If you’re looking to become a stockbroker, one of the first things you probably want to know about is how much money you’re going to make.
A stockbroker average salary according to the US Bureau of Labor statistics is about $70,000 per year.
The only problem with looking at their numbers is the reported $70,000 is an average of all stockbroker salaries. I know for a fact most stockbrokers make nowhere near that. And a select few make millions of dollars a year. So the data is quite skewed.
I believe a more accurate number for especially newer brokers is more along the lines of $30,000 a year.
But remember, the longer your broker, the more money you should make.
This makes sense simply because the longer you are actually working on Wall Street, the more clients you should be getting. The better at your career you should be getting. The more connections you should be making.
And this would be the same in any sales career.
How do stockbrokers make money?
If you’re going to become a stockbroker one thing you really need to understand is that you’re not going to be looking at charts and graphs in trying to pick the best stocks for your clients to be buying every day. That’s only on TV.
The reality is you are a sales person. Just like the other sales job, your job is to sell. And if you can’t, you’re never going to make it on Wall Street.
So if you’re thinking about being a stockbroker as your life’s career choice, the first thing you need to start doing is honing your sales skills.
This includes reading excellent books that teach you about sales strategies regardless of what niche they are in. Going to training seminars even if it’s it on your own time and you need to pay for them yourself. And if you really want to learn about sales and what it takes to be a stockbroker, you could always just go in work a few days for someone for free. This is one of the best ways to learn the ropes.
Not only that, but you’re going to have the opportunity to talk to a bunch of stockbrokers as well. You be able to ask them how much money they’re making each year. How much work they have to do in order to make that money.
And of course you’ll also know for a fact what it takes to be successful as a broker. You’ll see their daily stresses and accomplishments.
Sometimes a big salary is always worth the stress. And I can tell you is a fact, because I’ve been a stockbroker on Wall Street, there is a huge amount of stress when you’re playing with other people’s money. People don’t like to lose their money. And if you’re not watching out for your clients, and sometimes even if you are in the market just tanks, you will hear about it.
So you going to need to decide for yourself if a high salary is worth the stress. And like I mentioned before in this article, when you’re a new broker your salary isn’t going to be very high at all. I would guess about $30,000 a year for your first year. But if you can keep going after that, you most definitely could be making millions. It’s all up to you.
