There are many career opportunities for people who work as a commodity broker. Once you have experience in the commodity broker field, a world of new opportunities opens up. Career opportunities for commodity brokers include roles in trading, risk management, market analysis, and sales. The more experience you gain the more you can advance to positions like senior trading, manage portfolios, or you can specialise in specific markets.
What is a Commodity Broker?
A commodities broker is an individual who handles commodity trades on their client’s behalf. Depending on market demands and product availability, they can manage national and international trade transactions. Commodity brokers often earn commissions on the goods they trade.
They typically handle commodities like agricultural goods, energy sources, and industrial products, but they can also sell shares, stocks and bonds.
What Are the Responsibilities of a Commodity Broker?
Understanding the responsibilities and roles of a commodity broker is important as it can give you an idea of what to expect when pursuing this as a career. A commodity broker’s roles and responsibilities include:
- Trading on behalf of clients.
- Collaboration with shipping and transportation businesses.
- Monitoring internal markets.
- Managing price negotiations.
- Ensuring regulatory compliance.
How Can I Become a Commodity Broker?
The first thing you need to do when becoming a commodity broker is to earn a degree. This can be in any subject but consider degrees in business, administration, marketing, finances, or human resources. You may also need an additional five GCSEs with scores above four.
Once you have earned your degree, you can register with the Financial Conduct Authority (FCA) to get a licence of approval. Apart from earning a degree, the FCA may require you to gain additional certifications such as Chartered Financial Analyst (CFA) or to complete the Chartered Institute for Security and Investment (CISI) exams.
Then, you can start developing your skills and gain work experience through internships or mentorship programs. Creating networks is also an important part of getting to know the industry and getting internships to gain work experience.
What Are the Career Opportunities for Commodity Brokers?
There are many career opportunities for commodity brokers. Once you land a job as a commodity broker it can open a door to different career paths including:
Broker
A broker is someone who acts as an intermediary, often between a securities exchange and an investor. They provide services like investment plans, market intelligence, and research. They continuously work on relationships with clients, assessing their needs and offering solutions. The ultimate task is to close deals by aligning the interests of buyers and sellers.
Account Executive
An account executive manages client accounts for a business. They are the primary point of contact and work to build strong relationships with clients to meet their needs. Account executives also monitor client satisfaction, identify new business opportunities, and negotiate contracts. They work closely with other departments such as marketing and customer service, to effectively address client’s needs.
Consultant
A consultant provides expert advice and guidance to individuals or businesses. They often work temporarily to solve problems, improve performance, or provide expertise in a particular area. Consultants collaborate with clients to identify issues, analyse data, develop strategies, and implement solutions.
Regional Sales Manager
A regional sales manager is responsible for overseeing sales operations and teams within a specific geographic region. In addition to developing and implementing sales plans, they also analyse market trends, cultivate important customer relationships, and keep an eye on sales agents’ performance. Regional sales managers work closely with other divisions to find new business prospects and make sure products are satisfying client expectations.
Account Manager
An account manager acts as a liaison between a company and its clients. They manage client relationships and ensure satisfaction with the business’s products or services. Account managers finds new business opportunities and develop strategies to increase revenue from the business’s current customers. Successful account managers have strong communication, negotiation, and problem-solving skills.
National Sales Manager
A national sales manager is responsible for overseeing a team of sales professionals and implementing strategic sales procedures to meet profitability goals. They analyse market trends to identify business opportunities, negotiate agreements with existing customers, and create sales forecasts. Their role as national sales managers involves managing complex negotiations, developing marketing materials, and maintaining positive customer relationships.
Senior Sales Executive
A senior sales executive is a professional who leads a sales team, guiding them to meet sales targets. They analyse business trends to enhance products, ensure customer satisfaction with the acquired products, and submit account plans and sales reports to higher management. Their responsibilities also include resolving customer complaints and maintaining customer relationships.
Strategic Accounts Manager
Strategic accounts managers maintain relationships with key clients to ensure their long-term satisfaction and retention. They act as the primary point of contact for clients and work with various departments to deliver solutions that align with their client’s needs.
National Sales Director
They oversee the sales performance across different regions in the country. They are responsible for releasing goods and services based on market trends and customer demands. They also develop and implement strategies to identify business opportunities, manage sales teams, create sales territories, and establish sales objectives.
How Can I Get a Job As a Commodity Broker?
Once you have earned your degree and gained the necessary skills and work experience, you can start looking for jobs. Make sure that your CV is ready and that it includes all your work experience and soft skills.
Then, you can search for jobs on platforms like LinkedIn, Indeed, Glassdoor, and more. You can also join groups to see if there are any job openings posted.