careers.novascotia.ca

Financial Sales Representatives

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NOC:6235
Occupation:Financial Sales Representatives
Category:Sales and Service

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 secondary 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.

Labour Market Information

Work Prospects:Fair

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)

OccupationEstimated employment in 2018Estimated change in employment between 2017 and 2019Estimated openings due to growth and retirements, 2017-2019Estimated rate of unemployment in 2018 Estimated hourly earnings in 2015 (learn more)Estimated annual earnings in 2015
Financial Sales Representatives1,530Moderate growth215Low
Minimum: $13.75
Median: $20.51
Maximum: $34.62
Minimum: $16,320
Median: $42,590
Maximum: $77,015
Occupations in Sales and Service102,605Decline slightly5,260Moderate
Minimum: $10.70
Median: $12.50
Maximum: $21.17
Minimum: $2,949
Median: $16,629
Maximum: $45,086
Financial Sales RepresentativesCompared to: Occupations in Sales and Service
Percent employed full-time90%59%
Percent self-employed3%6%
Where will I likely work?
Area of EmploymentFinancial Sales RepresentativesCompared to: All NS Occupations
% EmployedMedian Annual Income% EmployedMedian Annual Income
Southern7%$33,33012%$30,581
Northern12%$42,91416%$33,660
Cape Breton7%$36,98413%$32,974
Halifax65%$48,93047%$41,209
Annapolis Valley9%$39,48513%$32,958
What are the workers like?
AgeFinancial Sales RepresentativesCompared to: All Sales and Service
% Employed% Employed
15-244%x
25-3426%36%
35-4427%29%
45-5423%x
55-6417%21%
65+2%x
Median Age4037
GenderFinancial Sales RepresentativesCompared to: Occupations in Sales and Service
% Employed% Employed
Female66%60%
Male34%40%
EducationFinancial Sales RepresentativesCompared to: All Sales and Service
% EmployedMedian Annual Income% EmployedMedian Annual Income
Less than high school0.9%x18.8%$9,486
High school20.8%$21,86040.4%$12,982
Trades certificate2.1%$25,3258.0%$18,797
College certificate or diploma31.5%$22,25519.9%$19,514
University certificate or diploma3.4%x1.6%$18,279
Bachelor's degree34.3%$32,80210.0%$20,807
University advanced certificate or diploma2.4%x0.5%$15,716
Master's degreexx0.8%$20,769
Doctorate4.3%x0.0%$17,318
Medicine, dentistry, veterinary, optometryxx0.1%$17,368
Total100%100%
Wage Disclaimer

Hourly earnings data are from the Labour Force Survey by Statistics Canada. Data are not available for all occupations. Hourly earnings are calculated based on usual hours worked per week. This is how an annual salary, for instance, gets converted to an hourly rate. The data include full and part-time workers along with new and experienced workers. Self-employed workers are excluded.

Annual employment income data reported in the Work Prospects section, are from the 2011 National Household Survey by Statistics Canada. Much of the data (around 70%) came directly from tax records. The data relates to the year 2010 and includes total wages and salaries and net income from self-employment.

Sources

Employment Requirements & Contacts

Regulations:
No regulating bodies were found under this occupation profile
Useful contacts:
Nova Scotia Securities Commission
PO Box 458
Halifax, NS B3J 2P8
Tel: (902) 424-7768
Fax: (902) 424-4625
NSSCinquiries@novascotia.ca
Credit Institute of Canada
219 Dufferin Street Suite 216C
Toronto, ON M6K 3J1
Tel: (416) 572-2615
Fax: (416) 572-2619
geninfo@creditedu.org
Canadian Securities Institute
200 Wellington Street West, 15th Floor
Toronto, ON M5V 3C7
Tel: (866) 866-2601
Fax: (866) 866-2660
customer_support@csi.ca

Training Paths & Education

Program Name:Adult high school/secondary diploma programs
Education Level:This program is typically offered at the high school level.
Program Description:
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.
See all institutions providing this program+
Universite Sainte-Anne
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
Blanche.Theriault@usainteanne.ca
Nova Scotia Community College - Annapolis Valley Campus
50 Elliott Road
Lawrencetown, NS B0S 1M0
(902) 825-3491
avc.info@nscc.ca
Nova Scotia Community College - Cumberland Campus
PO Box 550, 1 Main Street
Springhill, NS B0M 1X0
(902) 597-3737
cumberland.info@nscc.ca
Nova Scotia Community College - Akerley Campus
21 Woodlawn Road
Dartmouth, NS B2W 2R7
(902) 491-4900
akerley.info@nscc.ca
Nova Scotia Community College - Burridge Campus
372 Pleasant Street
Yarmouth, NS B5A 2L2
(902) 742-3501
burridge.info@nscc.ca
Nova Scotia Community College - Kingstec Campus
236 Belcher Street
Kentville, NS B4N 0A6
(902) 678-7341
kingstec.info@nscc.ca
Nova Scotia Community College - Lunenburg Campus
75 High Street
Bridgewater, NS B4V 1V8
(902) 543-4608
lunenburg.info@nscc.ca
Nova Scotia Community College - Institute of Technology Campus
5685 Leeds Street
Halifax, NS B3K 2T3
(902) 491-6722
it.info@nscc.ca
Nova Scotia Community College - Pictou Campus & School of Fisheries
PO Box 820, 39 Acadia Avenue
Stellarton, NS B0K 1S0
(902) 752-2002
pictou.info@nscc.ca
Nova Scotia Community College - Shelburne Campus
PO Box 760, 1575 Lake Road
Shelburne, NS B0T 1W0
(902) 875-8640
shelburne.info@nscc.ca
Nova Scotia Community College - Strait Area Campus & Nautical Institute
226 Reeves Street
Port Hawkesbury, NS B9A 2A2
(902) 625-2380
strait.info@nscc.ca
Nova Scotia Community College - Marconi Campus
PO Box 1042, 1240 Grand Lake Road
Sydney, NS B1P 6J7
(902) 563-2450
marconi.info@nscc.ca
Nova Scotia Community College - Truro Campus
36 Arthur Street
Truro, NS B2N 1X5
(902) 893-5385
truro.info@nscc.ca
Program Name:Business/commerce - General
Education Level:This program may be offered at the college, trades, or university level.
Program Description:
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.
See all institutions providing this program+
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Universite Sainte-Anne
Siège Social: 1695, Route 1
Pointe-de-l'Église, NS B0W 1M0
(902) 769-2114
Blanche.Theriault@usainteanne.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Program Name:Economics - General
Education Level:This program is typically offered at the college or university level.
Program Description:
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.
See all institutions providing this program+
Acadia University
15 University Avenue
Wolfville, NS B4P 2R6
(902) 542-2201
agi@acadiau.ca
Dalhousie University
Office of the Registrar
Halifax, NS B3H 4R2
(902) 494-2450
admissions@dal.ca
University of King's College
6350 Coburg Road
Halifax, NS B3H 2A1
(902) 422-1271
admissions@ukings.ca
Mount Saint Vincent University
166 Bedford Highway
Halifax, NS B3M 2J6
(902) 457-6117
admissions@msvu.ca
St. Francis Xavier University
PO Box 5000
Antigonish, NS B2G 2W5
(902) 867-2219
admit@stfx.ca
Saint Mary's University
923 Robie Street
Halifax, NS B3H 3C3
(902) 420-5400
admission.status@smu.ca
Cape Breton University
PO Box 5300 1250 Grand Lake Road
Sydney, NS B1P 6L2
(888) 959-9995
registrar@cbu.ca
Additional resources:

There are no additional resources for this occupation.