Discount Brokerage Operations Manager Job Description
Majors Overview February 10, 2014According to the U.S. Bureau of Labor Statistics, a Brokerage Operations Manager is responsible for the financial health of an organization. A discount brokerage operations manager is responsible for discount brokerage firms’ operations – companies that accept discounted fees. The average salary for an individual, in this position, is $85,000 – $125,000.
The position growth outlook for the period 2010-2020 will see an average growth of 9%, as documented at the U.S. Bureau of Labor Statistics. The general position requirements include producing reports, directing investment activities, and developing strategies and plans for the long-term growth of their organizations.
Position requirements usually include a minimum of a bachelor’s degree and 5 years of experience in the financial industry or similar business operations experience. These 5 years of experience could be attained from positions such as a bank loan officer, securities sales agent or similar sales agent, accountant, auditor or financial analyst.
Candidates with a master’s degree or certificates are most likely to be hired in the best possible positions available. Similar job titles include discount brokerage department manager, manager of discount brokerage operations and discount brokerage network manager. A candidate will be responsible for overseeing daily operations at a discount brokerage.
In addition, they will be responsible for ensuring that the brokerage operations adhere to the established business and financial strategies. The candidate will be responsible for ensuring the accuracy of every transaction, overseeing maintenance of each account, and, most importantly, acting as a liaison with the company’s full service broker, as needed. The individual in this position will monitor the purchases and sales of securities for clients at discounted commission.
This position requires the candidate to ensure compliance with all governmental regulations and keep current with all market changes. An individual in this position must have a detailed familiarity with a variety of the field’s most common practices, concepts and procedures. The candidate must possess a NASD series 7 license. Correspondingly, they should rely on extensive experience and practice to plan and accomplish organizational goals.
A superior candidate will be able to perform a variety of tasks while directing the work of others. This position is given a large degree of latitude for creativity and independent thought. The successful candidate will typically report to a Director of Brokerage Operations.
The projected available job positions for the period of 2010-2020 are 527,100 – successful candidates will need superior credentials. These credentials can include a master’s or higher degree, 5-7 years of field relevant experience, and a proven track record of accomplishing goals and growth. The U.S. Bureau of Labor Statistics reports that the employment changes for this period will average 46,300 candidates.
