Broker: what does it involve and how do I become a professional?
The brokerage profession is an interesting one to learn about in finance, and particularly in market finance. Brokers work in close collaboration with traders. That's why it's so important to know about this profession!
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What does a broker's job involve?
A broker acts as an intermediary between a buyer and a seller. They enable companies and individuals to purchase any type of financial asset.
Brokers operate in a variety of sectors, including insurance, real estate, and energy. Working in close collaboration with the trader, the broker's main task is to offer his clients the best prices by carrying out in-depth market studies.
What are a broker's daily tasks?
The broker constantly analyzes market variations to decide the best time to buy or sell an asset on behalf of his client or company. The broker acts as an intermediary, bringing together supply and demand, without taking a position on the various parties involved.
A broker's day-to-day tasks:
- Monitor and analyze the market to determine the best offers
- Advise the customer or company
- Negotiate prices
- Follow up on signed contracts
- Carry out stock market transactions
- Carry out prospecting
- Transmit customer orders on the markets
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What does it take to become a broker?
There is no specific training required to become a broker. However, it is necessary to have a 5-year degree in business or finance to master all aspects of the profession and to be able to aspire to senior positions. Profiles with a specialization in finance are highly sought-after by recruiters, as they possess in-depth knowledge of finance and management techniques.
Salarie and career development
Structuring is considered a highly demanding and competitive profession, but it can also be very rewarding in terms of remuneration and career prospects. The average median basic salary for a broker in Paris is around €70,000 gross per annum. As brokers do not act on their own account, they are paid on a commission basis. With a few years' experience, salaries can rise to €80 or even €100,000 a year.
During their career, brokers can become directors of brokerage firms, or to work for international firms or on their own account.
What skills does a broker need?
Firstly, the borker's job requires solid technical skills in finance, particularly financial products, as well as sound knowledge of the field in which the broker operates. Brokers must be able to understand and analyze the risks associated with different financial products, assess their profitability, and optimize their performance.
In addition to these technical skills, brokers must also have the legal and commercial acumen to sell and negotiate products on the markets.
Finally, brokers need to be able to cope with stress, and to be reactive and tenacious.
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