Information Broker

One of the career options that you have before you if you have earned a Master of Library Science (MLS) or Master of Library and Information Science (MLIS) degree is Information Broker. This position is perfect for those who have a natural curiosity and passion about the world, information and research. Only recently has information been considered a valuable strategic asset by businesses, necessitating the job of an information broker. Some businesses now are profitable solely through commercializing information.

Information brokers use their well-honed research skills to help businesses and individual who are searching for specific information. Many people are not trained in the proper ways to search for specific information, which is where information brokers come into play. They speed up the search process by doing all of the research and analysis for their clients in order to deliver targeted, filtered search results that answer their queries.

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What Does an Information Broker Do?

Finding specific information for clients is the entire job of an information broker. The information that an information broker gathers for their client must be highly specific and relevant to that client. Information brokers must be able to analyze, organize, and deliver that information to the client in a highly efficient, meaningful way.

Information brokers typically specialize in a subject like statistics, marketing research, researching competitors in industries, or scientific data.

Tasks that information brokers may have include (but are not limited to):

Perform background research for a new product concept
Learn about other companies producing products similar to a client’s
Patent research
Comparative price research
Research a business’ competitors
Help a non-profit organization apply for grant funding
Real estate title searches

Skills that information brokers must be proficient in include (but are not limited to):

Efficient organizational skills
A passion for research
Superior analytical skills
Excellent computer skills
Good writing, grammar, and spelling skills
Self-motivation to work independently
Ability to define a project’s goals, outline the research plan, and follow through
Knowledge of electronic research sources such as these databases: EBSCO, LexisNexis, Educational Resources Information Services, Westlaw
Networking skills to talk with others in your industry
Self-marketing skills (many IBs work as freelance providers or consultants and therefore must market themselves to a variety of clients)
Good customer service skills

What Education Does an Information Broker Need?

Information brokers usually have a MLS or MLIS degree and experience working as a professional librarian. They also should have subject specialization. If there is a subject that you already know a lot about, or one which you would like to learn more about, complete a subject concentration in this area with your MLS or MLIS degree. This type of education should ensure that you are well-prepared to become an information broker.

Must Information Brokers Be Certified?

No certification is required in order to become an information broker. It can be helpful to belong to professional organizations, such as:

These types of organizations provide valuable networking opportunities for freelance and independent consultant information brokers.

Ethical Issues for Information Brokers

Being an information broker can carry some ethical challenges. Depending upon who your clients are, you might be asked to investigate consumer related information, personal or legal records about others. As an information broker, your responsibilities are to research and interpret data that is legally obtainable. You should never break into private or confidential information sources and steal information for clients. It is never acceptable to post copyrighted material on a publicly accessible website, nor is it ok to resell or commercially exploit licensed information.

Information brokers may legally obtain consumer information from a few different outlets, according to Privacy Rights Clearinghouse. Public records can be accessed without a person’s permission and are legally accessible. Some worry about the length of time such public information can be held by others, which brings ethical issues in question as well. It is important for information brokers to remain ethical in their practices and only obtain information their clients need in legal ways.

Salaries for Information Brokers

According to SalaryExpert.com, the average base salary for information brokers in the United States is $33,388/year. This varies greatly, however, by industry in which one works and depending upon whether one works strictly for one company or organization or freelances/consults with many different clients.

Jobs for Information Brokers

Many information brokers open their own businesses or work as freelancers or consultants to a variety of clients. It is more difficult to find positions for information brokers within companies and organizations, but some do exist. A recent search of the internet for jobs for information brokers found the following opportunities:

Research Solutions Analyst – J.G. Wentworth Company, King of Prussia, PA- salary $40,000/year
Consultant, Humanitarian Information Dashboard – Internews, Remote- salary not specified
Information Retrieval Consultant – HS, Chicago, IL – salary not specified
Funding Researcher and Broker – EINC, remote- salary $20,000 to $40,000/year
Research Consultant – Brandwatch, remote- salary not specified
Legal Research Consultant – LexisNexis, Pittsburgh, PA – salary $70,000/year
Associate Consumer Research Consultant – Cspace, Massachusetts- salary not specified
Research and Policy Consultant – The Education Trust, New York, NY – salary not specified
Custom Market Research Consultant – IQVIA, Plymouth Meeting, PA – salary not specified
Research and Evaluation Consultant – State of Wisconsin, Madison, WI – salary $28.47 to $42.75/hour