Financial Sales Representatives
(NOC 6235)
in All Sales and ServiceFinancial sales representatives sell basic deposit, investment and loan products and services to individuals and businesses. They work in banks, credit unions, trust companies and similar financial institutions.
Job Outlook
average
Read more
Compared to: All Sales and Service
The employment outlook over the next few years for this occupational group is “average”, which indicates the chances of a qualified individual finding work is comparable to the average for all occupations in Nova Scotia. This is a fairly large occupation in Nova Scotia, with employment around 1,600. The number employed in this occupation is expected to grow significantly over the next few years, which will provide additional opportunities for employment. With a moderate percent of workers being 55 years of age and older, retirements are expected to contribute somewhat to employment opportunities over the coming years. Financial Sales Representatives most commonly work full-time hours. Furthermore, the jobs are typically permanent positions. Also, a large percentage of the workforce is self-employed which should be an important consideration for those thinking about employment in the occupation.
Hourly Pay
$15.00
Minimum$24.62
Median$30.77
MaximumAnnual Pay
$16,320
Minimum$42,590
Median$77,015
MaximumCompared to: All Sales and Service
Hourly Pay
$12.95
Minimum$15.00
Median$25.60
MaximumAnnual Pay
$2,949
Minimum$16,629
Median$45,086
MaximumAbout the job
Nature of work
Financial sales representatives sell basic deposit, investment and loan products and services to individuals and businesses. They work in banks, credit unions, trust companies and similar financial institutions.
Job duties
Financial sales representatives:
- Open new personal and non-personal accounts, and provide access to automated banking machine, telephone banking and online banking services.
- Interview applicants for personal, mortgage, student, and business loans.
- Promote the sale of deposit, investment, credit and loan products and services.
- Help clients by proposing solutions to address financial objectives like business expansion, debt management, investment, and other financial goals.
- Research and evaluate loan applicant's financial status, references, credit, and ability to repay the loan.
- Complete credit and loan documentation.
- Submit credit and loan applications to branch or credit manager with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected.
- Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action.
- Review and update credit and loan files.
- Act as joint custodian for cash and securities.
Sample job titles
- consumer credit officer
- credit analyst
- debt counsellor
- financial services representative
- loan officer
- mortgage consultant
- mortgage loans officer
- personal banker
- personal banking representative
- personal loans officer
Skills
- You should have excellent organizational, analytical, and communication skills, both oral and written. Good judgement, integrity, and persistence are important. You must have an aptitude for mathematics and be capable of detailed and precise work. Business skills are essential.
Job requirements
- High school and extensive general banking experience is usually required.
- A bachelor's degree or college diploma related to commerce or economics may be required.
- A mutual funds licence is usually required.
- Registration with the securities regulatory authority in the province or territory of employment is usually required.
- Completion of a loan or credit training program, ranging from six to twelve months, is usually required.
- Various training programs and courses are offered by the Institute of Canadian Bankers and may be required by employers.
- Financial services officers who sell regulated financial products and investments are required to be licensed by the appropriate governing body.
Other considerations
- Progression to higher levels of financial planning and wealth management is possible with experience. Progression to credit and loan management positions is possible with experience.
By the numbers
Quick look
employed in 2016
employed full-time
self employed
median age
Compared to: All Sales and Service
employed in 2016
employed full-time
self employed
median age
Where will I likely work?
Halifax
$43,786 median annual incomeNorth Shore
$41,809 median annual incomeAnnapolis Valley
$37,019 median annual incomeSouthern
$34,719 median annual incomeCape Breton
$39,984 median annual incomeCompared to: All NS Occupations
Halifax
North Shore
Annapolis Valley
Cape Breton
Southern
Top Industries of Employment
Finance and insurance
Public administration
Information and cultural industries
Professional, scientific and technical services
Retail trade
What is the age of Employment?
25-34
45-54
35-44
55-64
15-24
65+
Compared to: All Sales and Service
15-24
45-54
25-34
55-64
35-44
Top levels of education
Bachelor
$44,013 median annual incomeCollege Diploma
$40,950 median annual incomeHigh school
$38,089 median annual incomeMaster
$44,971 median annual incomeDiploma Below Bachelor
$40,143 median annual incomeCompared to: All Sales and Service
High school
$15,705 median annual incomeLess than high school
$9,866 median annual incomeCollege Diploma
$20,644 median annual incomeBachelor
$21,262 median annual incomeTrade Certification
$21,234 median annual incomeEducation & training
Business/Commerce
College, Trades, or University ProgramThese programs focus on the general study of business, including the processes of interchanging goods and services (buying, selling and producing), business organization, and accounting as used in profit-making and non-profit public and private institutions and agencies. They prepare students to apply business principles and techniques in various occupational settings.
Institutions providing this program
Economics
College or University ProgramThese programs focus on the systematic study of the production, conservation and allocation of resources in conditions of scarcity, together with the organizational frameworks related to these processes. They include courses in economic theory, microeconomics and macroeconomics, comparative economic systems, money and banking systems, international economics, quantitative analytical methods, and applications to specific industries and public policy issues.
Institutions providing this program
Wolfville, NS
Sydney, NS
High School Diploma or Equivalent
High School ProgramAdults without a high school diploma can contact the Nova Scotia School for Adult Learning (NSSAL) for tuition-free programming across the province. NSSAL oversees adult education programs in Nova Scotia. NSSAL partners with the Nova Scotia Community College, Adult High Schools, Université Sainte-Anne, and community-based learning organizations to deliver programs. NSSAL offers clear, accessible pathways from adult basic education to a high school credential or GED.
Institutions providing this program
Various, NS
Various, NS
Various, NS
Employment requirements & contacts
No regulating bodies were found under this occupation profile
Contacts
Additional resources
There are no additional resources for this occupation.