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The differences between brokers and lenders 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 $37,723 average annual salary of a lender.
The top three skills for a broker include brokerage, financial services and insurance products. The most important skills for a lender are customer service, loan applications, and business development.
| Broker | Lender | |
| Yearly salary | $124,861 | $37,723 |
| Hourly rate | $60.03 | $18.14 |
| Growth rate | 5% | 4% |
| Number of jobs | 2,770 | 6,465 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 63% |
| Average age | 49 | 45 |
| Years of experience | - | 6 |
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.
A Lender is a financial institution, an individual, or a private or public group that provides loans to a business or an individual. As a lender, you will evaluate a borrower's creditworthiness by assessing loan applications. You will be responsible for determining an applicant's financial eligibility and all applicable metrics and ratios. Other duties might include setting up plans for debt payment, counseling clients on restrictions and policies, and maintaining and updating account records. Also, you will need to update your knowledge on the different loan types and financial services.
Brokers and lenders have different pay scales, as shown below.
| Broker | Lender | |
| Average salary | $124,861 | $37,723 |
| Salary range | Between $68,000 And $227,000 | Between $25,000 And $55,000 |
| Highest paying City | New York, NY | Seattle, WA |
| Highest paying state | New York | South Dakota |
| Best paying company | Child Guidance & Family Solutions | Citi |
| Best paying industry | Insurance | Finance |
There are a few differences between a broker and a lender in terms of educational background:
| Broker | Lender | |
| Most common degree | Bachelor's Degree, 66% | Bachelor's Degree, 63% |
| Most common major | Business | Business |
| Most common college | University of Southern California | University of Pennsylvania |
Here are the differences between brokers' and lenders' demographics:
| Broker | Lender | |
| Average age | 49 | 45 |
| Gender ratio | Male, 63.8% Female, 36.2% | Male, 49.2% Female, 50.8% |
| 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, 4.6% Hispanic or Latino, 16.3% Asian, 6.3% White, 62.9% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 13% | 8% |