With some time and investment, stock broking can become a rewarding career that pays well above the national average salary. However, the job itself is not as exciting and as a stock broker you don’t get to travel the world as what you might have seen in your favorite cut-throat Wall Street movie. Still, there are opportunities to travel if you are open to them.
Stock brokers do not travel a lot. The job itself is often relatively sedentary and takes place in an office environment. However, opening your career options can present opportunities to travel. Stock brokers may find themselves traveling for education, clientele, and new job openings.
Read on to learn more about stock brokers and when they travel on the job.
IMPORTANT SIDENOTE: I surveyed 1500+ traders to understand how social trading impacted their trading outcomes. The results shocked my belief system! Read my latest article: ‘Exploring Social Trading: Community, Profit, and Collaboration’ for my in-depth findings through the data collected from this survey!
Table of Contents
What Do Stock Brokers Do?
There are multiple terms used instead of the job title, ‘stock broker.’ For instance, you may have heard the terms ‘securities,’ ‘commodities,’ or ‘financial’ adviser thrown around. All of these designations cover similar jobs.
Stock brokers are essentially responsible for advising their clients, buying and selling stocks on their behalf with their best interests in mind. Whenever their client makes a trade, they make a small commission off that transaction. Depending on the contract they have in place with their clients, several stock brokers are also entitled to a small commission when their clients make positive returns.
The years leading to a prosperous stock broking career require a lot of hard work. Stock brokers treat their job like a business. Most of their efforts revolve around building a robust client base to secure an income. Building that client base requires a lot of networking and marketing, which include face-to-face meetings, cold calls, and teaching financial seminars to prospective clients.
Maintaining their career is another significant concern for stock brokers. After gaining clients, they need to research and recommend the best additions to their portfolio. Stock brokers are also responsible for facilitating smooth stock transactions for their investor clients. Furthermore, depending on what additional certifications a broker gets, continuing education is another requirement.
Stock brokers can specialize in different areas of expertise. Security trading, for instance, focuses on high stake transactions involving securities for an employer. Financial advising centers more on studying economic trends to provide investors with sound guidance. On the other hand, financial managers help organizations keep track of long-term financial goals. Financial advisors can also perform the same jobs for private individuals.
Reasons Stock Brokers Travel
As you can see, a lot of work goes into a stock broker’s job. Most stock broking jobs center around an office, but that does not mean a stock broking career will not take you to new places. A stock broking career requires years of preparation and a lifetime of growth and learning.
Therefore, more ambitious brokers may find that a willingness to travel will offer them plenty of benefits. Stock brokers may travel for:
Education
If you choose to pursue a career as a stock broker, you will notice there is a lot to learn. Becoming a broker requires a bachelor’s degree at the bare minimum. However, earning a master’s degree will open up new opportunities and benefits to brokers. Furthermore, as you gain more certifications, you can open new avenues of your brokering business. Some of these certifications require continued education every two years.
It is possible to train to become a broker without traveling across the country. After all, remote learning is becoming more uniform in the digital age, especially in the wake of the COVID-19 pandemic. However, living in a new place while studying may help you make new connections with professionals in your school’s area.
Some more food for thought: how picky are you about where you attend college? Are you seeking a more sensible, local option, or do you have the grades and the financial stability to attend a top private school? Particularity especially matters when looking at accreditation. While getting into a nationally-accredited business school is excellent, regionally accredited schools add another level of prestige to your resume.
Clientele
Another reason a stock broker would travel is to meet with their clients. Most US brokering companies do not open accounts for non-resident aliens. However, there are a few exceptions. TD Ameritrade, Firstrade, Interactive Brokers, and Charles Schwab firms all accept foreign clients. If working overseas sounds appealing to you, consider looking into applying for one of these companies. You may find the experience rather rewarding!
Career Growth
While brokering in the US may not offer much international travel, career trends will most likely inspire domestic travel. Salary rates, client offerings, and rising demand for stock brokers are different all around the country. Your business strategy and where you wish your career to go will likely influence your plans.
Location plays a pretty significant role in the salary of a stock broker. For instance, in Los Angeles, the median yearly income of a stock broker is 146% more than the national average. Meanwhile, brokers in St. Louis, Missouri, make 26% less than the national average. Other factors determine a stock broker’s income besides location, including the highest education level, experience, and the employing firm. So, you should consider these factors as well.
The median salary is not the only concern a stock broker should have when determining where to live. Stock broking is experiencing high levels of demand, but this spike varies by state.
Coastal states, like New York and California, experience over 1,500 job openings per year. However, less thought-of states, like Texas and Wisconsin, boast similar numbers. Still, you would be wise to avoid places like North Dakota, which has only 13 projected job openings.
Tips for Aspiring Stock Brokers
Becoming a successful stock broker involves making tough decisions. These decisions go beyond travel. One will decide what career path they wish to follow, who they want to work with, and more. How does one make sense of it all? Luckily, we have some tips from the US News and World Report and professional broker Angela Palacios.
Study People
A business degree is a sound foundation for any stock broker’s career. However, this career involves more than numbers, trends, and investments. Stock broking is very much a people business, which is why Palacios recommends taking on electives in sociology and psychology. Cultivating these skills will not only help with understanding individual clients but economic trends as well.
Work With a Team
Starting your career in a finance working group is a fantastic way to learn the job’s ropes practically. Palacios cites that a common career entry position is a client service associate with a wealth management firm. It’s best to find a team with more experienced leaders to guide you. You can learn basic skills on clients and paperwork, then move on to getting the proper certifications when you are ready.
Advocate for Your Professional Development
When interviewing with different firms, inquire about professional growth opportunities. If you have a specific career path in mind, be vocal and ask how the firm will help you achieve your goals. Successful, well-growing firms will likely have the professional development options you seek. Self-advocacy will save you the trouble of shifting firms in the long run.
Follow Your Passions
Josh Simpson of Lake Advisory Group in Lady Lake, Florida, states, “The most important thing to consider if you are thinking about becoming a stock broker, is not the licenses.” A stock broking career can branch into many directions, like investing on behalf of a company or planning one’s retirement. What matters the most is pursuing what you find the most rewarding.
Author’s Recommendations: Top Trading and Investment Resources To Consider
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Conclusion
Stock broking can be a travel-intensive job if you wish it to be. Willingness to travel will help open opportunities for continued education, new clientele, and more available job markets. However, there is not a one-size-fits-all approach to becoming a stock broker. Stock broking is a diverse field with various specializations and career paths. We recommend making the decisions that are best for you and your career goals.
BEFORE YOU GO: Don’t forget to check out my latest article – ‘Exploring Social Trading: Community, Profit, and Collaboration’. I surveyed 1500+ traders to identify the impact social trading can have on your trading performance, and shared all my findings in this article. No matter where you are in your trading journey today, I am confident that you will find this article helpful!
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