Working as a trader means split-second decisions can be the difference of thousands, and in some cases millions, of dollars lost or won for a bank or client. Traders often work on the floor of an exchange, making quick buy and sell deals with other traders. Though there is much stress put on a trader, the reward is a six-figure average salary.
As of 2011, the average salary of a money market trader is $109,784, according to CareerBuilder.com, a job listing website. The site says that the average salary range for those working as money market traders stretches from $87,173 to $177,109.
Salary by Region
Those money market traders who work in Manhattan have an average income higher than the national average. According to SalaryExpert.com, the average annual salary of a money market trader working in the Big Apple is $149,150. However, New York is not the only place with traders making above the national average -- Charlotte, North Carolina ($131,683), Chicago ($119,953), Atlanta ($119,230) and Boston (117,917) report better-than-average earnings. Cities with below-average earnings include Orlando ($87,961), Phoenix ($92,798) and Houston ($99,453).
At the very minimum, a money market trader will need to have a bachelor's degree with a concentration in finance, economics or other related business discipline, says the U.S. Bureau of Labor Statistics. However, the bureau reports that those who want to advance in the finance sector should pursue a master's degree in business administration (MBA).
The outlook for those working as money market traders is expected to grow at a rate of 9 percent through the year 2018, according to the Bureau of Labor Statistics. The growth rate is about equal to that of the average for all job sectors.