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The differences between brokers and insurance brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, a broker has an average salary of $124,861, which is higher than the $94,006 average annual salary of an insurance broker.
The top three skills for a broker include brokerage, financial services and insurance products. The most important skills for an insurance broker are customer service, life insurance products, and lead generation.
| Broker | Insurance Broker | |
| Yearly salary | $124,861 | $94,006 |
| Hourly rate | $60.03 | $45.20 |
| Growth rate | 5% | 6% |
| Number of jobs | 2,770 | 38,403 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 64% |
| Average age | 49 | 46 |
| Years of experience | - | - |
Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members. They provide investors and traders with an investment plan, market intelligence, and research. They may cross-sell some financial services and products offered by their brokerage firms. They are also typically classified as discount or full-service brokers.
Insurance brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
Brokers and insurance brokers have different pay scales, as shown below.
| Broker | Insurance Broker | |
| Average salary | $124,861 | $94,006 |
| Salary range | Between $68,000 And $227,000 | Between $62,000 And $141,000 |
| Highest paying City | New York, NY | Birmingham, AL |
| Highest paying state | New York | Washington |
| Best paying company | Child Guidance & Family Solutions | Liberty Mutual Insurance |
| Best paying industry | Insurance | Insurance |
There are a few differences between a broker and an insurance broker in terms of educational background:
| Broker | Insurance Broker | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 64% |
| Most common major | Business | Business |
| Most common college | University of Southern California | University of Pennsylvania |
Here are the differences between brokers' and insurance brokers' demographics:
| Broker | Insurance Broker | |
| Average age | 49 | 46 |
| Gender ratio | Male, 63.8% Female, 36.2% | Male, 62.5% Female, 37.5% |
| Race ratio | Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.1% American Indian and Alaska Native, 0.3% | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 13% | 7% |