A financial representative guides consumers toward safe, wealth-building financial choices. They often work at banks, credit unions, and finance firms, and they help customers make a variety of decisions, including:
Purchasing property and investment instruments
Establishing estate accounts and vehicles
Creating practical budgets to conserve financial resources
Buying adequate insurance policies to protect their property
A financial representative also sells financial products to the customers of his or her employer. For example, such a professional might advise clients about CODs, money market accounts, securities, and other investments to generate a profit for the financial institution. Financial representatives must learn how to make recommendations and decisions that benefit both the customer and the employer. They frequently work with other finance-industry professionals, such as finance analysts.
Most banks and other financial institutions look for candidates with bachelor's degrees in finance or a related field. Very few will consider applicants with only a high school diploma. Candidates with advanced degrees, such as a master's in finance or business administration, often enjoy better job prospects. In addition to formal education, financial representatives also need Financial Industry Regulatory Authority (FIRA) licenses to work legally in this industry.
Financial Representative Job Market
The Bureau of Labor Statistics (BLS) advises that financial advisors and representatives benefit from a growing job market that is expected to expand by 27 percent through 2022, which is much faster than average across all industries.
Financial Representative Job Salary Information
According to the BLS, financial representatives make a median salary of $67,520 per year, which is slightly lower than the salaries of related professionals, such as staff accountants. The top earners in this position earn nearly $190,000 per year. Experience and employer type both impact the salary possibilities for financial representatives, and many of these professionals receive bonuses and commissions that increase their earnings potential.