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Finance Careers – Security Pricing Specialist

Name: Jason Richards
Job Title: Security Pricing Specialist
Where: Boston, MA
Employer: Bank of New York Mellon
Years of Experience: 7 years
Education: Eastern Nazarene College, Business Management Degree.
Salary: See PayScale's Research Center for the Average Salary for a Securities Career.

Finance Careers - Security Pricing Specialist

Jason Richards is a security pricing specialist for Mellon Bank. He started at the ground level and is in the process of working his way up. In this Salary Story, Jason explains what public securities markets are and how to make it in Mellon securities careers. He also shares some great advice and stories that would be valuable to anyone working in the stock brokerage industry or pursuing a finance career.

What does a security pricing specialist do?

Jason: This job is considered the operations side of a mutual fund company. Previous to working here, I worked at Fidelity Investments. The operations side is configured of security pricing and accounting for securities held by funds that are in investment portfolios, typically 401k retirement portfolios. Each morning I run a report that shows what new securities were bought by our trading desk, and place them on specific broker or vendor pricing lists. This is to ensure that the bonds are priced on a nightly basis. The fluctuation on a bonds price from day to day affects the NAV (Net Asset Value) of the funds that hold the security. The fluctuation of the NAV on a fund affects the performance of the fund in a portfolio. An individual's portfolio is made up of a group of funds, determined by their retirement goal objectives. Each fund specializes in a certain objective, for instance high risk, low risk, steady growth, and a mix. My job is focused on the pricing of securities that are purchased into a fund. Working for fixed income bonds, we collect prices that are evaluated bids, unlike the traded stock price of an equity. Bonds are considered a debt/credit security, whereas a company issues the bond available to holders (investors) as a "loan" for the company to build or use to grow the company. The company will typically issue the bond with a fixed maturity, and coupon/interest rate that will be paid back to the investors on top of principle. This is how investors make money, and how companies can get money, like a loan, to accomplish growth and objectives for the company.