Commodity traders who are sometimes called brokers or commodity brokers are individuals who determine the price at which their clients should buy and sell commodities such as grains fruits gold and oil. They are much more specialized than stock brokers. Not only do they complete these transactions for clients but clients often expect them to give good advice on what the commodities are worth.
Commodities traders who work for large companies usually have at least a four-year bachelor's degree often with courses in finance and economics but classes in agriculture banking and social sciences also provide a good base of knowledge. Individuals who aspire to a career as a commodities trader are sometimes given opportunities to serve as interns in investment and brokerage firms while they are still in college.
The website Education-Portal.com states that before they can buy or sell commodities traders must take the Series 3 examination on National Commodity Futures that is administered by the National Futures Association (NFA). Once they pass this exam they must register and become licensed with the Financial Industry Regulatory Authority (FINRA).
Over time they are required to take regular continuing education courses often given by FINRA in order to maintain their license. Most commodities traders are based in Chicago but there are a few small brokerage firms in other major cities that specialize in commodities. Commodities traders are often paid on commission so their salary depends on how much business clients give them.
The Bureau of Labor Statistics says that the average annual income of commodities traders is approximately $69000.