In Summary - Commodity Broker
The Work - Commodity Broker
A Commodity Broker must typically keep a keen eye on the market in relation to product and investment pricing, trends and demand. Some traders receive purchase and selling instructions, meeting with other commodity traders to negotiate transactions.
Others may take client orders over the phone, performing deals via computer to a firm's trading department or directly on the floor of a stock exchange. Additionally, traders provide financial advice, often meeting with clients to plan, review or update an investment portfolio.
Work activities also include:
- Interpreting market reports
- Trading on behalf of clients
- Liaising with transport, shipping and insurance companies
- Devising hedging strategies
- Visiting international suppliers
- Negotiating price, specification and delivery details
- Investigating new business openings
Most commonly reported Work Tasks
- Complete sales order tickets and submit for processing of client-requested transactions.
- Interview clients to determine clients' assets, liabilities, cash flow, insurance coverage, tax status, or financial objectives.
- Record transactions accurately, and keep clients informed about transactions.
- Develop financial plans based on analysis of clients' financial status, and discuss financial options with clients.
- Review all securities transactions to ensure accuracy of information and conformance to governing agency regulations.
- Offer advice on the purchase or sale of particular securities.
- Relay buy or sell orders to securities exchanges or to firm trading departments.
- Identify potential clients, using advertising campaigns, mailing lists, or personal contacts.
- Review financial periodicals, stock and bond reports, business publications, or other material to identify potential investments for clients or to keep abreast of trends affecting market conditions.
- Contact prospective customers to determine customer needs, present information, or explain available services.
Most commonly reported Work Activities
- Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Communicating with Persons Outside Organization Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Selling or Influencing Others Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Organizing, Planning, and Prioritizing Work Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
- Analyzing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Interpreting the Meaning of Information for Others Translating or explaining what information means and how it can be used.
- Processing Information Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Performing for or Working Directly with the Public Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
Interests - Commodity Broker
This occupation is typically suited for people with the following Career Interests:
Enterprising people like situations that involve using resources for personal or corporate economic gain. Such people may have an opportunistic frame of mind, and are drawn to commerce, trade and making deals. Some pursue sales and marketing occupations. Many will eventually end up owning their own business, or in management roles in larger organisations. They tend to be very goal-oriented and work best when focused on a target. Some have an entrepreneurial inclination.
Administrative people are interested in work that offers security and a sense of being part of a larger process. They may be at their most productive under supervisors who give clear guidelines and while performing routine tasks in a methodical and reliable way.
They tend to enjoy clerical and most forms of office work, where they perform essential administrative duties. They often form the backbone of large and small organisations alike. They may enjoy being in charge of office filing systems, and using computers and other office equipment to keep things running smoothly. They usually like routine work hours and prefer comfortable indoor workplaces.
The Social person's interests focus on interacting with the people in their environment. In all cases, the Social person enjoys the personal contact with other people in preference to the impersonal dealings with things, data and ideas found in other groups.
Many will seek out positions where there is direct contact with the public in some advisory role, whether a receptionist or a counsellor. Social people are motivated by an interest in different types of people and like diversity in their work environments. Many are drawn towards careers in the caring professions and social welfare area, whilst others prefer teaching and other 'informing' roles.
Commondity Brokers need to be self motivated and determined workers. Having a competitve nature is also advantageous for this role.
Excellant numeracy skills and an ability to negotiate are also essential. Good organisational skills are crucial in order to react to market movements and respond to client needs efficiently.
Entry Requirements - Commodity Broker
Pay & Salary - Commodity Broker
Salary Range (thousands per year)* 22k - 100k
Last Updated: March, 2017
* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.