Financial Brokers operate as independent agents to facilitate the trading of commodities and arrange insurance and loans of money on behalf of clients.

An Associate Degree, Advanced Diploma or Diploma, or at least 3 years of relevant experience is usually needed. Many Financial Brokers have a university degree. Sometimes experience or on-the-job training is needed in addition to a qualification. Registration or licensing may also be required.

Tasks

  • monitoring commodity prices, trends and other factors affecting the supply and demand for commodities
  • negotiating the purchase and sale of commodities such as grains, wool, minerals and metals
  • determining the specific financial and insurance requirements of clients, and researching and reviewing available finance and insurance products for suitability to meet clients' requirements
  • analysing clients' financial status, discussing financial options and developing financial strategies
  • recommending loan combinations that meet clients' needs
  • interviewing prospective clients to explain insurance policy conditions, risks covered, premium rates and benefits, and to make recommendations on the amount and type of cover
  • arranging insurance, home loan mortgages and other types of finance for clients through banks, lenders, financiers and insurance companies
  • preparing documents which set out the conditions of finance, repayments and loan periods
  • identifying and advising on significant risk changes to clients' insurance
  • broking complex and commercial leases, equipment finance, commercial finance, project finance and finance for property developers

Job Titles

  • Commodities Trader or Commodities Broker
  • Finance Broker
  • Insurance Broker
  • Other Financial Brokers
  • Commodities Trader or Commodities Broker

    Operates as an independent agent to bring together buyers and sellers of commodities, negotiates private sales and arranges sales through established market places.

    Specialisations: Energy Trader, Grain Buyer, Livestock Trader, Media Buyer, Wool Broker

  • Finance Broker

    Operates as an independent agent in the course of financial negotiations and arranges loans of money on behalf of clients. Registration or licensing is required.

    Specialisations: Lease Broker, Mortgage Broker

  • Insurance Broker

    Operates as an independent agent to sell life, fire, accident, industrial or other forms of insurance for a range of insurance companies. Registration or licensing may be required.

  • Other Financial Brokers

    Includes Investment Broker. Registration or licensing may be required.

Fast Facts

  • Avg. Weekly Pay

    $1,400 Before Tax
  • Future Growth

    very strong
  • Skill Level

    Associate Degree or Diploma
  • Employment Size

    25400
  • Unemployment

    below average
  • Male Share

    64.9%
  • Female Share

    35.1%
  • Full-Time Share

    81.0%

Find Vacancies

This is a large occupation employing 25,400 workers. Over the past 5 years the number of jobs has grown strongly.
Very strong growth is expected in the future. New jobs and turnover from workers leaving may create between 10,001 and 25,000 job openings over the 5 years to 2020.

  • Financial Brokers work in most parts of Australia.
  • They mainly work in: Financial and Insurance Services; Wholesale Trade; and Rental, Hiring and Real Estate Services.
  • Full-time work is very common. Full-time workers, on average, work 42.6 hours per week (compared to the all jobs average of 40 hours).
  • Average earnings for full-time workers are around $1,400 per week (higher than the all jobs average of $1,230). Earnings tend to be lower when starting out and higher as experience grows.
  • The average age is 41 years (compared to the all jobs average of 40 years).
  • Around 6 in 10 workers are male.
  • In 2016, the unemployment rate was below average.

Employment Outlook

Number of Workers

Source: ABS Labour Force Survey, Department of Employment trend data to November 2015 and Department of Employment projections to 2020.
YearNumber of Workers
200522500
200625100
200727700
200821100
200924700
201020800
201123700
201224500
201324000
201424700
201525400
202030300

Weekly Earnings

Full-time Earnings

All Jobs Average

Weekly Earnings (before tax)

Source: Based on ABS Characteristics of Employment survey, August 2015, Cat. No. 6333.0, Customised Report. Median earnings are before tax and do not include superannuation. Earnings can vary greatly depending on the skills and experience of the worker and the demands of the role. These figures should be used as a guide only, not to determine a wage rate.
EarningsFinancial BrokersAll Jobs Average
Full-Time Earnings14001230

Hours

Weekly Hours Worked

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Hours actually worked by people who usually work full-time, and share of employment by full-time and part-time status, for this job compared to the all jobs average.
CategoryFinancial BrokersAll Jobs Average
Full-time8168.4
Part-time1931.6
Average Weekly Hours (full-time)42.640

Main Industries

Top Industries

Main Employing Industries (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).
Main Employing IndustriesIndustry (% share)
Financial and Insurance Services85.4
Wholesale Trade4.6
Rental, Hiring and Real Estate Services3.2
Manufacturing1.3
Other Industries5.5

States and Territories

  • NSW

  • VIC

  • QLD

  • SA

  • TAS

  • NT

  • ACT

Employment by State and Territory (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Share of workers across Australian States and Territories, in this job compared to the all jobs average.
StateFinancial BrokersAll Jobs Average
NSW32.331.8
VIC3025.5
QLD18.519.8
SA5.46.8
WA10.411.2
TAS1.62
NT0.91.1
ACT0.91.8

Age Profile

Age Profile (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Age profile of workers in this job compared to the all jobs average.
Age BracketFinancial BrokersAll Jobs AverageAll Jobs Average
15-190-5.45.4
20-242.2-9.99.9
25-3427.5-23.423.4
35-4433-21.721.7
45-5419.1-21.121.1
55-597.5-8.78.7
60-645.2-5.95.9
65 and Over5.4-3.83.8

Gender

Male Share

Female Share

Gender (% share)

Source: Based on ABS Labour Force Survey, annual average 2016, Cat. No. 6291.0.55.003: Customised Report. Male and female share of employment in this job compared to the all jobs average.
CategoryFinancial BrokersCategoryAll Jobs Average
Males64.9Males53.6
Females35.1Females46.4

Education Level

Top Education Levels

Highest Level of Education (% share)

Source: ABS, Education and Work (2016). Findings based on use of ABS TableBuilder data. Highest qualification completed by workers in this job (in any field of study). Skill level requirements can change over time, the qualifications needed by new workers might be different from the qualifications of workers already in the job.
Type of QualificationFinancial BrokersAll Jobs AverageAll Jobs Average
Post Graduate/Graduate Diploma or Graduate Certificate23.9-8.68.6
Bachelor degree19.9-17.917.9
Advanced Diploma/Diploma31.5-10.110.1
Certificate III/IV7.2-18.918.9
Year 1212-18.718.7
Years 11 & 105.6-17.717.7
Below Year 100-8.18.1

An Associate Degree, Advanced Diploma or Diploma, or at least 3 years of relevant experience is usually needed. Many Financial Brokers have a university degree. Sometimes experience or on-the-job training is needed in addition to a qualification. Registration or licensing may also be required.

If you are interested in this style of work, there are a wide range of training options available that could lead to this or a similar job.
The pathway that is right for you will depend on your skills and interests.

It is a good idea to speak to industry bodies, employers, and workers to learn more about the skills and qualifications you will need.

Employers look for Financial Brokers who provide good customer service and who have strong interpersonal skills.

Knowledge

The topics, subjects, or knowledge areas workers rate as most important are shown below.

  1. Customer and Personal Service

    92% Important

    Customer and personal services. This includes understanding customer needs, providing good quality service, and measuring customer satisfaction.

  2. Sales and Marketing

    91% Important

    Showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

  3. English Language

    81% Important

    English language including the meaning and spelling of words, rules of composition, and grammar.

  4. Economics and Accounting

    72% Important

    Economics and accounting, the financial markets, banking and checking and reporting of financial data.

  5. Clerical

    71% Important

    Word processing, managing files and records, stenography and transcription, designing forms, and other office work.

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O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

Learn about the daily activities, and physical and social demands faced by workers. Explore the values and work styles that workers rate as most important.

Activities

The work activities workers rate as most important are shown below.

  1. Selling or Influencing Others

    90% Important

    Convincing people to buy something or to change their minds or actions.

  2. Communicating with Persons Outside Organization

    89% Important

    Communicating with customers, the public, government, and others in person, in writing, or by telephone or e-mail.

  3. Performing for or Working Directly with the Public

    87% Important

    Performing for, or speaking with, the public. This includes speaking on television, serving customers in restaurants and stores, and receiving clients or guests.

  4. Building Good Relationships

    87% Important

    Building and keeping constructive and cooperative working relationships with others.

  5. Getting Information

    85% Important

    Looking for, getting and understanding different kinds of information.

Occupational Information Network Sales Agents, Securities and Commodities Opens in a new window
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration. The information on this site is derived from the US Department of Labor O*NET Database Version 21.2

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