Stockbrokers have a range of different duties, but they are generally responsible for selling commodities and financial products directly to individual clients. They often advise clients on their financial decisions and can be responsible for building and maintaining their own client base. The U.S. Bureau of Labor Statistics notes that, although overall growth of securities, commodities and financial services sale agents is expected to be average from 2010 to 2020 at 15 percent, the increased availability of online stock trading services could reduce the demand for stockbrokers.
According to the BLS in May 2011, all securities, commodities and financial services sales agents earned an average salary of $98,810 per year, or $47.50 per hour. The middle 50 percent of this group earned between $41,940 and $132,040 per year, and the median salary was $72,060. Sales agents who worked in the industry of metal and mineral wholesalers made the most, taking in an average of $182,020 per year. Other high-paying industries were management, scientific, and technical consulting services, where the average salary was $149,180 per year, and other financial investment activities, where agents earned $128,910 per year.
Highest State Salaries:
Connecticut was the best-paying state for financial sales agents, with average earnings of $159,950 per year. Next was New York, with an average salary of $135,700; South Dakota, where agents earned $126,010 per year; and the District of Columbia, where they made $110,480 per year. Massachusetts was the fifth-highest-paying state in the nation, where agents took in $109,680, on average.
Metro Salaries in Highest-Paying States:
The Bridgeport-Stamford-Norwalk area of Connecticut was the second-highest-paying metro area for financial sales agents in the country, where the average salary was $171,200. In the Hartford area, stockbrokers earned $122,900, on average. Brokers earned an average salary of about $136,860 per year in the New York City metro area and $124,350 per year in the region of Rapid City, South Dakota.
Metro Salaries in Other States:
Even though Utah was not in the top-five high-paying states for financial sales agents, the Provo-Orem metropolitan area was the highest-paying region of the country, with an annual salary of $186,610, on average. Other top-paying regions that were not found in the top-paying states included Columbus, Indiana, where agents earned $149,860 per year; Durham-Chapel Hill, North Carolina, where they took in $138,430 per year; and the San Francisco area, where the average salary was $135,850 annually.