Posted by: Kaplan Financial Education
Updated: October 2, 2018
Are you considering a career in the securities industry? If you are looking for more information about the profession, you are in the right place. Find out more about what the day-to-day of a securities industry professional is like, as well as the expected job growth over the next decade below.
Securities industry professionals typically provide a wide range of products for their clients. Typical job duties of brokers include:
The securities industry can be fast-paced and demanding, so it is important for securities professionals to have the following skill sets:
According to the Bureau of Labor Statistics, securities, commodities, and financial services sales agent jobs are expected to grow 6% between 2016-2026, which is about average for all occupations.
Employment growth is expected to be even stronger for commodities brokers and traders than other financial services sales agents because the market has increased in recent years because of large group investors, like retirement funds, entering the market.
The median annual wage for the securities, commodities, and financial service sales industry was $63,780 in May 2017, according to the Bureau of Labor Statistics. The top 10 percent earned more than $208,000 while the lowest 10 percent earned less than $33,060.
Many brokers earn a commission based on the value of the products they sell. Most firms pay brokers a minimum salary in addition to their commissions. Trainee brokers may earn a salary until they develop a client base with the salary gradually decreasing in favor of commissions.
In order to get started in the securities industry, for most securities licenses, you will need to take and pass the Securities Industry Essentials Exam, secure firm sponsorship and pass a securities “top off” licensing exam. For more information, read our article called Getting Started in the Securities Industry.
Looking for more information on Securities licensing and exams? Kaplan Financial Education offers securities licensing study solutions for many of the series exams. Check out our website or call 800.824.8742 for more information.