Career Development

Broker Job Description: Salary, Duties, & More

Brokers are salespeople who earn commissions by helping clients buy and sell products. Brokers are experts in their product or service, and they are knowledgeable about market trends.

Brokers are salespeople who earn commissions by helping clients buy and sell products. Brokers are experts in their product or service, and they are knowledgeable about market trends.

Brokers often specialize in a particular type of product or service. They may focus on real estate, insurance, stocks, bonds, or other areas. Some brokers also specialize in certain types of clients, such as high-wealth individuals or senior citizens.

Brokers must be able to build relationships with clients to help them feel comfortable with the financial decisions they make. Brokers must also be able to negotiate effectively with sellers to get the best deals for their clients. Brokers should have strong communication skills so they can explain complicated financial matters to their clients in a way that’s easy to understand. They should also have good customer service skills so they can handle any questions or concerns their clients may have about their investments.

Broker Job Duties

The duties and responsibilities of a broker include:

  • Confer with clients to determine their needs and goals, such as buying a home or planning for retirement
  • Review financial records such as tax returns and bank statements to assess a client’s financial status
  • Help clients manage their investments or assets by providing investment advice or selecting money managers
  • Help clients obtain loans by submitting loan applications at banks and other mortgage lenders on behalf of clients
  • Serve as an intermediary between buyers and sellers, then advising the buyer about negotiations including pricing, financing terms, and any contingencies that may be part of the sale contract
  • Negotiate prices between buyers and sellers based on market conditions at the time of sale
  • Prepare reports for clients detailing transactions conducted during the previous month so they can track performance

Broker Salary & Outlook

The median annual wage for brokers is $63,380. The top earners make over $130,000 per year. Those earning higher wages tend to work in the securities industry.

The employment of brokers is expected to grow steadily over the next decade. This growth will be due to the growing need for financial advice as more people invest in stocks and bonds. Brokers will also be needed to develop and maintain new trading strategies as technology advances and becomes more widely available.

Broker Job Requirements

The following credentials are required for brokers:

Education: Brokers must have a high school diploma or an equivalent to be eligible for the position. While not required, some employers prefer that employees have a bachelor’s degree in a related field of study. Many of the courses in a bachelor’s program may help a broker become more knowledgeable about their field of work, such as economics and financial analysis. 

Training: New brokers will undergo on-the-job training once they begin working. This training gives them an opportunity to learn about the industry, while also learning important skills like computer software applications and the technical details of the field. During this training program, they will be taught how to interact with clients, connect with consumers, and meet their needs.

Certifications: Each state has its own licensing requirements based on the field you are working in. Depending on the type of license a candidate wants, they may need to take an exam, have a certain level of experience and submit application fees.

Broker Skills

The following skills are required for this job:

Interpersonal skills: The broker must be able to interact with people and communicate effectively.

Analytical skills: Brokers must be able to evaluate different investment opportunities and financial information.

Good memory: A good memory is important because brokers must remember many details about the investments they offer.

Ability to work under pressure: Brokers must be able to handle pressure from clients and deadlines.

Financial knowledge: Brokers must have an understanding of basic financial concepts such as interest rates, investments, and risk management.

An ability to multi-task: Brokers may have many different responsibilities at once, such as preparing reports, speaking with clients, and performing administrative tasks. This requires excellent time management skills.

Broker Work Environment

A career as a broker is often full of rewards, but it can be extremely demanding. Broker’s work environment includes traveling to see clients and attending meetings with investors. They must also be available for personal consultations at any time of the day or week. A broker must have good interpersonal skills, since they are constantly communicating with others, whether on the phone or in person. 

Most brokers work full time during regular business hours, but some evening and weekend work is necessary because clients often contact them outside normal working hours.

Broker Career Advancement

If you are a successful broker, you can move on to larger roles. Brokers can advance through the ranks at their firms by increasing their production and developing strong relationships with clients. For example, you might become a sales director. These roles are more involved with managerial duties, such as managing teams of sales associates. Those who excel may even be considered for partnership.

How to Become a Broker

1. Planning Your Career Path

The role of a broker often requires interaction with customers, so friendly and outgoing personalities will fare well in this position. 

Although this can be a lucrative profession, brokers usually earn most of their living by charging a commission on transactions, so it’s important to be target-driven. It’s also important to be able to handle the shifting income streams which make savings an important habit.

If you’re interested in becoming a broker, you should determine which industry you want to work in. The areas of specialization determine the nature of clients, the amount of interaction, the certifications you need, and your earnings potential.

2. Writing a Resume

The best resumes for brokers should highlight their ability to network with clients, negotiate deals, and show exceptional presentation skills.

When listing your previous work experience, be sure to include any experience you have working with other professionals or clients. For example, if you’ve completed a deal that involved negotiating with the seller, include this information in your description of the job. 

Be sure to also list all relevant certifications that you may have earned while demonstrating your commitment to the industry, especially if they are difficult to obtain. These may include educational programs that are not required for experienced workers in your field, or membership with organizations related to your career.

3. Applying for Jobs

Brokers work in a lot of different industries. The best way to get your foot in the door is to network and become involved in the industry you want to work in. This can be as simple as getting to know someone who works in the industry and staying in touch with them, or attending events and talking to people. You can also try talking to people on Twitter and joining LinkedIn groups related to your industry. It’s a great way to connect with others and it can also help you figure out what companies are hiring. You may also find opportunities by working with recruiters and applying directly to jobs. Some brokerages have official websites with open positions listed, and you can also search for them on other job boards like Indeed.com. 

4. Ace the Interview

A successful interview for a broker position will require you to demonstrate your knowledge of the industry and your ability to provide quality service to clients. Be prepared to talk about how your skills and abilities set you apart from other candidates. Do this by using specific examples from your career or by offering clear explanations of what makes you unique.

Because each brokerage firm has its own unique interviewing style, it is important that you prepare yourself for any questions that might be thrown at you. When answering questions about your previous experience, give details that demonstrate that you have been successful in your position. For example, if you were involved in a particular transaction, be sure to describe what your role was and how it led to a successful outcome for your client.

Previous

Botanist Job Description: Salary, Duties, & More

Back to Career Development
Next

Teacher Job Description: Salary, Duties, & More