Brokerage Clerks record the purchases and sales of securities, such as stocks and bonds in investment firms.   

JOB DUTIES  

Brokerage Clerks may:

Record the purchases and sales of securities  

Compute federal and state transfer taxes and commission rates  

Verify details on the stock certificates, such as the owners' names, transaction dates, and distribution instructions, to insure the accuracy and conformance with governmental regulations  

Post transaction data on ledgers and accounting and certificate records  

Type data on customers' confirmation forms to transfer securities and bonds  

Accept and route customers' securities for delivery and cash for investment  

Tools, equipment, and materials used may include:

OCCUPATIONAL SPECIALTIES  

Brokerage Clerks often specialize in these areas:

219.482-010 BROKERAGE CLERKS I and 219.362-018 BROKERAGE CLERKS II record the purchases and sales of securities, such as stocks and bonds, in investment firms.  

216.362-042 MARGIN CLERKS I and 216.382-046 MARGIN CLERKS II compile data concerning the customers margin (equity) in stocks purchased. They compute the difference between the purchase price of stocks and their present market value. Some Margin Clerks compile daily stock quotations and compare the data with the customer's margin card to determine the need for additional collateral.  

219.362-054 SECURITIES CLERKS record security transactions, such as purchases and sales, stock dividends and splits, conversions, and redemptions. They may write letters to customers to answer inquiries on security  

transactions and prepare income projections of individual trusts.

Brokerage Clerks may also work as dividend clerks who allocate dividends to the proper customers. They must be knowledgeable about dividend transfer rules since they are responsible for the resolution problems arising in the distribution of dividends on stock.  

In addition to learning about these specialties, you may also find it helpful to explore the following MOIScripts:  

WORKING CONDITIONS AND REQUIREMENTS  

Brokerage Clerks may work under the supervision of an office manager. They work in well lighted, well ventilated buildings, usually in metropolitan areas.  

Brokerage Clerks usually work an 8-hour day, 40 hour week. They might be required to work overtime when the daily trading volume of stocks and bonds is extremely high.  

You Should Prefer:

• Activities dealing with things and objects  

• Activities of a routine, definite, organized nature  

You Should Be Able To:

• Follow instructions, and also reason and make judgments  

• Perform arithmetic calculations accurately  

• See details/recognize numerical, spelling and punctuation errors  

• Rate information using standards that can be measured or checked  

• Work within precise limits or standards of accuracy  

Math Problem You Should Be Able to Solve:

If a customer wants to buy 20 stocks of Polk Audio and each stock costs 11 1/4, how much does this customer owe?  

Reading Example You Should Be Able to Read and Comprehend:

All corporations issue common stock, but some also issue preferred stock. Common stockholders receive a share of the profits and have a voice in a corporation's management.  

Writing Example You Should Be Able to Produce:

You should be able to write a letter to a customer explaining what he or she might owe.  

Thinking Skill You Should Be Able to Demonstrate:

You should be able to decide the best possible way to purchase different stocks in different markets.  

Aptitude tests on reading comprehension, grammar, spelling, arithmetic, and business mathematics may be given by some employers. A pleasant personality, congenial attitude, the ability to work well with others, as well as patience for detailed work are positive qualities desired by employers. Strong mathematic skills and a good telephone manner are the keys to this occupation.  

EDUCATION AND PREPARATION OPPORTUNITIES  

NOTE: A High School Diploma or Equivalent or a High School Diploma with specific Vocational Education Classes or a Certificate (program of up to one year of study beyond High School) or an Associate Degree (two years of study beyond High School) may qualify a person for this occupation.

The following education and preparation opportunities are helpful in preparing for occupations in the MOIScript:  

***SCHOOL SUBJECTS***

0600 BUSINESS , 0700 CAREERS , 0900 COMMUNICATIONS , 1000 COMPUTERS , 1100 ECONOMICS , 2200 MATH , 3300 TECHNOLOGY

***VOCATIONAL EDUCATION PROGRAMS***

There are no Vocational Education Programs related to this MOIScript  

***POSTSECONDARY PROGRAMS***

138 GENERAL OFFICE CLERK TRAINING

Programs in General Office Clerk Training are designed for the individuals who wish to learn the basic clerical skills needed for employment in the various office settings. The programs will prepare students to perform such duties as duplicating data, compiling records and reports, tabulating and posting data in record books, sorting and filing correspondence and records, handling mail, and operating office machines.  

Courses vary from school to school but may include:

181 BOOKKEEPING

Programs in Bookkeeping provide opportunities to gain the knowledge and skills needed for employment maintaining records of daily business transactions. Individuals who teach Bookkeeping at the secondary school level must have a Michigan Teaching Certificate.  

Courses vary from school to school but may include:

                 Search for a College and/or Instructional Program

***APPRENTICESHIP OPPORTUNITIES***

There are no Apprenticeships related to this MOIScript  

***MILITARY TRAINING PROGRAMS***

There are no Military Programs related to this MOIScript  

E-Learning Courses and Programs

OPPORTUNITIES FOR EXPERIENCE AND METHODS OF ENTRY  

Postsecondary programs in general office clerk training and bookkeeping may offer co-op or internship opportunities. A visit to a local security brokers' or dealers' office will provide an opportunity to observe what is required of this position and related positions.  

                School-to-Work opportunities include:

informal apprenticeships  

mentorships  

job shadowing experiences  

touring a local Brokerage Clerk employer  

internships  

volunteer work with a Brokerage Clerk employer  

community service work with an agency  

The most common method of entry is direct application to security brokers and dealers. School placement offices and a local Michigan Works! office may offer assistance in finding a job. Job openings may also be listed in newspaper want ads. In addition, you should access and search the Internet's on-line employment services sites such as: 

Michigan Talent Bank

Yahoo! Careers

MONSTER.COM  

You should also enter an electronic resume on these on-line services. 

EARNINGS AND ADVANCEMENT  

Salaries of Brokerage Clerks vary with the individual's work experience and knowledge.  

Nationally, in early 1996, the beginning annual salary of Brokerage Clerks, was between $13,000 and $20,000. Those with experience earned between $14,000 and $36,000. Experienced Margin Clerks working for large brokerage firms earned as much as $40,000 or more.  

Brokerage Clerks employed in Michigan  generally had starting salaries (1996) in the range of $14,000 to $18,000 per year. Experienced Brokerage Clerks generally earned from $18,000 to $31,000. With added responsibilities and experience, Brokerage Clerks in Michigan could earn $35,000 or more.  

Brokerage Clerks with series 7 license certification from the National Association of Securities Dealers are allowed to by and sell stocks and bonds. These Clerks receive a commission from such transactions.  

Depending on the employer, most Brokerage Clerks receive paid vacations and holidays; life, accident, and disability insurance; health insurance, including dental and optical coverage; sick pay; tuition reimbursement plans; and retirement plans. These benefits are usually paid for, at least in part, by employers.  

Brokerage Clerks may start out as order clerks or transfer clerks and may advance to supervisor. Advancement may depend on such factors as advanced formal training, seniority, and work performance.  

EMPLOYMENT AND OUTLOOK  

There were approximately 72,800 Brokerage Clerks employed nationally. Employment is expected to increase more slowly than the average for all occupations through the year 2005. The industry distribution for this occupation looked like this: The industry distribution for Brokerage Clerks looked like this:  

The demand for financial services is expected to grow rapidly, but security brokerage firms are merging. Full- and part-time jobs will also be available because of the large number and high turnover of clerical workers.  

There are 1,000 Brokerage Clerks, including those who worked as Margin Clerks and dividend clerks, employed in Michigan  . They were employed by security brokers and dealers and commercial banks.  

The employment of Brokerage Clerks in Michigan  is expected to decrease through the year 2005. An average of 10 annual openings is expected, all due to growth and 30 openings due to the need to replace those who retire, die, or leave the labor force for other reasons. Some additional openings will occur as workers change jobs or occupations.  

MICHIGAN 'S EMPLOYMENT OUTLOOK TO 2005

SOURCES OF ADDITIONAL INFORMATION  

Printed Occupational information is available upon written request from the sources below.  

   MOISCRIPTS are Copyright 2003, Michigan Department of Career Development