Education:
55%
Bachelor's Degree
27%
High School Diploma - or the equivalent (for example, GED)
Securities, Commodities, or Financial Services Sales Agent
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Job Outlook:
Faster than average
Education:
Bachelor's degree
Salary
High:
$189,620.00
Average:
$100,740.00
Hourly
Average:
$48.43
What they do:
Buy and sell securities or commodities in investment and trading firms, or provide financial services to businesses and individuals. May advise customers about stocks, bonds, mutual funds, commodities, and market conditions.
On the job, you would:
- Make bids or offers to buy or sell securities.
- Monitor markets or positions.
- Agree on buying or selling prices at optimal levels for clients.
Important Qualities
Analytical skills. To judge the profitability of potential deals, securities, commodities, and financial services sales agents must have strong analytical skills. This includes computer programming skills which they use to analyze financial products.
Customer-service skills. Securities, commodities, and financial services sales agents must be persuasive and make clients feel comfortable with the agent’s recommendations.
Decision-making skills. Investment banking traders must make split-second decisions, with large sums of money at stake.
Detail oriented. Investment bankers must pay close attention to the details of initial public offerings and mergers and acquisitions because small changes can have large consequences.
Initiative. Securities, commodities, and financial services sales agents must create their own client base by making “cold” sales calls to people to whom they have not been referred and to people not expecting the call.
Math skills. Securities, commodities, and financial services sales agents need to be familiar with mathematical tools, including investment formulas.
Personality
| A3 | Your Strengths | Importance |
Characteristics of this Career |
|---|---|---|---|
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93% | Integrity - Job requires being honest and ethical. | |
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85% | Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations. | |
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85% | Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high-stress situations. | |
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83% | Attention to Detail - Job requires being careful about detail and thorough in completing work tasks. | |
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83% | Initiative - Job requires a willingness to take on responsibilities and challenges. | |
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80% | Persistence - Job requires persistence in the face of obstacles. | |
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78% | Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. | |
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76% | Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace. | |
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76% | Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems. | |
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75% | Independence - Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done. | |
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75% | Self-Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations. | |
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71% | Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. | |
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69% | Leadership - Job requires a willingness to lead, take charge, and offer opinions and direction. | |
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66% | Concern for Others - Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job. |
| A3 | Your Strengths | Importance |
Strengths |
|---|---|---|---|
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99% | Enterprising - Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law. | |
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65% | Conventional - Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources. |
| A3 | Your Strengths | Importance |
Values of the Work Environment |
|---|---|---|---|
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70% | Achievement - Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement. | |
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70% | Working Conditions - Occupations that satisfy this work value offer job security and good working conditions. Corresponding needs are Activity, Compensation, Independence, Security, Variety and Working Conditions. | |
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68% | Independence - Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy. | |
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63% | Relationships - Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service. |
Aptitude
| A3 | Your Strengths | Importance |
Abilities | Cognitive, Physical, Personality |
|---|---|---|---|
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78% | Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences. | |
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72% | Oral Expression - The ability to communicate information and ideas in speaking so others will understand. | |
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69% | Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense. | |
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66% | Written Comprehension - The ability to read and understand information and ideas presented in writing. | |
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66% | Speech Clarity - The ability to speak clearly so others can understand you. |
Job Details
Responsibilities
Negotiate prices or other sales terms.
Monitor market conditions or trends.
Negotiate prices or other sales terms.
Maintain records of sales or other business transactions.
Sell products or services.
Prepare sales or other contracts.
Process sales or other transactions.
Prepare financial documents, reports, or budgets.
Gather customer or product information to determine customer needs.
Explain financial information to customers.
Gather customer or product information to determine customer needs.
Develop proposals for current or prospective customers.
Sell products or services.
Identify investment opportunities or strategies.
Develop professional relationships or networks.
Customize financial products or services to meet customer needs.
Review accuracy of sales or other transactions.
Explain technical product or service information to customers.
Contact current or potential customers to promote products or services.
Identify investment opportunities or strategies.
Monitor market conditions or trends.
Analyze market conditions or trends.
Share sales-related or market information with colleagues.
Explain financial information to customers.
Analyze business or financial data.
Explain financial information to customers.
Calculate costs of goods or services.
Prepare financial documents, reports, or budgets.
Estimate costs or terms of sales.
Explain financial information to customers.
Monitor sales activities.
Supervise sales or support personnel.
Coordinate activities with suppliers, contractors, clients, or other departments.
Negotiate purchases or contracts.
Negotiate prices or other sales terms.
Gather information in order to provide services to clients.
Estimate costs or terms of sales.
Sell products or services.
Purchase products or services.
| A3 | Your Strengths | Importance |
Attributes & Percentage of Time Spent |
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99% | Electronic Mail - How often do you use electronic mail in this job? | |
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98% | Telephone - How often do you have telephone conversations in this job? | |
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93% | Face-to-Face Discussions - How often do you have to have face-to-face discussions with individuals or teams in this job? | |
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92% | Contact With Others - How much does this job require the worker to be in contact with others (face-to-face, by telephone, or otherwise) in order to perform it? | |
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89% | Importance of Being Exact or Accurate - How important is being very exact or highly accurate in performing this job? | |
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86% | Structured versus Unstructured Work - To what extent is this job structured for the worker, rather than allowing the worker to determine tasks, priorities, and goals? | |
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83% | Freedom to Make Decisions - How much decision making freedom, without supervision, does the job offer? | |
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83% | Frequency of Decision Making - How frequently is the worker required to make decisions that affect other people, the financial resources, and/or the image and reputation of the organization? | |
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83% | Impact of Decisions on Co-workers or Company Results - What results do your decisions usually have on other people or the image or reputation or financial resources of your employer? | |
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82% | Deal With External Customers - How important is it to work with external customers or the public in this job? | |
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82% | Spend Time Sitting - How much does this job require sitting? | |
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79% | Indoors, Environmentally Controlled - How often does this job require working indoors in environmentally controlled conditions? | |
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78% | Work With Work Group or Team - How important is it to work with others in a group or team in this job? | |
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73% | Level of Competition - To what extent does this job require the worker to compete or to be aware of competitive pressures? | |
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72% | Time Pressure - How often does this job require the worker to meet strict deadlines? |
| A3 | Your Strengths | Importance |
Tasks & Values |
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86% | Working with Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. | |
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82% | Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources. | |
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81% | Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time. | |
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77% | Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. | |
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77% | Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems. | |
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75% | Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job. | |
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75% | Communicating with People Outside the Organization - Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail. | |
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74% | Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. | |
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73% | Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. | |
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72% | Organizing, Planning, and Prioritizing Work - Developing specific goals and plans to prioritize, organize, and accomplish your work. | |
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71% | Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. | |
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69% | Interpreting the Meaning of Information for Others - Translating or explaining what information means and how it can be used. | |
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68% | Selling or Influencing Others - Convincing others to buy merchandise/goods or to otherwise change their minds or actions. | |
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68% | Identifying Objects, Actions, and Events - Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. | |
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66% | Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. |
What Securities, Commodities, and Financial Services Sales Agents Do
Securities, commodities, and financial services sales agents spend much of the day interacting with people, whether selling stock to an individual or discussing the status of a merger deal with a company executive.
Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets. They sell securities to individuals, advise companies in search of investors, and conduct trades.
Duties
Securities, commodities, and financial services sales agents typically do the following:
- Contact prospective clients to present information and explain available services
- Offer advice on the purchase or sale of particular securities
- Buy and sell securities, such as stocks and bonds
- Buy and sell commodities, such as corn, oil, and gold
- Monitor financial markets and the performance of individual securities
- Analyze company finances to provide recommendations for public offerings, mergers, and acquisitions
- Evaluate cost and revenue of agreements
Securities, commodities, and financial services sales agents deal with a wide range of products and clients. Agents spend much of the day interacting with people, whether selling stock to an individual or discussing the status of a merger deal with a company executive. The work is usually stressful because agents deal with large amounts of money and have time constraints.
A security or commodity can be traded in two ways: electronically or in an auction-style setting on the floor of an exchange market. Markets such as the National Association of Securities Dealers Automated Quotation system (NASDAQ) use vast computer networks rather than human traders to match buyers and sellers. Others, such as the New York Stock Exchange (NYSE), rely on floor brokers to complete transactions.
The following are examples of types of securities, commodities, and financial services sales agents:
Brokers sell securities and commodities directly to individual clients. They advise people on appropriate investments based on the client’s needs and financial ability. The people they advise may have very different levels of expertise in financial matters.
Finding clients is a large part of a broker’s job. They must create their own client base by calling from a list of potential clients. Some agents network by joining social groups, and others may rely on referrals from satisfied clients.
Investment bankers connect businesses that need money to finance their operations or expansion plans with investors who are interested in providing that funding. This process is called underwriting, and it is the main function of investment banks. The banks first sell their advisory services to help companies issue new stocks or bonds, and then the banks sell the issued securities to investors.
Some of the most important services that investment bankers provide are initial public offerings (IPOs), and mergers and acquisitions. An IPO is the process by which a company becomes open for public investment by issuing its first stock. Investment bankers must estimate how much the company is worth and ensure that it meets the legal requirements to become publicly traded.
Investment bankers also connect companies in mergers (when two companies join together) and acquisitions (when one company buys another). Investment bankers provide advice throughout the process to ensure that the transaction goes smoothly.
Investment banking sales agents and traders carry out buy and sell orders for stocks, bonds, and commodities from clients and make trades on behalf of the firm itself. Investment banks primarily employ these workers, although some work for commercial banks, hedge funds, and private equity groups. Because markets fluctuate so much, trading is a split-second decisionmaking process. Slight changes in the price of a trade can greatly affect its profitability, making the trader’s decision extremely important.
Floor brokers work directly on the floor—a large room where trading is done—of a securities or commodities exchange. After a trader places an order for a security, floor brokers negotiate the price, make the sale, and forward the purchase price to the trader.
Financial services sales agents consult on a wide variety of banking, securities, insurance, and related services to individuals and businesses, often catering the services to meet the client’s financial needs. They contact potential clients to explain their services, which may include the handling of checking accounts, loans, certificates of deposit, individual retirement accounts, credit cards, and estate and retirement planning.
Work Environment
Securities, commodities, and financial services sales agents held about 482,200 jobs in 2022. The largest employers of securities, commodities, and financial services sales agents were as follows:
| Credit intermediation and related activities | 54% |
| Securities, commodity contracts, and other financial investments and related activities | 33 |
| Self-employed workers | 6 |
| Management of companies and enterprises | 3 |
Most securities, commodities, and financial services sales agents work many hours under stressful conditions. The pace of work is fast, and managers are usually demanding of their workers, because both commissions and advancements are tied to sales.
Investment bankers travel extensively because they frequently work with companies in other countries.
Because computers can conduct trades faster than people can, electronic trading is quickly replacing verbal auction-style trades on exchange floors. The environment of the stock exchange is changing as a result, with more traders carrying out orders behind a desk and fewer working on the exchange floor.
Because most of the major investment banks are in New York City, employment of securities, commodities, and financial services sales agents is concentrated in that metropolitan area.
Work Schedules
Securities, commodities, and financial services sales agents usually work full time and some work more than 40 hours per week. In addition, they may work evenings and weekends because many of their clients work during the day.
Getting Started
How to Become a Securities, Commodities, or Financial Services Sales Agent
Brokers and investment bankers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA).
Securities, commodities, and financial services sales agents typically need a bachelor’s degree for entry-level jobs. A master’s degree in business administration (MBA) is useful for advancement.
Education
Securities, commodities, and financial services sales agents typically need a bachelor’s degree to enter the occupation. A common field of degree is business, which usually includes coursework in topics such as finance, accounting, and economics. Summer internships often provide useful experience, and employers may prefer to hire candidates who have worked as interns.
Numerous agents eventually get a master’s degree in business administration (MBA), which is often a requirement for high-level positions in the securities industry. Because the MBA exposes students to real-world business practices, it can be a major asset for jobseekers. Employers often reward MBA holders with higher level positions, better compensation, and large signing bonuses.
Training
Most employers provide intensive on-the-job training, teaching employees the specifics of the job, such as the products and services offered. Trainees in large firms may receive technical instruction in securities analysis and selling strategies. Firms often rotate their trainees among various departments to give them a broad understanding of the securities business.
Securities, commodities, and financial services sales agents must keep up with new products and services and other developments. They attend conferences and training seminars regularly.
Licenses, Certifications, and Registrations
Brokers and investment bankers must register as representatives of their firm with the Financial Industry Regulatory Authority (FINRA). To obtain the license, potential agents must pass a series of exams.
Many other licenses are available, each of which gives the holder the right to sell different investment products and services. Traders and some other sales representatives also need licenses, although these vary by firm and specialization. Financial services sales agents may need to be licensed, especially if they sell securities or insurance. Most firms offer training to help their employees pass the licensing exams.
Agents who are registered with FINRA must attend continuing education classes to keep their licenses. Courses consist of computer-based training on legal requirements or new financial products or services.
Although not always required, certification enhances professional standing and is recommended by employers. Brokers, investment bankers, and financial services sales agents can earn the Chartered Financial Analyst (CFA) certification, sponsored by the CFA Institute. To qualify for this certification, applicants need a bachelor’s degree or 4 years of related work experience and must pass three exams, which require several hundred hours of independent study. Applicants also must have an international passport. Exams cover subjects in accounting, economics, securities analysis, financial markets and instruments, corporate finance, asset valuation, and portfolio management. Applicants can take the exams while they are getting the required work experience.
Advancement
Securities, commodities, and financial services sales agents usually advance to senior positions in a firm by accumulating a greater number of accounts. Although beginners often service the accounts of individual investors, they may eventually service large institutional accounts, such as those of banks and retirement funds. Getting an MBA may also help advancement opportunities.
After taking a series of tests, some brokers become portfolio managers and have greater authority to make investment decisions regarding an account.
Some experienced sales agents become branch office managers and supervise other sales agents while continuing to provide services for their own clients. A few agents advance to top management positions or become partners in their firms.
Many investment banks use an “up or out” policy, in which entry-level investment bankers are either promoted or terminated after 2 or 3 years. Investment banks use this policy to ensure that entry-level positions are not occupied long term, allowing the bank to bring in new workers.
Job Outlook
Employment of securities, commodities, and financial services sales agents is projected to grow 7 percent from 2022 to 2032, faster than the average for all occupations.
About 40,100 openings for securities, commodities, and financial services sales agents are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment
Services that investment bankers provide, such as helping with initial public offerings and mergers and acquisitions, will continue to be in demand as the economy grows. The United States remains an international financial center, meaning that the economic growth of countries around the world will contribute to employment growth in the U.S. financial industry. An aging population and the decline of traditional pensions may boost demand for these workers, as individuals approaching retirement seek brokers to facilitate securities purchases.
However, automated trading systems have reduced demand for securities traders. Because simpler stock purchases can be made online without a broker, financial firms will focus on hiring sales agents with specialized areas of expertise and strong customer-service skills.
Contacts for More Information
For more information about securities, commodities, and financial services sales agents, visit
Securities Industry and Financial Markets Association (SIFMA)
For more information about licensing of securities, commodities, and financial services sales agents, visit
Financial Industry Regulatory Authority (FINRA)
For more information about certification for securities, commodities, and financial services sales agents, visit
Similar Occupations
This table shows a list of occupations with job duties that are similar to those of securities, commodities, and financial services sales agents.
| Occupation | Job Duties | Entry-Level Education | Median Annual Pay, May 2022 | |
|---|---|---|---|---|
|
Financial Analysts |
Financial analysts guide businesses and individuals in decisions about expending money to attain profit. |
Bachelor's degree | $96,220 |
|
Financial Managers |
Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. |
Bachelor's degree | $139,790 |
|
Insurance Sales Agents |
Insurance sales agents contact potential customers and sell one or more types of insurance. |
High school diploma or equivalent | $57,860 |
|
Personal Financial Advisors |
Personal financial advisors provide advice to help individuals manage their money and plan for their financial future. |
Bachelor's degree | $95,390 |
|
Real Estate Brokers and Sales Agents |
Real estate brokers and sales agents help clients buy, sell, and rent properties. |
High school diploma or equivalent | $52,030 |