Brokerage clerks perform a number of different jobs with wide-ranging responsibilities; all involve computing and recording data pertaining to securities transactions. Brokerage clerks also may contact customers, take orders, and inform clients of changes to their accounts. Some of these jobs are more clerical and require only a high school diploma, while others are considered entry-level positions for which a bachelorÕs degree is needed. Brokerage clerks, who work in the operations departments of securities firms, on trading floors, and in branch offices, also are called margin clerks, dividend clerks, transfer clerks, and brokerÕs assistants.
The brokerÕs assistant, also called sales assistant, is the most common type of brokerage clerk. These workers typically assist two brokers, for whom they take calls from clients, write up order tickets, process the paperwork for opening and closing accounts, record a clientÕs purchases and sales, and inform clients of changes in their accounts. All brokerÕs assistants must be knowledgeable about investment products so that they can communicate clearly with clients. Those with a "Series 7Ó license can make recommendations to clients at the instruction of the broker. The Series 7 license, issued to securities and commodities sales representatives by the National Association of Securities Dealers, allows them to provide advice on securities to the public. (Securities, commodities, and financial services sales agents are discussed elsewhere in the Handbook.)
Brokerage clerks in the operations areas of securities firms perform many duties to facilitate the sale and purchase of stocks, bonds, commodities, and other kinds of investments. These clerks produce the necessary records of all transactions that occur in their area of the business. Job titles for many of these clerks depend upon the type of work that they perform. Purchase-and-sale clerks, for example, match orders to buy with orders to sell. They balance and verify trades of stock by comparing the records of the selling firm with those of the buying firm. Dividend clerks ensure timely payments of stock or cash dividends to clients of a particular brokerage firm. Transfer clerks execute customer requests for changes to security registration and examine stock certificates for adherence to banking regulations. Receive-and-deliver clerks facilitate the receipt and delivery of securities among firms and institutions. Margin clerks record and monitor activity in customersÕ accounts to ensure that clients make payments and stay within legal boundaries concerning their purchases of stock.
Technology is changing the nature of many of these jobs. A significant and growing number of brokerage clerks use custom-designed software programs to process transactions more quickly. Only a few customized accounts are still handled manually. Furthermore, the rapid expansion of online trading reduces the amount of paperwork because brokerage clerks are able to make trades electronically.
.Employment of brokerage clerks is expected to decline through the year 2012, as technological advancements continue to automate many of their job duties. With people increasingly investing in securities, brokerage clerks will still be required to process larger volumes of transactions. Moreover, some brokerage clerks will still be needed to update records, enter changes to customersÕ accounts, and verify transfers of securities. However, the emergence of online trading and widespread automation in the securities and commodities industry will limit demand for brokerage clerks in the coming decade. All job openings will stem from the need to replace clerks who transfer to other occupations or leave the labor force.
(See the introductory statement on information and record clerks for information on working conditions, training requirements, and earnings.)
. Brokerage clerks, who work in the operations areas of securities firms, perform many duties to facilitate the sale and purchase of stocks, bonds, commodities, and other kinds of investments. Statement clerks assemble, verify, and send individual and commercial bank statements every month. In most banks, statement clerks, sometimes called statement operators, run sophisticated, high-speed machines. These machines fold the computer-printed statement, collate it if it is more than one page, insert the statement and cancelled checks into an envelope, seal it, and weigh it for postage. Employment Brokerage clerks held about 73,000 jobs in 1994, and statement clerks held about 25,000 jobs.
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Significant Points Many brokerage firms prefer to hire individuals who have a college degree. Technological advancements will adversely affect employment demand. Nature of the Work Brokerage clerks compute and record data on securities transactions. Statement clerks use sophisticated, high-speed machinery to assemble, verify and distribute monthly bank statements. Brokerage and statement clerks can expect about 35 openings due to growth and about 50 replacement openings for approximately 85 total annual openings.
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Brokerage clerks also may contact customers, take orders, and inform clients of changes to their accounts. Some of these jobs are more clerical and require only a high school diploma, while others are considered entry-level positions for which a bachelorÕs degree is needed. The Series 7 license, issued to securities and commodities sales representatives by the National Association of Securities Dealers, allows them to provide advice on securities to the public. They balance and verify trades of stock by comparing the records of the selling firm with those of the buying firm. With people increasingly investing in securities, brokerage clerks will still be required to process larger volumes of transactions.
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Some work closely with brokers and customers. When clients want to buy or sell securities, clerks write up order tickets. Brokerage clerks then prepare paperwork to make the changes official. They inform the client of changes to their account by phone and with a written statement at the end of the month. They like jobs offering steady employment and good pay.
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Brokerage clerks may also contact customers, take orders, and inform clients of changes to their accounts. The Series 7 license is issued to securities and commodities sales representatives by the National Association of Securities Dealers and allows them to provide advice on securities to the public. Statement clerks assemble, verify, and send bank statements every month. In many banks, statement clerks are called statement operators because they spend much of their workday running sophisticated, high-speed machines. These machines fold computer-printed statements, collate those longer than one page, insert statements and canceled checks into envelopes, and seal and weigh them for postage.
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Brokerage clerks may also contact customers, take orders, and inform clients of changes to their accounts. These clerks produce the necessary records of all transactions that occur in their area of the business. Job titles for many of these clerks depend upon the type of work they perform. Statement clerks assemble, verify, and send bank statements every month. Some small banks send their statement information to larger banks for processing, printing, and mailing.
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Lakeshore Securities is an independent full service floor brokerage firm dedicated to providing quality options execution and clearance services to institutional and professional traders. The Lakeshore team of experienced floor brokers and professional staff has the expertise to handle any type of options and futures orders. Lakeshore's Equity desk handles executions in all options traded on the CBOE and futures traded on the CFE. Additionally, Lakeshore provides their customers direct access into the OEX, SPX, DJX, MNX and QQQ Index products, as well as VIX and VAR futures contracts. Superior executions combined with significant expertise in the strategic use of options for a wide variety of applications are the strengths of Lakeshore Securities.
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It does not involve solving the problem, only recognizing there is a problem. For example, a drywall installer might benefit from experience installing drywall, but an inexperienced person could still learn to be an installer with little difficulty. Job Training Employees in these occupations need anywhere from a few months to one year of working with experienced employees. Job Zone Examples These occupations often involve using your knowledge and skills to help others. Examples include drywall installers, fire inspectors, flight attendants, pharmacy technicians, salespersons (retail), and tellers.
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A security, for example, is a contract in which a person or business agrees to either purchase part of a company or lend it money. An exchange is a place, such as the New York Stock Exchange, where securities are traded. A trading floor is the room in the exchange where the trading takes place. Brokerage clerks compute and record data related to securities trades. Make High School Count Practice your communication skills in English, drama, and speech classes.
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