🎯 In 30 seconds: Markets employ far more than traders. There are analysts who research companies, portfolio managers who run funds, quants who build models, advisors and brokers who serve clients, and compliance and operations staff who keep the system running. Most selling and advising jobs need licenses from FINRA and state regulators, and the first exam, the SIE, is open to anyone 18 or older without a job offer. Longer programs like the CFA and CMT add depth. In high school and college, the best preparation is math, writing, coding and a record of your own research.
The main jobs, in plain words
| Role | What the day looks like | Skills that matter |
|---|---|---|
| Trader (bank, market maker, fund) | Buys and sells for the firm or its clients, manages risk limits, watches markets all session | Fast arithmetic, calm under pressure, discipline about limits |
| Research analyst | Studies companies or industries, builds financial models, writes reports with ratings and price targets | Accounting, Excel, clear writing, curiosity |
| Portfolio manager | Decides what a fund owns and how much, answers to clients or a board for results | Judgment, risk management, years of analyst experience |
| Quantitative analyst (quant) | Builds statistical models and trading systems, tests them on data, writes code | Math, statistics, programming. See Algorithmic trading |
| Broker or financial advisor | Helps individuals invest, explains products, places trades, plans for goals like retirement | Communication, trust, product knowledge, licenses |
| Compliance and regulation | Checks that trading and sales follow the rules, at a firm or at FINRA, the SEC or a state regulator | Attention to detail, rule knowledge, writing. See Who protects you |
| Risk and operations | Measures how much the firm could lose, settles trades, fixes breaks between records | Spreadsheets, databases, process thinking |
Very few people start as traders or portfolio managers. Many begin in research, operations, risk or client service, learn how the firm works, and move from there.
What the jobs pay and how they are growing
The Bureau of Labor Statistics (BLS) tracks two of these job families. Its figures are medians, meaning half of workers earn more and half earn less. Pay varies a lot by city, firm and bonus.
BLS says both job families typically need a bachelor's degree to enter. It also notes that the main securities licenses usually require sponsorship by an employer, so most people get licensed after they are hired, not before.
The licenses: SIE, Series 7, 63, 65 and 66
FINRA runs the federal-level exams for people who work at broker-dealers. State-law exams are written by NASAA, the association of state securities regulators, and given through FINRA. Figures below are from FINRA's exam pages as of October 2026. Fees and formats change, so check before you register.
| Exam | What it is for | Need a firm to sponsor you? | Format and passing score | Fee |
|---|---|---|---|---|
| SIE (Securities Industry Essentials) | Basic knowledge of markets, products and rules. The entry exam for the industry | No. Open to anyone 18 or older | 75 questions, 1 hour 45 minutes, pass at 70 | $100 |
| Series 7 (General Securities Representative) | Selling most types of securities, including stocks, bonds and options | Yes, a FINRA member firm. The SIE is a corequisite | 125 questions, 3 hours 45 minutes, pass at 72 | $395 |
| Series 63 (state law, NASAA) | State securities law for agents who sell securities | FINRA lists no corequisite | 60 scored questions, 75 minutes, pass with 43 correct | $147 |
| Series 65 (investment adviser law, NASAA) | Giving investment advice for a fee as an investment adviser representative | NASAA says it can be taken without firm sponsorship | 130 scored questions, 180 minutes, pass with 92 correct | $187 |
| Series 66 (combined state law, NASAA) | Covers both the 63 and 65 roles | The Series 7 is a corequisite | 100 scored questions, 150 minutes, pass with 73 correct | $177 |
A passed SIE stays valid for four years. Passing it on its own does not let you sell anything. You still need a qualification exam like the Series 7 and a firm to register you. But having it on your resume shows an employer you are serious and saves them a step.
CFA and CMT: the longer programs
CFA Program (CFA Institute). Three exams, Levels I, II and III, covering accounting, economics, valuation, portfolio management and ethics. CFA Institute recommends about 300 hours of study per level and says completing all three usually takes three to four years. To become a charterholder you also need at least 4,000 hours of relevant work experience over at least 36 months. It is most common among analysts and portfolio managers.
CMT Program (CMT Association). A three-level program in technical analysis: charts, indicators, market breadth and testing trading rules. It suits people heading toward trading, technical research or risk roles. The chapters in Trends through Does technical analysis work? give you a head start.
Neither is required to get hired, and both take years. Check each organization's current registration rules before you plan around them.
How the path usually goes
What to do in high school
- Take the hardest math you can handle. Statistics and calculus show up in analyst, risk and quant work.
- Learn to code. Python and spreadsheets are used across the industry. Start by pulling prices into a sheet and calculating returns.
- Write. Analysts are paid to explain. Write a one-page thesis on a company you know, using Building a stock thesis.
- Practise in public. Join or start an investment club. Keep a trading journal for a paper portfolio for a full year. A year of honest records, including the losses, is more impressive than a big win.
- Get any job. Work experience shows reliability, and earned income opens a Roth IRA. See A plan for a young person.
What to do in college
- Pick a major you can do well in. Finance, economics, accounting, math, statistics, computer science and engineering all feed into these jobs. Grades matter for first-job screening.
- Chase internships early. Many firms hire full-time analysts from their own intern classes. Apply in your second and third years, and ask the career office which firms recruit on campus.
- Join the student investment fund if your school has one. You will pitch stocks, defend them and track results.
- Take the SIE when the timing fits, as described above.
- Talk to people. Alumni in the industry are often willing to give 20 minutes to a student who asks good questions about their job.
Try it
- Pick two roles from the table. Find two real job listings for each and write down the skills and licenses they ask for.
- Download FINRA's SIE content outline and read one section. Mark which chapters of this course cover it.
- Build a simple model: add one company to your watchlist, pull five years of revenue and profit from its 10-K on SEC EDGAR, and write half a page on the trend. That half page is the start of an analyst portfolio.
- Who can take the SIE exam, and do you need a firm to sponsor you? Answer: Anyone 18 or older. No firm sponsorship is needed.
- How long does a passed SIE stay valid, and does it let you sell securities on its own? Answer: Four years. On its own it does not let you sell anything: you still need a qualification exam such as the Series 7 and a firm to register you.
- You plan to apply for finance internships and jobs in your third and fourth years of college. When does the chapter suggest taking the SIE? Answer: The summer after your first or second year, so it stays valid through your job search.
- A program charges you a fee to trade a simulated account and promises a "funded" account if you pass. What does the chapter say? Answer: That is not a job, and you are paying them. Read the full rules and check the firm on BrokerCheck or NFA BASIC first. A real employer does not charge you to work.