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

    A formal qualification in commerce, accounting, finance, economics or actuarial studies is needed to work as a Financial Broker. VET (Vocational Education and Training) and university are both common study pathways for Financial Brokers.

    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

    More about Financial Brokers

    All Financial Brokers

    All Financial Brokers

    • $2,231 Weekly Pay
    • Very strong Future Growth
    • Lower unemployment Unemployment
    • 36,700 workers Employment Size
    • High skill Skill level rating
    • 83% Full-Time Full-Time Share
    • 46 hours Average full-time
    • 43 years Average age
    • 34% female Gender Share

    The number of people working as Financial Brokers (in their main job) grew very strongly over the past 5 years and is expected to grow very strongly over the next 5 years:
    from 36,700 in 2018 to 43,900 by 2023.
    Job openings can come from new jobs being created, but most come from turnover (workers leaving).
    There are likely to be around 24,000 job openings over 5 years (that's about 4,800 a year).

    • Size: This is a large occupation.
    • Unemployment: Unemployment was below average in 2018.
    • Location: Financial Brokers work in many regions of Australia.
    • Industries: Most work in Financial and Insurance Services; Professional, Scientific and Technical Services; and Wholesale Trade.
    • Earnings: Full-time workers on an adult wage earn around $2,231 per week (very high compared to the average of $1,460). Earnings tend to be lower when starting out and higher as experience grows.
    • Full-time: Most work full-time (83%, much higher than the average of 66%).
    • Hours: Full-time workers spend around 46 hours per week at work (compared to the average of 44 hours).
    • Age: The average age is 43 years (compared to the average of 40 years).
    • Gender: 34% of workers are female (compared to the average of 48%).

    Employment Outlook

    Number of Workers

    Source: ABS Labour Force Survey, Department of Jobs and Small Business trend data to May 2018 and Department of Jobs and Small Business projections to 2023.
    YearNumber of Workers
    200823800
    200922200
    201024800
    201124000
    201221800
    201324600
    201424100
    201525800
    201627000
    201733800
    201836700
    202343900

    Weekly Earnings

    Weekly Earnings (Before Tax)

    Source: Based on ABS Survey of Employee Earnings and Hours (cat. no. 6306.0), May 2018, Customised Report. Median weekly total cash earnings for full-time non-managerial employees paid at the adult rate. Earnings are before tax and include amounts salary sacrificed. 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 Earnings22311460

    Main Industries

    Main Employing Industries (% Share)

    Source: Based on ABS Census 2016, Customised Report. Industries are based on the Australian and New Zealand Standard Industrial Classification (ANZSIC 06).
    Main Employing IndustriesIndustry (% share)
    Financial and Insurance Services85.2
    Professional, Scientific and Technical Services3.0
    Wholesale Trade2.7
    Rental, Hiring and Real Estate Services1.8
    Other Industries7.3

    States and Territories

    • NSW

    • VIC

    • QLD

    • SA

    • TAS

    • NT

    • ACT

    Employment by State and Territory (% Share)

    Source: Based on Based on ABS Census 2016, Customised Report. Share of workers across Australian States and Territories, in this job compared to the all jobs average.
    StateFinancial BrokersAll Jobs Average
    NSW34.231.6
    VIC26.925.6
    QLD18.020.0
    SA6.47.0
    WA11.610.8
    TAS1.32.0
    NT0.61.0
    ACT1.01.9

    Age Profile

    Age Profile (% Share)

    Source: Based on Based on ABS Census 2016, Customised Report. Age profile of workers in this job compared to the all jobs average.
    Age BracketFinancial BrokersAll Jobs AverageAll Jobs Average
    15-190.3-5.05.0
    20-243.8-9.39.3
    25-3423.5-22.922.9
    35-4426.0-22.022.0
    45-5425.2-21.621.6
    55-599.2-9.09.0
    60-646.5-6.06.0
    65 and Over5.5-4.24.2

    Education Level

    Highest Level of Education (% Share)

    Source: ABS, ABS Census 2016, Customised Report. Highest qualification completed by workers in this job (in any field of study). 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 Certificate10.0-10.110.1
    Bachelor degree25.0-21.821.8
    Advanced Diploma/Diploma36.5-11.611.6
    Certificate III/IV9.1-21.121.1
    Year 1213.5-18.118.1
    Year 112.3-4.84.8
    Year 10 and below3.6-12.512.5

    A formal qualification in commerce, accounting, finance, economics or actuarial studies is needed to work as a Financial Broker. VET (Vocational Education and Training) and university are both common study pathways for Financial Brokers.

    Registration with the Australian Securities and Investments Commission is needed to work as a Financial Broker. Membership with the Australian Financial Markets Association or the Financial Services Institute of Australasia may also be useful.

    Thinking about study or training?

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

    • Search and compare thousands of higher education courses, and their entry requirements from different institutions across Australia at Course Seeker website.
    • 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.

    Or check out related courses on Job Outlook.

    Useful links and resources


    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.

    Filter Skills & Knowledge

    Knowledge

    These are important topics, subjects or knowledge areas.

    1. Customer and Personal Service

      78% Skill level

      Understanding customer needs, providing good quality service, and measuring customer satisfaction.

    2. Sales and Marketing

      63% Skill level

      Showing, promoting, and selling including marketing strategy, product demonstration, sales techniques, and sales control systems.

    3. Mathematics

      63% Skill level

      Arithmetic, algebra, geometry, calculus, or statistics.

    4. English Language

      61% Skill level

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

    5. Clerical

      58% Skill level

      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 skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 13-2072.00 - Loan Officers.

    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.

    Filter Work Environment

    Demands

    The physical and social demands workers face most often are shown below.

    1. Telephone

      100% Important

      How often do you talk on the telephone?

    2. Contact With Others

      95% Important

      How much do you have contact with people (face-to-face, by telephone, or any other way)?

    3. Freedom to Make Decisions

      93% Important

      How much freedom do you have to make decision on your own?

    4. Spend Time Sitting

      92% Important

      How much time do you spend sitting?

    5. Being Exact or Accurate

      92% Important

      How important is being very exact or highly accurate?

    Occupational Information Network
    O*NET is a trademark of the U.S. Department of Labor, Employment and Training Administration.
    The skills and importance ratings on this page are derived from the US Department of Labor O*NET Database Version 21.2, 13-2072.00 - Loan Officers.

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