Although beginners usually service the accounts of individual investors, eventually they may handle very large institutional accounts such as those of banks and pension funds. Some experienced sales representatives become branch office managers and supervise other sales representatives while continuing to provide services for their own customers. A few representatives advance to top management positions or become partners in their firms. Banks and other credit institutions prefer to hire college graduates for financial services sales jobs. A business administration degree with a specialization in finance or a liberal arts degree including courses in accounting, economics, and marketing serves as excellent preparation for this job.
Outstanding performance can lead to promotion to managerial positions.
Job Outlook Employment of securities and financial sales representatives is expected to grow much faster than the average for all occupations through the year 2005 as economic growth, rising personal incomes, and greater inherited wealth increase the funds available for investment. However, employment of financial services sales representatives is expected to grow somewhat slower than securities sales representatives as more and more people are expected to do their banking from home via their personal computer. More individual investors are expected to purchase common stocks, mutual funds, and other financial products after seeking advice from securities sales representatives regarding the increasing array of investment alternatives. Deregulation has enabled brokerage firms to sell certificates of deposit, offer checking and deposit services through cash management accounts, and sell insurance products such as annuities and life insurance. Growth in the number and size of institutional investors will be strong as more people enroll in pension plans, set up individual retirement accounts, establish trust funds, and contribute to the endowment funds of colleges and other nonprofit institutions.