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Become A Finance Service Representative

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Working As A Finance Service Representative

  • 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

  • $56,000

    Average Salary

What Does A Finance Service Representative 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 Service Representative

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 Service Representative Jobs

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Finance Service Representative Career Paths

Finance Service Representative
Personal Banker Account Executive Branch Manager
Manager, Assistant Vice President
7 Yearsyrs
Personal Banker Loan Officer Account Executive
Relationship Manager
6 Yearsyrs
Personal Banker Account Executive General Manager
Regional Vice President
11 Yearsyrs
Service Representative Executive Assistant Customer Service Manager
Call Center Manager
6 Yearsyrs
Service Representative Consultant Sales Manager
Branch Sales Manager
6 Yearsyrs
Service Representative Accounts Payable Clerk Credit Analyst
Credit Manager
5 Yearsyrs
Finance Advisor Consultant Account Manager
Commercial Account Manager
8 Yearsyrs
Account Representative Administrator Branch Manager
Vice President And Manager
10 Yearsyrs
Specialist Credit Analyst Credit Manager
Collections Manager
5 Yearsyrs
Specialist Team Leader Branch Manager
Business Development Officer
7 Yearsyrs
Specialist Operation Supervisor Assistant Branch Manager
Finance Center Manager
6 Yearsyrs
Relationship Banker Lead Teller Assistant Branch Manager
Branch Operations Manager
6 Yearsyrs
Head Teller Lead Teller Assistant Branch Manager
Banking Center Manager
5 Yearsyrs
Loan Officer Credit Analyst Relationship Manager
Business Relationship Manager
9 Yearsyrs
Loan Officer Team Leader Operations Director
Assistant Vice President Operations
8 Yearsyrs
Analyst Customer Service Manager Inside Sales Manager
Inside Sales Account Manager
6 Yearsyrs
Finance Analyst Account Manager Relationship Manager
Client Relationship Manager
7 Yearsyrs
Relationship Banker Specialist-Small Business Banking Center Manager
Bank Manager
5 Yearsyrs
Relationship Banker Lead Teller Teller Supervisor
Branch Service Manager
7 Yearsyrs
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Average Length of Employment
Consumer Banker 2.9 years
Bank Specialist 2.4 years
Personal Banker 2.4 years
Finance Associate 2.4 years
Service Associate 2.2 years
Top Careers Before Finance Service Representative
Teller 12.1%
Cashier 8.2%
Internship 4.1%
Manager 3.0%
Server 2.3%
Supervisor 1.9%
Top Careers After Finance Service Representative
Teller 5.2%
Cashier 5.0%
Specialist 2.8%
Manager 2.6%

Do you work as a Finance Service Representative?

Average Yearly Salary
$56,000
Show Salaries
$28,000
Min 10%
$56,000
Median 50%
$56,000
Median 50%
$56,000
Median 50%
$56,000
Median 50%
$56,000
Median 50%
$56,000
Median 50%
$56,000
Median 50%
$110,000
Max 90%
Best Paying Company
T. Rowe Price
Highest Paying City
New York, NY
Highest Paying State
New York
Avg Experience Level
2.5 years
How much does a Finance Service Representative make at top companies?
The national average salary for a Finance Service Representative in the United States is $56,206 per year or $27 per hour. Those in the bottom 10 percent make under $28,000 a year, and the top 10 percent make over $110,000.

Real Finance Service Representative Salaries

Job Title Company Location Start Date Salary
Financial Information Services Representative-MU Bloomberg, LP New York, NY May 01, 2012 $130,730
Financial Information Services Representative Bloomberg, LP New York, NY Nov 28, 2011 $130,000
Financial Information Services Representative Bloomberg, LP New York, NY Jun 20, 2011 $120,000
Financial Information Services Representative Bloomberg, LP New York, NY Oct 01, 2011 $117,500
Financial Information Services Representative Bloomberg, LP New York, NY Nov 14, 2011 $115,000
Financial Information Services Representative Bloomberg, LP New York, NY Oct 01, 2015 $110,000
Financial Information Services Representative Bloomberg, LP San Francisco, CA Aug 01, 2013 $105,000
Financial Information Services Representative Bloomberg, LP New York, NY Oct 01, 2012 $102,000
Financial Information Services Representative Bloomberg, LP San Francisco, CA Sep 01, 2012 $100,000
Financial Information Services Representative Bloomberg, LP New York, NY Jan 01, 2010 $95,000
Financial Information Services Representative Bloomberg Tradebook, Inc. New York, NY Sep 01, 2010 $82,500
Financial Information Services (FIS) Representativ Bloomberg, LP New York, NY Sep 05, 2011 $77,000
Financial Information Services Representative Bloomberg, LP New York, NY Sep 13, 2011 $77,000
Financial Information Services Representative Bloomberg, LP New York, NY Feb 09, 2012 $75,000
Financial Information Services Representative Bloomberg, LP Jersey City, NJ Aug 05, 2009 $72,500
Financial Information Services Representative Bloomberg, LP New York, NY Sep 01, 2012 $69,500
Financial Information Services Representative Bloomberg, LP New York, NY Feb 09, 2012 $60,000
Financial Information Services Representative Bloomberg, LP New York, NY Oct 01, 2012 $60,000
Financial Information Services Representative Bloomberg, LP New York, NY Feb 09, 2012 $59,000
Financial Information Services Representative Bloomberg, LP New York, NY Mar 02, 2012 $59,000
Financial Information Services Representative Bloomberg, LP New York, NY Sep 07, 2012 $59,000
Financial Information Services Representative Bloomberg, LP San Francisco, CA Dec 07, 2012 $58,500
Financial Information Services Representative Bloomberg, LP New York, NY Sep 09, 2011 $57,500
Financial Information Services Representative Bloomberg, LP New York, NY Sep 09, 2011 $55,000
Financial Services Representative CITT Services LLC Dallas, TX Sep 15, 2016 $50,000

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Top Skills for A Finance Service Representative

  1. Financial Services
  2. Financial Products
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Provided superior customer service through listening to customers, anticipating their needs, and recommending financial services.
  • Build professional relationships with customers through making recommendations for and providing financial products to meet the customer's financial goals
  • Provide excellent and courteous customer service by following an established troubleshooting system with efficiency and accuracy.
  • Reviewed loan applications, promissory notes and supporting documentation for data accuracy completing any missing information prior to processing.
  • Conferred with customers by telephone and email to provide information about services, creating new accounts and resolving customers account discrepancies.

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Top 10 Best States for Finance Service Representatives

  1. Texas
  2. New Hampshire
  3. Rhode Island
  4. Nevada
  5. New York
  6. Delaware
  7. New Jersey
  8. Idaho
  9. Hawaii
  10. Arizona
  • (4,980 jobs)
  • (419 jobs)
  • (273 jobs)
  • (473 jobs)
  • (2,409 jobs)
  • (168 jobs)
  • (1,577 jobs)
  • (353 jobs)
  • (198 jobs)
  • (1,510 jobs)

Finance Service Representative Resume Examples And Tips

The average resume reviewer spends between 5 to 7 seconds looking at a single resume, which leaves the average job applier with roughly six seconds to make a killer first impression. Thanks to this, a single typo or error on your resume can disqualify you right out of the gate. At Zippia, we went through over 23,083 Finance Service Representative resumes and compiled some information about how best to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

Learn How To Create A Top Notch Finance Service Representative Resume

View Resume Examples

Finance Service Representative Demographics

Gender

Female

54.8%

Male

36.3%

Unknown

8.9%
Ethnicity

White

60.8%

Hispanic or Latino

16.2%

Black or African American

12.1%

Asian

7.2%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

63.4%

French

7.2%

Chinese

3.2%

Mandarin

3.1%

Russian

3.0%

Portuguese

2.6%

German

2.6%

Arabic

2.2%

Hindi

1.6%

Cantonese

1.6%

Italian

1.4%

Vietnamese

1.2%

Carrier

1.2%

Polish

1.1%

Korean

1.0%

Urdu

1.0%

Japanese

0.8%

Tagalog

0.7%

Greek

0.6%

Ukrainian

0.5%
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Finance Service Representative Education

Schools

University of Phoenix

26.2%

Strayer University

10.1%

Ashford University

4.7%

Southern New Hampshire University

4.2%

Kaplan University

4.2%

University of Memphis

4.2%

Liberty University

3.9%

University of North Carolina at Greensboro

3.8%

Georgia State University

3.8%

University of Utah

3.6%

University of Central Florida

3.5%

Florida International University

3.3%

Trident Technical College

3.2%

University of South Florida

3.2%

Pennsylvania State University

3.2%

American InterContinental University

3.2%

Florida State University

3.1%

University of Maryland - University College

3.0%

Middle Tennessee State University

2.9%

Grand Canyon University

2.8%
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Majors

Business

36.3%

Finance

11.0%

Accounting

8.5%

Health Care Administration

4.4%

Marketing

4.2%

Psychology

4.0%

Management

3.6%

Communication

3.5%

Criminal Justice

3.1%

Economics

3.0%

Human Resources Management

2.6%

General Studies

2.4%

Nursing

2.2%

Political Science

2.1%

Liberal Arts

2.0%

Education

1.7%

Medical Assisting Services

1.6%

Computer Science

1.3%

English

1.3%

Insurance

1.2%
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Degrees

Bachelors

45.8%

Other

22.4%

Masters

13.6%

Associate

11.6%

Certificate

3.7%

Diploma

1.4%

Doctorate

0.8%

License

0.6%
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