Jobs in the financial sector come in a variety of shapes and sizes, but lending and investing are two of the most common. Banks employ a large number of people in both business and consumer lending roles. As financial advisers and investment representatives, investment firms and banks hire people with sales or finance backgrounds. Aside from sales positions, many jobs in the financial sector are focused on day-to-day operations and functionality rather than profit generation.
Financial specialists or personal bankers are employed both banks and credit unions. These are frequently entry-level positions in the financial sector, though higher-paying employers may require applicants to have business-related degrees or several years of prior experience. Financial advisors and bankers open bank accounts and process consumer loan and credit card applications. Although bankers receive sales-based commissions, these are salaried positions.
Specialist lenders are hired mortgage companies and banks to actively seek out new clients soliciting referrals from real estate agents, builders, and other contacts. Mortgage lenders are typically paid on a commission basis rather than on a salary. Commercial lenders who specialize in writing business loans are typically paid a salary as well as commission-based bonuses. Commercial lenders are the most senior employees in many financial institutions, and many have dual roles as lenders and area executives.
Salespeople are employed investment firms to sell securities such as stocks, bonds, and mutual funds. Most countries require investment salespeople to obtain government-issued licenses before they can begin working, and most employers pay for these licenses. Instead of a salary, most people who sell securities are paid on a commission basis. Staff members who assist salespeople with marketing are usually salaried.
Various government regulations governing operational procedures must be followed banks and investment firms. Every financial institution has operational managers who are in charge of making sure that account records are kept up to date and that employees follow the law. Because operational managers are salaried and do not receive sales-related bonuses, there is no financial incentive for them to overlook any sales-related irregularities. These managers are usually in charge of conducting regular audits and have the authority to discipline employees who are found to have broken company policies or laws.
Paying and receiving clerks or tellers are common entry-level positions in the financial sector. Existing customers are served these employees, who also handle basic service issues. Tellers and billing clerks usually report to a supervisor who is in charge of customer service and disciplinary issues. Although some clerks with sales experience eventually become lenders or investment representatives, senior clerks typically move into vacant supervisor positions.