Earning a university degree, receiving an offer to work for a financial services firm, establishing a track record of success as a salesperson, and demonstrating leadership skills are typically required to become a financial sales manager. Some financial sales firms will require a bachelor’s degree in a business-related field such as finance, but many firms also hire salespeople and potential managers with a variety of academic backgrounds. Obtaining the necessary licenses to sell financial products or provide financial services is almost always required.
Obtaining a university degree is the first step toward becoming a financial sales manager. To work in the financial services industry, most companies require a degree of some sort. Financial services firms that cater to lower- and middle-income customers, many of whom are not college graduates, may not require a degree or, if they do, may allow a degree from a field unrelated to finance, such as the liberal arts. A university degree with a business concentration is usually required financial firms that target more affluent clients.
Passing all license exams for the type of financial products being sold is the next step toward becoming a financial sales manager. The sale of financial products such as investments, life insurance with investment components, and banking services is regulated federal and regional authorities in most countries. Allowing representatives to sell products without the necessary licenses can result in criminal or civil penalties for the company. These licensing exams can be difficult, and in many cases, the hiring firm will recommend and often pay for preparation courses.
The third step in becoming a financial sales manager is to succeed in sales for a financial firm. The actual investing of client funds is frequently handled highly skilled financial experts, but it is the members of the sales force who bring clients to the firm. Managing a financial sales force typically necessitates the financial sales manager having prior sales experience, knowledge, and success.
Many successful financial salespeople aren’t cut out for leadership roles. It’s possible that these people don’t want to be managers or aren’t qualified for the job. To stand out among the many successful sales representatives and become a financial sales manager, the prospective manager must demonstrate a variety of non-sales skills. Ability to motivate others, leadership skills, problem-solving ability, the ability to make good hiring decisions, and the attention to detail required to ensure the team follows company policies and procedures are all examples of these skills.