Requirements/ Needed Skills
The functions and responsibilities involved in financial services work are akin to that of a retail stockbroker who meet with prospective clients, individuals or corporate, and discuss their services and products and assess the financial capacities and investment interests. Like financial planners, financial service sales representatives help their clients determine their investment needs based on their financial or investment portfolio. These investments can be long-term or immediate; can be a college education for their children, a retirement plan, or a major investment such as a house or a car.
Financial service jobs also include those of sales associates or account executives who work in customer service call centers or bank branches. Their responsibilities commonly fall under customer service and work to assist customers or clients with questions or other forms of assistance relating to their financial services, customers' accounts, investment, or credit needs. Branch officer representatives attend to banking customers who walk into the bank for specific banking assistance. They also attend civic functions, client meetings, trade associations, and other social functions that will lead them to meeting up with current or potential clients.
Jobs in financial services also include those of financial service sales agents who similarly deal with clients who have a variety of banking or financial needs. These services include loans, inventory or sales financing, certificates of deposits, cash management, investment services, mutual funds, or lines of credit. They also contact or ask businesses to get involved in consumer credit card programs. These sales agents are also called relationship managers or private bankers and may deal with private business groups or companies or an individual as their clients.
People who choose to stay and build a financial services career face a very good employment prospect. High earnings and good investment trainings are common in this kind of job. While some positions involve staying and meeting with walk-in clients and customers, some also go out of their way to meet up with more clients and do the business and investment talk outside of the banks. Applicants to entry-level positions have better prospects in smaller firms, but with a good number of years in selling experience, one can have a good chance making it in large investment banks or firms where competition may be stiffer, but career prospects and earnings are higher in financial service work.
One has to invest well in academic training, certifications, and investment trainings to get into investment firms. This means one needs to have a bachelor's degree in economics, business administration, accounting, or any other business-related course. Graduating with good grades from a prestigious school is also another advantage for applicants who wish to get into investment firms. A master's degree in business administration and a CFA certification are also good financial service career investments since moving up the professional ranking will be easier with them. A bigger signing bonus and a more lucrative career ahead is another reason to have an MBA early on. Some financial institutions or banks who take on interns during the students' last year in college will also help to expose and get them hired easily when they do well during their internship period.
Along with other finance and investment-related jobs, financial services positions are expected to grow by 9 percent in their employment prospect from 2008 to 2018, or just about as fast as average, according to the Bureau of Labor Statistics. The deregulation of the financial services industry has also led to banks, insurance companies, and other financial institutions' use of similar products and services which has opened more opportunities for people to invest. This is where these companies and financial institutions are putting in better people to handle financial services work.
Financial service jobs need people who have strong interpersonal and communications skills, who can work well either independently or with a team, are creative and have good selling or persuasive skills, goal-oriented, have good computer and problem-solving skills. Those who have at least two years of previous selling or marketing skills also have an advantage in their application. A career in this field can lead to higher positions such as director of investment services or sales manager for investments.
Salary
The salary for financial service positions differ by their specific functions and qualifications, the size and type of company or institution, and the location. Some companies give their employees a base salary, while others provide commissions, but some offer both a commission and a base pay. Jobs in financial services have annual salary range from $27,288 to $46,500.
Where to Look
To get right ahead finding that perfect financial service work, check out FinancialServicesCrossing.com and their thousands of job listings. One can choose among the options available to check on all these jobs or narrow them by location, industry, company name, or positions. Have the FREE one-day trial too and get a head start with your job hunt, sign up today!
