Most people in this industry work in comfortable offices; however, long hours, including evenings and weekends, are common. Nearly one-fourth of employees worked 50 hours per week or more in 2002. Even when not working, professionals in the industry must keep abreast of events that may affect the markets in which they specialize. Opportunities for part-time work are limited-only about 8 percent worked part time, compared to 16 percent of workers in all industries. In 2002, the incidence of work-related injury and illness was only 0.5 cases per 100 full-time workers, much lower than the 5.3 cases per 100 workers for the entire private sector. Working conditions vary by occupation.
Securities sales agents who deal mostly with individual investors and small businesses often work in branch offices of regional or national brokerage firms or for a small brokerage or financial-planning firm. New sales agents work long hours, mostly soliciting customers. During the day they are on the phone continually with prospective customers, while at night they may attempt to generate new business by giving classes or seminars or by attending community functions. New sales agents also spend many hours studying to pass a variety of tests that will qualify them to sell other investment products, such as commodities or insurance. Although established agents work more regular hours, all agents meet with clients in the evenings and on weekends, as needed.
Sales agents who actually perform the buying and selling of securities and commodities may have one of the most hectic jobs of any profession. Often called traders, market makers, dealers, or floor brokers, they work on the floors of exchanges or at a computer that is linked to other traders. They not only take orders from clients and try to get the best price for them, but also must constantly keep an eye on market activity and stay in touch with other traders and brokers to know what prices are being offered.
Increasingly, sales agents for many of the brokerage and mutual fund companies work in call centers, opening accounts for individuals, entering trades, and providing advice over the phone on different investment products. Although many simply respond to inquiries and do not actively solicit customers, others may be required to contact potential clients. Call centers also employ a large number of customer service representatives, who answer questions for current clients about their accounts and make any needed changes or transfers. All workers in call centers must maintain a professional and courteous attitude, work well under pressure, and be able to speak for long periods of time. Many call centers operate 24 hours a day, 7 days a week, and employees may be required to work evenings and weekends.
Jobs in investment banking, including those of financial managers, analysts, or assistants, generally require the longest hours-often 70 to 80 hours per week-in addition to extensive travel. In this area, there is a great deal of pressure to meet deadlines and acquire new business. Researchers, financial analysts, and investment managers working for brokerage and mutual-fund firms also work long hours, researching and evaluating companies and their markets. Frequent travel to visit companies is common.
Personal financial advisors work in offices or out of their homes. Most work regular business hours, but many accommodate clients by visiting them at their homes in the evenings or on weekends. Office and administrative support workers usually work a 40-hour week, but overtime may be necessary during times of heavy trading.
