Broker job description

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Brokers specialise in areas such as investment, commodities, mortgages, stocks, and insurance or claims - more often than not, working in either the finance or banking industry. They are commonly employed by banks and other financial industries, investment firms, mortgage companies, and consultancy outfits. A broker usually has a finance or banking qualification in addition to a degree in economics, finance and banking, or accounting. With a masters or MBA, an broker has the chance to land a lucrative position in a highly competitive industry
People in this position are often expected to work extended hours, arriving at work early and leaving late, and possibly also working in accordance with specific time zones if they become assigned to a global market. Day to day, brokers usually work with budgets, renew policies, advise clients, investigate insurance policies while liasing with the insurers responsible for creating them, assist customers with important paper work and represent clients. In order to complete these tasks successfully, the person must be well organised, courteous, trustworthy, and diligent, while being able to handle stress and multitask. Complex data must be analysed, market trends must be recognised, and an aptitude for both finance and economics must be present at all times
An average salary for brokers in the UK is £25,000 with higher wages of £35,000 paid in London, on average. The sector with the highest salary is IT, with average earnings of approximately £50,000.

Description

Brokers may specialise in several areas. These include:
• Stocks
• Insurance or Claims
• Mortgage
• Commodity
• Investments
These brokers typically work in the financial or banking industries. They are employed by banks, investment companies, financial institutions, consulting firms and mortgage companies. Brokers have a comprehensive knowledge of the products and services offered to clients. They must be able to recommend the best suited product to their client.
Brokers have the potential to earn very lucrative salaries. The possibilities are dictated by their responsibilities, specialisation or personal skills. As their jobs are demanding, they characteristically work extended hours, arriving at work early and leaving very late. Some brokers work in accordance to the time zone of the global markets they are assigned to.
A Broker usually performs many of the following tasks:
• Working with budgets
• Assisting customers with paper work
• Networking to increase clientele
• Representing clients
• Liaising with insurers, loss adjusters or adjusters
• Advising clients
• Conducting transactions
• Selling commodities
• Investigating insurance policies
• Renewing policies

Skills

• Analysing complex data
• Recognising market trends
• Aptitude for finance and economics
• Stress management
• Diligence
• Being ambitious
• Organisation
• Being courteous
• Being honourable
• Multitasking
• Professionalism
• Being productive
• Being proactive
• Being flexible
• Networking
• Negotiating

Education

A Broker usually possesses some finance or banking qualification. Stockbrokers may have a Bachelors Degree in Accounting, International Business, Economics, Insurance, Statistics, Mathematics, Finance or Banking. Having a MBA or Masters Degree is even more an asset in this field as this career is highly competitive.
Brokers have a keen understanding of financial markets, economies and world trading trends. Some specialise in investments and trading. Brokers must be registered and approved by the Financial Services Authority (FSA) in order to practice.
Other acceptable certifications include:
•    SII Certificates in Investment Management, Securities or Financial Derivatives
•    CFA Society Investment Management Certificate (IMC)
•    CII Certificate in Insurance
•    CII Diploma in Insurance
•    CII Advanced Diploma in Insurance (ACII)
•    Certificate in Mortgage Advice and Practice (CeMAP)

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