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Become A Finance Associate

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Working As A Finance Associate

  • Selling or Influencing Others
  • Communicating with Persons Outside Organization
  • Establishing and Maintaining Interpersonal Relationships
  • Getting Information
  • Analyzing Data or Information
  • Deal with People

  • Mostly Sitting

  • Stressful

  • $67,000

    Average Salary

What Does A Finance Associate Do

Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets. They sell securities to individuals, advise companies in search of investors, and conduct trades.

Duties

Securities, commodities, and financial services sales agents typically do the following:

  • Contact prospective clients to present information and explain available services
  • Offer advice on the purchase or sale of particular securities
  • Buy and sell securities, such as stocks and bonds
  • Buy and sell commodities, such as corn, oil, and gold
  • Monitor financial markets and the performance of individual securities
  • Analyze company finances to provide recommendations for public offerings, mergers, and acquisitions
  • Evaluate cost and revenue of agreements

Securities, commodities, and financial services sales agents deal with a wide range of products and clients. Agents spend much of the day interacting with people, whether selling stock to an individual or discussing the status of a merger deal with a company executive. The work is usually stressful because agents deal with large amounts of money and have time constraints.

A security or commodity can be traded in two ways: electronically or in an auction-style setting on the floor of an exchange market. Markets such as the National Association of Securities Dealers Automated Quotation system (NASDAQ) use vast computer networks rather than human traders to match buyers and sellers. Others, such as the New York Stock Exchange (NYSE), rely on floor brokers to complete transactions. 

The following are examples of types of securities, commodities, and financial services sales agents:

Brokers sell securities and commodities directly to individual clients. They advise people on appropriate investments based on the client’s needs and financial ability. The people they advise may have very different levels of expertise in financial matters.

Finding clients is a large part of a broker’s job. They must create their own client base by calling from a list of potential clients. Some agents network by joining social groups, and others may rely on referrals from satisfied clients.

Investment bankers connect businesses that need money to finance their operations or expansion plans with investors who are interested in providing that funding. This process is called underwriting, and it is the main function of investment banks. The banks first sell their advisory services to help companies issue new stocks or bonds, and then the banks sell the issued securities to investors.

Some of the most important services that investment bankers provide are initial public offerings (IPOs), and mergers and acquisitions. An IPO is the process by which a company becomes open for public investment by issuing its first stock. Investment bankers must estimate how much the company is worth and ensure that it meets the legal requirements to become publicly traded.

Investment bankers also connect companies in mergers (when two companies join together) and acquisitions (when one company buys another). Investment bankers provide advice throughout the process to ensure that the transaction goes smoothly.

Investment banking sales agents and traders carry out buy-and-sell orders for stocks, bonds, and commodities from clients and make trades on behalf of the firm itself. Investment banks primarily employ these workers, although some work for commercial banks, hedge funds, and private equity groups. Because markets fluctuate so much, trading is a split-second decisionmaking process. Slight changes in the price of a trade can greatly affect its profitability, making the trader’s decision extremely important.

Floor brokers work directly on the floor—a large room where trading is done—of a securities or commodities exchange. After a trader places an order for a security, floor brokers negotiate the price, make the sale, and forward the purchase price to the trader.

Financial services sales agents consult on a wide variety of banking, securities, insurance, and related services to individuals and businesses, often catering the services to meet the client’s financial needs. They contact potential clients to explain their services, which may include the handling of checking accounts, loans, certificates of deposit, individual retirement accounts, credit cards, and estate and retirement planning.

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How To Become A Finance Associate

A bachelor’s degree is required for entry-level jobs, and a master’s degree in business administration (MBA) is useful for advancement.

Education

Securities, commodities, and financial services sales agents generally must have a bachelor’s degree to get an entry-level job. Studies in business, finance, accounting, or economics are important, especially for larger firms. Many firms hire summer interns before their last year of college, and those who are most successful are offered full-time jobs after they graduate.

Numerous agents eventually get a master’s degree in business administration (MBA), which is often a requirement for high-level positions in the securities industry. Because the MBA exposes students to real-world business practices, it can be a major asset for jobseekers. Employers often reward MBA holders with higher level positions, better compensation, and large signing bonuses.

Training

Most employers provide intensive on-the-job training, teaching employees the specifics of the job, such as the products and services offered. Trainees in large firms may receive technical instruction in securities analysis and selling strategies. Firms often rotate their trainees among various departments to give them a broad understanding of the securities business.

Securities, commodities, and financial services sales agents must keep up with new products and services and other developments. They attend conferences and training seminars regularly.

Licenses, Certifications, and Registrations

Brokers and investment bankers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, potential agents must pass a series of exams.

Many other licenses are available, each of which gives the holder the right to sell different investment products and services. Traders and some other sales representatives also need licenses, although these vary by firm and specialization. Financial services sales agents may need to be licensed, especially if they sell securities or insurance. Most firms offer training to help their employees pass the licensing exams.

Agents who are registered with FINRA must attend continuing education classes to keep their licenses. Courses consist of computer-based training on legal requirements or new financial products or services.

Although not always required, certification enhances professional standing and is recommended by employers. Brokers, investment bankers, and financial services sales agents can earn the Chartered Financial Analyst (CFA) certification, sponsored by the CFA Institute. To qualify for this certification, applicants need a bachelor’s degree or 4 years of related work experience and must pass three exams, which require several hundred hours of independent study. Applicants also must have an international passport. Exams cover subjects in accounting, economics, securities analysis, financial markets and instruments, corporate finance, asset valuation, and portfolio management. Applicants can take the exams while they are getting the required work experience.

Advancement

Securities, commodities, and financial services sales agents usually advance to senior positions in a firm by accumulating a greater number of accounts. Although beginners often service the accounts of individual investors, they may eventually service large institutional accounts, such as those of banks and retirement funds.

After taking a series of tests, some brokers become portfolio managers and have greater authority to make investment decisions regarding an account. For more information on portfolio managers, see the profile on financial analysts.

Some experienced sales agents become branch office managers and supervise other sales agents while continuing to provide services for their own clients. A few agents advance to top management positions or become partners in their firms.

Many investment banks use an “up or out” policy, in which entry-level investment bankers are either promoted or terminated after 2 or 3 years. Investment banks use this policy to ensure that entry-level positions are not occupied long term, allowing the bank to bring in new workers.

Important Qualities

Analytical skills. To judge the profitability of potential deals, securities, commodities, and financial services sales agents must have strong analytical skills. This includes computer programming skills which they use to analyze financial products. 

Customer-service skills. Securities, commodities, and financial services sales agents must be persuasive and make clients feel comfortable with the agent’s recommendations.

Decisionmaking skills. Investment banking traders must make split-second decisions, with large sums of money at stake.

Detail oriented. Investment bankers must pay close attention to the details of initial public offerings and mergers and acquisitions because small changes can have large consequences.

Initiative. Securities, commodities, and financial services sales agents must create their own client base by making “cold” sales calls to people to whom they have not been referred and to people not expecting the call.

Math skills. Securities, commodities, and financial services sales agents need to be familiar with mathematical tools, including investment formulas.

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Finance Associate Career Paths

Finance Associate
Finance Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Finance Analyst Senior Finance Analyst Finance Manager
Senior Finance Manager
11 Yearsyrs
Finance Analyst Manager Vice President
Vice President And Manager
10 Yearsyrs
Senior Finance Analyst Manager Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Accountant Office Manager
Accountant And Office Manager
6 Yearsyrs
Accountant Consultant Office Manager
Accounts Receivable Manager
6 Yearsyrs
Accountant Manager Office Manager
Accounts Payable Manager
7 Yearsyrs
Consultant Project Manager General Manager
Regional Vice President
11 Yearsyrs
Consultant General Manager Account Manager
Relationship Manager
6 Yearsyrs
Finance Manager Account Manager Relationship Manager
Senior Relationship Manager
9 Yearsyrs
Finance Manager Sales Manager Branch Manager
Business Development Officer
7 Yearsyrs
Analyst Supervisor Controller
Assistant Director Of Finance
7 Yearsyrs
Analyst Underwriter Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Analyst Controller Assistant Director Of Finance
Finance Aid Director
7 Yearsyrs
Business Analyst Account Manager Relationship Manager
Business Relationship Manager
9 Yearsyrs
Business Analyst Project Manager Operations Director
Assistant Vice President Operations
8 Yearsyrs
Assistant Manager Assistant Branch Manager
Banking Center Manager
5 Yearsyrs
Assistant Manager Assistant Store Manager Assistant Branch Manager
Bank Manager
5 Yearsyrs
Account Executive Major Account Executive Solution Specialist
Business Account Manager
6 Yearsyrs
Credit Analyst Senior Customer Service Representative Teller Supervisor
Branch Service Manager
7 Yearsyrs
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Do you work as a Finance Associate?

Help others decide if this is a good career for them

Average Length of Employment
Finance Secretary 3.8 years
Finance Officer 3.5 years
Finance Specialist 3.0 years
Finance Executive 3.0 years
Finance Clerk 2.7 years
Finance Consultant 2.6 years
Finance Assistant 2.2 years
Finance Agent 2.1 years
Finance Associate 2.0 years
Finance Internship 0.5 years
Top Careers Before Finance Associate
Internship 11.4%
Associate 4.9%
Cashier 4.7%
Teller 4.5%
Accountant 3.5%
Analyst 3.1%
Bookkeeper 2.4%
Top Careers After Finance Associate
Associate 6.2%
Consultant 4.9%
Accountant 4.7%
Analyst 4.0%
Internship 3.5%
Manager 3.5%

Do you work as a Finance Associate?

Finance Associate Demographics

Gender

Female

46.9%

Male

41.2%

Unknown

11.9%
Ethnicity

White

54.4%

Hispanic or Latino

17.2%

Asian

13.2%

Black or African American

11.0%

Unknown

4.2%
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Foreign Languages Spoken

Spanish

38.6%

French

9.6%

Mandarin

9.0%

Chinese

7.8%

Portuguese

4.7%

Russian

4.1%

Cantonese

3.4%

German

3.4%

Hindi

3.3%

Italian

2.9%

Japanese

2.3%

Arabic

2.3%

Korean

1.8%

Urdu

1.3%

Vietnamese

1.1%

Gujarati

1.0%

Tagalog

1.0%

Turkish

0.8%

Greek

0.8%

Polish

0.8%
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Finance Associate Education

Schools

University of Phoenix

14.1%

New York University

8.6%

Columbia University

7.3%

University of Pennsylvania

5.7%

Strayer University

5.0%

Fordham University

4.9%

DePaul University

4.9%

University of Chicago

4.8%

University of Connecticut

4.5%

Georgetown University

4.1%

Baruch College of the City University of New York

3.9%

Northeastern University

3.8%

University of Texas at San Antonio

3.7%

Boston University

3.7%

Cornell University

3.6%

American University

3.6%

George Washington University

3.5%

University of Michigan - Ann Arbor

3.5%

Southern New Hampshire University

3.5%

University of Texas at Austin

3.5%
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Majors

Business

30.4%

Finance

22.4%

Accounting

16.3%

Economics

4.3%

Management

3.4%

Law

3.4%

Marketing

2.5%

Political Science

2.3%

Psychology

2.3%

Communication

1.7%

Health Care Administration

1.6%

Human Resources Management

1.5%

Criminal Justice

1.4%

General Studies

1.1%

Computer Science

1.1%

Education

0.9%

English

0.9%

Liberal Arts

0.9%

International Business

0.8%

History

0.8%
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Degrees

Bachelors

46.0%

Masters

28.0%

Other

11.6%

Associate

7.2%

Doctorate

3.5%

Certificate

2.8%

Diploma

0.8%

License

0.2%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$67,000
View Detailed Salary Report
$37,000
Min 10%
$67,000
Median 50%
$67,000
Median 50%
$67,000
Median 50%
$67,000
Median 50%
$67,000
Median 50%
$67,000
Median 50%
$67,000
Median 50%
$122,000
Max 90%
Best Paying Company
Deutsche Bank Securities
Highest Paying City
Wilmington, DE
Highest Paying State
Oregon
Avg Experience Level
2.4 years
How much does a Finance Associate make at top companies?
The national average salary for a Finance Associate in the United States is $67,544 per year or $32 per hour. Those in the bottom 10 percent make under $37,000 a year, and the top 10 percent make over $122,000.

Real Finance Associate Salaries

Job Title Company Location Start Date Salary
Associate-Intermediate-Finance (VP) Goldman, Sachs & Co. New York, NY Apr 02, 2015 $225,000
Associate-Finance Goldman Sachs & Co. New York, NY Jul 30, 2015 $220,813
Associate-Finance Goldman Sachs & Co. San Francisco, CA Jun 28, 2016 $217,568
Associate-Finance Goldman Sachs & Co. New York, NY Aug 29, 2016 $206,232
Associate-Intermediate-Finance (VP) Goldman Sachs & Co. New York, NY May 11, 2015 $205,587 -
$350,000
Associate-Intermediate-Finance Goldman, Sachs & Co. New York, NY Jan 08, 2015 $205,587 -
$350,000
Associate-Finance Goldman Sachs Bank USA New York, NY Apr 27, 2016 $201,510
Finance Associate Goldman, Sachs & Co. New York, NY Jan 08, 2016 $200,000
Finance Associate Goldman, Sachs & Co. New York, NY Aug 15, 2016 $200,000
Finance Associate Goldman, Sachs & Co. New York, NY Sep 05, 2015 $200,000
Finance Associate Goldman, Sachs & Co. New York, NY Jun 22, 2015 $200,000
Finance Associate Goldman, Sachs & Co. New York, NY Jun 03, 2015 $200,000
Finance Associate Goldman, Sachs & Co. New York, NY Sep 23, 2015 $200,000
Associate-Finance Goldman Sachs Bank USA New York, NY Jun 10, 2016 $149,136 -
$170,000
Relationship Associate, Financial Institutions Group-Insurance Citicorp North America Inc. New York, NY Jun 10, 2016 $147,805
Finance Associate Goldman Sachs Bank USA New York, NY Oct 31, 2016 $140,000
Finance Associate Goldman Sachs & Co. New York, NY Jul 05, 2015 $140,000
Finance Associate Goldman, Sachs & Co. New York, NY Oct 19, 2015 $140,000
Finance Associate Goldman Sachs Bank USA New York, NY Nov 01, 2016 $140,000
Finance Associate Goldman, Sachs & Co. New York, NY Jan 08, 2016 $140,000
Corporate Finance Associate, GIB RBC Capital Markets, LLC Houston, TX Mar 02, 2015 $140,000
Finance Associate Genentech Inc. South San Francisco, CA May 26, 2016 $123,000
Export and Agency Finance Associate MUFG Union Bank, N.A. New York, NY Aug 31, 2015 $120,000
Finance Associate Goldman Sachs & Co. New York, NY Jan 01, 2015 $120,000
Finance Associate Goldman Sachs & Co. New York, NY Jul 01, 2015 $120,000
Export and Agency Finance Associate MUFG Union Bank, N.A. New York, NY Oct 17, 2016 $120,000
Finance Associate Driver Group LLC San Francisco, CA Jan 02, 2016 $115,000
Finance Associate Driver Group LLC San Francisco, CA Nov 30, 2015 $115,000

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Top Skills for A Finance Associate

  1. Financial Statements
  2. Customer Service
  3. Ensure Compliance
You can check out examples of real life uses of top skills on resumes here:
  • Developed and analyzed financial statements, budget variance reports and financial performance reports used to monitor financial status.
  • Supervised transition and outsourcing of accounts payable administrative and customer service areas.
  • Conducted document reviews to ensure compliance with anti-money laundering regulations.
  • Provided continuous support to BU and regulatory controllers, operations, treasury management and auditors.
  • Conquered customer uncertainties with extensive product knowledge.

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Top 10 Best States for Finance Associates

  1. New York
  2. Rhode Island
  3. Virginia
  4. Texas
  5. Michigan
  6. North Carolina
  7. California
  8. Georgia
  9. Pennsylvania
  10. Alaska
  • (850 jobs)
  • (69 jobs)
  • (571 jobs)
  • (959 jobs)
  • (570 jobs)
  • (375 jobs)
  • (1,617 jobs)
  • (386 jobs)
  • (445 jobs)
  • (9 jobs)

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