Education Career Articles

Connect Facebook Connect Twitter Connect Google+ Connect Pinterest Connect Stumbleupon

Discount Brokerage Department Manager Career Overview

Career News June 9, 2014

Discount Brokerage Department Manager Job Description

Discount brokerage firms are relatively new to the world of finance. Bridging the gap between the extremely wealthy and the relatively affluent, they buy and sell securities in an online exchange that allows clients to choose their stock investments for smaller brokerage fees.

Traditional brokerages offered two main types of services; managing their clients’ investments and making decisions on their behalf and advising clients about various investment opportunities. Typically, a discount broker offers one service; executing client requests without offering advice or making decisions on behalf of the client.

The Brokerage Industry

Although discount brokerage eliminates the expense of financial help, to acquire a department manager position in discount brokerage, the candidate must still have seven years of experience in handling investments. The minimum educational requirement is a bachelor’s degree in finance, business or a related field. Stockbrokers must be licensed and certified through state and federal requirements.

There are two exams they must pass to receive certification; the General Securities Registered Representative Examination and the Series 63, which covers the policies in conducting business and the legal aspects involved with transactions. Certification allows the broker to have the authority of all securities and investments, with the exception of real estate, life insurance and commodities.

Managers must pass the NASD Series 7 for licensing. Management brokers must first serve an internship with a company. Internships are available with most discount brokerage firms and can be completed online while still taking formal college courses.

Managers must have a portfolio that demonstrates their success in establishing a customer base and finding good investment options. They must exhibit dedication to public relations and may be asked to attend public functions, including charity events and local activities.

Department managers generally work from small offices and handle customers directly. They may submit ideas at department meetings for improving a group website or handling issues with customer complaints or services. The role of training interns and entry-level brokers may be given to you.

Skills Required

Some department managers are involved in developing new software to make online services for their clients easier. Services include allowing clients to view their full portfolio and study investment models, options and products.

Discount brokerage is an evolving field. Although services were once limited to the direct buying and selling of stock, some companies now offer credit cards, mortgages and other banking needs. A brokerage department manager may even consult with clientele, offering guidance and research information that was once available only through full-service firms.

Discount stockbroker managers receive a median salary of $110,000 a year. Their duties entail the development of marketing programs and increasing of the company’s profitability. They must have good communication skills, a high level of computer knowledge in programming and software applications and relate well to the public.

Now is the time to take your career seriously and reach out to a position that suits your natural talents. All you need is a college degree, which shows your commitment and intelligence.

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Top-ranked online MBA
  • As few as 24 months to complete
  • GMAT waivers for experienced professionalsin 24 months.
  • Bachelor’s degree required
  • Six concentrations available
  • AACSB accredited
  • Online Courses
1 Program(s) Found
  • Value investing is an investment approach that helps investors identify, research, and buy securities priced well below their true market value. Enroll today.
  • The Value Investing (Online) program provides you with an integrated framework that teaches you how to identify opportunities for investment that others may miss. Apply Now.
  • The Value Investing (Online) program is designed to give you a strong foundation in one of the most successful investment strategies ever developed.
  • Follow in the footsteps of legendary investors like Warren Buffett and Mario Gabelli, who have been guided by these principles during their entire career.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Showing schools in your area

Matching School Ads
5 Program(s) Found
  • Ready to earn your business degree? If you identify with at least one of the statements below, GCU could be a good fit for you!
  • I have worked in the business field for a number of years and want to further my education in order to qualify for promotions, leadership positions, and salary increases.
  • I am graduating from high school and am interested in pursuing a career in a business field, but I first need the skills experience.
  • I am interested in a Bachelor's, Master's or Doctoral degree in my specialized business area of focus.
  • I want flexible course offerings, such as the option of 100% online, evening or campus classes.
  • I need a university that provides quality educational offerings through academic excellence and real-world relevance. Does this sound like you? Apply today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
1 Program(s) Found
  • Top-ranked online MBA
  • As few as 24 months to complete
  • GMAT waivers for experienced professionalsin 24 months.
  • Bachelor’s degree required
  • Six concentrations available
  • AACSB accredited
  • Online Courses
1 Program(s) Found
  • Value investing is an investment approach that helps investors identify, research, and buy securities priced well below their true market value. Enroll today.
  • The Value Investing (Online) program provides you with an integrated framework that teaches you how to identify opportunities for investment that others may miss. Apply Now.
  • The Value Investing (Online) program is designed to give you a strong foundation in one of the most successful investment strategies ever developed.
  • Follow in the footsteps of legendary investors like Warren Buffett and Mario Gabelli, who have been guided by these principles during their entire career.
  • Online Courses
  • Find Online Schools. 100% Online Accredited Courses
  • Get Matched to Programs In A Few Clicks!
  • Earn an Affordable Degree from Home at your own pace
  • Get College info today. Its Free and Easy!
  • Online Courses

Login to your account

Can't remember your Password ?

Register for this site!