Work Environment
This occupation is typically found in the following Career Sector(s):
Videos on the Web
- Commodity Broker- from: Youtube Search
Most commonly reported Work Activities
- Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
- Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Making Decisions and Solving Problems Analysing information and evaluating results to choose the best solution and solve problems.
- Analysing Data or Information Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Processing Information Compiling, coding, categorising, calculating, tabulating, auditing, or verifying information or data.
- Communicating with Persons Outside Organisation Communicating with people outside the organisation, representing the organisation to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
- Evaluating Information to Determine Compliance with Standards Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
- Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
- Communicating with Supervisors, Peers, or Subordinates Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Working Life
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
Employers of commodity brokers include investment banks, commodity brokers, financial clearing houses and exchanges.
Most commonly reported Work Tasks
- Make bids or offers to buy or sell securities.
- Monitor markets or positions.
- Agree on buying or selling prices at optimal levels for clients.
- Keep accurate records of transactions.
- Buy or sell stocks, bonds, commodity futures, foreign currencies, or other securities on behalf of investment dealers.
- Complete sales order tickets and submit for processing of client-requested transactions.
- Report all positions or trading results.
- Interview clients to determine clients' assets, liabilities, cash flow, insurance coverage, tax status, or financial objectives.
- Discuss financial options with clients and keep them informed about transactions.
- Determine customers' financial services needs and prepare proposals to sell services that address these needs.
Further Information
- Commodity broker- from: GradIreland
Qualities - Commodity Broker
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.
Interests - Commodity Broker
This occupation is typically suited for people with the following Career Interests:
Enterprising
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
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.
Social
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.
Entry / Progression - Commodity Broker
There are many pathways towards a career as a commodity broker.
Sample Education and Training Pathways
A number of courses are available throughout the country that focus on learning and skills that may be useful for this career. The examples and links below may guide you in your research.
Further Education (FET)
Further Education & Training (FET) Courses are delivered by local ETBs, ranging in duration from several weeks up to 20 months. Courses are designed to meet the labour market needs and often include a large element of work experience.
Example search terms include: business admin, customer service, accounting technician, management.
Search for FET Courses
PLC Courses (FET)
PLC courses are full-time courses, one or two years duration, with awards at Level 5 and 6 on the NFQ. They are offered nationally in Schools and Colleges of Further Education.
Example search terms include: business management, sales, marketing, commerce, accounting.
Search for PLC Courses
Apprenticeships:
Apprenticeships are structured work-based training programs that combine on-the-job training with classroom instruction. They run from 2 – 4 years and are open to individuals of all ages, including school leavers, those seeking a career change, and existing employees who wish to upskill.
Examples: Accounting, Financial, Sales.
Search for Apprenticeships
Higher Education CAO (Undergraduate)
Higher Education courses at Levels 6 to 8 on the NFQ, delivered in Universities and Technological Universities & Institutes. Courses run from 2 – 5 years and places are allocated on a points-based system, processed by the Central Application Office.
Example search terms include: business, commerce, economics, maths, statistics, accounts, finance.
Search for CAO Courses
Higher Education (Postgraduate)
Postgraduate courses are courses at Levels 9 and 10 on the NFQ and usually last 1 – 2 years full time, or longer if a PhD or part time. Entrants typically require an undergraduate award (Level 8).
Example search terms include: sales, business, accounts, management, financial advice.
Search for Postgraduate Courses
Professional Development
Professional development (CPD) courses are specialised training, formal education, or advanced professional learning that improves skills, professional knowledge, competency, and overall effectiveness in the professional world.
Irish Banking & Payments Federation
The 30% club: Growth Through Diversity
International Financial Services Skillnet Network
Check the Useful Contacts tab on this page to see if there are any professional bodies listed who may provide training related to this career.
Pay & Salary - Commodity Broker
Salary Range (thousands per year)* €35k - €120k
Salaries vary by employer, role, duties, location, and experience. Variance will depend on trading in stocks or financial portfolio management for pension & investment.
Data Source(s):
Payscale/ Morgan McKinley/ Sigmar / CPL
Last Updated: July, 2024
Labour Market Updates - Commodity Broker
Note: The following information relates to occupations that include: Brokers; Insurance underwriters; Finance and investment analysts; Finance and investment advisers.
This information has been derived from the Solas National Skills Bulletin (2023).
Employment levels have grown annually since 2018, with particularly strong growth between 2021 and 2022 of an additional 5,500 persons. Almost all employment is concentrated in the financial activities sector. The share of non-Irish citizens employed, at 23%, was above the national average of 19% and was the highest share across the business/financial occupations.
The CSO Census data for 2022 shows that finance and investment analysts/advisers account for the largest share of employment in this group at over 70%, with insurance underwriters and brokers making up the remainder. Employment permits issued primarily related to various financial analyst roles in the financial sector. Although employment grew strongly in 2022, a 20% fall in online job adverts (particularly for finance/investment analysts) would signal that this growth rate may slow.
Useful Contacts - Commodity Broker
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FSU Financial Services Union (former IBOA)
