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

  • $1,400 Weekly Pay
  • 34,500 workers Employment Size
  • Very strong Future Growth
  • High skill Skill level rating
  • Lower unemployment Unemployment
  • 83.4% Full-Time Full-Time Share
  • 40.4 hours Average full-time
  • 41 years Average age
  • 36.6% female Gender Share

The number of Financial Brokers grew very strongly over the past 5 years and is expected to grow very strongly over the next 5 years:
from 34,500 in 2017 to 40,200 by 2022.
There are likely to be around 21,000 job openings over this time from workers leaving and new jobs being created.

  • Size: This is a large occupation.
  • Unemployment: Unemployment was below average in 2017.
  • Location: Financial Brokers work in most regions of Australia.
  • Industries: Most work in Financial and Insurance Services; Wholesale Trade; and Rental, Hiring and Real Estate Services.
  • Earnings: Full-time workers earn 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.
  • Full-time: Most work full-time (83.4%, much higher than the all jobs average of 68.4%).
  • Hours: Full-time workers spend around 40.4 hours per week at work (compared to the all jobs average of 40.0 hours).
  • Age: The average age is 41 years (compared to the all jobs average of 40 years).
  • Gender: 36.6% of workers are female (compared to the all jobs average of 46.7%).

Employment Outlook

Number of Workers

Source: ABS Labour Force Survey, Department of Jobs and Small Business trend data to May 2017 and Department of Jobs and Small Business projections to 2022.
YearNumber of Workers
200726200
200823800
200922200
201024800
201124100
201221900
201324400
201424000
201526100
201626700
201734500
202240200

Weekly Earnings

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

Main Industries

Main Employing Industries (% Share)

Source: Based on ABS Labour Force Survey, annual average 2017, 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 Services85.9
Wholesale Trade4.5
Rental, Hiring and Real Estate Services2.4
Manufacturing1.9
Other Industries5.3

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 2017, 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
NSW27.031.6
VIC31.726.2
QLD16.119.7
SA6.36.7
WA17.510.8
TAS0.72.0
NT0.51.1
ACT0.11.8

Age Profile

Age Profile (% Share)

Source: Based on ABS Labour Force Survey, annual average 2017, 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
15-190.0-5.25.2
20-242.2-9.99.9
25-3429.2-23.623.6
35-4425.1-21.721.7
45-5425.2-20.820.8
55-599.8-8.88.8
60-643.2-6.06.0
65 and Over5.2-4.04.0

Education Level

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.

Before starting a course, check it will provide you with the skills and qualifications you need.

  • Compare undergraduate and postgraduate student experiences and outcomes on the QILT website.
  • Compare Vocational Education and Training (VET) courses, providers and student outcomes on the My Skills website.
  • You might be interested in Financial Services VET training pathways on the AAPathways website.

The course listings on this page are provided by Good Education Group.

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

Knowledge

These are important topics, subjects or knowledge areas.

  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.

Occupational Information Network
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 41-3021.00 - Insurance Sales Agents.

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

These are kinds of activities workers regularly do in this job.

  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
O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
The importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 41-3021.00 - Insurance Sales Agents.

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