become a brokerage clerk

What does a Brokerage Clerk do?

A brokerage clerk handles the many various aspects of the sales, purchases, or holding of securities, to include market fluctuations, documenting security transactions, or monitoring daily stock prices. They also compute transfer taxes and keep records of daily holdings and transactions.

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How to Become a Brokerage Clerk

According to O*NET OnLine, 38% of brokerage clerks have bachelor’s degrees, 20% have some college but no degree, and 29% have at least a high school diploma or equivalent. Many, receive 1 to 12 months of on-the-job training at a firm that buys and sells securities. However, an employer may look more preferably on candidates who have a college education in a related degree in finance.

Job Description of a Brokerage Clerk

Brokerage clerks answer client’s questions about account problems or market fluctuations. They also document security transactions and prepare and keep track of receipts. They schedule and coordinate the transfers of security certificates between customer, departments, and companies. A brokerage clerk tracks stock prices and computes fluctuations in order to asses the need for additional collateral for the securement of loans. They ensure conformance with government regulations by using stock reports and records. They allocate payments to customers after computing total holdings, brokerage fees, interest, dividends, transfer taxes, or commissions. They also prepare reports from daily transactions for individual customer accounts, as well as their earnings.

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Brokerage Clerk Career Video Transcript

Wading through the frenzy of the trading floor, or surrounded by computers humming miles away from Wall Street, brokerage clerks track the progress of every player in the game of high finance. Their wide-ranging responsibilities in this growing field all involve computing and recording data on securities transactions.

The most common type of brokerage clerk is called the broker’s assistant or sales assistant. This clerk interfaces with clients and handles the paperwork for securities purchases and sales and other account records. They’re knowledgeable about investment products and can explain them clearly. Other brokerage clerks specialize in tracking and organizing the sales and purchases of every stock, bond, commodity or other investment product offered by a securities firm. It’s all managed by customized computer software.

A high school diploma can suffice for brokerage clerk positions that are primarily clerical. A bachelor’s degree is preferred for job categories requiring a deeper understanding of finance. Many brokerage firms hire college graduates for entry-level clerical jobs and promote them into management positions as their skills develop. This is a field that requires focus, confidence, financial savvy, communications skills, and energy.

Article Citations

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Brokerage Clerks.

National Center for O*NET Development. 43-4011.00. O*NET OnLine.

The career video is Public Domain from the U. S. Department of Labor, Employment and Training Administration.

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