Stock Broker Salary
Those who are adventurous and love to take risks may enjoy entering the exciting world of the stock brokering. A stock broker offers them financial advice and purchases stocks (and occasionally bonds, futures, mutual funds, and other such forms of investment opportunities) on behalf of their clients. More often than not, stock brokers work for firms, although some strike out independently and serve as freelance brokers, earning their salary through commissions.
Stock Broker Salary
The overall average stock broker salary is $55,906. A stock broker’s salary can range between $39,000 and $66,000, however, the actual salary can vary depending on several factors, including experience, level of training, track record in the industry, and location.For example, those who are only starting out and have less than a year’s worth of experience can earn about $29,000 to $41,000, while those who have been in the industry for 20 years or longer can earn a salary that can be as high as $44,000 to $101,000.
Education And Certification Needed To Become A Stock Broker
The reason why stock broking is so popular nowadays is not only because of the high salary that you can earn in the industry, but also because of the fact that there is no educational requirement in order to work as a stock broker. While an economics, finance, or business degree can help you out in this profession, you actually don’t need to get these to become a stock broker. In fact, even high school dropouts have entered the profession and were able to earn a lot of money thanks to their hard work.
However, just because you aren’t required to accomplish an educational degree doesn’t mean that you can enter the industry just like that. You will need to pass the Series 7 exam (General Securities Registered Representative Examination), which is administered by the National Association of Securities Dealers, in order to become a stock broker. In addition to this, you may also be required to take and pass the Series 63 exam (Uniform Securities Agents State Law Examination) and the Series 65 exam (Uniform Investment Advisor Law Exam), although these two exams aren’t required in some states.
To help you prepare for the profession, you can also take on-the-job training from a brokerage firm in order to learn the ropes in the industry. This can take anytime between four months and two years, depending on how easily you will be able to pick up what is needed to work as a stock broker, as well as how much you want to learn.
Job Growth Outlook For A Stock Broker
If you’re interested in earning a stock broker salary, you will be pleased to know that there continues to be a high demand for stock brokers in the industry today, primarily because a lot of people are becoming interested in investing in stocks to add to their income. Do note, however, that while there may be a lot of openings today, the competition to grab these jobs is very high, which is why you need to do everything that you can in order to become part of the industry.
Be sure to do some further online research into the specifics of what your state requires in terms of becoming a broker. This is an exciting career path I can yield great rewards.Good luck!
No related posts.