A discount brokerage sales representative can also be referred to as a discount brokerage sales officer. According to the U.S. Bureau of Labor Statistics, brokerage sales officers connect buyers and sellers in financial markets. The job growth outlook for the period 2010-2020 is 15%, which is the average growth for the business field.
The US Bureau of Labor goes on to report that a brokerage sales agent needs a moderate amount of on-the-job training and median pay will average at $33.75 for the period 2010-2020. Entry-level education for this position is a minimum of a 4 year bachelor’s degree. Graduates can apply for this level position as it does not require any experience in a related field.
To qualify for this entry-level position, a graduate would also need to have attained an NASD series 7 licenses. State licensure may also apply depending on the state the position is located in. Depending on the financial institution this position may require 3-5 years in the field if it is not an entry-level offering.
A discount brokerage sales representative is specifically responsible for the buying and selling of securities in a timely manner and at a discounted commission. A responsible candidate will ensure accuracy of transactions and keep track of current market conditions. A discount brokerage sales officer does not usually make investment recommendations.
An exception to making investment recommendations is if a client holds and advises an account or another fee based account product. Familiarity with common financial field concepts is often required; along with an understanding of financial practices and procedures.
A candidate must have sound judgment to be relied upon to make plans and accomplish goals. The qualified candidate will be required to perform a variety of tasks. Latitude of creativity and initiative is required to succeed in this position. A skill set that can be carried forward to other levels of competency within the industry.
A successful candidate for discount brokerage sales representative or officer will routinely report to the sales manager or head of the department. This is an upwardly mobile position and can lead to advancement within 3 to 5 years of holding the titled position. This financial industry position is often considered a training ground for young graduates to prove themselves as dynamic professionals.
Wages can range from $50,000 to $80,000 a year. Successfully discount brokerage sales representatives can expect to receive year-end sales bonuses in the range of $2,000 to $5,000 dollars.
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