Securities Salespeople

Career summary

Securities salespeople may also be called registered representatives or account executives.

Securities salespeople are also called brokers or stockbrokers. They perform a variety of tasks depending on their specific job duties. When a client wants to buy or sell a security, salespeople order it electronically. They may contact a securities exchange, such as the New York Stock Exchange where floor brokers negotiate the price and make the sale.

Securities salespeople also provide related services for their clients. For example, they explain stock market terms and practices. They provide information on securities, and advice on buying or selling.

Brokers who are financial planners usually work with individuals. To develop a plan, they interview clients about their finances and goals. After analyzing this information, brokers discuss the best options with clients. They create a client portfolio. Portfolios may include stocks, bonds, mutual funds, or other investments.

Securities salespeople record all transactions and prepare documents for their clients. They also review all trades for accuracy, and to ensure that they conform to trading rules. In order to monitor their clients' accounts, brokers prepare regular financial reports.

Salespeople stay informed of economic trends. They analyze stock market conditions to determine the best times to buy and sell. They read corporate reports and compute stock ratios to determine what stocks are good buys. Brokers also analyze stocks in order to monitor their clients' accounts.

Securities salespersons also work to find new clients. Many seek clients by telephone or place ads or use mailing lists. Many securities salespeople teach investment classes or give group lectures to find new clients.

Financial services salespeople sell banking and related services. They contact clients on behalf of the bank they work for. They discuss services such as loans, credit cards, special accounts, and investments. Banks now offer the sale of securities. Financial services salespeople have duties that can be similar to those of brokers in brokerage firms.

Related careers

This career is part of the Finance cluster of careers.

Related careers include:

• Agents and Business Managers
• Buyers and Purchasing Agents
• Financial Counselors
• Financial Managers
• Insurance Adjusters and Examiners
• Insurance Agents
• Loan Officers
• Market Research Analysts
• Public Relations and Fundraising Managers
• Purchasing Managers
• Real Estate Agents
• Regulatory Affairs Managers

Job duties

Task list

The following list of tasks is specific to securities salespeople.

• Interview clients to determine financial information and goals.
• Analyze information, develop financial plans, and discuss options with clients.
• Contact exchange or brokerage firm to place order to buy or sell. Usually use a computer to place order.
• Review all transactions to ensure accuracy and to ensure that trades conform to rules.
• Prepare documents, record transactions, and inform clients of final prices.
• Prepare financial reports to monitor client finances.
• Analyze market conditions and keep informed of business trends.
• Read corporate reports and compute ratios to determine good investments.
• Inform and advise clients of events affecting their plan or account. Explain terms and practices to clients.
• Find new clients via ads, mailing lists, and personal contacts. May teach classes or give lectures to build client base.
• Contact prospective clients to explain financial services.
• Determine client needs, develop financial plans, and offer services such as loans, investments, or special accounts.
• Calculate costs for billing and commissions.

Common work activities

Securities salespeople perform the following tasks. These tasks are common to many careers.

• Communicate with people outside the organization
• Convince others to buy goods or change their minds or actions
• Establish and maintain relationships
• Get information needed to do the job
• Analyze data or information
• Use computers
• Make decisions and solve problems
• Evaluate information against standards
• Organize, plan, and prioritize work
• Process information
• Update and use job-related knowledge
• Communicate with supervisors, peers, or subordinates
• Perform for or work with the public
• Explain the meaning of information to others
• Identify objects, actions, and events
• Develop goals and strategies
• Resolve conflicts and negotiate with others
• Judge the value of objects, services, or people
• Document and record information
• Schedule work and activities
• Perform administrative tasks
• Develop and build teams
• Provide advice and consultation to others
• Think creatively

Work requirements

Working conditions

In a typical work setting, securities salespeople:

Interpersonal relationships

• Have a very high degree of social contact. They work closely with clients and other brokers.
• Communicate constantly by telephone, e-mail, and in person. They also write letters and memos, but less often.
• May on occasion be placed in conflict situations where clients might be rude or angry.
• Are responsible for the work done by assistants.
• Often work as part of a team.

Physical work conditions

• Nearly always work indoors.
• May share office space with others.

Work performance

• Must be very exact in their work and be sure all details are done. Errors could have serious effects on clients' finances.
• Regularly make decisions that greatly impact their client's and employer's finances and reputation.
• Make decisions that affect clients and other employees on a daily basis. They rarely consult a supervisor before deciding a course of action.
• Set nearly all their daily tasks and goals without consulting a supervisor first.
• Work in a competitive atmosphere. They must abide by strict daily deadlines.
• Sometimes repeat the same physical activities.

Hours/travel

• May work more than 40 hours a week, especially when starting out.
• Generally work a set schedule, but may work evenings or weekends to accommodate clients.

Physical demands

Securities salespeople frequently:

• Sit for long periods of time.

It is important for securities salespeople to be able to:

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

It is not as important, but still necessary, for securities salespeople to be able to:

• See details of objects that are more than a few feet away.
• Use fingers to grasp, move, or assemble very small objects.

Skills and abilities

Securities salespeople need to:

Communicate

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

Reason and problem solve

• Analyze ideas and use logic to determine their strengths and weaknesses.
• Use reasoning to discover answers to problems.
• Notice when something is wrong or is likely to go wrong.
• Combine several pieces of information and draw conclusions.
• Judge the costs and benefits of a possible action.
• Follow guidelines to arrange objects or actions in a certain order.
• Develop rules that group items in various ways.
• Understand new information or materials by studying and working with them.
• Recognize the nature of a problem.
• Think of new ideas about a topic.
• Recognize when important changes happen or are likely to happen in a system.
• Identify what must be changed to reach goals.

Use math and science

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

• Persuade others to approach things differently.
• Be aware of others' reactions and understand the possible causes.
• Look for ways to help people.
• Solve problems by bringing others together to discuss differences.
• Change behavior in relation to others' actions.

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

• Business Economics
• Economics
• Finance
• Marketing

Other programs of study to consider

• Accounting
• Business, General
• Electronic Commerce
• International Business, Trade, and Finance

Training

To work as a securities salesperson, you typically need to:

• have a high school diploma or equivalent;
• have a bachelor's degree;
• complete moderate-term, on-the-job training; and
• have a license.

Education after high school

Most securities salespeople have at least a bachelor's degree. You must be knowledgeable about financial instruments, markets, economic conditions, and trends. A few majors are excellent preparation for this occupation. These include business administration, economics, and finance. Accounting, marketing, and banking courses are also helpful. However, employers rarely require specific courses or college majors.

Work experience

Work experience in sales or dealing with people is good preparation for this occupation.

On-the-job training

Most employers provide on-the-job training to help you meet state licensing requirements. In most firms, this training period takes about six months. Large firms may offer classroom instruction. You study topics such as securities analysis, public speaking, and sales.

You must take continuing education courses to maintain your license.

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
• Economics
• Marketing
• 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

Many employers require a college degree. However, they often consider personal qualities more than specific college training. Employers seek applicants with strong sales ability and good people skills. They also seek applicants with a strong desire to succeed. Self-confidence and the ability to handle rejection are also important. Some employers also require a good credit history and a clean record.

Many employers prefer to hire applicants who have had success in other jobs. Some firms prefer applicants with sales experience. Many entrants to this occupation transfer from other jobs.

Banks prefer to hire college graduates for financial services sales jobs. A business administration degree with courses in finance may be preferred.

Most employers provide training to meet requirements for registration and licensing. Experienced workers will often change from one firm to another in metropolitan areas.

Tips

Participation in debate is helpful.

Licensing/certification

Securities salespeople must be registered with the Securities Division of the Washington State Department of Financial Institutions.

For more information, contact:

Washington State Department of Financial Institutions
Securities Division 
PO Box 41200
Olympia, WA 98504-1200
360.902.8760
877.746.4334

Information on the FINRA exams can be found by contacting FINRA .

Additional examinations are usually required for salespeople to qualify as registered representatives of their firms, for example, with the various stock exchanges.

#The registration info is complicated depending on what type of firm the broker works for. I decided to just link to FISD and FINRA 2/12/20

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.

• Sales Agents, Financial Services 
• Sales Agents, Securities and Commodities 

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

Wages

Wages vary by the type of employer. Salespeople in brokerage firms tend to earn more than those in banks and mortgage companies.

Securities salespeople usually are paid a commission based on the number of stocks, bonds, and other products they sell. Earnings are high when there is much buying and selling, and low during a slump. Most firms provide brokers a minimum salary based on commissions they are expected to earn. Trainee brokers are usually paid a salary until they can build a client base. Some brokers are paid a percentage of the assets they oversee. Brokers who work for discount brokerage firms are usually paid a salary. Financial services salespeople who work in banks are usually paid a salary.

Full-time salespeople may receive benefits. Typical benefits include paid vacation, sick leave, and health insurance. 

Employment and outlook

Washington outlook

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

Most securities salespeople work for large firms that have main offices in big cities. However, securities salespeople work all across the country.

Major employers:

• Securities and commodities brokerage firms
• Banks, credit unions, and savings institutions

National outlook

Demand for this occupation will remain steady. As the economy improves, there will be more people needing help with their investments. The growing number and complexity of financial products will also spur demand. In addition, banks now offer a variety of services, such as stocks and insurance.

Competition for jobs is strong as there are many people qualified for job openings. Job prospects are best for those with advanced degrees and certifications.

Other resources

eFinancialCareers 

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

Futures Industry Association 
2001 Pennsylvania Avenue NW, Suite 600
Washington, DC 20006
202.466.5460

National Association of Securities Professionals 
901 K Street, N.W., Suite 310
Washington, DC 20001
202.371.5535

Security Traders Association 
1115 Broadway, Suite 1110
New York, NY 10010
646.699.5996

References

Career cluster

• Finance

Career path

• Enterprising (Business Communications)

O*Net  occupations

• Sales Agents, Financial Services (41-3031.02) 
• Sales Agents, Securities and Commodities (41-3031.01) 

O*Net job zones 

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

• Job Zone 4 - Considerable preparation needed. A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations.

DOT occupations

• Broker-and-market Operator, Grain (162.157-010) 
• Financial Planner (250.257-014) 
• Floor Broker (162.167-034) 
• Registered Representative (250.257-018) 
• Sales Agent, Financial-report Service (250.357-026) 
• Sales Representative, Financial Services (250.257-022) 
• Securities Trader (162.167-038) 

Strong Interest Inventory

• Financial Manager

Holland occupational cluster

• Enterprising/Conventional/Social

COPSystem

• Business Skilled