How much do stockbrokers earn?
According to the reputable salary tracking website salary.com, the median salary for an average stock broker in the US is around $56,000. You should keep in mind that this is just an approximate idea of how much an average stock broker earns. The high earning stock brokers can rake in as much as US $150,000. Similarly those lying at the bottom of the salary pool earn as little as US $30,000. However these are just the fixed salaries, stock brokers earn a lot of money through commissions.
Your income really depends on a wide variety of factors from your experience to educational background and to the type of firm your work for. These are the factors that actually decide how much you can earn as a stock broker and what your full time salary will be. The more experience you have the more you are going to earn, you learn the tricks of the trade when you have been in the industry for some time. Moreover if you are working for a reputable firm you will attract wealthy clients which in turn will see you earn more in terms of commissions and will boost up your salary. The salaries are also different in different countries. During the first few years of your career you won’t earn much but as time goes by and you build links in the industry your earnings would start to improve.
How much can you potentially earn as a stockbroker?
A stockbroker is a licensed professional who is an expert in buying and selling of stocks, bonds and mutual funds and looking after the financial portfolios of various clients. Most stock brokers are associated with a stock brokerage firm or in some case a broker dealer. Being a stockbroker is a tough but rewarding job and you can earn a lot if you are dedicated to your job. The salary varies based on the career path you take. You can either be full service broker, a discount broker or a bank broker.
How do you become a stock broker?
Not so long ago a formal education required to become a stock broker. Anyone good with numbers and good connections could become a successful broker. But now the trend has changed and formal education has become important. You need to have degree in marketing, finance, mathematics or business to get into this line. The better college you go to the more chance you’ll have of landing a good broker job with a high salary. You should go for a Masters degree if you can, a strong education background always helps.
Also always be on the lookout for internship opportunities, they really count when you go looking for a job. Learn the trade, watch, read and sit in the people who are related to your industry. The more knowledge you have the more the chances of better earnings. Take different examinations and courses they will also help you in getting a good job.
Quick guide
Enroll in courses during high school that are related to finance, business and mathematics. Get a college degree in finance economics or mathematics. Get an internship in a reputable firm, always be on the lookout for certifications or courses. Landing a job at a brokerage firm as work experience is necessary for many certification courses and although these work experience placements pay far less than the average stockbroker salary, they still pay above minimum wage and are a great tool for networking with other young professionals looking to become stockbrokers in the future.
How Do They Get Paid?
Stock brokers earn most of their salary in the form of commission. However, almost all brokers earn a fixed salary as well. The more effort you put in the more the commission. You are also paid bonuses on the numbers of new clients you attract meaning that the salary structure of stock brokers is pretty complex.
What Hours Do They Work?
Stockbrokers work on tough schedules. Usually they work a minimum of 42 hours a week; however this is the minimum weekly average. Most stock brokers work as much as 50 plus hours a week this is because they often have to work on the weekends and even the evenings because they have to work according to the demands of their client. It’s not like a normal day time office job; the hours can be long and tiresome most of the time.