Brokers are entering the profession with higher education levels than in the past but pathways remain largely informal, a report released by the National Insurance Brokers Association shows. 

“Pathways into the profession are not currently well connected to education and education at entry is not consistently linked to career expectations,” the Pathways to Professionalism: Developing the Next Generation report says. 

“Without clear articulation of how they connect, the profession risks relying on informal networks and individual initiative at a time when competition for talent is high.” 

Survey findings show 48% of brokers aged 18-29 held a bachelors degree on entry, compared with 15% for those aged at least 60, while 27% of the younger cohort had an education level to Year 12 or below compared to 49% for the older group. 

“This divergence reflects broader changes in education participation across Australia but also signals rising expectations around formal education in professional services roles,” the report says. 

Larger firms have a higher proportion of bachelor-educated entrants, while smaller firms tend to reflect broking’s traditional openness to diverse educational backgrounds. 

“Taken together, these findings suggest that insurance broking occupies a transitional position between trade and profession,” the report says. 

Formal education is becoming more prevalent but hasn’t displaced experiential pathways and the challenge lies in integrating these models in a way that maintains accessibility while supporting changing expectations among new entrants, according to the report.  

Broking is spanning two educational paradigms simultaneously, one rooted in experience and tenure, and another aligned with contemporary professional education norms, it says. 

The fourth report in a NIBA series was produced in partnership with QBE and with insights from CoreData. 

Senior brokers overwhelmingly enter the profession after building experience within insurance companies while younger brokers are more likely to enter through referrals or cross-industry recruitment. 

Smaller firms and sole traders also depend more on referrals, family connections and authorised representative models. 

The report says findings reveal a profession that remains accessible but unevenly visible, with no dominant or clearly articulated entry pathway for new entrants encountering the industry. 

It finds broad agreement on the value of continuing professional development. 

“There is also a clear, consistent understanding of how the broker role evolves over time, from learning and communication in early careers to strategic leadership and specialisation at senior levels,” it says. 

Click here for the full report.