March 6th, 2013
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Discover How Much Stockbrokers Earn
Working as a stockbroker could be the perfect way for you to spend your career. For those who are interested in working in this career, it is a good idea to learn about the required job tasks and educational requirements first. For those with a love of the stock market and making money for other people, this career field could be a good match. But, how much will you make if you work in it? What can you expect to earn as someone just getting started? The amount you earn depends specifically on your experience, but there are some things to keep in mind.
What Is the Median Annual Wage?
There are various types of career jobs in this field. You may work as a securities, commodity and a financial service sales agent. Any of these fields are reported as the same thing with the US Bureau of Labor Statistics. Those working in this field will earn a median wage of about $70,000 in the United States. The figure stems from a report from 2010, which contains the most up to date information. It also means that half of all individuals working in this field earned more than that and half earned less.
Those who worked in this field and earned the least made about $31,000. The top ten percent of those in this field were able to make more than $166,000 in the field. Most people fall in between this range.
How Do They Get Paid?
There are many who earn a salary as they work as a stockbroker. However, most are paid on a commission basis. They are often paid a monetary value on the products they sell. Some firms will pay a minimum salary to the stockbroker and then he or she will earn on a commission basis beyond that point. However, if the stockbroker’s clients fail to make money on the investment decisions the stockbroker made, reduced earnings are likely.
For those who are just beginning in the field, the stockbroker’s firm is likely to pay a salary to the individual. This may occur for several years until the individual’s client base builds. Some will earn bonuses based on the clients they bring in and the profits they create.
What Hours Do They Work?
Stockbrokers work a wide range of hours. Most often, they work at least 40 hours per week, but in most situations will learn significantly more than this to meet the demands of their client base and the ever-changing stock market. Some work weekends and evenings as well, especially if they are investing in oversea markets as a component of the investments they make.
Those who work in this field have the potential of earning a sizable salary, though it is often dependent on the amount of money they are able to make for their clients. During the first few years, this is likely to be far less as they work to improve skills and establish their own client base. Over time, they may end up working less or even taking on management-like duties to improve income.
What is a Stockbroker’s Salary?
The minimum you an expect to earn per annum as a stockbroker working in one of the fields mentioned above is $31,000.
Top earners can easily earn in excess of $166,000 per year.