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There are many career directions that can be pursued in the fast-moving world of stockbroking.

The portfolio manager in the Investment Department assesses the client's financial status. The analyst in the Research Department analyzes the companies listed on the stock exchange. The information is then compiled to assist the portfolio manager in investing the clients' funds and sold to the broker's clients by the Institutions and Client Services Departments.

The dealer who works on the trading floor presents the popular image of the stockbroker. There are various categories of dealers:
- unauthorised clerks 'run' orders from the trading desk to the dealers;
- the authorised clerk carries out buy and sell orders with dealers from other brokers;
- the institutional dealer takes and carries out buy and sell orders over the telephone from South African corporations and offer companies market information;
- an arbitrageur does the same as the institutional dealer, but he deals with overseas institutions.

The Derivatives Department trades in the futures and options market, an area so unpredictable that it is often said that these dealers are born with a 'nose' for the job. The dealer does the trading in this market and a strategist applies knowledge and experience to the market to develop new strategies.

The Corporate Finance Department lists shares on the Johannesburg Stock Exchange and the Administration Department does the paperwork for all the other departments - a task which can become quite pressurized at times.

Satisfying Aspects
- excitement of the Stock Exchange
- jubilation when investment stocks rise
- assisting with making people's investments grow

Demanding aspects
- stress and pressure of making the right decisions about investments
- ensuring that all information provided is accurate
- gloom when stocks fall
- the heavy responsibility of giving sound financial advice to clients and that decisions are taken and implemented timeously

A stockbroker should:
- have good interpersonal skills;
- have good numerical ability;
- be able to withstand intense pressure;
- be willing to work long hours;
- acquire an understanding of the stock market.

Different qualities are required for the different areas in stockbroking:
- the portfolio manager must be able to read a balance sheet;
- an analyst should have the ability to think laterally and the self-confidence to stand by recommendations made;
- the dealer in the futures and options market should be quick learners and work well with figures;
- the strategist needs good mathematical ability and creativity.

School Subjects
National Senior Certificate meeting degree requirements for a degree course
National Senior Certificate meeting diploma requirements for a diploma course

Each institution will have its own minimum entry requirements.

Compulsory Subjects: Mathematics for a degree, also Physical Sciences for a BSc degree
Recommended Subjects: Accountancy, Economics

Degree: - Portfolio Manager: BCom or qualification as a chartered accountant + Stock Exchange Exam.
- Analyst: A degree plus working experience in the relevant economic sector.
- Institutional Dealer; International Arbitrageur: BCom with Finance or Economics.
- Strategist (Derivative Department): BCom with Mathematics, Actuarial Science, Physics; or an Engineering degree; or a MBA degree; or any financial degree.
- Corporate Finance Department: Qualification as a chartered accountant; or a Law degree; or a BSc degree.
- Administration Department: Any financial degree.

Diploma: any business or financial diploma, depending on the field to be pursued, is suitable for work in the Administration Department.

- Unauthorised clerk: JSE offers in-service training. The candidate must pass an oral exam to work on the floor.
- Authorised clerk: JSE offers in-service training. A minimum prescribed period as an unauthorised clerk must be completed. The candidate must pass an oral exam on Stock Exchange rules and regulations.

- Stockbroking firms
- Start own broking firm

Investment Analysts Society of South Africa (IASSA)
Tel: (011) 791 0105
Fax: (011) 791 0107

Johannesburg Securities Exchange (JSE)

The Corporate Communications Department
Johannesburg Stock Exchange
P O Box 1174
Johannesburg, 2000
Tel: (011) 377-2200