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Financial Sales Jobs - Outlook and Salary for Financial Sales Jobs - Responsibilities in Financial Sales Jobs, Education for Financial Sales Jobs

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Many people believe that in times of economic downturn it is also a bad time for those with financial sales jobs, but in fact, just the opposite is true. In times of economic recession and a downturn in the markets, more people than ever seek the services and advice of those with financial sales jobs. These are the people responsible for buying and selling your investments in the stock market, mutual funds, bonds, or commodities. Among their products are deposit accounts such as savings, checking, and certificates of deposit. Financial sales also include savings accounts, checking accounts, certificates of deposit, credit cards, loans, retirement accounts, and much more.

Responsibilities in Financial Sales Jobs

Financial services sales agents are salesmen just like any other, except that they specialize in financial markets and economics. The most common type of financial sales job is a stock broker. Stock brokers advise individuals and companies on how they can best invest their money through trading in the stock market. They then take a commission on every trade made. Brokers are responsible for find their own clientele and building a customer base large enough to support their own income requirements. Like a true salesmen, this means much of the job is in cold-calling potential new clients and following up with previous calls that have had no clear outcome.

Another type of financial sales job is investment banking. Investment bankers are responsible for connecting entrepreneurs with strong business ideas to investors who are willing to finance the startup of the business in return for shares of the business. This type of job is two-fold because it requires the investment banker to work both ends of the deal.

Financial sales jobs are provided by large investment firms, banks, and other financial institutions. Some people in these jobs are also self-employed. The work can be very stressful and fast-paced. The hours are typically greater than 40 per week but are usually carried out in an office setting.

Education for Financial Sales Jobs

Most financial sales jobs require a minimum of a bachelor’s degree in a related field. These fields include economics, finance, business, accounting, and mathematics. The top students are often offered internships by investment companies that turn into full-time jobs upon graduation.

Many bachelor’s degree recipients who get financial sales jobs choose to continue their education. Many opt to enter masters in business administration (MBA) programs, while others continue with graduate studies in their undergraduate major.

Once hired, most companies will provide on-the-job training that includes information about the products and services the company offers and some tips about finding new clients and selling to them.

Financial sales jobs are regulated by the federal government. After 4 months of employment, all individuals with these jobs are required to pass the General Securities Registered Representative Examination, better known as the Series 7. This exam consists of 250 multiple-choice questions that must be answered within 6 hours with a score greater than 70 percent. In addition, many states now require a second exam called the Uniform Securities Agents State Law Examination, or the Series 63/66.

Current Salaries and Future Growth of Financial Sales Jobs

The job outlook for financial sales jobs is rated as good. The growth rate is estimated to be at 9 percent through 2018. There are currently about 320,000 total jobs in this field and there are expected to be almost 347,000 by 2018. Competition is fierce for these jobs, but they suffer from a high turnover rate for entry-level positions, which assures that new entry-level positions are always opening. Many people, even after 4 years of schooling, harshly discover that the real-world position is not for them.

The median income for people holding financial sales jobs is $68,680 annually. The true income per individual varies widely by the exact job and how well they function in the job, since many are commissioned-based. The middle 50% of salaries in this field ranges from $40,480 on the low end to $122,270 at the high end. Some people can make significantly more than this, but some also make significantly less.

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