Monday, March 23, 2015
What is a Stockbroker Salary for 2015?
While glamorized on television and film, the occupation of stockbroker has always been a popular career choice. However, because of this the last decade has produced a glut of would-be stockbrokers in New York City and other areas where high finance is located. For those who have been able to land a job at a brokerage firm, salaries are quite good and the career ladder is still open for advancement. But with the increased competition for jobs and the stress that goes along with making pressure-packed decisions in a matter of moments with potentially millions of dollars on the line if you're wrong, does the salary still make the job a sought-after destination for those with Bachelor's degrees in Finance, Accounting or Business Administration?
The answer to that question, according to those in the industry, is yes. Salaries for stockbrokers in 2015 are still quite good compared to other occupations. The average annual salary is near $72,000, with many brokers who have several years of experience making well into six-figures annually. According to the U.S. Bureau of Labor Statistics, job growth will average 11 percent through 2022. Yet with some firms consolidating their operations, competition is stronger than ever for openings. High grade-point averages in college, along with gaining certification as a Chartered Financial Analyst, increase a person's chances of landing a job on Wall Street.
While getting the job can be stressful in itself, the stress levels can intensify even more once on the job. Clients, which can include both individual investors as well as major corporations, count on stockbrokers to make the right decisions regarding their money. Therefore, the job itself is rapidly changing. Many brokerage firms now feature call-center environments, which have brokers sitting at a desk taking one call after another from clients and executing trades based on their client's instructions. The call centers can also operate 24/7, meaning more and more stockbrokers are working evenings and weekends while also logging lots of overtime when the market is very active.
Yet despite the stress and long hours, most stockbrokers enjoy their jobs. Salaries are cited as one of the most likable aspects of the job, along with each day being different and having such high levels of responsibility. So for those who can handle the stress of getting and keeping a stockbroker job, the salary and other aspects make it well worth the effort.
Jonah Engler is a successful entrepreneur, investor, franchise owner and coffee lover who hails from New York City.