Financial sales representatives sell basic deposit, investment and loan products and services to individuals and businesses. They work in banks, credit unions, trust companies and similar financial institutions.

Profile

Example titles

  • Credit officer
  • Financial services officer
  • Financial services representative
  • Loan officer
  • Mortgage officer
  • Sales associate – personal banking
Inclusions
  • Debt counsellor

Main duties

This group performs some or all of the following duties:

  • Open new personal and non-personal accounts, and provide access to automated banking machine, telephone banking and online banking services
  • Interview applicants for personal, mortgage, student and business loans
  • Promote the sale of deposit, investment, credit and loan products and services
  • Assist clients by proposing solutions to address financial objectives such as business expansion, debt management, investment and other financial goals
  • Research and evaluate loan applicant’s financial status, references, credit and ability to repay the loan
  • Complete credit and loan documentation
  • Submit credit and loan applications to branch or credit manager with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
  • Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action
  • Review and update credit and loan files
  • Act as joint custodian for cash and securities.

Employment requirements

  • Completion of secondary school and extensive general banking experience is usually required.
  • A bachelor’s degree or college diploma related to commerce or economics may be required.
  • A mutual funds licence is usually required.
    Registration with the securities regulatory authority in the province or territory of employment is usually required.
  • Completion of a loan or credit training program, ranging from six to twelve months, is usually required.
  • Various training programs and courses are offered by the Institute of Canadian
  • Bankers and may be required by employers.
  • Financial services officers who sell regulated financial products and investments are required to be licensed by the appropriate governing body.

Additional information

  • Progression to higher levels of financial planning and wealth management is possible with experience.
  • Progression to credit and loan management positions is possible with experience.

Exclusions

  • Credit and loan managers (in 0122 Banking, credit and other investment managers)
  • Customer services representatives – financial institutions (6551)
  • Banking, insurance and other financial clerks (1434)
  • Other financial officers (1114) Follow us

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