Financial sector jobs come in many different forms, but among the most common jobs are those related to lending and investing. Banks hire large numbers of people to work as both business and consumer lenders. Investment firms and banks hire individuals with backgrounds in sales or finance to work as financial advisers and investment representatives. Aside from sales related positions, there are many financial sector jobs that are based around day-to-day operations and functionality rather than generating profits.
Banks and credit unions both hire people to work as financial specialists or personal bankers. These financial sector jobs are often entry-level positions, although higher 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 receive sales-based commissions.
Mortgage companies and banks hire specialist lenders who must proactively seek out new clients by soliciting referrals from real estate agents, builders, and other contacts. Generally, mortgage lenders do not receive a salary and instead receive commission-based pay. Commercial lenders who specialize in writing loans for businesses normally receive both a salary and sales-based bonuses. In many financial institutions commercial lenders are the most senior company employees, and many serve dual roles as both lenders and area executives.
Investment companies hire salespeople to sell securities, such as stocks, bonds, and mutual funds. In most countries, investment sales people must obtain government-issued licenses before starting work, and most companies pay for employees to obtain these licenses. People who sell securities normally receive commission-based pay rather than a salary. Staff members who provide marketing support to salespeople are typically salaried.
Banks and investment companies must comply with various government regulations pertaining to operational 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 receive no sales related bonuses, so these employees have no financial incentive to overlook any sales related impropriety. These managers typically conduct regular audits and have the authority to take disciplinary measures against employees who are found to have violated company policies or laws.
Entry-level financial sector jobs often include paying and receiving clerks or tellers. These employees service existing customers and take care of basic service related issues. Tellers and billing clerks normally report to a supervisor who handles customer complaints and disciplinary matters. Senior clerks generally move into vacant supervisor positions, although some clerks with sales experience eventually become lenders or investment representatives.