In order to find yourself a top stock broker salary you will have to jump through a few hoops first. To achieve this type of salary, you first need to be determined, tenacious and completely devoted to what you want. There is no time for Mr Nice Guy within this highly cut-throat career.
Probably not surprising, you will need to do your apprenticeship and be at ease with the more boring and small jobs as you find your feet. This can last for at least four months and you would be smart to vie for a place in a highly respected firm and find the best stock broker you can to learn from.
At some point, you will need to take the General Securities Registered Representatives examination. Depending on the state you take the exam in, you may need to also take the Uniform Securities Agents State Law Examination in order to register as a stock broker, deal with stocks and start earning your stock broker salary.
I’m sorry, but the actual examinations are not the end. You will in all probability have an additional two years education within the business you work with before that paycheck becomes worthwhile. At this point, you might wish to check out all your options and perhaps change direction a little to enhance your prospects.
Having said that, prior to reaching the point when your options are more open, your stock broker salary will be purely commission based and paid by the stock brokering firms and investment banks. These commissions can be less than you may expect and come in around $250 to $500 a week.
The good news is that because you will likely be paid by commission, getting a trainee placement isn’t too difficult. If you happen to be younger, you’ll probably be able to survive on the lower salary than for those who have a family to support. For the company, taking on trainees it isn’t a bad option as they can quickly see who’s going to make it and be worth their investment in training you.
To see how much your stock broker salary can be once your training is complete, just look at the current vacancies wherever you find them to discover the differences and prospects. Once you are ready, contact any firms you are interested in and don’t just lose time waiting for them to advertise. If you are interested, others will be and a vacancy may never reach the open market!
It is worth considering the way you treat clients while training, as this will give you good references and contacts. Also, keep your own credit clean as this will reflect your trustworthiness to prospective employers and help command a better salary.
When you are newly trained you may expect a starting salary of around $18k in the USA with rapid advancement to well over $50k should you be good at your job. In the United Kingdom, the figures range between 25k to over 100k and more for the high flyers.
When you add on the performance bonuses and perks you may get as one of the best stock brokers, it is certainly a profession worth pursuing. The general package which makes up a stock broker salary will obviously depend upon individual performance and your ability to negotiate your own worth with an employer.
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