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 Moderate growth employment change, 2017-2019
  • Estimate 215 openings due to growth and retirements, 2017-2019
  • Estimate Low rate of unemployment in 2016

Compared to: All Sales and Service

  • Estimate Decline slightly employment change, 2017-2019
  • Estimate 5260 openings due to growth and retirements, 2017-2019
  • Estimate Moderate rate of unemployment in 2016

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 moderately over the next few years, which will likely provide some additional opportunities for employment. With a large percent of workers being 55 years of age and older, retirements are expected to be a key contributor to employment opportunities over the coming years. Financial Sales Representatives most commonly work full-time hours. Furthermore, the jobs are typically permanent positions.

The median employment income for 70% 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

$13.75

Minimum

$20.51

Median

$34.62

Maximum

Annual Pay

$16,320

Minimum

$42,590

Median

$77,015

Maximum

Compared to: All Sales and Service

Hourly Pay

$10.70

Minimum

$12.50

Median

$21.17

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 perform some or all of the following duties:

  • 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.
  • Assist clients by proposing solutions to address financial objectives such as 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

To work in this field, 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

  • Completion of 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

1,530

employed in 2016

90.1%

employed full-time

1.0%

self employed

66.0%
Icons/female Created with Sketch.
34%
Icons/male Created with Sketch.
40.1

median age

Compared to: All Sales and Service

102,605

employed in 2016

59.4%

employed full-time

6.2%

self employed

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

median age

Where will I likely work?

65.4%

Halifax

12.3%

Northern

9.0%

Annapolis Valley

6.9%

Southern

6.6%

Cape Breton

Compared to: All NS Occupations

47.0%

Halifax

15.6%

Northern

12.9%

Annapolis Valley

12.7%

Cape Breton

11.8%

Southern

Top Industries of Employment

89.9%

Finance, Insurance, Real Estate & Leasing

4.9%

Public Administration

1.3%

Information, Culture & Recreation

1.0%

Retail Trade

1.0%

Professional Business Services

What is the age of Employment?

27.4%

35-44

25.7%

25-34

23.0%

45-54

16.8%

55-64

4.4%

15-24

1.8%

65+

Compared to: All Sales and Service

35.7%

25-34

28.6%

35-44

21.4%

55-64

Top levels of education

34.3%

Bachelor's degree

$32,802 median annual income
31.5%

College certificate or diploma

$22,255 median annual income
20.8%

High school

$21,860 median annual income
4.3%

Doctorate

N/A
3.4%

University certificate or diploma

N/A

Compared to: All Sales and Service

40.4%

High school

$12,982 median annual income
19.9%

College certificate or diploma

$19,514 median annual income
18.8%

Less than high school

$9,486 median annual income
10.0%

Bachelor's degree

$20,807 median annual income
8.0%

Trades certificate

$18,797 median annual income

Education & training

Adult high school/secondary diploma programs

This program is typically offered at the high school level.

This instructional program class comprises any program that defines the prescribed requirements, specified by the appropriate jurisdiction, for the completion of and graduation from a secondary school program of academic subject matter offered for adult learners outside of the regular secondary school program. This does not include adult compensatory education programs resulting in completion of a high school equivalency certificate or diploma.

Institutions providing this program

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Nova Scotia Community College - Annapolis Valley Campus

50 Elliott Road

Lawrencetown, NS B0S 1M0

(902) 825-3491

Nova Scotia Community College - Cumberland Campus

PO Box 550, 1 Main Street

Springhill, NS B0M 1X0

(902) 597-3737

Nova Scotia Community College - Akerley Campus

21 Woodlawn Road

Dartmouth, NS B2W 2R7

(902) 491-4900

Nova Scotia Community College - Burridge Campus

372 Pleasant Street

Yarmouth, NS B5A 2L2

(902) 742-3501

Nova Scotia Community College - Kingstec Campus

236 Belcher Street

Kentville, NS B4N 0A6

(902) 678-7341

Nova Scotia Community College - Lunenburg Campus

75 High Street

Bridgewater, NS B4V 1V8

(902) 543-4608

Nova Scotia Community College - Institute of Technology Campus

5685 Leeds Street

Halifax, NS B3K 2T3

(902) 491-6722

Nova Scotia Community College - Pictou Campus & School of Fisheries

PO Box 820, 39 Acadia Avenue

Stellarton, NS B0K 1S0

(902) 752-2002

Nova Scotia Community College - Shelburne Campus

PO Box 760, 1575 Lake Road

Shelburne, NS B0T 1W0

(902) 875-8640

Nova Scotia Community College - Strait Area Campus & Nautical Institute

226 Reeves Street

Port Hawkesbury, NS B9A 2A2

(902) 625-2380

Nova Scotia Community College - Marconi Campus

PO Box 1042, 1240 Grand Lake Road

Sydney, NS B1P 6J7

(902) 563-2450

Nova Scotia Community College - Truro Campus

36 Arthur Street

Truro, NS B2N 1X5

(902) 893-5385

Business/commerce - General

This program may be offered at the college, trades, or university level.

This instructional program class comprises any program that focuses 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. The program prepares individuals to apply business principles and techniques in various occupational settings.

Institutions providing this program

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Universite Sainte-Anne

Siège Social: 1695, Route 1

Pointe-de-l'Église, NS B0W 1M0

(902) 769-2114

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Economics - General

This program is typically offered at the college or university level.

This instructional program class comprises any general program that focuses 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. These programs 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

15 University Avenue

Wolfville, NS B4P 2R6

(902) 542-2201

Dalhousie University

Office of the Registrar

Halifax, NS B3H 4R2

(902) 494-2450

University of King's College

6350 Coburg Road

Halifax, NS B3H 2A1

(902) 422-1271

Mount Saint Vincent University

166 Bedford Highway

Halifax, NS B3M 2J6

(902) 457-6117

St. Francis Xavier University

PO Box 5000

Antigonish, NS B2G 2W5

(902) 867-2219

Saint Mary's University

923 Robie Street

Halifax, NS B3H 3C3

(902) 420-5400

Cape Breton University

PO Box 5300 1250 Grand Lake Road

Sydney, NS B1P 6L2

(888) 959-9995

Employment requirements & contacts

No regulating bodies were found under this occupation profile

Contacts

Nova Scotia Securities Commission
PO Box 458
Halifax, NS B3J 2P8
Tel: (902) 424-7768
Fax: (902) 424-4625
Credit Institute of Canada
219 Dufferin Street Suite 216C
Toronto, ON M6K 3J1
Tel: (416) 572-2615
Fax: (416) 572-2619
Canadian Securities Institute
200 Wellington Street West, 15th Floor
Toronto, ON M5V 3C7
Tel: (866) 866-2601
Fax: (866) 866-2660

Additional resources

There are no additional resources for this occupation.

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