There are two things that must be noted in sales jobs within the finance industry. First, competition is very fierce especially in investment banks. Thus, it is very important to possess the right personal and professional qualifications to compete with the best of the best in finance, many of whom came from Ivy League schools. Second, newcomers will find the working environment to be highly stressful, which leads to a high turnover rate. For the professionals who can take the heat, however, the high earnings and rapid advancements are sufficient reasons to stay in the jobs.
The duties, responsibilities and routines of these professionals considerably vary according to their specializations. There are, however, commonalities between the jobs, most of which center on the education and training as well as on the skills demanded from the professionals. Here then are the four main jobs in sales within the finance industry.
Stock Brokers
This is probably the most well-known of the financial sales jobs, thanks to the prominence of stock markets in the public consciousness. Stockbrokers typically provide advice to individual clients about the appropriate investments depending on the investment strategy of said clients, which is true for full-service types. However, in the case of discount stockbrokers, these professionals will only execute the transaction with the client taking the risks for his own decisions. Building a client base is very important in this financial sales work, which can be achieved by excellent work performance and wide networking.
Investment Bankers
The main job of investment bankers is to serve as the bridge between the organizations that require new capital and the investors that can provide it, with the latter being offered either in bonds (debt) or in stocks (equity) in exchange for their money. Thus, investment bankers are sellers twice over - first, to the issuing organization for their advisory services and, second, to the investors for the issued bonds and/or securities. Other important functions include providing assistance for initial public offerings and for mergers and acquisitions, both of which demand intensive knowledge in business and the law.
Investment Banking Sales Agents
In this line of work, commissions are the rewards instead of fees. Investment banking sales traders and agents sell bonds, stocks and other marketable securities to investors. Usually, these professionals will contact the customers and/or their agents to sell newly-issued bonds and stocks. Once the go-signal is made, the trader then puts the order on the trading floor, hopefully, to make a profit for the customer and, hence, commissions for himself. Arguably, this is the most stressful of the many financial sales jobs because of the split-second, make-or-break decisions that must be made although the working hours are not as punishing as those for investment bankers.
Financial Services Sales Agents
Of all the financial sales work positions mentioned, this is probably the least stressful but as equally rewarding job. The professional's main goal is to ensure that the clients' financial goals match their financial needs through a variety of services including savings and checking accounts, certificate of deposits, bank loans, credit cards, individual retirement accounts, and estate and retirement planning. The working environment is usually comfortable inside air-conditioned offices with just 40 hours of work required on a weekly basis.
The median salaries for these 4 professionals will vary considerably depending on location, industry and work performance. According to the Bureau of labor Statistics, the median annual basic salary of these professionals is at $68,680 in May 2008 while many will earn more than $94,960 with promotions. Keep in mind that these figures only represent the basic salaries - sales commissions greatly affect the total earnings for the year.
Education and training are almost uniform across all financial sales jobs. A bachelor's and master's degree in any related field is a definite asset along with the right training and certification. Since most employers provide on-the-job training, it is possible to advance through the ranks without going back to school. So, choose which of these financial sales work best fits your qualifications and have a go at it.
