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The differences between phone bankers and finance & sales representatives can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a phone banker and a finance & sales representative. Additionally, a finance & sales representative has an average salary of $86,114, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a phone banker include customer service, customer inquiries and compliance guidelines. The most important skills for a finance & sales representative are financial products, work ethic, and customer service.
| Phone Banker | Finance & Sales Representative | |
| Yearly salary | $34,532 | $86,114 |
| Hourly rate | $16.60 | $41.40 |
| Growth rate | 10% | 10% |
| Number of jobs | 22,843 | 175,031 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 67% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
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.
A finance and sales representative is responsible for selling financial services and instruments to clients according to their needs and requirements. Finance and sales representatives identify the clients' long-term financial goals and objectives to provide accurate investment options and plans by considering their risk tolerance and credit performance. They also follow the movement of the stock market and inform the clients of any changes that may affect their portfolio and financial stability. A finance and sales representative must have excellent analytical and communication skills, especially in handling client accounts and developing financial strategies for their best interests.
Phone bankers and finance & sales representatives have different pay scales, as shown below.
| Phone Banker | Finance & Sales Representative | |
| Average salary | $34,532 | $86,114 |
| Salary range | Between $27,000 And $43,000 | Between $62,000 And $119,000 |
| Highest paying City | Saint Paul, MN | - |
| Highest paying state | New York | - |
| Best paying company | Advancial Federal Credit Union | - |
| Best paying industry | Finance | - |
There are a few differences between a phone banker and a finance & sales representative in terms of educational background:
| Phone Banker | Finance & Sales Representative | |
| Most common degree | Bachelor's Degree, 34% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between phone bankers' and finance & sales representatives' demographics:
| Phone Banker | Finance & Sales Representative | |
| Average age | 43 | 43 |
| Gender ratio | Male, 36.1% Female, 63.9% | Male, 57.3% Female, 42.7% |
| Race ratio | 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% | Black or African American, 5.7% Unknown, 4.1% Hispanic or Latino, 11.9% Asian, 9.9% White, 68.1% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 6% |