How to Become a Freight Broker in Colorado
Being a freight broker means working in a fast-paced yet flexible job environment that always provides a new challenge. Brokers organize transportation for goods, negotiate prices for the shipments and inform their clients of the shipments’ progress as they are hauled. Freight brokers also oversee freight agents, who work as independent contractors, completing sales and finding carriers for goods. Agents have fewer requirements to begin working than brokers, who must carry insurance and a license.
Where can I find freight broker training near me?
Requirements for Becoming a Freight Broker in Colorado
Colorado freight brokers must meet federal requirements. These include having a high school diploma or equivalent, cargo and general liability insurance and a $75,000 surety bond.
Brokers in Colorado do not need any additional certifications to operate in the state. Some may however choose to enroll in a training program, which can help them learn some of the skills necessary to be a successful broker. Many programs assist with job placement as well.
Colorado Schools for Freight Brokers
Prospective freight brokers who are interested in learning more about the industry and the skills that will help them thrive within it should consider taking formal freight broker classes. The following programs are available to new brokers in Colorado:
- Load Training. The oad Training program is available online and includes training videos, study guides, a certificate of completion, testing and consulting. The school owns its own brokerage, offering students the chance to learn how professional brokers and agents are conducting their sales.
- Brooke Training rooke Training is a popular online learning program. It offers students a self-paced class that can be completed within six months. Graduates have access to Resource Fridays, the school’s weekly online seminar for job advice and recruitment.
Colorado residents can benefit from the structure and simplicity of 90 Day Freight Broker, which teaches brokerage setup, shipper outreach, and more.
Certifications for Becoming a Freight Broker in Colorado
To become a freight broker, applicants should register the name of their business and get a U.S. Department of Transportation number. With this information, they can apply for a license from the U.S. Department of Transportation’s Federal Motor Carrier Safety Administration (FMCSA). Applicants should also send in an application fee. After the paperwork has been reviewed and approved, the license will be issued.
Brokers do not need to take a formal licensing exam. However, they may choose to take the Certified Transportation Brokers exam, which is administered by the Transportation Intermediaries Association. This test serves as a formal acknowledgement of skills and can provide a competitive advantage.
Career Outlook and Salary Expectations
The freight industry continues to experience steady growth, fueled by the rise in online businesses and physical stores, leading to an increased demand for freight transportation. While specific growth predictions beyond 2020 are not provided, the ongoing expansion of the logistics and transportation sector suggests a positive trend in this field.
As of the latest data, cargo and freight agents in the United States earn an average salary of $46,860 per year. In Colorado, the average salary for this occupation is slightly lower, with workers earning an average of $45,980 annually.
National vs. Colorado Salaries:
| Percentile | United States Salary | Colorado Salary |
|---|---|---|
| 10% | $32,720 | $31,570 |
| 25% | $38,400 | $40,050 |
| Median (50%) | $46,860 | $45,980 |
| 75% | $58,710 | $58,810 |
| 90% | $70,280 | $65,340 |
Salaries by Region in Colorado:
| Location | 10% | 25% | Median (50%) | 75% | 90% |
|---|---|---|---|---|---|
| Denver-Aurora-Lakewood, CO | $31,570 | $39,480 | $45,910 | $57,890 | $65,340 |
Freight Broker Trends in Colorado
The employment trends for Cargo and Freight Agents in Colorado (43-5011.00) indicate a significant growth trajectory for the decade from 2020 to 2030. In 2020, Colorado had 930 employees working in this occupation. This number is projected to increase to 1,190 employees by 2030, representing a substantial growth rate of 28%. Additionally, there are expected to be around 120 job openings annually over this period, which includes openings due to both growth and replacement. This trend suggests a robust job market for cargo and freight agents in Colorado, outpacing the national average growth rate.
In comparison, the national trend for the same period shows a growth rate of 10%, which is considered much faster than average. In 2022, there were 95,900 employees in this occupation across the United States, with projections indicating an increase to 105,200 employees by 2032. Nationally, there are expected to be about 11,000 job openings annually over this period.
Employment Trends
| Location | Employment (2020) | Projected Employment (2030) | Projected Growth (2020-2030) | Projected Annual Job Openings (2020-2030) |
|---|---|---|---|---|
| Colorado | 930 employees | 1,190 employees | 28% | 120 |
| United States | 95,900 employees (2022) | 105,200 employees (2032) | 10% (Much faster than average) | 11,000 |
Sources of Data:
Colorado Data: The employment figures and projections for Colorado are sourced from Projections Central, specifically their 2020-2030 long-term projections. Projections Central is a reputable source for state-specific employment projections, offering detailed insights into various occupational trends.
United States Data: The national employment figures and projections are obtained from the Bureau of Labor Statistics (BLS), specifically their 2022-2032 employment projections.
Working as a Freight Broker in Colorado
Freight brokers have two options when it comes to beginning their careers. Some choose to start their own businesses, an ideal option for people who enjoy entrepreneurship and would like to work from home.
Other brokers join an existing business. This can provide some extra financial stability and regular routine. It also allows brokers to focus solely on the business of brokering, rather than on marketing, operations and other tasks for which they would be responsible as a business owner. Brokerages in larger cities generally offer the highest salaries.
Brokers pursuing either option will find themselves working in an ever-changing environment. They will be responsible for tracking prices, finding deals and ensuring their clients’ satisfaction with their services. The career is an excellent one for people who enjoy doing something new every day and balancing multiple projects at once.