What is the Average Stock Broker Salary in USA?
One of the main reasons why so many people want to become stockbrokers is because of the high amount of salary stockbrokers earn. Most successful stockbrokers earn millions of dollars through successful transaction of shares and other securities. If you have decided to pursue career in stockbroking, you have taken a very good decision. This is because the average range of pay stockbrokers receive far higher compared to similar professions.
In the US, the Average stock broker salary in 2010 was $70,190. This is according to the United States Bureau of Labor Statistics (BLS). BLS reports salary and wage information for all professions in US. Similarly, according to one study conducted by BLS, it has been found that the stockbrokers in New York earned the highest among stockbrokers and it’s obvious since New York is the financial hub of the world. The study also revealed that Kentucky offered the lowest pay for stockbrokers.
The stock broker salary is basically affected by various factors like experience, location and actual performance. An experienced financial agent makes more money than a trainee just learning the profession. Similarly, stockbrokers make bulk off their income through commissions. So the more financial product the stockbroker sells, the more commissions he/she makes.
Even trainees just starting out as stockbrokers earn an annual income of around $30,000. Compared to other professions, this range of pay is astronomical. This is the main reason why so many people want to become stockbrokers. The competition for entry in this profession is so fierce that only a few lucky ones enter this profession.
There are stockbrokers who make millions of dollars through commissions. Once a stockbroker has a solid client base, making money isn’t difficult. The stockbroker attracts clients through networking, word of mouth publicity and other means.
In conclusion, Stock brokers salary varies considerably. It depends on their overall skill set, client base and location. So until and unless you reside in a state favorable to stock brokers and have a selling personality and have a solid client base, you won’t be able to make a lot of money as a stockbroker.