Financial Sales Representatives

(NOC 6235)

in All Sales and Service

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 Outlook

Average

Read more

  • Estimate Weak growth employment change, 2019-2021
  • Estimate 95 openings due to growth and retirements, 2018-2020
  • Estimate Low rate of unemployment in 2019

Compared to: All Sales and Service

  • Estimate -505 employment change, 2019-2021
  • Estimate 6125 openings due to growth and retirements, 2018-2020
  • Estimate rate of unemployment not available for these occupation.

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 so job opportunities occur fairly regularly. The number employed in this occupation is expected to grow slightly over the next few years, which should provide some 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.

The median employment income for 68% of Financial Sales Representatives who worked full-time, year-round in 2015 was $46,006. Across all occupations in Nova Scotia, 59% of those who worked full-time year round had a median employment income of $43,600.
(Source: 2016 Census)

Hourly Pay

$15.00

Minimum

$22.56

Median

$30.22

Maximum

Annual Pay

$16,320

Minimum

$42,590

Median

$77,015

Maximum

Compared to: All Sales and Service

Hourly Pay

$12.55

Minimum

$18.36

Median

$22.50

Maximum

Annual Pay

$2,949

Minimum

$16,629

Median

$45,086

Maximum

About 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

1,660

employed in 2016

88.3%

employed full-time

1.2%

self employed

65.7%
Icons/female Created with Sketch.
34.3%
Icons/male Created with Sketch.
40.1

median age

Compared to: All Sales and Service

102,605

employed in 2016

56.4%

employed full-time

5.8%

self employed

60.1%
Icons/female Created with Sketch.
39.9%
Icons/male Created with Sketch.
37

median age

Where will I likely work?

65.2%

Halifax

12.3%

North Shore

9.0%

Annapolis Valley

6.9%

Southern

6.6%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

North Shore

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

89.5%

Finance and insurance

4.9%

Public administration

1.3%

Professional, scientific and technical services

1.3%

Information and cultural industries

1.0%

Retail trade

What is the age of Employment?

31.0%

25-34

24.0%

45-54

21.0%

35-44

12.0%

55-64

9.0%

15-24

3.0%

65+

Compared to: All Sales and Service

30.0%

15-24

17.2%

45-54

17.2%

25-34

16.1%

55-64

13.8%

35-44

Top levels of education

34.6%

Bachelor

$44,013 median annual income
31.3%

College Diploma

$40,950 median annual income
21.1%

High school

$38,089 median annual income
4.5%

Master

$44,971 median annual income
3.3%

Diploma Below Bachelor

$40,143 median annual income

Compared to: All Sales and Service

39.8%

High school

$15,705 median annual income
19.7%

Less than high school

$9,866 median annual income
19.5%

College Diploma

$20,644 median annual income
9.9%

Bachelor

$21,262 median annual income
8.0%

Trade Certification

$21,234 median annual income

Education & training

Adult High School Diploma or Equivalent

High School Program

The Nova Scotia School for Adult Learning (NSSAL) administers, coordinates, and supports the development and delivery of adult education programs through learning partners in Nova Scotia. Our learning partners include the Nova Scotia Community College, Adult High Schools, Université Sainte-Anne, and community-based learning organizations that offer tuition-free programming across the province. NSSAL offers clear, accessible pathways from adult basic education to a high school credential or GED, empowering Nova Scotians to achieve their learning and employment goals.

Institutions providing this program

Universite Sainte-Anne

Pointe-de-l'Église, NS

Nova Scotia Community College - Adult Learning

Various, NS

Adult High Schools

Various, NS

Community Learning Organizations

Various, NS

Business/Commerce

College, Trades, or University Program

These 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

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Universite Sainte-Anne

Pointe-de-l'Église, NS

Saint Mary's University

Halifax, NS

Economics

College or University Program

These 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

Acadia University

Wolfville, NS

Dalhousie University

Halifax, NS

University of King's College

Halifax, NS

Mount Saint Vincent University

Halifax, NS

St. Francis Xavier University

Antigonish, NS

Saint Mary's University

Halifax, NS

Cape Breton University

Sydney, NS

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Nova Scotia Securities Commission
Halifax, NS
Credit Institute of Canada
North York, ON
Canadian Securities Institute
Toronto, ON

Additional resources

There are no additional resources for this occupation.