nije bilo, pa je tek u aprilu 2000. god. održano prvo trgovanje akcijama iz svojinske transformacije. Pravo berzansko trgovanje započinje tek 2001. godine kada počinje trgovanje akcijama izprocesa privatizacije

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BEOGRADSKA BERZA DANAS

Beogradska berza je osnovana kao akcionarsko društvo, pri čemu se najveći deo ostvarene dobiti reinvestira u razvoj kako same berze, tako i u obuku kadrova i unapređenje ukupne tehnologije trgovanja na finansijskom tržištu. Beogradska berza je registrovana za obavljanje trgovine žiralnim novcem, menicom, čekom, devizama, kratkoročnim HoV, zlatom i drugim plemenitim metalima, HoV koje glase na stranu valutu, kapitalom, akcijama i drugim dugoročnim HoV i finansijskim derivatima. Većinom ovih predmeta trgovanja do sada se nije trgovalo, pri čemu se u zadnjih nekoliko godina trguje isključivo akcijama i državnim obveznicama.

Danas na Beogradskoj berzi uveliko dominira trgovanje akcijama preduzeća iz procesa privatizacije i obim prometa svake godine beleži veliki procenat rasta. Uprkos lošem drugom polugodištu 2007. godine i negativnom trendu koji na Beogradskoj berzi traje još od leta, obim prometa uvećan je za 65% u odnosu na 2006. godinu.

Pregled prometa na Beogradskoj berzi (u dinarima)

Sve do 2004. godine članovi berze su dolazili u zgradu Berze, u ulici Omladinskih brigada na Novom Beogradu, registrovali se i izdavali naloge za trgovanje. U martu te godine uvodi se sistem za daljinsko trgovanje, koje omogućava brokersko dilerskim društvima da iz svojih kancelarija, putem internet veze, unose svoje naloge i obavljaju berzansko trgovanje. Ovim potezom intezivira se promet na tržištu, a kao direktna posledica jeste i uvođenje prvog indeksa BELEXfm, koji prati akcije kojima se trguje na slobodnom berzanskom tržištu. Godinu dana kasnije objavljen je i indeks BELEX15 za akcije preduzeća koje se nalaze na metodu kontinuiranog trgovanja.

Naime, Beogradska berza ima nekoliko segmenata i podela tržišta. Postoje dva aspekta po kom se vrši segmentiranje, pa je tako prva podela prema načinu trgovanja. Prvi segment po ovom kriterijumu jeste segment tržišta na kom se trguje metodom preovlađujuće cene. Na njemu se nalaze akcije preko 1700 srpskih preduzeća, međutim po obimu prometa većina njih je zanemarljiva. Drugi segment tržišta odnosi se na kontinuirano trgovanje, na kom se nalazi 43 najkvalitetnija preduzeća čijim se akcijama trguje na Beogradskoj berzi.

Kontinuirano trgovanje predstavlja cilj svake berze i opšte je prihvaćen metod trgovanja

svim hartijama od vrednosti. Ovim se akcijama može trgovati tokom celog radnog vremena berze i to po više ostvarenih cena. Pored ove podele na kontinuirano i MPC tržište, gde je za kriterijum uzet način trgovanja datom hartijom, postoji i druga podela tržišta, prema kvalitetu kotiranog preduzeća. Tako su načinjena tri segmenta – A listing, B listing i vanberzansko tržište. Za sada su kriterijume kotiranja na A listingu ispunila tek tri srpska preduzeća, dok se ni jedno ne nalazi na B listingu. Sva ostala preduzeća koja se kotiraju na Beogradskoj berzi i čijim se akcijama trguje, nalaze se na tzv. vanberzanskom tržištu. Tek kada preduzeće ispuni stroge uslove propisane od strane Berze, ono se može naći na nekom od ova dva listinga. Trgovanje obveznicama Republike Srbije, koje je država emitovala na ime izmirenja obaveza po osnovu stare devizne štednje, otpočelo je u septembru 2002. godine. Njima se i dalje trguje, u okviru A listinga, a poslednja godina u kojoj ove obveznice dospevaju jeste 2016. godina.

U tek započetoj godini, Beogradsku berzu očekuje niz događaja koji će je značajno unaprediti i ojačati. Očekuje se uvođenje novog sistema trgovanja, uz primenu međunarodnog FIX protokola, koji će omogućiti standardizovanu i automatsku elektronsku komunicikaciju informacionih sistema. Stupio je na snagu Zakon o besplatnoj podeli akcija, prema kojem će se na Beogradskoj berzi kotirati akcije najvećih srpskih javnih preduzeća, što će u mnogome produbiti tržište i omogućiti investitorima ulaganja u visokokvalitetne akcije. Takođe je najavljena i inicijalna javna ponuda (IPO) akcija Telekoma Srbija, gde će se prvi put javnosti ponuditi akcije ove kompanije, koje će kasnije biti predmet sekundarnog trgovanja na Beogradskoj berzi. Po svemu sudeći, 2008. godina predstavljaće veoma značajnu prekretnicu u razvoju Beogradske berze, a koliko će razvoj biti intezivan zavisi i od brojnih drugih faktora.

I pored ovih pozitvinih tendencija, ostaju brojni probelmi koji su rezultat neodgovornosti i nezainteresovanosti menadžmenta kotiranih kompanija da redovono javnosti dostavljaju izveštaje, rezultate, planove poslovanja i slične odluke. Bez osnovne transparentnosti i otvorenog poslovanja, nema ni fundamentalnih principa berzanskog poslovanja – poverenja i sigurnosti.

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NAČIN FUNKCIONISANjA, UČESNICI I ODNOSI NA BERZI

Beograska berza je organizovana kao zatvoreno akcionarsko društvo, pri čemu su vlasnici brojne domaće banke, velika srpska preduzeća, nekoliko brokersko dilerskih društava, kao i Republika Srbija. Akcionari Berze mogu akcije Berze prodavati slobodno samo Berzi, a o ponudi za njihovu prodaju, odnosno sticanju sopstvenih akcija odlučuje Skupština Berze. U sekundarnom prometu akcija Berze, akcionari ih mogu sticati uz poštovanje prava preče kupovine Berze.

Na Berzi mogu da trguju samo njeni članovi, odnosno brokersko dilerska društva i banke, koja ispune odgovarajuće uslove, kao i uplate iznos godišnje članarine Berzi. Trenutno je na Beogradskoj berzi registrovano i primljeno u članstvo 88 brokersko dilerskih društava i ovlašćenih banaka i taj broj nije stalan. Sve firme koje žele ovo članstvo moraju da imaju sedište u Srbiji i da dokažu da lica koja zapošljavaju za  obavljanje samog procesa trgovanja mogu da rade na poslovima sa HoV, odnosno da imaju odgovarajuću licencu brokera izdatu od strane Komisije za HoV.

Na strani ponude i tražnje nalaze se gotovo istoventni subjekti – stanovništvo, preduzeća, finansijske institucije, institucionalni investitori i država. Svaki od ovih subjekata može se nalaziti i na strani ponude i na strani tražnje, često istovremeno. Međutim, svi ovi subjekti ne mogu samostalno izlaziti na Berzu i davati naloge, već to moraju činiti preko nekog od ovlašćenih članova Berze - brokera. Od 2004. godine ovaj proces je znatno olakšan, jer sada brokeri ne moraju da dolaze u samu zgradu Beogradske berze, već naloge mogu da daju iz svojih kancelarija, putem BELEX aplikacije za trgovanje. Da bi neko započeo trgovanje na Beogradskoj berzi, potrebno je da u banci otvori namenski račun za trgovanje HoV. Potom klijent potpisuje ugovor sa brokerskom kućom o vođenju vlasničkog računa HoV, kao i ugovor o posredovanju u kupoprodaji. Na osnovu toga brokerska kuća klijentu otvara račun u Centralnom registru, na kom će se naći akcije koje klijent već poseduje ili će ih kasnije kupiti. Posle ovih koraka, klijentu ostaje samo da izda nalog svom brokeru o kupovini ili prodaji određene akcije.

Trgovanje nekom akcijom na Beogradskoj berzi ne može se zakazati sve dok Berza ne dobije svu potrebnu dokumentaciju firme. Osnovni dokument, na osnovu kog se vrši prijem na vanberzansko tržište predstavlja prospekt, ali potrebni su još i zahtev za uključivanje na tržište, kao i neki drugi dokumenti. Prospekt sadrži osnovne podatke o poslovanju preduzeća i mora biti overen od strane uprave, jer odgovornost za istinitost podataka snosi samo preduzeće. Dešavalo se da uprava preduzeća, iz straha od preuzimanja ili nečeg drugog, jednostavno ne želi da dostavi prospekt Berzi. Tada postoji mogućnost da minimum 10% akcionara preduzeća dostavi zahtev za uključivanje akcija na vanberzansko tržište bez prospekta i tada se trgovanje može zakazati, uz napomenu da je u pitanju trgovanje bez prospekta. Za uključivanje akcija na neki od listinga Berze, potrebno je da preduzeće ispuni i dodatne uslove predviđene regulativom Berze, kao što su veličina preduzeća, likvidnost akcija, broj akcionara...i ove karakteristike se, razumljivo, razlikuju za A listing i B listing.

Sve podatke o trgovanju akcijama Beogradska berza publikuje kroz berzanske izveštaje, koji se zatim objavljuju na web-prezentaciji, ali i u dnevnim novinama, radio i TV stanicama, specijalizovanim ekonomskim časopisima ili putem agencija za distribuciju podataka. Na investitoru je da ove podatke prati, predviđa buduća kretanja i da donosi ispravne odluke o kupovini i prodaji.

Berza

Berza

Sta je berza? Berza je mesto na kome se prodaju i kupuju akcije. Svaka berza je koncentrisana na odredjenu 'oblast' poslovanja, tako npr NASDAQ (Koji je nastao spajanjem NASD i AMEX) listuej tech kompanije, dok je recimo NYSE staromodan i on vise voli 'old school' kompanije. Ali svakako to ne znaci da na NYSE nema neka tech firma, i vice versa.

Berza je jedna veoma komplikovana stvar. Berzu u sustini cine ljudi i nije je tako lako napraviti, odnosno ne moze svako da napravi berzu i da ona radi...

Recimo NYSE je berza stara vise stotina godina i pitanje poverenja tu ne postoji.

Ja ne razumem tvoj problem ali u principu shvatam sustinu tvog pitanja, iako je sve nakaradno postavljeno i pobrkano.

Recimo da ti sada imas u steku $100,000 i hoces da ih ulozis u neku kompaniju.

Prva stvar koju treba uradis jeste da otvoris racun u nekoj brokersoj kuci (Salomon Smith, Datek, Goldman Sach...), ja sa Datekom imam dosta iskustva i oni su mi se pokazali najbolji bilo u fillovanju ordera, bilo u order executionu... Ali na Dateku fali jedna stvar, a to je 'personality'. Ti recimo kad imas account kod Goldman Sach, ti imas svog licnog brokera, sa kojim se savetujes, razgovaras, itd.. A na Dateku imas kompjuterki ekran ispred sebe, i prepusten si sam sebi.

Posto vidim da nemas iskustva, preporucio bih ti da otvoris racun u nekoj poznatoj brokerskoj kuci, i da njima prepustis brigu o svom novcu, koji oni investiraju u svoje projekte (Financiranje IPO-a recimo), ili svoje mutual fundove. Ti tu mozes da biras recimo dali hoces opciju IPO, ili hoces neke riznicnije ili manje rizicnije mutual fundove.

Returnovi (kamate) u danasnje vreme su skroz pobrkani. 1999-2000, kamate od po 65%-150% godisnje, nisu bile neuobicajane, danas medjutim se cifra krece oko 5%-10% za dobarl ow risk mutual fund, pa do 20% za neki rizicnij mutual fund.

Jedna stvar koju moras da utuvis sebi u glavu pre nego sto igde das novac je: "NIKO NE GARANTUJE DOBITKE. I NIKO NE GARANTUJE DA TI DO KRAJA GODINE NECES IZGUBITI SVE STO SI STAVIO, ILI UDVOSTRUCITI NOVAC" u tome je cela poenta berze, i zato se broker bira prema iskustvu i radnoj istoriji.

Posto nisi iskusan investitor, i vidim da nemozes da sagledas sve akpekte i rizike, ne bih ti nikako preporucio investiranje u samo jednu kompaniju, pogotov ne zbog toga sto se neiskusni investori oslanjaju na manje vise ovisne analiticare i njihove analize, pa se i desavaju stvari koje se desavaju (ENRON, WorldCom...). Dakle sve radi na principu 'u se i u svoje kljuse...'

Ja nemogu da ti dam nikakav savet u sta da investiras (nelegalno je), ali mogu ti reci kako bi ja postupio, ali za to mi treba celokupan tvoj profil. 
Znaci:
-sa koliko novca raspolazes
-na koji vremenski period radis investiciju
-sta ocekujes od investicije
-koliki return
-koliki rizik si spreman da podneses
-dali zahtevas konstantan priliv novca, ili bi mogao da istrpis padove koji mogu da traju 1 mesec, 1 godinu, pa i 5 godina.. ali to je sve u zavisnosti na koliko vremena radis investiciju
-kolika su tvoja primanja, dali imas stalni radni odnos (ovo je da bi se utvrdilo dali ti finansijski mozes da izdrzis eventuelni pad)
- ...

Berza


Akcije
U poslednjih par godina, za vreme sve vece ekspanzije Interneta i propratnih tehnologija, termin berza se sve cesce spominje u nasim zivotima. Tekst koji sledi, ima nameru da malo rasvetli i objasni taj pojam, kao i nacin na koji sve to radi. Dakle sta je u stvari akcija, akcija je u stvari mali deo jedne kompanije. Ukoliko je kompanija podeljena na 100 akcija (podelu radi drzava u kojoj je kompanija osnovava), onda vi kupovinom jedne akcije posedujete 1% od te kompanije, i ukoliko ta kompanija zaradi 100 mil $, u toku godine, vi cete dobiti 1% od ukupnog prihoda, odnosno 1mil$. Zasto bi to kompanije radile? Uzmimo za primer da je jednoj farmaceutskoj kuci potrebno 5mil$ za novu opremu. Trenutno taj novac kompanija ne poseduje, i recimo da je do sada ta kompanija poslovala putem pozajmnica, i da je sada odlucila da svoje akcije iznese na trziste, recimo na NASDAQ. Kompanija ce prvo da proveri dali ispunjava sve zahteve koje postavlja NASDAQ za placeovanje akcija na njihovu listu (jer je broj kompanija koji se traduju na jednoj berzi ogranicen od strane same berze), ukoliko su ti zahtevi u redu, kompanija ce da podnese zahtev za IPO (Initial Public Offering), sto je u stvari jedna takoreci anketa, u kojoj investitori na toj berzi odlucuju koliko su spremni da ponude za jednu akciju te kompanije. Recimo da je IPO bio $17 po akciji, i da je kompanija zadovoljna tom ponudom. I recimo kompanija ce da postavi 300.000 akcija na trziste da bi skupila kapital od 5mil$. Ovo ne garantuje da ce kompanija da proda tih 300.000 akcija po ceni od $17, vec ce ta cena da varira oko te cene, u zavosnosti od performansi kompanije, i trenutnog stanja na trzistu. Kompanija ce da dobije 5mil$ od prodaje akcija i ulozice u novu opremu, i pocece da stvara profit, sto je vise profita, to su vece dividende na svaku akciju, i ukoliko neko poseduje veliki broj akcija, godisnji profit samo od dividendi posta sve veci i veci, i prema tome, ljudi su spremni da plate sve vise i vise za akciju te firme, i shodno tome cena akcija raste, i obratno, ukoliko firma ne pravi dovoljno profita, dividende su manje, i cena akcije obicno opada. Ovo su neki opsti slucajevi, ali na berzi nista se ne odvija po nekoj semi, tako da se dosta cesto desava da dividende padaju, a cena akcije vrtoglavno raste, iz ko zna kog razloga.

Markets
Verovatno ste dosta puta na TV videli snimke sa trading floora neke od berzi, i verovatno ste ostali zacudjeni kako se neko uopste znalazi u tom haosu, i sta se tu ustvari desava. Trading flood jedne berze moze se uporediti sa nama mnogo poznatijom - zelenom pijacom. Uzmimo za primer ovaj scenario, vi ste u ulozi brokera (kupca), koji na trading floor-u (pijaci) ima pootrebu da kupi akcije odredjenih kompanija. Odsetacete do pit-a (tezge) gde se prodaju akcije koje trazite, i pitacete pit brokera (prodavca) da vam da quote (cenu), za datu akciju. Ukoliko vam cena ne odgovara pitacete drugog prodavca da on napravi svoju ponudu (profesionalno nazvano bid/ask price). Otici ce te do pit brokera koji vam je dao svoju ponudu, cenkacete se sa njim i kupiti akcije po ceni koju nagodite. Zamislite sada sledeci scenario, recimo sada ste na ekvivalentnoj zelenoj pijaci, i kupili ste krompir (akcije) koji vam je bio potreban od prodavca na standu (pit broker-a). E sada vam preostaje da kupite jos i paradajz. Lutate po okolnim standovima (pot-ovima) ali niko vam ne daje dobru ponudu, i dok se raspravljate sa prodavcem oko cene, prilazi vam penzioner(local - skr. local broker) i kaze, evo ja cu da ti prodam kilo po toj i toj ceni. Sklopite deal, ti uzmes kilo od penzionera, das mu pare, i zavrsio si posao. Uradio si ono sto si zeleo. Dakle na berzi, odnosno na trading floor-u, akcije se mogu kupiti na pit-ovima (gde se prodaju indeksi, i gde velike kompanije prodaju akcije), od brokera koji vam direktno prodaju akcije koje oni zastupaju, ili od locals-a, brokera koji posluju na svoj racun, i sami kupuju/prodaju svoje akcije i time zaradjuju za zivot.
Trenutno postoji dve vrste berzi. Auction i OTC, posto je NASDAQ (National Association of Securities Dealers Automated Quotation system) najveci OTC market, cesto se umesto NASDAQ skracenice upotrebljava i skracenica OTC. Glavna razlika je u tome sto OTC ne rade na principu aukcije, vec na principu ponude/potraznje. Glavna razlika izmedju NASDAQ i NYSE (dva najbolja predstavnika razlicitih tipova), je u tome sto su akcije na NYSE vecino bluechip kompanije, cija je cena relativno stabilna, i koju do izvesnih granica kontrolisu sami floor brokeri, dok cena nije kontrolisana na OTC marketu. Sta je u stvari NASDAQ? NASDAQ je udruzenje od oko 600 dilera (MM - Market Makers), koji traduju nekh 15.000 razlicitih kompanija.

Trading
Kupiti akcije se strucno naziva 'take positions', postoje dve vrste 'pozicija' - Long i Short. Long Position, je i najpoznatije. Dakle vi posedujete pare na racunu, i kazete brokeru da vam kupi recimo 2000 akcija po recimo 40$, pod predpostavkom da ce cena da raste. I recimo kada naraste na 60$, vi je prodate i imate profit od 20$ po akciji. Short Position je malo komplikovanij. Pri kupovini na short, vi ustvari ocekujete da ce cena akcije pasti i da na tome napravite profit. Kako to radi? Recimo, vi trenutno pratite akciju XYZ, cija trenutna cena iznosi $100, i predpostavljate da ce za mesec dana cena ta akcija pasti na manje od 20$. Kontaktiracete vaseg brokera i reci da vam pozajmi 1000 akcija XYZ kompanije, i da ih proda po trenutnoj trzisnoj vrednosti, i kada to obavi, vama ce na racun leci 100.000$. I recimo za mesec dana, cena akcije padne na $10, i vi onda uzmete i kupite 1000 akcija XYZ firme, koje ste platili 10.000$ i vratite ih brokeru a vama na racunu ostaje 90.000$ profita. Za razliku od Long pozicije, Short pozicija mora da bude odobrena od strane brokera/brokerske kuce, jer u slucaju da vi napravite profit na short poziciji, te pare ustvari idu iz dzepa samog brokera.

9 Common Questions About The Stock Market Answered

Are You Wondering what the stock market is or how it works?

Have you ever seen images of people screaming into three phones in front of a screen filled with numbers and wondered what they were doing?

The good news is that you can increase your financial awareness about what the stock market is.

Here are 9 fundamental questions about the stock market

#1: What is the stock market?

The term stock market  is used across old and new media and often  conjures up the image of a type of financial casino. But the stock market is much more than that. It’s a powerful tool for low risk wealth creation.

By thinking about the stock market as a place for wealth creation you can focus on investment strategies that will make this a reality.

The stock market is a collective term for stock exchanges around the world.

For example, in the United States, there is the New York Stock exchange, The American Stock Exchange and the NASDAQ. In the United Kingdom, there is the London Stock Exchange. In Germany, there is the Frankfurt Stock Exchange.

Each of these are stock markets and they are sometimes referred to as ‘financial markets’.

A stock market is simply a place where people can go to buy and sell shares of companies in an attempt to create wealth for themselves.

You can buy and sell shares from a range of different stock markets around the world and use financial websites like ADVFN to gain access to free stock market information.

Tip: you don’t have to look at everything that financial websites have to offer. Start by reading just one. They are free after all.

#2: What is a stock exchange?

Think of a supermarket when you go shopping for your groceries; under one roof you can buy pretty much anything.

A stock exchange is a supermarket for the buying and selling of stocks and shares.

Individual investors as well as banks and hedge funds are able to buy and sell stocks and shares on any of these exchanges. One smart way to focus on how you can go window shopping for shares on a stock exchange is to focus on the stock market of your home country.

For example:

• Are there any companies listed on your home exchange that you can find on financial websites?
• Banks and supermarkets are the most recognisable companies listed on stock exchanges
• Were your experiences good or bad when you dealt with these companies?

To look for companies on ADVFN, just type in the name of your company into a search box and a list of names will appear from which you can choose your company.

You can place companies you are researching into a watchlist.

By creating watchlists you can easily access a company’s information without having to search for it every time you log into your favoured financial website.

By looking at companies you already know, you will leverage your financial awareness.

#3: What is a share?

In the US shares are referred to as stocks. A share is a single unit of ownership of a company.

When a company ‘lists’ themselves on an exchange they issue a vast number of shares for people to exchange (buy or sell). One of these shares is a single unit of ownership.

The challenge for value investors is to buy shares of companies that are undervalued. Most company shares, most of the time are valued fairly or are overvalued. But not always.

For example if a company has $100 million in assets and $50 in total liabilities, thats $50 million of value. If the same company has issued a total of 50 million shares, that’s $1 of value per share:

$50million of value divided by 50 million shares = $1 of value per share

If the current market price for each share is 75 cents, then its shares are undervalued.

Tip: the stock market only sets the price of a stock, not its value. Value is determined by careful analysis of a business and its financial statements.

Stock prices represent the price of one share of stock

When you see images of stock market prices flashing across trader’s screens or printed in the newspaper, each one represents the price of one share of stock.

The people that are screaming into phones? They are probably gambling and losing a lot of money. Value investors do not gamble and try not to do not lose their cool in times of crises and rely instead on investment principles as a guide to their decision making.

#4: Why do companies issue shares?

Stock exchanges allow companies issue shares to the public in exchange for cash.

The amount of cash each company gets from issuing shares depends upon how many shares they issue and how much each of their shares are worth.

Companies will often use the cash to grow with their businesses and may not want to get the cash from a bank in the form of a loan.

For example a company may already have bank loans and due to their business plan or terms of their existing loans, may be unable to raise cash from further loans.

Issuing shares is one way around this.

If companies are successful at growing their businesses, they can always buy back some or all of their shares. They may also issue more shares in the future when they need more cash.

#5: Why do people buy shares?

To make money.

Money can be made in three ways from the purchase of shares:

1. By receiving dividends
2. By the value of the shares increasing from the price at which they were first purchased. Then they can be sold at a higher price back to the stock market.

     3.Or both.    

Shares are the number one choice for wealth creation among sophisticated investors. It’s no surprise that the way your pension fund chooses to increase your wealth (and charge you handsomely for the privi

Online stock market investing has been around for so long that there are now legal safeguards in place to protect individual investors from fraud or the bankruptcy of your stockbroker.

Always read the terms and conditions carefully of any online stockbroker you would like to invest with.

A good online stockbroker should have:

• a reputation for good customer service
• a good introduction or guide to investing with them
• clear information about your rights as an investor
• an uncomplicated and reasonable fee structure
• a good range of different countries that you can invest shares in
• a straightforward website (platform) from which you actually place orders for stocks
• a demo account for you to practice placing buy and sell orders without risking any money

I wouldn’t worry too much about freebies such as stock tips, live market prices or a news feed since you would want to have a separate service between who you invest shares with and who you get your live stock market prices from.

#7: What are dividends?

Dividends are nice.

They are  payments made to shareholders out of the money a company makes. For example, if you have 100 shares in Glaxosmithkline and they pay a yearly dividend of £1.00, you would receive £100.00 a year from Glaxosmithkline in dividends (100 shares x £1.00 dividend).

Not all managements will agree to pay its shareholders dividends. Apple for example only started paying their shareholders a dividend in 2012. Some companies never pay a dividend.

Dividends can also form part of an investment strategy like this one if you would like to create an income from your investments.

lege) is the buying and selling of shares.

Use virtual portfolios (investing without using real money) on financial websites like to practice buying and selling shares.

#6: How do you buy and sell shares?

Are you ready to buy shares but don’t know where to do this?

Nowadays, the vast majority of individual investors buy and sell their shares online.

Years ago you would have needed to telephone a broker to buy and sell shares for you. Most brokers are now online and you can buy and sell shares anywhere with a computer and an internet connection.

Dividends: getting paid while someone else runs the company

Whether a company pays a dividend or not  is something you will need to assess and make part of your investing strategy before you purchase your first shares.

Here are a few suggestions:

• What is your reason for investing? If you would like to receive income whilst you investthen you need stocks that pay a dividend. If you pursue a purer value orientated strategythen dividends are not so important. In some cases a lack of dividend may actually alert you to a value investing opportunity.
• Check the numbers. A company’s ability to pay a dividend is dependant on its ability to continue making a profit. But because the future is unknown, check the dividend payment history of a company going back as far as records go. If you can’t be bothered with that, check at least 10 years’ worth of dividend payment history.
• Review the company’s financial position. Dividends can only be paid when a company is in good financial shape and management are willing to pay a dividend. Use screenersto check whether a company pays a dividend whilst taking account of the health of their finances.

Even though dividends can increase your wealth, shares should not be purchased just because the company pays a dividend; research the company thoroughly.

#8: Does a shareholder own the company?

Kind of.

Being a shareholder is about having a vested interest in a company, its prospects, its financial position and the way it is run by management and how they treat shareholders.

One share of stock is one part ownership of a company.

For example Apple Inc.

at the time of writing, have 937 million shares of which any number of people or pension funds, banks or hedge funds could own.

As part owners of a company, shareholders are entitled to dividends, although some companies choose not to pay their shareholders dividends and instead use the cash to grow the business.

As a shareholder you are entitled to vote at a company’s AGM on matters of company policy and how much the management gets paid.

The most important thing to bear in mind is that management are there to serve shareholders and not to run the company for the benefit of themselves by paying themselves as much as possible with stock options and annual salaries.

You should follow the opinions of other shareholders as you read the financial press. They will often share new insights that could affect your valuation of the company.

As part owner of a company, it is your duty to ensure that management’s conduct is conducive to you as a shareholder and to the company as a whole.

#9: Can I become a millionaire if I invest in the stock market?

Yep.

You can also lose you house if you’re not careful.

Becoming a millionaire from the stock market requires a dedication that most are not willing to commit to.

Here are some things to consider:

• Most people who involve themselves in the stock market lose money
• If your starting capital is $50,000 and you make 20% a year, it will take 16 years to get it to £1 million.
• If your starting capital is $100,000 at 20% a year it will take you 12 years.
• The long term average rate of return for a UK pension is about 7%
• You will sometimes lose money on your investments.
• If you have not formulated, tested, written down and can explain to a child your investing strategy, you are gambling.

It is the last two points that prevent individual investors from stock market success. Either because they cannot bear to see the value of their shares go down for extended periods of time or they have not properly researched their investing strategy.

HOW TO BECOME A STOCK BROKER: CAREERS IN INVESTING

HOW TO BECOME A STOCK BROKER: CAREERS IN INVESTING

A career as a professional stock broker or trader can be exciting, stressful and financially rewarding. To become a stock broker, students need years of education and training, and a strong commitment to the financial success of clients, co-workers and the firm. Anyone seriously considering becoming a stock broker or trader needs to seriously think about the following questions, including: Do I need to complete a formal education to land a job? Is formal licensure or certification required? What skills do I need to develop for success? Do I want to work on the accounts of big businesses or trade for small investors?

The following “how to” guide helps those interested in the profession learn the basics and better understand the critical details. Topics covered include: the broker’s job duties and responsibilities; the skills needed for success in the stock trade; and the steps one may wish to consider when entering the field.

Stock brokers are those who connect the buyers and the sellers in financial markets all over the world. They understand money, investments and other financial situations, and strive to conduct trades quickly, efficiently and with the best possible outcome for the client. For example, they may negotiate deals, sell or trade commodities, stocks and other financial instruments for those clients, and advise clients on both short-term and long-term investments.

Anyone interested in becoming a stock broker should possess certain skills, traits and interests. They should be great with numbers and have close attention to detail. Being a very strong customer advocate is necessary, and that means that you must also have great people skills, including the ability to communicate detailed information in a very clear-cut way. The world of finance can be tough, so you should have a thick skin and the ability to take the initiative in any situation.

Many people choose to go into stock trading because of the salary the career promises. According to the Bureau of Labor Statistics, stock brokers made a median wage of $71,720 in 2012. The top ten percent of the profession made an average of $187,199 per year or more. Salary is typically based on a minimum paid by the firm and commissions on top of that. Experienced stock brokers with a large client base can reasonably expect to make more money than those who are just starting out.

EARN A DEGREE IN BUSINESS OR FINANCE

Although not absolutely necessary to obtain a broker’s license, most professional stock brokers start their career path by earning a college degree. Most brokerage houses, in fact, require that all of their entry-level brokers and traders hold at least a bachelor’s degree, preferably one in finance, accounting, business or economics. A special emphasis in mathematics, statistics or a related subject is also desirable. Additionally, a master’s degree in finance or business administration can prove extremely valuable for career advancement.

College students interested in the stock trade should think about joining a business-related fraternity or campus club. Such organizations provide excellent networking opportunities that can lead to internships or entry-level paid positions with local brokerage firms.

Business-related bachelor degree programs are very popular, and quality programs can be found at most major colleges and universities. Business degree programs are also among the most popular available through distance learning. Whether seeking a degree online or through more traditional means, it is crucial that the course program is reputable and fully accredited.  All stock brokers must be licensed to practice. In order to take the mandatory licensing tests (see below), an individual must be sponsored by a broker and complete a minimum of four months of brokerage employment. Paid starting positions at brokerage houses are few, and beginners may have to settle for non-paying internships. Whether salaried or not, these positions provide individuals with in-house classes that prepare them for their licensing exams, as well as real on-the-job experience.

Prospective brokers should also consider starting their own stock portfolios. Only a small amount of money is required to open an account, and the experience gained from trading within one’s own portfolio is invaluable.All stock brokers in the United States are required to obtain licensing. In most states, that means taking and passing the Series 7 and Series 63 examinations. The Series 7 is a six-hour exam designed to gauge one’s general knowledge of the brokerage field, and covers all types of securities, including stocks, bonds, mutual funds, annuities and more. It also deals with ethics and securities law. The series 63 exam is a shorter test and covers topics such as transaction law and business practices. Some states or brokerage firms may require additional licensure.

Once a broker has earned the necessary licenses, he or she will begin the process of applying to brokerage firms and interviewing for jobs. There are several brokerage house options (full-service brokerages, discount brokerages, independent brokerages, etc.) available to new brokers, each with its own unique characteristics and basket of client services. Prospective employees should honestly assess their individual talents, strengths, weaknesses and career goals in determining the type of firm for which they are best suited.

The finance industry has seen some tough times in recent years, especially due to the housing bubble and the economic downturn. As a result, growth in the finance and insurance industry is expected to hit 9 percent from 2012 to 2022. However, stock brokers will see a higher rate of employment – about 11 percent. As the economy recovers, the demand for financial experts is expected to increase. Competition for open positions is expected to be fierce, so those who have certification, an MBA, great grades in college and experience through internships will see much better opportunities.

How to Be a Stock Broker

Did you just finish watching Wall Street? Well, being a stockbroker doesn't involve that much glitz and glam, but it's pretty awesome. A stockbroker is a financial adviser who counsels clients (corporations or individuals) on appropriate investments to fit their abilities and goals.To be a stockbroker, one must work for a brokerage house -- buying and selling stocks on the stock market is limited to members of the stock exchange. A broker is also known as a securities sales agent or securities and commodities sales agent. Here's everything you need to know!

Part1

Getting Started

1. 1
   Go to a good college. it might be hard but you can do it! sometimes you can use some help from your parents or guardians! It used to be that anyone with a knack for numbers and a lot of friends could become a successful stockbroker. Not so anymore! If you want to stay competitive, you'll need to get your degree. Economics, finance, mathematics, accounting or business management are all good fields to get your undergrad degree in. And the better college you go to the more prospects you'll have later on the game!
   

   • Especially if you're going to grad school, keep your grades up. The better your grades, the more -- and better -- schools will open up to you. Not to mention knowing what you're doing when you hit the exchange floor!
2. 2
   Look into internships. Some brokerages hire interns during their last year of college. Hit up your campus' "Investment Club" -- or start one if it doesn't yet exist! Getting that dream internship could make your path to being a billionaire a lot easier.
   

   • This is your best bet if you're not looking to get your MBA and want to get going as quickly as possible. But know that relaxing is totally a viable option. Plenty of people take a couple of years off, go back to get their MBA and get in the game a little bit later. Also: people are more likely to trust a 28 year-old with their money than a 22 year-old, so feel free to keep that red solo cup and package of ramen in your hand for a second or two more.
3. 3
   Consider getting your MBA. Alright, so having an MBA isn't necessary per se, but if you want to rise to the cream of the crop, having an MBA will put you at the top of that prospective employee stack you're bound to find yourself in eventually. More and more people are getting them, making them par for the course. This step could aid in job advancement, larger signing bonuses and higher compensation.
   

   • Again, feel free to take a few years off between undergrad and your MBA. Getting some viable work experience (even if it's menial labor at a bank or a firm) will make your options grow tenfold as well. Showing that you already have a grasp on what you're doing or want to do will get programs to take you more seriously.
4. 4
   Educate yourself. Read. Watch. Expose yourself. Learn. This is a field where you can very much make yourself better on your own time. So read books! Watch financial news shows. Follow different stocks and see what rises and what falls. While Joe is off breeding ferrets and Jim is playing football, you'll be ensuring that you walk out of school with a six-figure income to start.
   

   • Try William Bernstein's "The Four Pillars of Investing: Lessons for Building a Winning Portfolio," or Mark Hebner's "Index Funds: The 12-Step Program for Active Investors."^[1] The Wall Street Journal or NY Times financial section won't hurt either!
   • You probably know a half a dozen people who at least dabble in investments. Ask them about what they know! The only reason you need an educate now is because that's the current academic trend. Back in the day it was just people who took an active interest in it. So tap into all your resources as soon as you can, as often as you can.
5. 5
   Start your own investment portfolio. When you get old enough, start taking care of some of your own money (if you're under 18, it will have to be in your parent's name). Work with a family member who's doing it and see how you can start building proof of your know-how. If you wouldn't trust you with your own money, why should someone else trust you with theirs?!

Part2

Planning Your Future

1. 1
   Consider your options. There are three paths your career could take:
   

   • Be a full-service broker. This would be working at a firm like Merrill Lynch or Morgan Stanley.^[2] In order to succeed here, you must be very sales-oriented.^[3]They will set you up with a space, get you trained and give you a salary to start off until you pass the trial period.
   • Be a discount broker. Charles Schwab or Fidelity are two examples of discount brokers.^[2] If you're more service-oriented, this is for you. You will generally always be on salary, making less commission, but mainly assisting those who come to you, buying and selling but not giving advice.^[4]
   • Be a bank broker. This is pretty straightforward -- you work at a bank. The bank's customers come to you to buy fixed annuities and to make other, often more conservative, choices.
     • Discount brokers generally have to know a little bit about everything (rollovers, stock options, margin accounting, derivatives, bond ladders, etc.), whereas full-service brokers usually specialize in one area, like IRA rollovers or employee stock options.^[2]
     • Full-service brokers are responsible for finding their own clients. However, they also are given workspace and a salary to start off. With discount brokers, you pay your overhead costs and make less commission.^[5] It's really a give and take.
2. 2
   Research firms. If you've narrowed it down to what type of broker you want to be, you'll still need to decide on which firms you want to apply to. Just like a pair of pants (one that you'll be wearing for decades), it needs to fit you just right. The main thing to consider? Size.
   

   • A big firm can often offer you a competitive training package, making you feel more firm in your grounding and alleviate your financial start-up woes. However, you may feel like you're a teeny fish drowning in a large pond.
   • A small firm can give you the attention you desire and feel more personable (in addition to offering a higher commission rate), but they may not be able to offer you the clientele or training of a larger program.
3. 3
   Get trained at a firm. You'll need to get a few months' on-the-job training before you can take your license and be a full-fledged stockbroker, but you can still get to work. It all depends on where you're employed. Some may call it an internship, some will just consider it pre-training, some will offer more money than others. Whatever form yours takes, it's a necessary step pre-examination.

Part3

Getting Fully Qualified

1. 1
   Take your mandatory exams. There are two basic tests you must take:
   

   • The Series 7. Formally known as the General Securities Registered Representative Examination. This test is given by the Financial Industry Regulatory Authority (FINRA) and is the most difficult test you will take (lasting 6 hours). After passing it, you'll be a "registered representative," or stockbroker. You have the authority to sell all securities and investments except for real estate, life insurance and commodities futures.^[6] It costs $290.00 currently.^[7]
   • The Series 63. This one is just about conducting business and the various laws that govern transactions. It's a lot shorter (75 minutes) and much easier.^[5][1] This one costs $96.00^[7]
2. 2
   Consider taking other exams to specialize. They're not exactly necessary, but they do make it so nothing is off-limits to you. Those exceptions mentioned with the Series 7? Those go away once these tests are passed.
   

   • The Series 65. Your firm may require you to become a "Registered Investment Adviser." You must take the 65 for them to use professional management platforms.
   • The Series 66. Just a combination of the 63 and 65.
   • The Series 3. This test is required to sell commodities futures contracts.
   • The Series 31. To sell managed futures funds, you'll need to take this test. It's usually obtained in lieu of the 3.^[5]
3. 3
   If you're in the UK, know that the testing process is completely different. The Series tests just aren't a thing. Across the pond, you could have either a CFA Society UK Level 4 Certificate in Investment Management, a CISI Level 4 Diploma in Investment Advice, a CISI Level 7 Master's in Wealth Management, a Fellow or Associate of the Faculty or Institute of Actuaries, or a Manchester Metropolitan University BA (Hons) in Financial Services, Planning and Management.^[8]
4. 4
   Handle the piles of paperwork. After your exams are in the bag, you'll need to complete your registration with FINRA/NFA, and register with the Securities Commission of each state that you plan on working in. Here are the basics:^[7]
   

   • Pass a background check (anything beyond a minor traffic violation may disqualify you)^[5]
   • Get a fingerprint card
   • Complete paperwork for both state and federal levels
5. 5
   Meet quotas and get past your first year. If only the hard part were over. Now that you're a legitimate broker, you gotta meet expectations. Depending on your firm, they'll probably give you six months to a year of a base salary to give you time to build up your clientele. This will be the hardest part. In fact, many take several years before they're really comfortable. It's stressful, but it's worth it.
   

   • The majority of people who drop out drop out now. The money doesn't come in like they want to, they're not good salesmen, they can't stand the long hours prospecting, they get dropped because they don't make enough for the firm, whatever. If you can get over this hump, you're golden.
6. 6
   Take continuing education courses. In order to maintain your license, you'll need to attend seminars and take continuing education classes.^[1] Your employer will facilitate this for you. Just keep up! The market is constantly changing.

Part4

Succeeding in Your Career

1. 1
   Build your client base. Once more, there are three traditional ways you can do this:
   

   • Cold calling or door-knocking. You literally grab the phone book (those surprisinglydo still exist) and start making phone calls with a smile plastered on your face. You could also get a list of names from the county clerk for a neighborhood and go door-knocking. Yes, dogs may chase you.
   • A list of possible clients. You can either buy these from a marketing firm or your employer may give them to you. Considerably better than being accused of trespassing.
   • Going through your own network. Hitting up friends, friends of friends, long lost uncles of friends of friends, joining exchange clubs and various organizations to hit their members, etc.
2. 2
   Get over the learning curve. Quite obviously, the stock market is not a 2 + 2 = 4 kind of place. There are a billion factors going on at once that you have to learn to account for. You'll be giving people advice and risking their hard earn money. There's quite a lot to get used to. Quite a lot being a vast understatement, of course.
   

   • The amount of money you bring home will increase with each year. The easier your job gets, the more money you'll make, surprisingly enough. It's really getting the ball rolling that's the hardest part.
   • Initially you'll be working all the time. Whenever you can get to clients, you'll be working. That means nights, weekends, and holidays. But when you have a firm client base, you'll find yourself working 6 hour days and taking time off whenever you need. It just could take years to get there.^[5]
3. 3
   Get used to the constant sales pressure. You'll be meeting quotas from day one. If you don't get people to cave to your salesmanship, your job is on the line. Until you have a bank of people you can depend on to invest with you, the pressure will be on 24/7. It can be quite a lot for some people.
   

   • Again, if you're not a super salesman, a discount broker or bank broker may be more up your alley. Sales is not for everyone. You could also start at a bank or discount, build your network, and then go to a full-service broker.
4. 4
   Get persuasive. Your entire job is about getting people to trust you. To trust you with their hard-earned money. That's asking a lot! Not to mention you'll probably be a complete stranger. How are you even going to get your foot in the door?
   

   • This is where getting a mentor comes in handy. There are psychological tricks of the trade that all the pros use to keep people from quite literally hanging up on them or banging the door in their faces. Needless to say, you'll develop quite the thick skin.
5. 5
   Effectively communicate. Let's put it simply: you're going to know a lot of terms and concepts that the average Joe doesn't. That's how you have a job. Instead of rolling around all those acronyms and concepts that people don't understand, you'll need to get on their level. Can you take everything you know and make accessible to everyone? Hope so!
6. 6
   Work for an independent broker. Raymond James or LPL Financial are two examples of independent brokers. They offer virtually every project and their employees see payouts in the range of 80-95% (full-service may start you out at around 40% at the beginning of your career, working your way up slowly but surely).
   

   • You need an established client base to do this. A very, very large client base. For this reason, CPAs and tax preparers often have a leg up in this department. It's something to aspire to, for sure. After a while in the game, this is a definite possibility.