Brokerage Clerks

Career summary

Some of the job titles included in this description are transfer clerks, margin clerks, purchase- and-sale clerks, dividend clerks, trading assistants, sales traders, and broker's assistants.

# 3/28/19 lh

Brokerage clerks help with the sale and purchase of investments. Types of investments include:

• Stocks
• Bonds
• Commodities

Some clerks work with brokers and customers. The most common brokerage clerk is the broker's assistant or sales assistant. These assistants usually work for two brokers. They take calls from customers, answer questions, and take orders. They also monitor stock prices as they change throughout the day.

When clients want to buy or sell securities, clerks write up order tickets. Brokerage clerks prepare paperwork. Once the process is complete, assistants record purchases, sales, or conversions. When customers close accounts, clerks compute the value of their stock, apply brokerage fees and taxes, and pay the customers.

Some brokerage clerks work in the operations area processing the records of sales and transfers. These clerks' job titles depend upon the type of work they perform.

Purchase-and-sale clerks match orders to buy with orders to sell. They check stock trades by comparing the records of the selling firm to those of the buying firm.

Dividend clerks make sure that stock or cash dividends are paid to clients on time. Transfer clerks carry out customer requests for changes in ownership of accounts.

Margin clerks post changes and watch activity in customers' accounts. Their job is to make sure that customers make their payments and follow the rules of stock purchases.

Related careers

This career is part of the Finance cluster of careers.

Related careers include:

• Bank Tellers
• Billing Clerks
• Bookkeeping and Accounting Clerks
• Human Resources Assistants
• Insurance Adjusters and Examiners
• Legal Secretaries
• Loan Clerks
• Loan Officers
• New Accounts Clerks
• Tax Examiners
• Tax Preparers

Job duties

Task list

The following list of tasks is specific to brokerage clerks.

• Talk with customers and work with coworkers to answer questions, discuss market changes, and resolve problems with accounts.
• Schedule and coordinate transfer and delivery of security certificates between companies, departments, and customers.
• Prepare forms, such as receipts, withdrawal orders, and transfer confirmations, based on requests of stockholders.
• Record and document security transactions, such as purchases, sales, conversions, and payments, using computers and certificate records.
• Monitor daily stock prices.
• Verify ownership and transaction changes, and make sure they meet government rules.
• Compute total holdings, dividends, interest, transfer taxes, brokerage fees, and additional earnings. Make payments to customers.
• Prepare reports summarizing daily transactions and earnings for customer accounts.
• File, type, and operate office machines.

Common work activities

Brokerage clerks perform the following tasks. These tasks are common to many careers.

• Get information needed to do the job
• Use computers
• Process information
• Communicate with people outside the organization
• Establish and maintain relationships
• Evaluate information against standards
• Make decisions and solve problems
• Update and use job-related knowledge
• Identify objects, actions, and events
• Organize, plan, and prioritize work
• Analyze data or information
• Communicate with supervisors, peers, or subordinates
• Document and record information

Work requirements

Working conditions

In a typical work setting, brokerage clerks:

Interpersonal relationships

• Communicate by telephone, e-mail, letters, memos, and in-person on a daily basis.
• Have a high level of contact with customers and staff.
• Are occasionally placed in conflict situations where customers might become angry or unpleasant.
• Are somewhat responsible for the work done by other clerks.
• Often work as part of a team.

Physical work conditions

• Always work indoors.
• Often work in noisy offices and spaces where the sound levels may be distracting.

Work performance

• Must meet strict daily deadlines.
• Must be sure that all details of their job are completed and performed accurately. Missing details could cost the company time and money.
• Repeat the same activities over and over, such as working with computers.
• Often make decisions that affect clients. They often act without consulting a supervisor first.
• Determine most of their daily tasks and goals without talking to a superior first.

Hours/travel

• May work part time or full time. Most work full time.
• May work overtime if there is a lot of activity in stock or bond markets.

Physical demands

Brokerage clerks frequently:

• Sit for long periods of time.
• Repeat the same movements.
• Use their hands to handle, control, or feel objects, tools, or controls.

It is important for brokerage clerks to be able to:

• See details of objects that are less than a few feet away.
• Understand the speech of another person.
• Speak clearly so listeners can understand.

It is not as important, but still necessary, for brokerage clerks to be able to:

• Use fingers to grasp, move, or assemble very small objects.
• See details of objects that are more than a few feet away.
• Focus on one source of sound and ignore others.
• See differences between colors, shades, and brightness.
• Hear sounds and recognize the difference between them.
• Make quick, precise adjustments to machine controls.
• Hold the arm and hand in one position or hold the hand steady while moving the arm.
• Use one or two hands to grasp, move, or assemble objects.

Skills and abilities

Brokerage clerks need to:

Communicate

• Understand spoken information.
• Listen to others and ask questions.
• Speak clearly so listeners can understand.
• Understand written information.
• Read and understand work-related materials.
• Write clearly so other people can understand.

Reason and problem solve

• Follow guidelines to arrange objects or actions in a certain order.
• Notice when something is wrong or is likely to go wrong.
• Analyze ideas and use logic to determine their strengths and weaknesses.
• Use reasoning to discover answers to problems.
• Concentrate and not be distracted while performing a task.
• Combine several pieces of information and draw conclusions.
• Judge the costs and benefits of a possible action.
• Understand new information or materials by studying and working with them.

Use math and science

• Add, subtract, multiply, and divide quickly and correctly.
• Choose a mathematical method or formula to solve problems.
• Use math skills to solve problems.

Manage oneself, people, time, and things

• Manage the time of self and others.
• Check how well one is learning or doing something.

Work with people

• Look for ways to help people.
• Be aware of others' reactions and understand the possible causes.

Education and training

Educational programs

The programs of study listed below will help you prepare for the occupation or career cluster you are exploring.

Programs of study directly related to this occupation

• Accounting Technology and Bookkeeping

Other programs of study to consider

• Accounting
• Business, General
• Finance

Training

To work as a brokerage clerk, you typically need to:

• have at least a high school diploma or equivalent; and
• complete moderate-term, on-the-job training.

Education after high school

You must have at least a high school diploma to become a brokerage clerk. Many clerks have taken college courses or completed a bachelor's degree. Clerks who work directly with clients generally have a college degree. You can get training at business schools, community colleges, and universities. You should take business, finance, and computer courses.

On-the-job training

As a beginning brokerage clerk, you often receive training on the job. The length of training varies by employer, your education, and your position. Many clerks receive up to three months of training. Many others receive up to one year of training. You start by learning office procedures and the computer software. You perform routine tasks while supervised by experienced clerks. As you gain experience you work on more complicated tasks and have greater responsibility.

Helpful high school courses

In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements.

You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.

Helpful electives to take in high school that prepare you for this career include:

• Banking and Finance
• Computer Applications
• Consumer Law
• Foreign Language
• Personal Finance
• Principles of Sales

The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.

You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.

Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career. Here are examples of activities and groups that may be available in your high school or community.

Things to know

Employers require brokerage clerks to have at least a high school diploma or equivalent. Many brokerage firms prefer to hire clerks who have a bachelor's degree.

Employers prefer to hire brokerage clerks who know how to work with computers. They may look for experience with word processing and spreadsheets. They also look for applicants with good customer service skills, since clerks work with customers. Brokerage clerks need to be careful, orderly, and attentive to details. These are important skills because clerks must avoid making errors and be able to recognize when something is wrong. Since they work so much with people's records, clerks also must be trustworthy.

Tips

Clerks who have a General Securities Representative (Series 7) brokerage license from the Financial Industry Regulatory Authority (FINRA) make themselves more marketable to employers and can undertake additional job duties.

#Added tip from info in 2006/07 OOH, 3/13/06, CJ. Updated name of assn 2/21/12 cj.

Licensing/certification

An optional license is available for brokerage clerks. This license is called the Series 7 brokerage license. The advantage of this license is that brokerage clerks or assistants who have it can work more with clients. In addition, they can pass on suggestions from brokers about which securities to consider.

Job listings

Listed below are links to job categories from the National Labor Exchange that relate to this career. Once you get a list of jobs, you can view information about individual jobs and find out how to apply. If your job search finds too many openings, or if you wish to search for jobs outside of Washington, you will need to refine your search.

• Brokerage Clerks 

To get a listing of current jobs from the WorkSource system, go to the WorkSource website .

Wages

#In Washington, the average entry-level wage for brokerage clerks is $18.87 per hour ($3,270 per month).

#Updated ES wage info 07.16 sd

Pay varies by the area of the country and the size of the city that the job is in. Securities firms in larger cities usually have more customers and make more money. This allows them to pay more than employers in smaller towns. Pay also varies by brokerage clerks' level of education. Those with a bachelor's degree start at higher salaries than those with a high school diploma or equivalent. The level of technical skills needed for the job also increases the amount they are paid.

Brokerage clerks who work full time usually receive benefits. These benefits may include health, dental, and retirement plans. They may also receive paid vacation and sick leave.

Employment and outlook

Washington outlook

#Between 2014 and 2024, it is estimated that there will be five openings annually due to new positions and 24 openings annually from workers leaving this career.

#Updated outlook 05.16 sd

The table below provides information about the number of workers in this career in various regions. It also provides information about the expected growth rate and future job openings.

National employment

Major employers:

• Security brokers and dealers
• Banks, savings institutions, and credit unions
• Security and commodity exchanges and services

National outlook

Demand for brokerage clerks is expected to grow about as fast as average. Automation in the industry may lead to slower growth as more people can invest online or through other automated means.

Competition for jobs is expected to be strong. This is due to the financial services industry undergoing further consolidation. The number of people who apply for openings will be greater than the number of jobs available.

Job openings will be available as people leave the occupation.

Other resources

Financial Industry Regulatory Authority 
1735 K Street
Washington, DC 20006
301.590.6500

References

Career cluster

• Finance

Career path

• Conventional (Business Operations)

O*Net  occupation

• Brokerage Clerks (43-4011.00) 

O*Net job zone 

• Job Zone 3 - Medium preparation needed. Previous work-related skill, knowledge, or experience is required for these occupations.

DOT occupations

• Brokerage Clerk I (219.482-010) 
• Brokerage Clerk II (219.362-018) 
• Dividend Clerk (216.482-034) 
• Margin Clerk II (216.382-046) 
• Securities Clerk (219.362-054) 
• Transfer Clerk (216.362-046) 

Holland occupational cluster

• Conventional/Enterprising/Social

COPSystem

• Clerical