Individuals seeking experience working as a broker can take trainee positions as stockbrokers, insurance brokers, and real estate brokers. Broker trainee jobs are entry level positions that allow employees to gain on-the-job experience under the direct supervision of higher-level personnel. Stockbrokers advise individuals about financial investments. Insurance brokers sell life, health, or property insurance to individuals, families, and businesses. Real estate brokers use their knowledge and expertise to aid individuals in the purchase or sale of a home or commercial property.
Stocks, bonds, and mutual funds are bought and sold by investors in financial markets or securities exchanges. Individuals seeking to attain such securities utilize stockbrokers in order to arrange such sales. Typically, a client and broker discuss the prospective transaction and agree on a price. Then, the broker electronically submits the order to the securities exchange in order to complete the transaction. Brokers earn money by charging a percentage of the transaction as commission.
Broker trainee jobs in this field typically require candidates to have a bachelors degree in business, finance, economics, or accounting. Some states or countries also require brokers to register with a governing body after working for a firm for a specified amount of time and passing an exam. Firms may also finance test preparation and pay any fees associated with the exam.
Insurance brokers typically offer insurance packages from several companies. Their goal is to match their clients with companies that provide coverage and rates suitable for the clients needs. Broker trainee jobs in this field familiarize new hires with the various types of insurance offered. Such broker trainee jobs also teach insurance brokers how to maintain records, solicit new clients, and help current clients settle insurance claims when losses arise. Companies typically prefer college graduates with degrees in business or economics; they may also offer test preparation classes and subsidize exam costs if the firm operates in a region that requires insurance brokers to be licensed.
Real estate brokers must be licensed in most municipalities, states, and countries. The requirements for such licenses typically entail formal classroom instruction, passing an exam, and accumulating a certain amount of experience selling real estate under the employ of a licensed broker or firm. Trainees in this position usually work on a contract basis and are paid a portion of the commission earned from all sales they make. Individuals working these types of broker trainee jobs learn how to solicit clients, how to ensure that properties purchased or sold satisfy all legal conditions, and how to arrange financing for prospective buyers.