How to Build a Career in Financial Sales

Sitting at the exact intersection between economics and retail, financial sales is a seriously polarising career path. For some it’s a passion, combining their skills and interests in a perfect blend that allows them to reach their full potential. For others it’s a stressful nightmare of high risk, high reward calculations happening at a million miles an hour.

So how can you decide if a financial sales career is right for you?

Today we’ll break down the basic financial sales roles, what they look like on the day-to-day, as well as the career path you can take to become a top financial sales executive.

What Is Financial Sales?

Before we dig into the daily duties of a financial sales consultant, let’s get a little more specific about what we mean by financial sales.

Financial sales is, in many respects, a retail role. After all, you’re selling goods and services. You’re using people skills and persuasive strategies to target clients – both b2b and b2c.

That said, selling financial products is a unique ballgame. You need to know a lot about the technical side of the market with a firm grounding in the legal aspects. Whether you’re selling products for a bank, an investment firm, or a fintech platform, you need to really understand what the product is.

You also need to be good at explaining things. Keep in mind that the knowledge base of financial clients can vary considerably. If you’re working in b2b, then you’ll need to show that you really know the subject inside and out. Anything less will create doubt on the part of the client.

If you’re working b2c, then it’s quite possible you’ll need to give some rudimentary economics lessons. You’ll need a knack for expressing complicated ideas in simple ways.

Alongside all of that, financial sales careers demand a massively high stress tolerance. It’s your job to negotiate deals where massive numbers are on the line. When you succeed, the rewards are huge. When you fail, the consequences are equally enormous.

While you’re not likely to be handed all that responsibility overnight, it’s important to understand this going in. If you’re successful in financial sales then you’ll need to know how to keep a cool head when everything is on the line.

Financial Sales Qualifications

Unlike most sales roles, financial sales are heavily regulated meaning that you will need relevant qualifications depending on the area of finance you’re going into. That said, some roles definitely have a lower bar to pass than others.

Mortgages, insurance, and personal investments are the simplest areas to get started in. Many people start with an entry-level administration/customer services role and work their way up. You will need to pick up some qualifications along the way in order to progress but these can often be completed through your company.

For absolute minimal qualifications, look into fintech. These roles are generally more software/SaaS focused and demand more of a tech skillset than a financial one.

If you want to go into a more institutional role, such as those offered by investment banks or asset management firms, the requirements are much stricter.

As an absolute baseline, almost any firm will expect you to have at least a 2:1 undergraduate degree in either finance, economics, maths, or business. You may also be able to enter on the back of a degree in a hard science so long as you can demonstrate a high level of commercial awareness. On top of that, you’ll need the approval of the correct regulatory bodies to ensure that you’re operating responsibly.

Financial Sales Salaries

Financial sales is a high earning role by any definition, especially if you have good performance. Because it’s a sales role, earnings are generally a combination of a base salary with a commission plus bonuses for hitting targets.

In the US, it’s not uncommon for corporate financial sales to start with a six figure base salary. Add in commission and bonuses and a financial sales executive can crack $200K in a year. In a more senior role that number might go as high as $400K just for the base salary. The total earnings of a managing director can run into the millions in a good year.

Of course, that’s the high end of the industry. For roles with a lower bar to entry like mortgages and insurance, you can expect $45K-$60 for an entry level role in the US (£25-30K in the UK).

Is Financial Sales Right For You?

Are you passionate about economics? Do you have strong social skills? Do you enjoy solving problems? And do you function well under stress?

If your answer to all four questions was yes, then you should seriously consider a career in financial sales. If not, then you may want to steer clear.