How to become a Financial Dealer and Broker

Financial dealers and brokers conduct financial market transactions on behalf of clients and offer advice on financial matters.

Personal requirements of a Financial Dealer and Broker

  • Good communication and relationship-building skills
  • Able to make calculations quickly and accurately
  • Aptitude for using computers
  • Able to work independently
  • Able to work under pressure
  • Aptitude for research
  • Analytical and planning skills
  • Interested in the financial market

Education & Training for a Financial Dealer and Broker

To become a financial dealer and broker you usually have to complete a degree in commerce, accounting, finance, economics or actuarial studies at university. Entry to this occupation may be improved if you have a double degree (possibly combining a relevant field with law). To get into these courses you usually need to gain your Senior Secondary Certificate of Education. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Most universities in Australia offer degrees in these areas. Universities have different prerequisites and some have flexible entry requirements or offer external study. Contact the institutions you are interested in for more information. For full details, refer to the entries on the website at www.goodcareersguide.com.au or university handbooks.

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Duties & Tasks of a Financial Dealer and Broker

Financial dealers and brokers may perform the following tasks:

  • obtain information on securities, market conditions, government regulations and the financial circumstances of clients
  • deal in the marketplace on behalf of clients
  • record and give ‘buy’ and ‘sell’ orders
  • calculate and record transaction costs
  • develop lists of appropriate investments for clients
  • plan buying and selling activities.

Employment Opportunities for a Financial Dealer and Broker

Entry to this career is competitive. Firms usually recruit applicants who can demonstrate a strong academic background. It takes some time to gain the experience required for advancement, and many firms demand specialised qualifications or relevant experience. Financial dealers and brokers work in stockbroking firms, financial planning organisations, banks, building societies, accounting and law practices and other organisations within the finance and investment sector. While there is an increasing demand throughout the country for financial services, banks and other financial institutions are increasingly focusing their dealer functions in their head offices in Brisbane, Sydney and Melbourne.

Specialisations:


Commodities Trader

A commodities trader brings together buyers and sellers of commodities to negotiate private sales and arrange sales through established marketplaces.


Financial Market Broker

A financial market broker arranges financial transactions in the wholesale financial markets between institutional buyers and sellers for a commission.


Financial Market Dealer

A financial market dealer buys and sells financial products within the financial market, and trades and distributes financial securities on behalf of financial institutions.


Investment Banker/Merchant Banker

An investment banker/merchant banker offers financial products and services, handles large financial transactions and operates as an intermediary in the professional and commercial sectors of the finance industry. They are also involved in the money market, corporate lending and investment banking.

Additional Information
Depending on the specific role, a postgraduate qualification may be required. You may also need to be licensed or registered in order to work in this field. In order to be licensed, you must meet the training requirements administered by the Australian Securities and Investments Commission (ASIC). Details can be found on the ASIC website (www.asic.gov.au). You may also be required to become a member of a particular professional association. Contact the Australian Financial Markets Association or the Financial Services Institute of Australasia (Finsia) for further information.
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