Financial sales jobs essentially involve selling various financial products to individuals and companies. Financial sales professionals are typically hired by banks, brokerage firms and private equity companies.
Financial Sales Jobs: Description
Financial sales jobs require managing various sales activities, either personally or through a subordinate, which includes:
· Developing and implementing overall sales plans.
· Reviewing markets to determine appropriate price schedules and discount rates.
· Preparing monthly analysis reports for individual products.
· Advising clients on new sales opportunities.
· Analyzing sales statistics for appropriate policy formulation.
· Making sales presentations to important clients by coordinating with sales representatives.
· Meeting key clients to negotiate and close deals.
· Preparing periodic sales reports illustrating sales volume and potential sales.
· Monitoring the products and activities of the competition.
Financial Sales Jobs: Basic Requirements
Most banks and credit institutions prefer college graduates for financial sales jobs. A degree in business administration or a course in economics, accounting or marketing serves as an advantage. In addition, employers prefer candidates who have relevant sales experience in related areas such as insurance and real estate.
However, many employers give more weight to personal skills and qualities over academic training. Employers seek candidates who have:
- Good communication and interpersonal skills
- Drive to succeed
- Problem-solving and critical reasoning skills
- Ability to work independently
- Self-confidence
- Strong convincing and negotiating skills
Some employers also evaluate applicants’ credit histories and financial records before hiring them for financial sales jobs.
Financial Sales Jobs: Training and Licensing Requirements
Some financial sales jobs, such as commodities sales agents, require state licensing. In order to obtain a license, candidates are required to pass an examination, such as series 7 and series 63 exams. Such tests usually measure basic accounting, finance and market knowledge. One can prepare for such exams through correspondence (private) courses. It is advisable to work with a sales agent while preparing for these exams to get first-hand knowledge of financial sales.
Most entry-level financial sales jobs include on-the-job training, which typically lasts for three-to-six months. However, the training procedure in large firms is very comprehensive, is conducted by business professionals and may last up to two years. The training generally involves classroom instructions on securities analysis as well as effective speaking and selling strategies.