Stock brokers are influential figures in the financial sector because they help people, business owners, and organizations acquire and sell securities. For the interest of our readers who have been asking to know the monthly salary of Nigerian stock brokers, we will reveal the salary scale of stock brokers in Nigeria in this article.
Why Are We Talking About Stock Brokers’ Salaries And Who Are They?
Specialized individuals known as stock brokers help customers buy and sell shares. They offer professional guidance on stock, bond, and other insurance investments and can work for investment banks, brokerage houses, or insurance companies. For the purpose of assisting clients in making investment-related decisions, they also conduct market trend research.
It’s critical to talk about stock broker pay because it might vary based on a number of criteria, including education, experience, location, and industry. The prospective earnings of a stockbroker can be considerably impacted by these factors, therefore it’s critical to be aware of what to anticipate.
Factors That Affect Stock Brokers’ Salary
One of the most important aspects in deciding stock broker wages is experience. Stockbrokers with greater experience typically make more money than those who are just entering the field. Theoretically, a stockbroker with five years’ worth of experience will be paid more than one with only two years’ worth of experience.
Moreover, earnings might be impacted by education and certifications. A lot of stockbrokers have bachelor’s degrees in finance or related subjects, and some of them might even have master’s degrees. A stockbroker’s pay may also rise with certifications like the Chartered Financial Analyst (CFA) title.
Another significant aspect that affects how much stock brokers are paid for their work is the industry. For instance, stockbrokers employed by investment banks or asset management organizations sometimes make more money than their counterparts at retail banks or insurance firms.
Entry-Level And Experienced Stock Broker Salaries
As was previously mentioned, experienced stock brokers will make more money than entry-level brokers. Salary Explorer estimates that stock brokers with less than two years of experience make about NGN162,000 per month, and that stock brokers with between two and five years of experience make about NGN199,000 per month. Professionally acceptable, the wage disparity between the two experience levels is little over 23%. The average wage changes in Nigeria by experience are listed below:
|
0 – 2 years |
₦162,000 |
|
|
2 – 5 years |
∆ +23% |
₦199,000 |
|
5 – 10 years |
∆ +42% |
₦283,000 |
|
10 – 15 years |
∆ +17% |
₦ 330,000 |
|
15 – 20 years |
∆ +10% |
₦363,000 |
|
20 years |
∆ +6% |
₦384,000 |
Stockbrokers’ pay can rise dramatically as they develop their clientele and get more experience.
Biggest Stockbroking companies In Nigeria
Investment banks, asset management, and hedge funds are among the largest brokerage companies in Nigeria. These fields are well renowned for their high costs, commissions, and value, which is what matters most. Several of these significant Nigerian stockbroker sectors are included in the table below along with their naira values.
|
Cardinal Securities Limited |
₦751.5 billion |
|
Stanbic IBTC stockbrokers Limited |
₦183.86 billion |
|
Apt securities and Funds |
₦179.1 billion |
|
Meristem stockbrokers Limited |
₦119.2 billion |
|
EFG Hermes Limited |
₦115.7 billion |
|
Codros Securities Limited |
₦103.04 billion |
|
CSL Stockbrokers Limited |
₦85.60 billion |
|
Chapel Hill Denham Securities |
₦79.14 billion |
|
FBN Quest Securities Limited |
₦68.64 billion |
|
Investment One Stockbrokers |
₦41.23 billion |