The earnings of real estate salespersons and others in the financial services industry

This study explores the determinants of earnings of salespersons in financi al services using nationwide data from the 1990 U.S. Census. The study reve als that security and insurance salespersons earn substantially more than d o persons in real estate sales. The returns to K through 12 schooling are h ighest in the insurance and securities areas, while the returns to college are highest in security sales. For males, the returns to graduate education are negative in real estate and insurance. For females in these same areas , returns are large and positive in insurance and negative in real estate. In all areas of financial services, earnings are higher in larger, more wea lthy, homogenous cities.