Stockbroker – Finance

Henry Budd

Keeping up to date is essential for experienced stockbroker Gretchen Hart, writes Henry Budd.

The days when stockbrokers stood on the trading floor screaming buy or sell orders are long gone, Citi Smith Barney senior vice-president Gretchen Hart says.

“There is no trading floor any more. Everything is computerised,” she says.

As a full-service stockbroker, Hart advises clients on the best way to manage investments, including superannuation.

“We manage a lot of our clients’ portfolios for them, sometimes with a lot of their input, or sometimes not, depending on the client,” she says.

Keeping up to date with the latest market data is essential to her job.

“In this job there is so much reading,” Hart says. “You read all the newspapers, industry publications, research articles.

“You are constantly re-educating yourself. You can’t stand still or you’ll get left behind.”

Hart specialises in international stocks and examines global trends to find investment opportunities.

“For example, the population is ageing, so we try to work out which companies will benefit from that,” she says.

Hart studied engineering and commerce at university before completing an advanced diploma in financial planning.

“Maths was my strong point at school. I love share markets and I like dealing with people, and I think those three things are really important,” she says.

The industry has become more regulated and has increased its focus on qualifications, though experience is still important, Hart says.

“In earlier times you just needed experience.

“It’s all about past market cycles and how share markets go up and down.

“Until you have actually seen it yourself, it is very hard to learn those things out of a text book.”

QUALIFICATIONS:
The Australian Securities and Investment Commission has a list of competencies, known as PS146, which brokers must meet before they can become licensed.

The Financial Services Institute of Australia offers several courses in financial planning, which are PS 146-compliant.

The diploma of financial services (financial planning) is an entry-level course for people who want to become financial planners.

COURSE DESCRIPTION:
The diploma can be completed in less than a year and consists of four compulsory subjects: financial markets, managing risk, superannuation and planning, and financial planning 1.

After completing the course, graduates are eligible to enter FINSIA’s post-graduate courses, including the graduate diploma of applied finance and investment.

ASSUMED KNOWLEDGE:
There are no prerequisites for this course.

COSTS:
The course costs $2760 for FINSIA members and $3140 for non-members. An additional fee of $250 applies to all new students.

FROM THE INSIDE:
Citi Smith Barney senior vice-president Gretchen Hart says completing a business or commerce degree is a good grounding for becoming a stockbroker. Many firms offer internship programs, which are a good way of getting your foot in the door, she says.

“A lot of people come into brokering having worked in other areas of finance first, possibly as analysts or in asset management,” Hart says.

More information: ph: 1300 728 505 or visit www.finsia.edu.au