Is it possible to buy stock without going through a stock exchange?

Yes, companies have stock ownership plans, many do not involve brokers, the stock is just issued to employees. Stock certificates can be transfered by signing the back...

Some companies also have direct-buy programs for anyone.

No, it is not possible to buy stock directly without going through a stock exchange. A stock exchange is a centralized marketplace that facilitates the trading of securities, such as stocks and bonds. It brings together buyers and sellers, allowing them to transact in a fair and regulated manner. All trades of publicly listed stocks typically occur on stock exchanges.

To buy stocks, you need to open a brokerage account with a licensed brokerage firm. The brokerage firm serves as an intermediary between you and the stock exchange. They facilitate the purchase and sale of stocks on your behalf, executing your orders on the stock exchange. Through your brokerage account, you can place buy orders for specific stocks, specifying the quantity and price at which you are willing to buy.

However, it's worth noting that some private companies may issue stocks privately outside of the stock exchange. These transactions are usually limited to accredited investors and have more stringent requirements. But for the general public, buying stocks without going through a stock exchange is not possible.