Sales Agents, Securities, Commodities, & Financial Services
Description OES Code: 43014
Buy and sell securities in investment and trading firms, or call upon businesses and individuals to sell financial services. Provide financial services, such as loan, tax, and securities counseling. May advise securities customers about such things as stocks, bonds, and market conditions.

Wages, California
Entry-Level Hourly Wage $15.70
25th Percentile $18.70
50th Percentile $27.92
75th Percentile $53.79

Wages, San Joaquin County
Entry-Level Hourly Wage $11.55
25th Percentile $12.78
50th Percentile $15.94
75th Percentile $21.65

Wages by California County

Wages by California County
• OES Survey
• CCOIS Survey

Hours & Benefits
Many brokers begin work fifteen minutes or more before the opening bell at the New York Stock Exchange (6:30 AM, Pacific Standard Time) and remain as long as is necessary to finish telephone calls and to complete paper work. Evening and weekend work is sometimes necessary, especially for new brokers.

Fringe benefits vary from firm to firm. Profit sharing, retirement benefits, and employer paid health insurance are becoming more prevalent. Moreover, the knowledge brokers gain about general economic conditions gives them an advantage in deploying their own capital.

Employment Trends, California
Employment 1998 23,200
Projected Employment 2008 34,500
Percent Change 1998-2008 48.7%
Separations 1998-2008 2,200

Employment Trends, San Joaquin County
Employment 1999 180
Projected Employment 2006 220
Percent Change 1999-2006 22.2%
Separations 1999-2006 10

Employment Trends by California County

Getting the Job & Other Information
Experience in the investment business sometimes affords opportunity for appointment to a high post in another industry. An inexperienced person enters this field through sponsorship by a securities firm.

Prospective brokers may apply to brokerage firms directly, or register with their college placement bureau and private employment agencies that specialize in this type of position. Newspapers and financial publications sometimes carry advertisements soliciting experienced Securities Brokers or trainees.

For a list of current job listings, browse CalJOBS or America's Job Bank.

Education and Training
Educational and employment histories vary among practicing brokers; however, a college education is becoming more important since brokers should have a knowledge of world and economic conditions. Most new brokers come directly from college, and some have had previous business experience. Persons who possess a well-rounded academic background including courses in business and finance have the best employment prospects. Experience in sales or public contact work is regarded as desirable, with particular value placed on positions which involve meeting people with diverse backgrounds and interests. Consideration is also given to recognition achieved for extracurricular campus activities.

The larger brokerage houses normally provide a four to six month training program for new hires, including three to four weeks in New York. On the other hand, some of the smaller "houses" may only hire experienced brokers. Following this, the broker will be expected to generate the minimum volume of business stipulated by the firm to maintain employment. Upon completion of training, employees must pass the General Securities Registered Representative Examination, administered by the National Association of Securities Dealers, Inc. (NASD), pass another examination, in most states, and be an employee of a registered firm for at least four months.

Skills & Other Requirements
Since brokers deal with other people's finances, integrity, combined with sales ability, heads the list of attributes which are looked for. Brokers must be emotionally well-adjusted and physically able to cope with the pressures of the job. They must be self-reliant, hard working, and have the ability to inspire confidence, because their income is solely dependent on performance. Initiative, poise, sound judgment and a quick mind are needed by the broker, who should also be personable, well-groomed and fluent in speech.

References
California Occupational Guide: #252

Related Occupations: Insurance Sales Agents

Training: California Training and Education Providers (CTEP)