What Is an Average Stock Broker's Income?
Stockbrokers give advice on investments based on the individual needs of the client. The broker arranges the transaction for the sale and purchase of stock on behalf of the client. Stockbrokers usually have a degree in business, finance, accounting or economics. According to PayScale.com, the average salary for a stockbroker is between $39,176 and $66,026, as of December 2010.
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Experience
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A stockbroker with 20 years of experience earns a salary between $44,132 and $101,735. Those with less than a year on the job earn lower salaries of $29,479 to $41,022, according to PayScale.com. Stockbrokers develop skills on the job, which can lead to higher sales and commissions. Experience and knowledge of the stock market help the professional identify the best investment opportunities for clients.
Location
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The state a stockbroker works in can have a dramatic effect on the salary he earns. New York is a financial capital, with stockbrokers earning salaries between $44,219 and $97,746. Those working in Indiana earn salaries between $34,064 and $38,775. Cost of living and demand for professionals in the field factor into the average salary a stockbroker can earn.
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Benefits
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In addition to salary, employers offer benefits packages to stockbrokers, such as paid vacations, sick time, insurance and 401k plans. The benefits help to attract skilled brokers to work in the organization. The U.S. Bureau of Labor Statistics reports that a benefits package with insurance, retirement plans and paid time off adds 30 percent of the annual salary to the value of the position. For example, a worker making $50,000 annually with benefits has a compensation package increasing the value to $65,000.
Job Outlook
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According to the U.S. Bureau of Labor Statistics, stockbroker positions will grow by 9 percent between 2008 and 2018. The competition for positions as a stockbroker can be fierce as there are more workers seeking the positions than positions available.
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References
- Photo Credit new york stock exchange image by Gary from Fotolia.com
