Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between registered representatives and brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $54,074 average annual salary of a registered representative.
The top three skills for a registered representative include financial services, financial products and securities. The most important skills for a broker are brokerage, financial services, and insurance products.
| Registered Representative | Broker | |
| Yearly salary | $54,074 | $124,861 |
| Hourly rate | $26.00 | $60.03 |
| Growth rate | 10% | 5% |
| Number of jobs | 17,622 | 2,770 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 66% |
| Average age | 43 | 49 |
| Years of experience | 6 | - |
A registered representative's job involves researching market conditions, liaising with potential clients, implementing advertising campaigns, cultivating personal contacts, and creating investment plans. Their duties and responsibilities include soliciting business from potential clients and selling financial products and services to clients for investment purposes.
Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members. They provide investors and traders with an investment plan, market intelligence, and research. They may cross-sell some financial services and products offered by their brokerage firms. They are also typically classified as discount or full-service brokers.
Registered representatives and brokers have different pay scales, as shown below.
| Registered Representative | Broker | |
| Average salary | $54,074 | $124,861 |
| Salary range | Between $33,000 And $88,000 | Between $68,000 And $227,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | New York Life Insurance | Child Guidance & Family Solutions |
| Best paying industry | Finance | Insurance |
There are a few differences between a registered representative and a broker in terms of educational background:
| Registered Representative | Broker | |
| Most common degree | Bachelor's Degree, 80% | Bachelor's Degree, 66% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between registered representatives' and brokers' demographics:
| Registered Representative | Broker | |
| Average age | 43 | 49 |
| Gender ratio | Male, 77.4% Female, 22.6% | Male, 63.8% Female, 36.2% |
| Race ratio | Black or African American, 5.8% Unknown, 4.2% Hispanic or Latino, 12.3% Asian, 10.3% White, 67.2% American Indian and Alaska Native, 0.2% | Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 6% | 13% |