Career: Stockbrokers and Financial Services Sales Agents
What’s the right combination of investments for someone just out of college? How about someone nearing retirement? What effect will higher unemployment rates have on certain stocks? Under what economic conditions is it wise to buy government bonds instead of stocks?
If questions like these -- as well as a little risk and a lot of responsibility -- appeal to you, consider a career as a broker or financial services sales agent.
Stockbrokers help clients buy, sell, and trade stock. Financial services sales agents sell and arrange a wide range of banking and financial services from loans to mutual funds. Both also advise clients on setting and meeting financial goals.
Did You Know?
- Some discount and online brokerage firms are open twenty-four hours a day so expect some graveyard shifts.
Are You Ready To...?
- Invest other people’s money
- Give advice on financial planning
- Explain the stocks and other financial products to clients
- Try to sell your services over the phone
- Research the economy and other factors that drive stock prices
- Make decisions quickly
- Work under stressful conditions
- Start work at 6:00 a.m. if you live on the West Coast
It Helps to Be...
A savvy salesperson who is good with numbers and able to gather information quickly. It also helps to be a clear communicator who stays calm under pressure.
Make High School Count
- Take advantage of math and statistics. As a stockbroker or a financial services sales agent, you’ll need to crunch numbers and data all the time -- quickly.
- Make the most of history. Learn the saga of the stock market as well as the role of economics in shaping the modern world.
- Build strong communication skills in English, drama, and speech courses.
- Master the computer. In this field, you’ll be working with a variety of software.
- Sign up for economics to get a head start on key college studies.
- Check out Junior Achievement.
Did You Know?
- Beginning stockbrokers must pass a licensing exam.
Outlook
Government economists expect jobs for stockbrokers and financial services sales agents to grow as fast as the average for all careers through 2018. The recent financial crisis will likely limit the number of job openings.
Competition in this popular field is extreme, especially for jobs in exchanges. And success is closely tied to the ups and downs of the economy. Factors that tend to give job seekers an edge include a bachelor’s degree from a well-respected school; high grades in finance, economics, accounting, and other business courses; certification; and a master’s degree in business or finance. As a new agent, you’ll be more likely to find work if you consider small firms.
Compensation
According to the U.S. Bureau of Labor Statistics, the average yearly earnings of securities, commodities, and financial services sales agents in 2009 were $91,390. Stockbrokers are usually paid a commission based on the amount of stocks and other investment products they sell.
