Stock Broker Salary
For Stock Brokers, annual average wages total $51K per year. In the world of Stock Brokers, overall cash earnings stretch from $38K near the bottom to $195K near the top; these packages encompass bonuses that run close to $48K and profit sharing that can (albeit rarely) exceed $68K, along with commissions approaching $515K. Earnings for this group are mostly affected by location, followed by career duration and the specific company. Most Stock Brokers like their work and job satisfaction is high. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Most Stock Brokers survey respondents are men (79 percent). This report is based on responses to the PayScale salary survey.
Job Description for Stock Broker
Stock brokers perform financial services for their organization's clients related to stocks and other securities. They advise their clients on current and prospective investments, help manage their portfolios and provide advice on which investments might have the best returns, as well as process transactions on their clients' behalf. Stock brokers' clients may be individual investors and/or companies, and excellent communication and interpersonal skills are required to communicate effectively with these clients. Stock brokers must be able to make decisions in a fast-paced environment, perform effective financial analysis, manage multiple client portfolios effectively, and work to maintain good relationships with clients. They need to maintain an up-to-date understanding of the stock market and monitor changes in the market throughout their workday.Read More...
Stock brokers typically work for financial service organizations during the hours the stock market is open, with additional hours often required. They may be paid based on commission or flat fees, which means having a large, steady base of clients is critical. These professionals generally work in an office environment with minimal physical requirements.
To become a stock broker, a bachelor's degree in a related field such as finance or business is typically required. Relevant training - such as successful completion of Series 7, 63 and 65 classes - is needed as well. Stock brokers must have good customer service and sales skills, as well as be able to use basic computer programs needed to perform the functions of their job.
Stock Broker Tasks
- Analyze and interpret portfolios and assist in creation of strategies to meet financial goals of the client.
- Manage client portfolio with care and integrity, ensuring that their financial well-being is protected.
- Maintain knowledge of all financial services the company offers and promote these services to the client.
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Popular Employer Salaries for Stock Broker
Charles Schwab & Co., Inc. seems to offer the smallest paychecks with a median salary of only $46K. The pay range is quite narrow, too; compensation generally sits between $41K and $111K.
Pay by Experience Level for Stock Broker
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $51K, but people who have been around for five to 10 years earn a noticeably bigger sum of $71K. The average pay reported by folks with 10 to 20 years of experience is around $95K. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $88K by contrast.
Pay Difference by Location
With a pay rate for Stock Brokers that is 78 percent greater than the national average, New York offers a comfortable salary for those in this profession. Stock Brokers will also find cushy salaries in Fort Worth (+7 percent). Location significantly influences compensation, with Austin Stock Brokers earning much less — 24 percent less — than the national average. Not at the bottom but still paying below the median are employers in Denver and Indianapolis (23 percent lower and 13 percent lower, respectively).
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Key Stats for Stock Broker
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