Information brokers ensure that data and information are obtained quickly and reliably in a company, while also drawing attention to lack thereof. Let’s take a look at what it is Information Brokers do on a day to day basis!
What does an Information Broker do?
Information brokers, also known as data brokers, work both in the private sector and in public institutions and are comparable to archivists or librarians. Due to the ever-changing data world, however, the demands on the working speed of brokers and the tools they use have increased.
Depending on the company, an Information Broker must provide data accurately in a time window of minutes. Since information processing is a broad field, they are present in many industries and have highly diverse expertise.
In essence, an Information Broker is an individual that researches key information for businesses. This information can include patents, copyright data and information and/or market research.
What are the responsibilities of an Information Broker
Information brokers are not only responsible for preparing and providing data quickly but are also able to identify and point out a lack of relevant information on their own initiative.
They bundle and organize data and present it to their employer in an understandable way, with correct content and if possible in such a way that the client can derive applicable practical measures from it.
Since the means of information acquisition and processing are changing rapidly, especially in today’s world, an information broker is also involved in continuous further training.
What are the responsibilities of an Information Broker?
- Procure and process data quickly
- Provide data in a bundled and ordered manner
- Tracking down information that businesses need
- Performs researches (patents, new product, market)
- Continuous further training
- Advisory role for companies
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Information Broker Skills
Information brokers have excellent analytical skills and are able to independently develop and apply high-quality strategies for their research. They are well versed in research tools and computer programs used in the industry, and know where to find relevant sources and have excellent specialist knowledge.
What must an information broker be able to do?
- Keen analytical skills
- Independent elaboration of research strategies
- Knowledge of research tools and programs
- Know-how on relevant sources and industry knowledge
- Passion for research and analysis
- Good technical writing skills
- Knowledge of presentation strategies
Education and training requirements
The professional title is not protected, so anybody can call himself an information broker. However, training is still possible, especially in academics. At universities, subjects such as information science and information management prepare students for the profession.
It’s also typical to have a degree in business administration as this provides you a base for understanding business strategies and market research.
Further training opportunities exist as a specialist for media and information services. Higher education via a subject-specific course of study is worthwhile in any case, in order to increase competence with regard to a certain topic, but also to be able to negotiate a higher salary.
Since information brokers can work in any imaginable industry and rarely have any other authority over themselves besides management, specialization is possible and strongly recommended, especially in terms of technical expertise.
The market is competitive and independent of the industry in which an information broker works, knowledge is power.
Here are a few specializations for Information brokers:
- Patents and copyright
- Medical research
- Marketing and Public Relations (PR)
- Business research
- Market research
How much does an Information Broker make?
The salary depends strongly on the respective industry and the company. While this is true for several careers, it especially applies to Information Brokers. Some information brokers earn high salaries, others achieve a rather average income.
The starting salary for Information Brokers is about $30,000 per year. As an average annual salary, $75,000 is a good benchmark. Top earners in large companies are able to earn more than $150,000 gross per year.
Salary of an Information Broker:
Information Brokers in the freelance market
If you are wondering if Information brokers can be freelancers, the answer is YES.
Many Information Brokers are freelancers or self-employed and work on a project basis, and with several clients at once.
Their work requires spending much of their time performing research on specific issues and meeting with clients to understand the needs and requirements.
Depending on the number of projects going on, information brokers might need to work long hours at certain times. That’s why it is important to be self-motivated and have the ability to work under pressure in order to provide your clients with what they need in due time.
How much do Freelance Information Brokers charge?
The average freelancer hourly rate of an information broker is $92. Extrapolated to an 8-hour day, the daily rate is thus around $736 (freelancermap price index – as of February 2020).