Securities, commodities, and financial services sales agents held about 466,900 jobs in 2021. The largest employers of securities, commodities, and financial services sales agents were as follows:
| Credit intermediation and related activities | 53% |
| Securities, commodity contracts, and other financial investments and related activities | 33 |
| Self-employed workers | 6 |
| Management of companies and enterprises | 3 |
Most securities, commodities, and financial services sales agents work many hours under stressful conditions. The pace of work is fast, and managers are usually demanding of their workers, because both commissions and advancements are tied to sales.
Investment bankers travel extensively because they frequently work with companies in other countries.
Because computers can conduct trades faster than people can, electronic trading is quickly replacing verbal auction-style trades on exchange floors. The environment of the stock exchange is changing as a result, with more traders carrying out orders behind a desk and fewer working on the exchange floor.
Because most of the major investment banks are in New York City, employment of securities, commodities, and financial services sales agents is concentrated in that metropolitan area.
Work Schedules
Securities, commodities, and financial services sales agents usually work full time and some work more than 40 hours per week. In addition, they may work evenings and weekends because many of their clients work during the day.
Securities, commodities, and financial services sales agents typically need a bachelor’s degree for entry-level jobs. A master’s degree in business administration (MBA) is useful for advancement.
Education
Securities, commodities, and financial services sales agents typically need a bachelor’s degree to enter the occupation. A common field of degree is business, which usually includes coursework in topics such as finance, accounting, and economics. Summer internships often provide useful experience, and employers may prefer to hire candidates who have worked as interns.
Numerous agents eventually get a master’s degree in business administration (MBA), which is often a requirement for high-level positions in the securities industry. Because the MBA exposes students to real-world business practices, it can be a major asset for jobseekers. Employers often reward MBA holders with higher level positions, better compensation, and large signing bonuses.
Training
Most employers provide intensive on-the-job training, teaching employees the specifics of the job, such as the products and services offered. Trainees in large firms may receive technical instruction in securities analysis and selling strategies. Firms often rotate their trainees among various departments to give them a broad understanding of the securities business.
Securities, commodities, and financial services sales agents must keep up with new products and services and other developments. They attend conferences and training seminars regularly.
Licenses, Certifications, and Registrations
Brokers and investment bankers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, potential agents must pass a series of exams.
Many other licenses are available, each of which gives the holder the right to sell different investment products and services. Traders and some other sales representatives also need licenses, although these vary by firm and specialization. Financial services sales agents may need to be licensed, especially if they sell securities or insurance. Most firms offer training to help their employees pass the licensing exams.
Agents who are registered with FINRA must attend continuing education classes to keep their licenses. Courses consist of computer-based training on legal requirements or new financial products or services.
Although not always required, certification enhances professional standing and is recommended by employers. Brokers, investment bankers, and financial services sales agents can earn the Chartered Financial Analyst (CFA) certification, sponsored by the CFA Institute. To qualify for this certification, applicants need a bachelor’s degree or 4 years of related work experience and must pass three exams, which require several hundred hours of independent study. Applicants also must have an international passport. Exams cover subjects in accounting, economics, securities analysis, financial markets and instruments, corporate finance, asset valuation, and portfolio management. Applicants can take the exams while they are getting the required work experience.
Advancement
Securities, commodities, and financial services sales agents usually advance to senior positions in a firm by accumulating a greater number of accounts. Although beginners often service the accounts of individual investors, they may eventually service large institutional accounts, such as those of banks and retirement funds. Getting an MBA may also help advancement opportunities.
After taking a series of tests, some brokers become portfolio managers and have greater authority to make investment decisions regarding an account.
Some experienced sales agents become branch office managers and supervise other sales agents while continuing to provide services for their own clients. A few agents advance to top management positions or become partners in their firms.
Many investment banks use an “up or out” policy, in which entry-level investment bankers are either promoted or terminated after 2 or 3 years. Investment banks use this policy to ensure that entry-level positions are not occupied long term, allowing the bank to bring in new workers.
Securities, commodities, and financial services sales agents typically have an interest in the Persuading and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a securities, commodities, and financial services sales agent, you can take a career test to measure your interests.
Securities, commodities, and financial services sales agents should also possess the following specific qualities:
Customer-service skills. Securities, commodities, and financial services sales agents must be persuasive and make clients feel comfortable with the agent’s recommendations.
Decision-making skills. Investment banking traders must make split-second decisions, with large sums of money at stake.
Detail oriented. Investment bankers must pay close attention to the details of initial public offerings and mergers and acquisitions because small changes can have large consequences.
Initiative. Securities, commodities, and financial services sales agents must create their own client base by making “cold” sales calls to people to whom they have not been referred and to people not expecting the call.
Math skills. To judge the profitability of potential deals, securities, commodities, and financial services sales agents must have strong math skills.
The median annual wage for securities, commodities, and financial services sales agents was $62,910 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,970, and the highest 10 percent earned more than $205,440.
In May 2021, the median annual wages for securities, commodities, and financial services sales agents in the top industries in which they worked were as follows:
| Securities, commodity contracts, and other financial investments and related activities | $98,030 |
| Management of companies and enterprises | 80,200 |
| Credit intermediation and related activities | 49,560 |
Many securities and commodities brokers earn a commission based on the monetary value of the products they sell. Most firms pay brokers a minimum salary in addition to commissions.
Trainee brokers usually earn a salary until they develop a client base. The salary gradually decreases in favor of commissions as the broker gains clients.
Investment bankers in corporate finance and mergers and acquisitions generally earn a base salary with the opportunity to earn a substantial bonus. At higher levels, bonuses far exceed base salary.
Securities, commodities, and financial services sales agents usually work full time and some work more than 40 hours per week. In addition, they may work evenings and weekends because many of their clients work during the day.
Employment of securities, commodities, and financial services sales agents is projected to grow 10 percent from 2021 to 2031, faster than the average for all occupations.
About 46,600 openings for securities, commodities, and financial services sales agents are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment
Services that investment bankers provide, such as helping with initial public offerings and mergers and acquisitions, will continue to be in demand as the economy grows. The United States remains an international financial center, meaning that the economic growth of countries around the world will contribute to employment growth in the American financial industry. An aging population and the decline of traditional pensions may boost demand for these workers, as individuals approaching retirement seek brokers to facilitate securities purchases.
However, continuing consolidation in the financial services industry may temper employment growth for these workers over the projections decade. In addition, automated trading systems have reduced demand for securities traders. Because simpler stock purchases can be made online without a broker, financial firms will focus on hiring sales agents with specialized areas of expertise and strong customer-service skills.
For more information about securities, commodities, and financial services sales agents, visit
Securities Industry and Financial Markets Association (SIFMA)
For more information about licensing of securities, commodities, and financial services sales agents, visit
Financial Industry Regulatory Authority (FINRA)
For more information about certification for securities, commodities, and financial services sales agents, visit