Brokerage Clerks: Salary Overview
As a brokerage clerk, you will be mainly purchasing and selling securities.
Securities are financial instruments that have a monetary value.
Two of the main classes of securities are equity securities such as stocks and debt securities, such as bonds.
Your main activity will take place in front of a computer, managing transactions, dividends, transfer, and brokerage fees, preparing forms such as withdrawal orders and receipts.
You will work in close relation with stockholders, customers, and other coworkers.
According to the BLS, the mean annual wage for brokerage clerks is $53,940 as of May 2019 with a mean hourly wage of $25.93.
Salaries vary based on a wide range of factors including the clerk’s level of experience and education, the industry of employment, and the region.
Some brokerage clerks make less than $34,000 a year while others make more than $75,000.
The median annual wage for this profession is $51,400 per year, which means that half the workers in this profession made less than this amount and half earned more.
Brokerage Clerk Salary by Industry
According to the Bureau of Labor Statistics, the biggest employers for brokerage clerks in the United States were companies that provide securities, commodity contracts, and other financial investments and related activities.
The average annual wage reported by brokerage clerks who worked in this field was $54,460 in 2019.
Another field where brokerage clerks can find employment are companies that provide credit intermediation and related activities.
This sector paid brokerage clerks, on average, with $52,300 per year.
Businesses that provide management of companies and enterprises services offered a mean annual wage for brokerage clerks of $50,600.
The average annual wage was $56,380 for brokerage clerks who work in the field of nondepository credit intermediation and $48,460 for those who were employed by insurance carriers.
According to the United States Bureau of Labor Statistics, the highest-paying industry for brokerage clerks was the field of employment services.
The average salary for brokerage clerks who worked in this sector was $64,560 per year.
Brokerage clerks who worked in the field of freight transportation arrangement earned, on average, $57,460 per year.
The mean annual wage was $56,870 for brokerage clerks who worked for local governments and $56,780 for those employed in the sector of agencies, brokerages, and other insurance-related activities.
Additional Earnings for Brokerage Clerks
Some brokerage clerks earn bonuses, commissions, and other cash compensation in addition to their base salary.
Depending on the clerk’s level of skills and experience these additional benefits can sum up to several thousand dollars per year.
The level of education also plays an important role in determining a brokerage clerk’s salary.
Although there are no post-secondary school requirements for this profession, holding a degree in finance or a related field may help you get a better-paying job.
Also, earning a brokerage license from the National Association of Securities Dealers may help you earn a higher-than-average wage.
Experience is another important factor in determining a brokerage clerk’s salary.
As an entry-level employee with no previous experience in the field, your salary may start at less than $30,000 a year.
As you gain a few years of experience your earnings may increase towards the 25th percentile for this profession, which in 2019 was $42,180 and you may start earning more than the median for this profession after earning more than 10-15 years of experience.
The most experienced 25 percent of brokerage clerks typically make more than $62,610 (the 75th percentile for this profession).
The best-paid 10 percent of brokerage clerks earned more than $76,550 per year, according to the Bureau of Labor Statistics.
In conclusion, there are many factors that determine a brokerage clerk’s salary and if you’re a hard-working individual who has good math and interpersonal skills you can make a pretty decent living purchasing and selling securities.
* Based on information from the May 2019 salary report from the BLS. The figures represent accumulated data for all states of employment for Brokerage Clerks. BLS data represents averages and medians for workers at all levels of education and experience. This data doesn't represent starting salaries.
* Employment conditions in your area may vary.