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The differences between finance service specialists and phone bankers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a finance service specialist and a phone banker. Additionally, a finance service specialist has an average salary of $40,415, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a finance service specialist include excellent interpersonal, mutual funds and customer service. The most important skills for a phone banker are customer service, customer inquiries, and compliance guidelines.
| Finance Service Specialist | Phone Banker | |
| Yearly salary | $40,415 | $34,532 |
| Hourly rate | $19.43 | $16.60 |
| Growth rate | 10% | 10% |
| Number of jobs | 131,509 | 22,843 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 34% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
A financial service specialist is responsible for determining the clients' financial needs by assessing their account profiles and financial performance. Financial service specialists sell insurance services and other financial instruments based on clients' specifications and risk appetite. They also review stock trends and market stability to create financial forecasting and modify investment plans for the clients. A financial service specialist must have excellent communication and analytical skills, especially in discussing options to the clients to achieve their long-term goals and objectives.
As the name entails, phone bankers work for banks, financial institutions, or even at call centers whose primary job is to assist banking customers' needs and inquiries via telephone. Their duties and responsibilities may include handling concerns about bank transactions, keeping customers informed of bank policies and procedures, and processing financial applications. They also help maintain customer retention and satisfaction, participating in marketing campaigns, sales development activities, and referral programs. Phone bankers may do some administrative tasks as needed.
Finance service specialists and phone bankers have different pay scales, as shown below.
| Finance Service Specialist | Phone Banker | |
| Average salary | $40,415 | $34,532 |
| Salary range | Between $27,000 And $60,000 | Between $27,000 And $43,000 |
| Highest paying City | New York, NY | Saint Paul, MN |
| Highest paying state | New York | New York |
| Best paying company | Cravath | Advancial Federal Credit Union |
| Best paying industry | Real Estate | Finance |
There are a few differences between a finance service specialist and a phone banker in terms of educational background:
| Finance Service Specialist | Phone Banker | |
| Most common degree | Bachelor's Degree, 61% | Bachelor's Degree, 34% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between finance service specialists' and phone bankers' demographics:
| Finance Service Specialist | Phone Banker | |
| Average age | 43 | 43 |
| Gender ratio | Male, 36.4% Female, 63.6% | Male, 36.1% Female, 63.9% |
| Race ratio | Black or African American, 5.9% Unknown, 4.2% Hispanic or Latino, 12.5% Asian, 10.1% White, 67.2% American Indian and Alaska Native, 0.2% | Black or African American, 5.8% Unknown, 4.1% Hispanic or Latino, 12.2% Asian, 10.8% White, 66.8% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 6% |