Stockbrokers know chart the ups and downs of investments.
Stockbrokers advise retail investors on what investments to make on the phone, online or face-to-face. Most employers require a bachelor's degree in business, accounting or economics, though a master's in business administration is useful for advancement. Brokers must register as representatives of their agencies with the Financial Industry Regulatory Authority, which requires four months with their firms and passing the General Securities Registered Representative Examination. Most states also require passing the Uniform Securities Agent State Law Examination.
Work
Stockbrokers are under constant pressure to meet sales goals while providing constant attention to their customers. The work can be stressful and usually lasts longer than 40 hours a week. Many work evenings and weekends for the convenience of their clients, who work during the day. Stockbroker compensation normally combines a base salary plus commissions. The median salary runs $66,930 per year, with a range of $29,980 to $166,400, according to May 2009 data from the Bureau of Labor Statistics. This breaks down to $32.18 per hour, with a range of $14.42 to $80 an hour.
Experience
Experienced stockbrokers have a wider client base from which to draw commissions and a deeper knowledge of stocks. Thus they earn higher salaries. New brokers earn $29,833 to $40,695 per year, while those with one to four years of experience get $35,418 to $49,190. At five to nine years, they make $41,412 to $71,972, and from 10 years onward, salaries range from $41,696 to $101,736. Note that many experienced brokers use their increased knowledge to invest in the market and earn additional income. These compensation figures do not include those investments.
Industries
The hiring industry can affect salaries, with banks offering the widest and highest ranges at $41,494 to $122,449. Brokers here have a built-in client base from banking customers and may offer stocks as just one financial management option. Stock transfer agencies, which are responsible for changing the names of ownership for stocks, pay the next highest salaries at $30,000 to $66,258. Salaries for traditional investment services are $36,547 to $50,000, while those in online brokerages make $35,609 to $44,477.
Location
The state in which a job is located can affect salaries. New York and its high population offers the highest employment with 4.30 brokers per thousand workers. Employers here pay $60.36 per hour or $125,550 per year, which is almost double the national median. Connecticut offers the highest salaries at $77.46 per hour, or $161,110 per year. The state's employment level is close to New York at 4.05 brokers per thousand workers.
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