The average stock broker salary in NYC is among the highest in the nation for this profession.
According to a 2014 study by the Bureau of Labor Statistics, New York is the top paying state for stockbrokers.
That year brokers earned an annual salary of $147,230 in the New York-White Plains-Wayne Metropolitan Division (NY, NJ).
In fact, the average stock broker salary in NYC is almost double that of the national average.
Average Stock Broker Salary in NYC
Stock Broker Salary | Source: U.S. Bureau of Labor Statistics
Lowest Stock Broker Salaries in New York:
New York’s lowest paid stock brokers come from Rochester and Poughkeepsie at $36,990 and $44,570 respectively.
All the same, their hourly wages are somewhat similar – between $66.89 and $90.00 per hour.
What to Expect as a NYC Stock Broker:
Since a majority of stock brokers start as unpaid interns or get paid by commission, you shouldn’t expect a big first salary.
Actually, you’ll likely earn a modest hourly rate ($11.00 – $15.00) as an intern. And when becoming a stockbroker trainee, you’ll have four months to study and prepare for licensing exams.
But, as soon as you’re done with training, passed your licensing exams, are registered with FINRA and attained the sufficient experience/clientele, you can expect your income to increase significantly through commissions and bonuses.
How to Become the Top Paid Stock Broker in NYC:
1) College Degrees and Designations
If you’ve always wanted to become one of the top-paid brokers in the city, it’s important that you at least have a business degree. That way, you can be guaranteed of a higher salary; compared to your peers.
Also, adding designations like Certified Financial Planner (CFP) will help you become more marketable and valuable to your clients and firm. And, if possible, receiving a masters degree will make you more competitive and better suited for higher positions.
Even in the state of New York where heighten financial activity is apparent, there are areas where brokers earn well below the national average.
However, despite the average stock broker salary in NYC being so high, it’s important to take note that competition will be high when it comes to procuring clients.
Here are averages from highest to lowest in the state of New York (2014):
3) Teaming Up
There’s a study from PriceMetrix that show stockbrokers who team up generate more revenue for the firm compared to their solo peers.
Of course, as they generate more revenue, they earn more fees and commissions which increases pay.
The study found that broker groups produce, on average, $950,000 in revenue and manage $130 million in assets. This is compared to $830,000 in revenue and $110 million in assets for individual advisors.
And surprisingly, even though groups are more productive than their peers, they have fewer clients than individual advisors. The reasoning why they’re more successful is believed to be the trust factor.
Clients seem more confident investing with teams because of an accountability factor rather than trusting a single broker with their investments. So they invest more with teams as opposed to individual advisors.