Financial Specialist Salary
Job Description for Financial Specialist
A financial specialist is primarily responsible for selling services and products at a financial institution and meeting with customers to understand their needs. Generally, this person should have have a high school diploma or equivalent, though many companies also require a Bachelor’s degree in a field such as Finance or Marketing and/or training or courses in economics, finance, marketing, or mathematics.Read More...
Depending on the field, special licenses and training may be required, such as in insurance and securities. This person will typically work in an office setting during daytime hours, though overtime is occasionally necessary.
A financial specialist acts as a sort of liaison between their company and the customer. This person will meet with customers in order to assess their financial goals and offer products or services, such as investment services, insurance, certificates of deposits, or other financial instruments. This person will also be responsible for contacting potential customers, evaluating costs and revenue, creating presentations, researching and analyzing business trends, developing corrective financial plans, and preparing budget reports, cost reports, and financial statements in accordance with industry guidelines.
This position requires a person with an analytical mindset, critical thinking skills, and highly-developed organizational and management skills. Customer service and communication skills are also of the utmost importance. Those in this position will often manage communication between customers and professionals within their office, so in-depth knowledge and experience are essential.
Financial Specialist Tasks
- Provide insight on financial trends, suggest optimization strategies, and offer insight into potential business models.
- Submit summaries and reports documenting analyses, technical, and factual research.
- Monitor and analyze finance numbers, providing guidance, forecasts, and issue identification.
- Calculate and advise clients or team members on particular financial questions.
Common Career Paths for Financial Specialist
Financial Specialists may experience a large salary bump if they progress into a role such as Private Banker. The latter position pays an average of $80K annually. Financial Specialists typically move into roles as Banking Branch Managers or Senior Financial Analysts, and those positions pay $6K more and $30K more, respectively.
Financial Specialist Job Listings
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Popular Skills for Financial Specialist
Survey takers working as Financial Specialists report using a large range of professional skills. Most notably, facility with Budget Management, Financial Modeling, and Banking are correlated to pay that is significantly above average, leading to increases of 43 percent, 42 percent, and 41 percent, respectively. At the other end of the pay range are skills like Billing, Customer Service, and Accounts Payable. Most people who know Accounting also know Customer Service.
Pay by Experience Level for Financial Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average worker who claims fewer than five years of experience earns around $43K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $49K. The average pay reported by folks with 10 to 20 years of experience is around $55K. Survey participants with more than two decades under their belts actually report earning less than people with less experience; the former take home only $52K on average.