Some begin working as securities sales workers following retirement from other fields. Securities sales workers must meet State licensing requirements, which generally include passing an examination and, in some cases, furnishing a personal bond. These tests measure the prospective representative's knowledge of the securities career, customer protection, and recordkeeping procedures. In most firms, the training period takes at least several months. In small firms, sales workers generally receive training in outside institutions and on the job.
Many trainees take correspondence courses in preparation for the securities examinations.
Securities sales workers periodically take training, through their firms or outside institutions, to keep abreast of new financial products as they are introduced on the market. Training in the use of computers is important, as the securities sales career is highly automated. The principal form of advancement for securities sales workers is an increase in the number and size of the accounts they handle. Although beginners usually service the accounts of individual investors, eventually they may handle very large institutional accounts such as those of banks and pension funds. Some experienced sales workers become branch office managers and supervise other sales workers while continuing to provide services for their own customers.