Brokerage Clerks
Description OES Code: 53128
Brokerage clerks perform a number of different jobs with wide ranging responsibilities, but all involve computing and recording data on securities transactions. Brokerage clerks also may contact customers, take orders, and inform clients of changes to their accounts.

The broker's assistant, also called sales assistant, is the most common type of brokerage clerk. These workers typically assist two brokers, for whom they take calls from clients, write up order tickets, process the paperwork for opening and closing accounts, record a client's purchases and sales, and inform clients of changes in their accounts.

Purchase-and-sale clerks match orders to buy with orders to sell. They balance and verify stock trades by comparing the records of the selling firm with those of the buying firm. Dividend clerks ensure timely payments of stock or cash dividends to clients of a particular brokerage firm. Transfer clerks execute customer requests for changes to security registration and examine stock certificates for adherence to banking regulations. Receive-and-deliver clerks facilitate the receipt and delivery of securities among firms and institutions. Margin clerks post to and monitor activity in customers' accounts to ensure that clients make payments and stay within legal boundaries concerning stock purchases.

Wages, California
Entry-Level Hourly Wage $13.13
25th Percentile $14.29
50th Percentile $16.94
75th Percentile $20.38

Wages, San Joaquin County
Entry-Level Hourly Wage $12.68
25th Percentile $13.79
50th Percentile $17.33
75th Percentile $21.91

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).

Employment Trends, California
Employment 1998 5,900
Projected Employment 2008 8,000
Percent Change 1998-2008 35.6%
Separations 1998-2008 900

Employment Trends by California County

Working Conditions
Generally situated in larger metropolitan areas, brokerage firms offer well-lighted, comfortable and attractive surroundings.

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

Education and Training
Some brokerage clerk positions are more clerical and require only a high school diploma, while others are considered entry-level positions for which a bachelor's degree is needed. Those with a "Series 7" license can make recommendations to clients at the instruction of the broker. The Series 7 license is issued to securities and commodities sales representatives by the National Association of Securities Dealers and allows them to provide advice on securities to the public.

Skills & Other Requirements
All brokers' assistants must be knowledgeable about investment products so that they can clearly communicate with clients. A significant and growing number of brokerage clerks will need the ability to use custom-designed software programs to process transactions more quickly. Only a few customized accounts are still handled manually.

References
US Bureau of Labor Statistics Occupational Outlook Handbook

Related Occupations: Information and Record Clerks

Training: California Training and Education Providers (CTEP)