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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

  • $56,250

    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
Assistant Branch Manager Branch Manager General Manager
Account Manager
5 Yearsyrs
Finance Advisor Sales Consultant Personal Banker
Banking Center Manager
5 Yearsyrs
Specialist Operations Manager Assistant Vice President
Business Relationship Manager
9 Yearsyrs
Account Manager Billing Specialist Collector
Collections Manager
5 Yearsyrs
Loan Officer Credit Analyst
Credit Manager
5 Yearsyrs
Account Executive Sales Manager Branch Manager
Finance Center Manager
6 Yearsyrs
Finance Advisor Finance Analyst Account Manager
Major Account Manager
7 Yearsyrs
Service Representative Operations Manager Assistant Vice President
Manager, Assistant Vice President
7 Yearsyrs
Branch Manager General Manager Account Manager
Regional Accounts Manager
8 Yearsyrs
Service Representative Account Executive
Relationship Manager
6 Yearsyrs
Personal Banker Service Manager Account Manager
Sales Account Manager
6 Yearsyrs
Specialist Sales Specialist Director Of Sales
Sales Vice President
9 Yearsyrs
Personal Banker Branch Manager Account Manager
Senior Account Manager
7 Yearsyrs
Loan Officer Finance Advisor Relationship Manager
Senior Relationship Manager
10 Yearsyrs
Office Manager General Manager Account Executive
Senior Sales Executive
9 Yearsyrs
Office Manager Account Manager Sales Manager
Senior Sales Manager
7 Yearsyrs
Branch Manager Account Manager
Strategic Accounts Manager
9 Yearsyrs
Account Executive Territory Manager Account Manager
Territory Account Manager
8 Yearsyrs
Account Manager Account Executive Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Assistant Branch Manager Assistant Vice President
Vice President And Manager
10 Yearsyrs
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Do you work as a Finance Service Representative?

Help others decide if this is a good career for them

Average Length of Employment
Bank Specialist 2.3 years
Banker 2.3 years
Personal Banker 2.3 years
Service Associate 2.1 years
Top Employers Before
Teller 12.9%
Cashier 6.1%
Internship 4.5%
Manager 3.4%
Supervisor 2.2%
Top Employers After
Teller 7.0%
Specialist 3.2%
Cashier 2.8%
Manager 2.8%

Do you work as a Finance Service Representative?

Finance Service Representative Demographics

Gender

Female

58.8%

Male

39.0%

Unknown

2.2%
Ethnicity

White

78.1%

Hispanic or Latino

12.2%

Asian

7.4%

Unknown

1.8%

Black or African American

0.6%
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Languages Spoken

Spanish

60.4%

French

7.1%

Mandarin

3.4%

Portuguese

3.2%

Russian

2.8%

Chinese

2.8%

Arabic

2.7%

Hindi

2.3%

German

2.1%

Carrier

1.8%

Cantonese

1.8%

Italian

1.4%

Urdu

1.4%

Vietnamese

1.2%

Korean

1.2%

Tagalog

1.1%

Japanese

1.1%

Polish

1.1%

Albanian

0.5%

Greek

0.5%
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Finance Service Representative Education

Schools

University of Phoenix

23.4%

Strayer University

8.6%

Liberty University

5.3%

Southern New Hampshire University

4.9%

University of Memphis

4.6%

Kaplan University

4.5%

Trident Technical College

4.4%

Ashford University

4.3%

University of Central Florida

4.0%

University of Utah

3.8%

American InterContinental University

3.6%

Florida State University

3.6%

Georgia State University

3.6%

Middle Tennessee State University

3.4%

Troy University

3.2%

Florida International University

3.1%

University of Maryland - University College

3.0%

Kennesaw State University

2.9%

University of North Carolina at Greensboro

2.9%

Pennsylvania State University

2.9%
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Majors

Business

36.3%

Finance

11.0%

Accounting

8.9%

Marketing

4.2%

Management

3.9%

Psychology

3.7%

Health Care Administration

3.4%

Economics

3.3%

Communication

3.3%

Criminal Justice

2.9%

Human Resources Management

2.7%

General Studies

2.2%

Liberal Arts

2.2%

Political Science

2.2%

Nursing

2.2%

Education

2.0%

Computer Science

1.4%

Medical Assisting Services

1.4%

Insurance

1.3%

English

1.3%
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Degrees

Bachelors

45.2%

Other

23.1%

Masters

14.7%

Associate

10.6%

Certificate

3.6%

Diploma

1.2%

Doctorate

1.0%

License

0.5%
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Job type you want
Full Time
Part Time
Internship
Temporary

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

FinancialServicesFinancialProductsOutstandingCustomerServiceLoanApplicationsNewAccountsLifeInsuranceFinancialNeedsSalesGoalsCreditCardATMPaymentArrangementsBankProductsFinancialGoalsDisabilityInsuranceProductsCustomerAccountsHealthInsuranceCustomerSatisfactionRetirementPlanningInsuranceCompanies

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  1. Financial Services
  2. Financial Products
  3. Outstanding Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Provide customer service through listening to customers, anticipating their needs, and recommending financial services.
  • Process account inquiries and requests and provide information about financial products best suited for customer objectives and goals.
  • Provided outstanding customer service and utilized great listening skills
  • Process loan applications, budget analysis, loan underwriting, and responsible for closing loans.
  • Support sales reps in opening new accounts and upgrading existing services.

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