| Educational Attainment Breakdown for Brokerage Clerks |
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College or Higher |
27.0% |
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Some College |
42.4% |
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High School or Less |
30.6% |
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Most Significant Source of Postsecondary Education or Training
Moderate-term on-the-job training
Source: U.S. Department of Labor
Most brokerage clerks learn their jobs through a few months of on-the-job training and experience. Once they have worked in the firm for a few years, many clerks advance to sales representative or broker positions.
Education and training. Some brokerage clerk positions require only a high school diploma, but graduates from 2- and 4-year college degree programs are increasingly preferred. Positions dealing with the public, such as broker's or sales assistant, and those dealing with more complicated financial records are especially likely to require a college degree.
Most new employees are trained on the job, working under the close supervision of more experienced employees. Some firms offer formal training that may include courses in telephone etiquette, computer use, and customer service skills. They may also offer training programs to help clerks study for the broker licensing exams.
Licensure. Licenses are not strictly required for most brokerage clerk positions, but a Series 7 brokerage license can make a clerk more valuable to the broker. This license gives the holder the ability to act as a registered representative of the firm. A registered representative has the right to answer more of a client's questions and to pass along securities recommendations from the broker. In order to receive this license, a clerk must pass the General Securities Registered Representative Examination (Series 7 exam), administered by FINRA, and be an employee of a registered firm for at least 4 months.
Other qualifications. Brokerage clerk jobs require good organizational and communication skills, as well as attention to detail. Computer skills are extremely important, as most of the work is done by computer. An aptitude for working with numbers is also very helpful, as is a basic knowledge of accounting.
Advancement. Clerks may be promoted to sales representative positions or other professional positions within the securities industry. Employment as a brokerage clerk may also be a stepping-stone into a position as a broker.
Source: U.S. Department of Labor's Occupational Outlook Handbook
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