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The financial sector offers a variety of jobs, including commercial and consumer lenders, financial advisors, and investment representatives. Entry-level positions include financial specialists and personal bankers, while senior employees may become operational managers or move into supervisory roles. Commission-based pay is common for sales-related positions.
Jobs in the financial sector come in many different forms, but among the most common jobs are those related to loans and investments. Banks hire large numbers of people to work as commercial and consumer lenders. Companies and investment banks hire people with a background in sales or finance to work as financial advisors and investment representatives. In addition to sales-related positions, there are many jobs in the finance sector that are based on day-to-day operations and functionality rather than generating profits.
Banks and credit unions hire people to work as financial specialists or personal bankers. These jobs in the finance sector are usually entry-level positions, although the highest paying employers require job applicants to have business-related degrees or several years of prior experience. Financial specialists and bankers open deposit accounts and submit applications for consumer loans and credit cards. These jobs are salaried positions, although bankers also earn sales-based commissions.
Mortgage companies and banks hire specialist lenders who must proactively seek out new clients by asking for referrals from real estate agents, builders and other contacts. Mortgage lenders generally do not take a salary and receive commission-based pay. Commercial lenders who specialize in writing business loans typically receive salary and sales-based bonuses. In many financial institutions, commercial creditors are the most senior employees of the company, and many perform dual roles as creditors and area executives.
Investment firms hire salespeople to sell securities, such as stocks, bonds, and mutual funds. In most countries, investment salespeople must obtain government-issued licenses before starting work, and most companies pay employees to obtain these licenses. People who sell securities typically receive commission-based compensation rather than salary. Employees who provide marketing support to sellers are generally salaried.
Banks and investment firms must comply with various government regulations regarding operating procedures. Every financial institution employs operational managers who are responsible for ensuring that account records are properly maintained and that employees act ethically and within the law. Operational managers are salaried and do not receive sales-related bonuses; therefore, these employees have no financial incentive to overlook any sales-related impropriety. These managers usually conduct regular audits and have the authority to take disciplinary action against employees who violate company policies or laws.
Entry-level finance jobs often include paying and receiving clerks or tellers. These employees serve existing customers and take care of basic service issues. Cashiers and collection clerks typically report to a supervisor who handles customer complaints and disciplinary matters. Senior employees often move into vacant supervisory positions, although some employees with sales backgrounds end up becoming lenders or investment representatives.
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