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September 1995, Vol. 118, No. 9

Employment trends in the security brokers and dealers industry

Brett Illyse Graff

A s global markets have expanded and computerized trading has increased, tasks performed by workers in many occupations in the security brokers and dealers industry have been transformed. The most recent data collected on occupational staffing patterns in the industry reflect the component firms' adaptation to consequences of the 1987 market crash and to decades of electronic advances. The industry has responded to these changes by increasing employment in highly technical professional occupations such as computer scientists and statistical financial analysts, and by streamlining managerial and internal analysis jobs. The increase in the professional share of the industry's employment has largely offset a decrease in the managerial share. This article examines the changes in occupational employment within the security brokers and dealers industry through some of the steepest bull and bear markets of the post-World War II period.

The security brokers and dealers industry (SIC 621)1 includes bond dealers and brokers, mutual fund agents, security traders, securities underwriters, oil and gas lease brokers, and tax certificate dealers. In May 1993, it employed 349,880 workers. (See table 1.) The industry is a component of securities and commodities brokers, dealers, exchanges, and services (SIC 62).

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1 Standard Industrial Classification Manual (U.S. Office of Management and Budget, 1987).

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