Brokerage Clerks and Statement Clerks Career Information
At School Soup we want to help you on your Brokerage Clerks and Statement Clerks Career path. Here in our Brokerage Clerks and Statement Clerks career section, we have lots of great information to help you learn all about Brokerage Clerks and Statement Clerks. If you're interested in other possible careers, please select a career from the dropdown menu below to learn more about that specific career.
Nature of the WorkBrokerage clerks perform a number of different
jobs with wide ranging responsibilities, but all involve computing and recording
data on securities transactions. Brokerage clerks also may contact customers,
take orders, and inform clients of changes to their accounts. Some of these
jobs are more clerical and require only a high school diploma, while others
are considered entry-level positions for which a bachelor's degree is needed. Brokerage clerks, who work in the operations departments of securities
firms, on trading floors, and in branch offices, also are called margin clerks,
dividend clerks, transfer clerks, and broker's assistants.
The broker's assistant, also called sales assistant, is the most common type of brokerage clerk. These workers typically assist two brokers, for whom they take calls from clients, write up order tickets, process the paperwork for opening and closing accounts, record a client's purchases and sales, and inform clients of changes in their accounts. All brokers' assistants must be knowledgeable about investment products so that they can clearly communicate with clients. Those with a "Series 7" license can make recommendations to clients at the instruction of the broker. The Series 7 license is issued to securities and commodities sales representatives by the National Association of Securities Dealers and allows them to provide advice on securities to the public.
Brokerage clerks in the operations areas of securities firms perform many duties to facilitate the sale and purchase of stocks, bonds, commodities, and other kinds of investments. These clerks produce the necessary records of all transactions that occur in their area of the business. Job titles for many of these clerks depend upon the type of work they perform. Purchase-and-sale clerks, for example, match orders to buy with orders to sell. They balance and verify stock trades by comparing the records of the selling firm with those of the buying firm. Dividend clerks ensure timely payments of stock or cash dividends to clients of a particular brokerage firm. Transfer clerks execute customer requests for changes to security registration and examine stock certificates for adherence to banking regulations. Receive-and-deliver clerks facilitate the receipt and delivery of securities among firms and institutions. Margin clerks post to and monitor activity in customers' accounts to ensure that clients make payments and stay within legal boundaries concerning stock purchases.
Technology is changing the nature of many of these workers' jobs. A significant and growing number of brokerage clerks use custom-designed software programs to process transactions more quickly. Only a few customized accounts are still handled manually. Furthermore, the rapid expansion of online trading reduces the amount of paperwork because brokerage clerks are able to make trades electronically.
EmploymentBrokerage clerks held about 70,000 jobs in 2009. Most worked in firms that sell securities and commodities.
Job OutlookEmployment of brokerage clerks is expected to through the year 2010, as technological advancements continue to automate many of their job duties. With people increasingly investing in securities, brokerage clerks will still be required to process larger volumes of transactions. And, some brokerage clerks will still be needed to update records, enter changes to customer's accounts, and verify securities transfers. However, due to the emergence of online trading and widespread automation in the securities and commodities industry, the demand for brokerage clerks in the coming decade will be limited. All job openings will stem from the need to replace clerks who transfer to other occupations or leave the labor force.
Median hourly earnings of brokerage clerks were $16.94 in May 2009. The middle 50 percent earned between $13.52 and $21.60. The lowest 10 percent earned less than $11.22 and the highest 10 percent earned more than $27.11.
Brokerage clerks compute and record data. Other workers who perform calculations and record data include bill and account collectors; billing and posting clerks and machine operators; bookkeeping, accounting, and auditing clerks; and tellers.
State employment service offices and agencies can provide information about job openings for brokerage clerks.