Brokers: Salary, career path, job outlook, education and more
Brokers sell securities and commodities directly to individual clients. They advise people on appropriate investments based on the clients needs and financial ability. The people they advise may have very different levels of expertise in financial matters.
Finding clients is a large part of a brokers job. They must create their own client base by calling from a list of potential clients. Some agents network by joining social groups, and others may rely on referrals from satisfied clients.
- Education Required
- Securities, commodities, and financial services sales agents generally must have a bachelors degree to get an entry-level job. Courses in business, finance, accounting, or economics are important, especially for larger firms. Many firms hire summer interns before their last year of college, and those who are most successful are offered full-time jobs after they graduate.
- Training Required
- Most employers provide intensive on-the-job training, teaching employees the specifics of the job, such as the products and services offered. Trainees in large firms may receive technical instruction in securities analysis and selling strategies. Firms often rotate their trainees among various departments to give them a broad understanding of the securities business.
- Job Outlook
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The projected percent change in employment from 2016 to 2026: 6% (As fast as average)
(The average growth rate for all occupations is 7 percent.) - Advancement
- Securities, commodities, and financial services sales agents usually advance to senior positions in a firm by accumulating a greater number of accounts. Although beginners often service the accounts of individual investors, they may eventually service large institutional accounts, such as those of banks and retirement funds. Getting an MBA may also help advancement opportunities.
- Licenses/Certifications
- Brokers and investment bankers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, potential agents must pass a series of exams.
- Median pay: How much do Securities, Commodities, and Financial Services Sales Agents make?
- $67,310 Annual Salary
- $32.36 per hour
Careers for Securities, Commodities, and Financial Services Sales Agents
- Account executives, securities and investments
- Commodities brokers
- Commodities traders
- Commodity traders
- Equity traders
- Financial services sales agents
- Floor brokers
- Investment advisors
- Investment bankers
- Investment banking sales agents and traders
- Municipal bond traders
- Mutual fund sales agents
- Registered representatives
- Sales workers
- Securities traders
- Stock brokers
- Stock traders
- Traders