broker (2024)

According to ONS, the average salary of a broker in the UK is £41,759 per year. Junior brokers with minimal experience earn as low as £38,117 annually, while experienced brokers take home over £47,291 per year. Senior brokers receive better compensation packages and extra benefits. Aside from the base salary, brokers often receive commissions from successful sales and purchases. Some companies also offer bonuses annually, paid vacations, medical insurance and pension schemes for brokers.

how can you increase your salary as a broker

A broker's earnings vary significantly depending on their experience and expertise. That is why senior brokers often earn more commissions compared to junior brokers. If you want to increase your wages, you should improve your skills and experience level. The types and roles of brokers also affect the compensation package. For instance, real estate and finance brokers earn different salaries due to the diverse nature of the functions. Finance brokers' earnings depend on the financial products, while property brokers' salaries often rely on commissions after successful sales.

Common types of brokers include:

• stockbroker: a stockbroker is responsible for managing investments for their clients. Your primary role is to buy or sell securities, stocks, shares or financial products on behalf of an investor. You complete the transactions through the stock exchange, and investors pay commissions and a fee. As a stockbroker, you also advise clients on the best investment opportunities.
• forex broker: as a forex broker, you assist clients in buying and selling currencies from a trading platform. You also monitor the currency changes globally and speculate on currency pairs.
• commercial broker: as a commercial broker, you negotiate transactions between buyers and sellers. Your job is to identify potential buyers, the best market price and facilitate a sale for a commission.
• estate brokers: as an estate broker, you find buyers or lease a property on behalf of the owner. You market the property and identify potential buyers.

• broker job description

  While specific roles depend on the type of broker and industry, some standard tasks include:

  • analysing clients' requirements: your role is to identify potential clients for your employer. When you bring in a new client, you need to analyse their requirements and goals to help them achieve their investment goals. If you deal in financial products, you can help investors determine their appetite for risk and guide them on the best stock to put their money on.
  • looking for buyers: some clients will hire you to find potential buyers for their assets or goods. When looking for buyers, you need to market the assets, analyse the market value and assist sellers in setting a price. You can sell anything – including properties and goods – if you are a general broker.
  • negotiating offers: when you broker a deal, it is your responsibility to bring both parties to the negotiation table to discuss the offer. You will help the seller receive a favourable income for their assets.
  • preparing the documentation: when the buyer and seller agree on an offer, you prepare the final documents required to complete the sale. That means you must compile the tax or stamp duty charges payable by both parties to facilitate the sale.
  • analysing information on market trends: you need first-hand information on the market changes to provide sound advice. If you are an estate broker, analysis of the property market helps you identify the best times to sell a property for maximum returns. Financial market analysis also helps stock brokers identify investment opportunities for clients and the ideal time to buy or sell shares.

• work environment

  Brokers work in offices on their computers to analyse market data and keep track of the financial markets. Your office may be in a financial institution, brokerage firm or company that needs regular services. When you work for a single client, your work environment depends on the industry. For instance, some brokers work for insurance companies or pension firms and often have a personal office. As a broker, your work environment is noisy due to the frequent phone calls by brokers trying to close a deal. Since the work environment is fast-paced, you need to be comfortable working under pressure.

• who are your colleagues?

  Depending on your employer, your colleagues may include traders, agents and fund managers. Brokers need information on markets, which means you will work with financial analysts and business analysts, as well as other specialists that could include, but not be limited to, relationship managers, property valuers and conveyancers.

• work schedule

  Brokers often work long hours, with some working over 50 hours a week. The typical work routine starts at 7 am and ends after 6 pm to cover the opening times of global financial markets. If investors are in different time zones, you will work outside business hours to communicate with them. Most broker jobs are full-time positions that may require you to work weekends to meet targets. Part-time positions are rare, but you can find freelancing opportunities. Being a broker also involves travelling to visit clients or close a deal, and sometimes you travel abroad.

• See Also

  Interview Questions – Hogan School of Real Estate

  job outlook

  Brokers are in high demand since they have diverse roles. As a broker, you can work in multiple industries dealing with sales or investments. Your career often begins at a junior level position, and with experience, you become the senior broker. Some brokers increase their qualifications and become fund managers or relationship managers in financial institutions. Alternatively, you can specialise in a specific area like financial products, real estate or commercial sectors. Experienced stockbrokers, estate brokers or commercial brokers are experts in their fields and often become consultants.

• advantages of finding a broker job through randstad

  Finding your broker job through Randstad provides important advantages such as:

  • a wide variety of training and development opportunities
  • an experienced contact person to provide help if needed
  • a range of opportunities in your area
  • get paid weekly or monthly, depending on the job
  • temporary and permanent contracts

  Want a permanent contract? A temporary job as a broker is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!

While becoming a broker doesn't need formal education, academic qualifications can improve your job prospects and boost your career advancement. Some of the routes for becoming a broker include:

• university course: you need an undergraduate degree in a relevant subject like management, economics, finance and business. You should consider a course with a job placement year in financial institutions to gain hands-on experience. A postgraduate course in finance or investment isn't compulsory, but it gives you additional skills.
• apprenticeship: you can become a broker through a higher apprenticeship qualification in investment specialist or a professional degree apprenticeship in financial services. The courses allow you to train on the job and complete coursework. After the apprenticeship, you can do professional exams for membership to a professional body.
• certifications: professional qualifications like Chartered Institute for Securities & Investment boost your employment prospects. You can also complete Chartered Financial Analyst (CFA) certifications to increase your skills.

skills and competencies

The following soft skills assist you in your role as a broker:

• maths skills: as a broker, you need to compute profits and dividends promptly for every investment option. Mathematics skills also come in handy when analysing markets and predicting their volatility.
• communication and interpersonal skills: it is crucial to build trust and develop a relationship with your clients. Communication and social skills help you strike conversations and understand clients' financial needs.
• negotiation skills: sometimes, you have to negotiate the price of an asset or commission rates. Negotiation skills help you identify the best times to persuade or compromise.
• decision-making skills: as a broker, you need exceptional decision-making skills to help your clients with investments. Besides, fast decisions help you act quickly based on market data due to market fluctuations.

• do brokers make a lot of money?

  Brokers earn basic salaries like other employees, but they also receive commissions. Some companies pay bonuses for successful deals.

• what is an example of a broker?

  A broker is anyone who sells an asset on behalf of the seller. Common examples of brokers are estate agents.

• what is the meaning of brokerage?

  It is a firm that acts as a broker. They buy or sell stocks and securities on behalf of other companies or investors.

• what is a broker in the UK?

  A broker looks for buyers of an asset and facilitates the sale in exchange for a commission. They sell houses or financial products for their clients.

• how do I become a broker?

  You need a degree in finance or business management to land a job as a broker. Work experience and certifications also increase your prospects.

• how do I apply for a broker vacancy?

  Applying for a broker job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!