Stock Broker Salary
Stock Brokers in the United States can expect wages of $53K per year on average. Total cash compensation to Stock Brokers approaches anywhere from $39K on the lower end to $199K on the higher end; in exceptional cases, this can include more than $56K from bonuses and upwards of $51K from profit sharing. The most influential factor affecting pay for this group is location, though career length and the particular employer have a (lesser) impact as well. The majority of workers are highly satisfied with their job. A large number report receiving medical coverage from their employers and a majority collect dental insurance. Most Stock Brokers survey respondents are men (74 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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Pay by Experience Level for Stock Broker
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Stock Brokers generally obtain higher compensation for more plentiful past experience. Although individuals who have less than five years' experience earn $51K on average, people with five to 10 years benefit from a notably larger average of $74K. After working for 10 to 20 years, Stock Brokers make a median salary of $99K. Individuals who have achieved more than 20 years of experience don't seem to earn much more than people who have 10 to 20 years under their belts; the more senior group reports an average income of $100K.
Pay Difference by Location
For Stock Brokers, busy New York offers a higher-than-average pay rate, 104 percent above the national average. Stock Brokers will also find cushy salaries in Fort Worth (+4 percent). The lowest-paying market is Austin, which sits 26 percent below the national average, proving that location is a significant contributor to overall pay. Not at the bottom but still paying below the median are employers in Denver and Indianapolis (24 percent lower and 15 percent lower, respectively).
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