Career Planner: Wealth Management

Mutual Funds sales representative

*Field Description

Mutual Fund Sales Representatives (MFSRs) are employed throughout the financial services industry by mutual fund dealers and independent financial planning firms. Personal Banking Representatives and many Insurance Sales Agents may also become licensed to sell mutual funds

As with Investment Advisors, Mutual Fund Sales Representatives are expected to build their own clientele and serve investors’ investment, retirement and estate planning needs. Unlike Investment Advisors, who are licensed to deal in stocks and bonds in addition to mutual funds, Mutual Fund Sales Representative are only licensed to advise on and sell mutual fund investment products

*Common Job Titles

Junior Analyst

EARNINGS     $50,000 to $100,000 a year

REQUIREMENTS       • Bachelor’s degree in commerce, economics, or a related field

RESPONSIBILITIES

Mathematical modeling; performing statistical analyses; note-taking; basic researching.

Senior Analyst

EARNINGS     $100,000 to $200,000 a year

REQUIREMENTS       • 3 to 6 years of experience

• Further commerce-related education, such as an MBA

• Possibly certified as a CFA (Chartered Financial Analyst)

RESPONSIBILITIES

More dealing with clients and company management; possibly specializing in a specific sector (for example, telecommunications).

Portfolio Manager

EARNINGS     $150,000 to $1,000,000 a year

REQUIREMENTS       • At least 5 years of experience as a senior analyst

• Proven track record of good investment picks

RESPONSIBILITIES

Much more responsible for selling the fund to potential investors; performing less analyses; directing analysts.

Chief Investment Officer

EARNINGS     $1,000,000 a year or more

REQUIREMENTS       • 10 or more years of experience

RESPONSIBILITIES

Directing all analysts and portfolio managers within department; motivating and evaluating staff; handling other management responsibilities; directing philosophy of investment strategy of company.

*General Accountabilities & Duties

# Build a book of business and open accounts for new clients.

# Analyze client needs and recommend mutual funds best suited to investment, retirement and estate planning goals.

# Receive and execute orders to buy or sell mutual fund units.

# Provide clients with account information and performance report

*Key Skill Requirements

*Estimated Range Of Salaries

New Mutual Fund Sales Representatives are usually paid a salary. Commission or fee-based compensation is usually phased-in after the first year. New representatives can earn between $30,000 and $50,000. More experienced representatives can earn $150,000 or more.

*Education, Certification & Licenses

To become registered as a Mutual Fund Sales Representative, a candidate must first fulfill proficiency requirements set out by industry regulators. One way is to complete CSI’s Investment Funds in Canada (IFC) Course or CSI’s Canadian Securities Course (CSC). A 90-day training program must also be completed.