A web broker is a specialized stockbroker who concentrates on online stock trading. A bachelor's degree in business, accounting, finance or economics is the minimum mandatory degree in this field, and licensure is also required. Web brokers need to be personable, and they must have a familiarity with computers and the internet.
A web broker is a stockbroker who works online for an internet-based stock trading company. They advise customers on which stocks to buy and sell in their portfolios, and conduct the transactions on behalf of their clients. Work in this field typically requires a bachelor's degree in business, accounting, economics, or finance, but a business administration master's degree is usually preferred for higher-level jobs. In addition, a web broker must be licensed with the Financial Industry Regulatory Authority in order to represent a firm. Many states also require brokers to complete the Series 7 General Securities Registered Representative examination.
|Required Education||Bachelor's degree in business, accounting, economics, or finance|
|Other Requirements||Licensing by the Financial Industry Regulatory Authority; some states require additional certification|
|Projected Job Growth (2018-2028)*||4% (securities, commodities, and financial services sales agents)|
|Median Salary (2018)*||$64,120 (securities, commodities, and financial services sales agents)|
Source: *U.S. Bureau of Labor Statistics
Web Broker Job Description
The job of a web broker is often stressful due to the fast pace and the demand to make sales. Evening and weekend hours are typical with many web brokers working over 40 hours a week. The work environment can vary from offices to call-centers. In these settings, a web broker spends most of their time on the computer or on the phone buying and selling stocks for clients.
Web brokers have to be personable with clients. In order to draw in new clients and keep customers happy, a web broker has to effectively communicate with them over the phone, in person and electronically. Rejection is normal for this career, so a web broker has to remain strong and confident in order to remain successful. When transactions are completed, a web broker takes a commission for the job.
Web brokers advise customers on behalf of an internet stock trading company. By determining the financial ability and desires of clients, a web broker is able to purchase and manage their stock portfolios. Since this is a web-based job, a web broker makes the portfolio available online for viewing. With this convenience, a web broker is able to quickly make any changes when a customer makes them online. In order to gather more customers, a web broker has to cold call and contact potential clients to try and convince them to start up a stock portfolio.
Web Broker Requirements
A college education is usually necessary to become a web broker. A bachelor's degree in business, accounting, economics or finance is recommended for entry-level positions. For high-level jobs, a business administration master's degree is ideal. Job training is necessary when hired by a new firm since each business offers different services and products. The training is often formal with classroom instruction being involved. Regularly attending training seminars or conferences can help Web brokers remain current on developments within this field.
A familiarity with computers has to be acquired in some way. Often times, the job training covers this, but additional education is usually recommended. While enrolled in college, a prospective web broker may want to participate in computer courses to develop these skills.
In order to represent a firm, a web broker has to be licensed with the Financial Industry Regulatory Authority (www.finra.org). After being employed with a firm for four months, a web broker can complete the Series 7 General Securities Registered Representative examination. Many states require the Agents State Law Examination to be completed afterwards. With these examinations, web brokers are licensed to practice with their firm.
Web Broker Job Outlook and Salary Info
According to the U.S. Bureau of Labor Statistics, securities, commodities and financial service sales agents in general were expected to see an average employment growth of 4% growth between 2018 and 2028. This employment growth is faster than average when compared to other careers. However, keen competition is expected due to the number of applicants exceeding the number of open positions. The median annual salary of securities, commodities and financial services sales agents, which includes web brokers, was $64,120 in 2018.
Aspiring web brokers must be ready to work in a fast-paced and often stressful environment, and be prepared to work irregular hours. They must hold at least a bachelor's degree and licensure, and they need to posses strong communications and computer skills. Job growth for securities, commodities, and financial service sales agents, including web brokers, is expected to rise by 4% between 2018-2028.