A stock broker is a financial professional who advices clients on sales and purchases of securities in the stock market. These professionals are also authorised to send sales and purchases for clients to the securities exchange. In November 2010, Payscale listed average salaries based on 292 individuals currently working in this occupation reporting their wages.
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Most employers require a bachelor's degree in finance or a related discipline for this occupation. Along with education, stock brokers must be licensed to practice professionally. Licensing requirements include passing the General Securities Registered Representative Examination. Most states require stock brokers to also pass the Uniform Securities Agents State Law Examinations. These exams are often referred to as the Series 7, 63 and 66 exams.
Stock brokers receive a base salary and commissions based on individual performance. Some employers offer bonuses and profit sharing based on the organisation's overall revenues. The average base salary ranged from £23,248 to £38,718 per year. Average commissions ranged from £19,800 to £105,805 per year. Average bonuses ranged from £1,338 to £5,187 per year and average profit sharing ranged from £1,105 to £4,940 per year.
Stock brokers can work in a variety of industries including investment banking, online brokerages, financial services, investment services and banking. The highest salaries were reported in the investment banking services, ranging from £23,491 to £37,218 per year. Online brokerages paid average salaries ranging from £22,636 to £33,733 per year, and banking paid average salaries ranged from £21,988 to £32,056 per year.
Salary can vary based on the cost of living and job openings in specific cities and regions. The highest salaries were reported in New York City, where average salaries ranged from £32,080 to £64,161 per year. Average salaries in Denver ranged from £22,323 to £24,386 per year and in Indianapolis, average salaries ranged from £22,051 to £24,207 per year.
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