How to become a Broker
Becoming a broker in Australia is an exciting career path that is becoming extremely popular for new small business owners. For anyone looking for flexible working hours and good pay then this could be the perfect business for you. If you’re interested in becoming a broker in Australia, here’s what you need to know.
Step 1: Find your industry niche
If you’re serious about becoming a successful broker, it’s important to research the Australian financial services industry and decide on what area you want to be a broker in. Some popular places to start are mortgages, business insurance and small business lending. Learn about the various trends, regulations, and recent news so you can stay across what’s happening in the market. Once you feel comfortable about a particular area, or you have some experience in that domain, then pick the area you want to focus on.
Step 2: Get a mentor
Once you have found the area you want to broker in, then find a mentor who has experience as a broker and can help guide your career path. A mentor can provide valuable advice about how to succeed as a broker and share their own experiences with you. Mentors can fast track your development and help you learn the ropes much quicker than you could on your own. Once you find a mentor, discuss an agreement that works for both of you. You should be clear on how much support you expect, and what you plan on providing in return.
Step 3: Get licensed
There is no specific degree or qualification that you need to become a broker in Australia. However, most brokers have a tertiary qualification in business, economics, finance or accounting. In order to become a licensed broker in Australia, you must pass the Financial Adviser Exam (FAE). This exam covers all areas of finance such as taxation law, investments, financial planning strategies, superannuation funds management and more. After completing the FAE successfully, you must then be registered with an Australian Securities & Investment Commission (ASIC), approved professional body or association such as the Stockbrokers Association of Australia.
Step 4: Develop your skillset
Once you have received your license and are registered with an appropriate professional organisation, it’s time to start building your skillset. To be successful in this field requires strong communication skills since brokers often work directly with clients to advise them on their investments. Additionally, brokers should have excellent research skills since they need to stay up-to-date on current trends in the market and identify new opportunities for their clients. Finally, brokers need problem solving skills due to the complex nature of finances; being able to think quickly on your feet is essential for success as a broker.
Step 5: Get your own licence
Once you some experience, usually at least 2 years, you can then look to become your own fully licensed broker, you will be able to work independently or start your own brokerage firm.
Becoming a successful broker in Australia requires a lot of work, but most people who become one, really enjoy it. The first step is doing extensive research into the industry so that you understand all aspects of finance before taking any exams or obtaining licenses necessary for success. Once these requirements are fulfilled and your skillset is developed accordingly, you will be ready to begin your journey as an Australian broker.