Choosing a Broker Training Program
A Broker Training is the course that gives someone the skills to become a licensed broker. It isn’t required by law, but a high-quality training program can make the difference between success and failure. A thorough understanding of the transportation industry and a solid grasp of brokerage fundamentals will set aspiring freight brokers up for success.
Choosing a Broker Training Program
The first step in becoming a freight broker is completing a training course. There are several different options available, including online courses and in-person classes. Most courses include a series of lectures, practice exercises and quizzes to prepare the students for the state exam. In-person courses are usually conducted in a classroom setting and provide more hands-on instruction than online courses. Most courses also offer a class graduation party and certificate of completion.
Some broker training programs are provided by full-service brokers or wirehouses, such as Bank of America/Merrill Lynch or Morgan Stanley (NYSE: MS). This type of training is the most traditional and provides extensive product and sales training, a guaranteed salary or draw against commission, office space, business cards, and a high sales quota that they must meet within a short period of time in order to stay employed.
There are also independent brokerage firms that provide broker training. These firms typically work with more conservative clientele and offer lower risk investments such as fixed annuities, mutual funds, and real estate. These firms may offer more flexibility and a higher salary than the big name brokerages, but they can be more difficult to break into.
Aside from independent broker training, there are also specialized broker training programs for specific industries. These programs teach students the nuances of the industry they’re entering, and provide them with valuable networking opportunities and career advice. Some of these programs are only available through private colleges or universities, while others are offered by government-funded educational institutions, such as the National Career Academy and the National Training Institute.
ABA, which stands for American Broker Academy, is a freight broker training school that offers a 5-day class for beginner freight brokers. The intensive course immerses students in the daily tasks of a freight broker, and teaches them how to move loads from one customer to another, and negotiate rates with carriers. It also covers the intricacies of freight shipping and explains how to use trucking software.
Brooke Transportation Training Solutions, a leading broker training company, offers both online and in-person courses. Their classes provide a unique learning experience, with instructors who are experienced in the field and can pass their knowledge on to their students. They also provide access to a number of resources that can help their students succeed, including training articles, financial strategies, workflow diagrams and negotiating methods.
Upon successful completion of their course, Brooke Transportation offers graduates job placement assistance. They host a weekly event called “Resource Friday” for their graduates, where they can meet brokers and businesses interested in hiring them. In addition, they host quarterly networking events for their graduates to help them find jobs in the industry.