The Salary Range for a Registered Representative

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Registered representatives are stock brokers and financial advisers that have passed the General Securities Registered Representative Examination, or Series 7 Exam, offered by the Financial Industry Regulatory Authority, or FINRA. They also have to be employees of a registered firm for at least four months to be a registered representative. Competition is steep for these potentially high-paying financial service jobs.

Salary Overview

The median annual salary for a registered representative was $68,680 as of May 2008, according to the Bureau of Labor Statistics, or BLS. The middle 50 percent ranged in salary from $40,480 and $122,270. Many registered representatives earn a commission based on the products they sell; this may be instead of or in addition to a base salary. Firms may offer a salary "draw," which means you're paid a steady income based on expected commissions, to help stabilize your income.

Industry

The industry you work in may influence how much money you earn as a registered representative. Management, scientific and technical consulting have the highest average annual salaries, at $149,040 as of May 2010, according to the BLS. Wholesale electronic markets and agents and brokers earn an average annual salary of $110,830, which is about 25 percent less. Securities and commodity contracts intermediation and brokerages employ the largest number of brokers and registered representatives -- over 125,300 were employed in that industry with an average annual income of $111,160, according to BLS.

Location

Your geographic work location greatly impacts your registered representative earnings. New York had the highest number of representatives, with 39,930 employed at an average annual salary of $129,620 as of May 2010, per the BLS. Connecticut had the highest average annual salary, with $157,640, and Nevada had the lowest annual average salary, at $48,550 -- over $100,000 less than Connecticut. Not surprisingly, Connecticut also had the highest paying metropolitan area for registered representatives -- Bridgeport, with an average annual salary of $168,011.

Education and Training

A bachelor's or master's degree increases the odds of being hired at a larger, metropolitan brokerage firm where you have the potential to earn a higher income. Taking on a management role also increases income, though your pay may be based, at least in part, on the performance of those you supervise. Earning industry certification as a certified financial adviser, or CFA, could help you gain employment as well as give clients a higher comfort level when working with you, thus potentially increasing your income.

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