Career Definition for a Brokerage Clerk
Brokerage clerks compute and record data related to security transactions and are typically employed by companies who work with investors. Brokerage clerks assist brokers, who need help with contacting customers, processing paperwork, taking orders and informing clients of changes. Additional duties may include calculating transfer taxes or distributing dividends. Brokerage clerking positions can typically be found in all major urban settings around the country.
|Education||High school diploma, associate's, or bachelor's degree|
|Job Skills||Independent, detail-oriented, strong communication and organizational skills|
|Median Salary (2018)*||$51,400 (for brokerage clerks)|
|Job Growth (2016-2026)*||9% (for all financial clerks)|
Source: *U.S. Bureau of Labor Statistics
Entry-level requirements include a high school diploma, and on-the-job training is usually provided. However, individual employers may show a preference for candidates with an associate or a bachelor's degree and undergraduate coursework in business, finance and other related subjects. Brokerage clerks can also earn a Series 7 brokerage license, which allows the possessor to function as a registered agent of the firm and become more valuable as an employee.
Although brokerage clerks need to be self-motivated and independent, they must also be able to work directly with brokers and other clerks. As a result, they need to pay attention to detail and have strong communication and organizational skills. The work environment is noise-filled and fast-paced, making the ability to handle stress key in brokerage clerking.
Employment and Salary Outlook
According to the U.S. Bureau of Labor Statistics (BLS), the median yearly salary of brokerage clerks was $51,400 in 2018. The BLS also reported that financial clerks will see average job growth of 9% between 2016 and 2026 (www.bls.gov).
Alternate Career Options
Similar careers to a brokerage clerk include:
Bookkeeping, Accounting and Auditing Clerks
Clerks who create and review accounting, auditing and bookkeeping records make sure that statement and transactional figures are accurate and up to date. High school graduates may qualify for entry-level positions, particularly those who have completed college accounting courses, have good math skills and know how to work with bookkeeping and spreadsheet software. Employment opportunities are projected to decrease by 1% nationwide from 2016-2026, as reported by the BLS. In May 2018, bookkeeping, accounting and auditing clerks were paid median annual wages of $40,240(www.bls.gov).
Secretaries and Administrative Assistants
Secretaries and administrative assistants help to support higher-level employees in an organization, and their duties can include maintaining electronic and paper-based files, bookkeeping, drafting routine correspondence or scheduling appointments and meetings. Entry-level hiring requirements include a high school diploma and a familiarity with computer technology and office procedures; executive, legal and medical secretaries may need to pursue postsecondary courses or degree programs. Secretaries and administrative assistants who were employed in May 2018 earned median annual wages of $36,630. Nationwide, employment of administrative assistants and secretaries is expected to decline by 5%, from 2016-2026 (www.bls.gov).