The mean stock broker salary may vary in accordance with multiple factors including experience, industry, state and local policies. According to a tenure report published by payscale.com, the mean salary of stock broker in the US can range between $30,315 and $147,213 per year, which means that an hourly wage situated between $11,88 and $23,36.
Stock brokers working in Canada earn C$53,000 ($39,838) per year, while those working in the UK earn a mean salary of £38,974 ($47,881) and an hourly pay of £18.73 ($23) hourly. Australians stock brokers make around AU$73,456 ($53,554) per annum, Norwegians earn NOK 656,544 ($76,470) and Swiss stock brokers have a mean salary of CHF110,962 ($108,812).
Stock Broker Salary Influencers
If you’re interested in taking up a position as a stock broker, then you should know that the stock broker salary depends on the industry. Some of the other factors that can influence your income are experience, job profile, and local policies.
For instance, the best-paying industry for stock broker it the Other Financial Investment Activities, where a candidate can earn as much as $119,570 per year and $57,58 per hour. The second best paying industry is the Security and Commodity Contracts Intermediation and Brokerage, where a stock broker can earn a mean wage of $118,430 per year and $56,94 per hour.
The third position as most lucrative industries for a stock broker is the Management, Scientific, and Technical Consulting Services.
In this field, candidates receive a yearly paycheck of $99,620 or $47,89 per hour.
Here are some more industries where you can apply if you’re interested in stock brokerage:
- Management of Companies and Enterprise: $87,090/ year or$41,87/ hour;
- Depository Credit Intermediation: $90,980/ year or $43,74/hour;
- Security and Commodity Exchanges: $119,240/ year or $57,33/ hour;
- Nondepository Credit Intermediation: $86,810/ year or $41,74/ hour;
- Other Information Services: $110,480/ year or $53,12/ hour.
2. Geographic Area
|Stock Broker Salary||US||Canada||UK||Australia||Switzerland||Norway|
|Annual Wage||$51,492||C$53,000||£38,974||AU$73,456||CHF 110,962||NOK 656,544|
Stock Broker Salary in the US
The median salary for a stock broker working in the US is $51,492 per year, with an hourly rate of $19.90.
However, if you’re looking to secure a position as a stock broker, you should know that the geographic area is also considered a factor that influences the stock broker salary. The highest paying state is considered California, where a stock broker can earn $161,000 per year, which means $13,417 per month, $3096 per week and $77,40 per hour.
The second position as highest paying state is occupied by Massachusetts, where a stock broker can earn $159,000 per year or $76,44 per hour. New York ranks third as a best-paying state, where a stock broker can earn $159,000 or $76,44 per hour.
Some other high paying states, as per data provided in 2011:
- Virgin Islands: $123,000 per year and $59,13 per hour;
- Washington DC: $120,000 per year or $57,69 per hour;
- Georgia: $106,000 per year or $50,96 per hour;
- Mississippi: $111,000 per year or $53,37 per hour;
- Connecticut: $92,000 per year or $44,23 per hour.
If you want to apply for a job as a stock broker, you should avoid these states as they have the lowest paying rates:
- Nevada: $63,180;
- Wyoming: $66,780;
- Puerto Rico: $67,620;
- New Mexico: $70,670;
- Kentucky: $74,430.
Stock Broker Salary by State
Here’s the annual mean wage per state, expressed in USD as per the May 23, 2016 report.
|State||Annual Mean Wage ($)|
Stock Broker Salary in Canada
PayScale reports that stock brokers who work in Canada earn a median salary of C$53,000 per year. However, with the available bonus that can reach C$2,100, the total pay ranges between C$25,168 and C$99,329.
Stock Broker Salary in the UK
The stock broker salary in the United Kingdom ranges between £15,456 and £146,807, with bonuses reaching up to £8,250. As a result of added bonuses and commissions, the total pay for this profession can reach over £200,000 per year.
Stock Broker Salary in Australia
Entry level stock brokers in Australia can expect an annual pay of around AU$64,000. With experience comes a substantial increase in pay, making experienced stock brokers earn AU$70,000 (5-10 years), $85,000 (10-20 years), and even AU$92,000 with over 20 years of experience.
Stock Broker Salary in Switzerland
Switzerland is one of the most rewarding places to work as a stock broker, as the annual mean salary is CHF 110,962, the equivalent of $108,812.
Stock Broker Salary in Norway
Professional stock brokers working in Norway earn a mean salary of NOK656,544, at an hourly rate of NOK315.
Experience is also considered a crucial factor that influences a stock broker salary. For example, a stock broker seeking employment for an entry-level job (0 to 5 years), can look at a payroll of $47,000 per year. As for an experienced stock broker, who clocked more between 10 to 20 years on the job, the average mean salary can as high as $80,000 dollars per year.
From an education standpoint, employers usually hire candidates who have obtained a bachelor’s degree in Business, Finance or Economy. However, the chances of getting a job as stock broker increase by more than 50 percent if the candidate has a master’s degree in one of the fields listed above.
The most sough-out candidates are those who have earned an MBA. Apart from studies, the candidates must also receive as certification or license from the Financial Industry Regulatory Authority before they are allowed to practice.
Those who are interested in working as stock brokers are required to take the Uniform Securities Agents State Law Examination, which is also called the Series 63 to Series 66.
Working Hours and Environment
According to the job profile posted on BLS, a stock broker typically works 40 hours per week. However, due to the fact that stock brokerage is listed as a high-stress job, candidates have to be prepared to put in for overtime. At times, even the possibilities of working from home and having free weekends are excluded.
A stock broker usually works in an office equipped with a computer and other commodities. Because this is a considered a high-stress job, stock brokers may be subjected to several mental health issues.
Moreover, while some employers may consider flexible working hours or a part-time schedule, most of them will not accept any new terms and conditions.
Bonuses and Benefits Packages
As assessed by payscale.com, a stock broker salary can be augmented with bonuses between $498.33 and $33.935 per year. Furthermore, being a job that relies heavily on commissions, depending on the industry and your experience, you can earn somewhere in between $4,966 and $553,689 per year.
Other benefits might include a good medical insurance since stock brokerage is a demanding job. Moreover, as a stock broker, you’ll always have the advantage of job security since every major player out there is searching for portfolio advice.
According to the BLS job outlook forecast for the 2014-2024 timeframe, the stock broker job outlook will increase by 10 percent, which is a faster than average growth rate. Presently, there are 341,500 individuals employed as stock brokers. The employment change predicted by BLS for the same timeframe is +32,500. For an overview of the topic, we recommend also reading about the investment banking salary.
In summary, a stock broker salary depends on multiple factors. Taking up a position as a stock broker seems quite lucrative if we take into account the job outlook predictions posted by BLS. The position has many advantages including a good paycheck, bonuses, and various benefits. However, keep in mind that stock brokerage is considered one of the most stressful job out there on the market, which means that you’ll have to prepare yourself for some tough tasks.