A growing number of firms base compensation on portfolio performance, types of assets managed, or other indicators of performance. Evening and weekend work is sometimes necessary, especially for new brokers. Fringe benefits vary from firm to firm. Profit sharing, retirement benefits, and employer paid health insurance are becoming more prevalent. Moreover, the knowledge brokers gain about general economic conditions gives them an advantage in deploying their own capital.
Most new brokers come directly from college, and some have had previous business experience.
Persons who possess a well-rounded academic background including courses in business and finance have the best employment prospects. Experience in sales or public contact work is regarded as desirable, with particular value placed on positions which involve meeting people with diverse backgrounds and interests. Consideration is also given to recognition achieved for extracurricular campus activities. The larger brokerage houses normally provide a four to six month training program for new hires, including three to four weeks in New York. Following this, the broker will be expected to generate the minimum volume of business stipulated by the firm to maintain employment.