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What does a Business Broker do?

Business brokers, also call intermediaries, are responsible for helping buyers and sellers successfully and legally navigate the buying and selling of a business. They help a prospective buyer identify the type of business they are looking for, find businesses available, analyze the business available for sale, and they help them obtain the necessary qualifications for buying a business. A business broker working for a seller is responsible for helping ready the business for sale, determining the monetary value of the company, developing a marketing plan and preparing the necessary documentation of the marketing plan. In addition to this, a business broker assembles a team of qualified agents to assist them in the buying or selling process, negotiates details, manages paperwork and facilitates closing activities. In short, a business broker is to the selling of a business what a real estate broker is to the selling of a property.

business broker

Is a Career In Business Brokerage Right For Me?

Successful business brokers have the social skills to identify with and relate to the buyer or seller of a business. They are highly organized and have experience in navigating the intricacies of buying or selling a business. They are self-motivated and possess excellent time management skills. An experienced business broker understands that they will face rejection on a day-to-day basis, but that with perseverence, their hard work will pay off.

How Can I Become A Business Broker?

The qualifications for becoming a business broker vary widely by state. Many states require a state-issued license to work as a business broker. There are a variety of rules in regards to recognizing licenses across state lines.

Obtaining a license to become a business broker generally involves receiving classroom instruction, acquiring a certain amount certified experience and demonstrating a commitment to continuing education and pursuing re-certification when necessary. Background checks are generally performed, and fingerprinting checks are standard practice.

Summary

Business brokerage is an exciting career that, though challenging, is fairly simple to enter in to. With the right skills and training, you can enter into this interesting career with ease.

What does an Investment Advisor do?

Choosing a career as an investment advisor places you in the circles of high finance and on the path to a well-paying position. With a solid education in finance, you have the opportunity to understand the movement of money and its effects. Once you gain sufficient experience, you can become a major player in the field. The training required is rigorous and heavily dependent on the principles of accounting, banking, stock market activities, statistical analysis and sales. As an investment advisor, your success depends on helping clients invest their money wisely and seeing that money grow.

investment advisor

Educational requirements for an investment advisor

A four year bachelor’s degree provides a solid grounding in finance and business principles. However, the Master of Business Administration is quickly becoming a minimum requirement for advancement in the field since there are a limited number of good positions and many candidates. The MBA normally takes two years more of study but adds quality to your credentials and leads to better job opportunities. Along with your academic training, you benefit by learning from the ground up. An internship gives you the chance to participate and depending on your performance, the possibility of permanent employment. Along with the MBA, certification as a chartered financial analyst further qualifies you for a favorable position in the field.

Investment advisor career paths

As an investment advisor, you can specialize in one or more fields. The stock market is fast moving and carries the potential for a large income. When helping clients increase their wealth, your compensation will grow along with their earnings. In banking, you help clients invest profitably and become a key player yourself. Real estate and insurance offer opportunities for an investment advisor to become a top business executive. In these careers, your social skills must be excellent and can lead to success and profitability.

Outlook for the future

The Bureau of Labor Statistics foresees only average growth in this field, around 9 percent. Electronic financial participation by individuals has made investment easier for those individuals, but as a good investment advisor, your expertise can have a positive impact on their efforts. There are many candidates for available positions so you need to become very competitive and persistent in your efforts.

What does a Mortgage Broker do?

A mortgage broker works with realtors, real estate brokers and sales agents to finalize the financial details of a new home or other real estate purchase. Sometimes called a loan officer, a mortgage broker guides their clients through the steps of applying for and obtaining a mortgage loan. They may also advise their clients on everything from the best lender or type of loan to fit their financial situation to steps they can take to improve their credit rating so that they can secure the best possible interest rates.

A vast majority of brokers (nearly 90 percent) work in financial institutions such as banks, credit unions, and mortgage companies. Others may work for themselves. Mortgage brokers enjoy the flexibility that their jobs allow; however, they also typically must travel, work long hours–including nights and weekends–and remain “on call” much of their time.

mortgage broker

Educational requirements

Many mortgage brokers have no more formal education than a high school diploma and on-the-job training. However, as the demand for jobs becomes more competitive and the financial landscape becomes more complicated, employers are searching for more employees with college degrees, certifications and licensing. Previous experience in sales, lending or banking is also highly desirable. Students interested in pursuing a career in the industry should focus on classes in math, computers, finance, economics and other business courses.

To apply for a mortgage broker license, the first step is to fill out an application in your state. The application process typically includes a background investigation, credit check, fingerprinting, the submission of personal financial statements and other documentation.

Employment outlook

The outlook for mortgage brokers and consumer loan officers are described as “good” by the Bureau of Labor Statistics, and the outlook for employment involving commercial loans is described as “excellent.”

Salary earning potential

Earnings in this field can include salary, bonuses and commissions, so brokers with excellent sales skills enjoy their seemingly unlimited earning potential. Due to the nature of the business and the commissions associated with the job, earnings usually increase with the number of loans processed. They have a tendency to rise substantially when the economy is strong and when interest rates are low.