guys, fresh graduate here..

I'd like to know what are the qualifications to be a legitimate stock broker?

read the licensing handbook 2

u can find it in the Securities commission web site.

find > dealing in securities> capital market services representative...

For examination...

go to SC sub web site which is the SIDC web page ...

u will find the requisite modules to take.

http://www.sidc.com.my/programme/licensing...dule-combo.html

dun really get it.

according to page above, local participant needs to take the exams such that he is eligible to enter the market?

how about cfp or cfa such qualifications ? not relevant ?

For CFP refer Financial Planning - this is also govern by SC but under financial planning.

if u want to deal in any capital market products u wuill need to take an exam by SC in order to become a license representative. thats why i said u shu check the licensing handbook for details.

btw (check out the licensing handbook for further details)

http://sc.com.my/eng/html/cmsa/handbook.html

There are 2 types of stock broker:

1) Dealer representative - u represent company for stock trading deals
2) Remisier - u r the boss of your self but if i am not mistaken,u need to deposit RM50k to be remisier

I am a dealer representative for Corporate clients (institutional dealings) for one of Malaysian top investment banking company.

here is the answer to your question:

1) you need to take license to become a stockbroker
2) you need to take module 6 & 7 examination with SC
3) pls refer to sidc website should u plan to become dual license holder (equity + futures)

all the best!

Im confused.

the SC exams is the license to work, whereas CFA is to advance beyond bachelor level?

I rmb someone told me that it's better work to on CFA or similar designation first, though.

CFA is a professional course. If you prefer to be a portfolio manager,investment analyst,fund manager etc.. you are at advantage to get these positions if you are a CFA charter holder.

If you just want to be a stockbroker,just sit for the module 6 & 7.

CFA is a pre-requisite for Fianancial Planners which is also a product offered by the Capital Market under "Financial Planning".

For ANY Capital Market products which includes:
Financial Planning
Dealing in Securities
Dealing in Futures
Fund Management
corporate Finance
Investment advise

All this you will need to take an EXAM which is MANDATORY before license will be issued to you PROVIDED your attached with a Trading Participant (or other institutions) or u can be a local participant

For Dealing in Securities:

You will need aDegree from any recognized University by the Malaysian Gov and than you can sign up as a Remisier.

Read page 33 & 34 of the licensing HB.. fore requirements.

This post has been edited by aurora97: Nov 18 2008, 12:43 PM

Have a question, did they get any basic wage instead of brokerage commission?

FYI

There's no more diffrentiation between DR and Remisier after 27th sep 2007, all r now known as Capital Market Services Representative (CMSRL) u will see this title in your license certificate given to you by SC or ur respective licensing dept.

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Added on November 18, 2008, 12:47 pmRemisiers dont get any basic wages...

if u check in the bursa rules, if i am not mistaken its 60:40 profit sharing basis...

For Remsiers only!

(will post the reference once i find it)

Bursa Rurles check 310.2 for Securities

This post has been edited by aurora97: Nov 18 2008, 12:56 PM

No wonder they are very afraid when their client want to move to another remiser/dealer/other broker firm .. and some of them always take MC/Vacation/Lost In Action whenever they want

This post has been edited by Irzani: Nov 18 2008, 12:53 PM

nolah not like that, client actually can move their account any time one...

if ur remisier dont sign also got ways to make him sign also, alot of ways to do it.

Licensed person to carry out stock trading activity is define as CMSR,regulated under CMSRL act. Eventhough DR and Remisier are under one act, both are different in terms of its substance.For eg. Dealer Rep is a staff of a company while remisier act as Principal-agent basis.

There are differences btw these 2 terms, eventhough the role is recognised under the same act (CMSRL).

Hope TS not confuse with this explanation..

Correction CMSR is actually = CMSA Capital Market Services Act 2007.

Sorry, I hope this thread is still alive.

Anybody here took Module 12? This exam is seriously killing me I've taken it 3 times already. The questions are very broad. Any help will do! Seminars..etc.

are cfa and mba mutually exclusive?

Is a pre-requisite does not exclude a CFA orMBA from the Exam, the person will still have to take it.

i am interesting to become a stock broker, anyone can give me adcice how the path to go?

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Added on December 18, 2008, 9:41 amhow to obtain the license? how much the fees? how the process? how long time taken? wht do prepare...???

This post has been edited by ivanlau1122: Dec 18 2008, 09:41 AM

Just wonder, what is the average income for amateur vs. experience broker?

broker is a dying industry, everybody go online, why bother to get in ?