Why financial careers are in such a mess

Wednesday, April 10, 2013

Why financial careers are in such a mess

I had a long experience working in this field. And to my surprise it has changed its course for sure. Financial careers may still be lucrative, but not easy to work your way up. Gone are the days, when there were only few finance companies who were offering loans. Now, you have, may be scores, who are willing to offer loans, be it home loans, car loans, personal loans, mortgages and so on. 

 Image credit: pressmaster / 123RF Stock Photo

With the coming up of so many financial firms, it has become a cut throat competition. Being a sales representative for financial firms has become difficult. You just have to slog forever, and yet, there seems to be no clue, when the next sale will happen. Before you have pounced upon, someone else had already closed the deal.

Slashed rates

Banks are willing to reduce its lending rates. The competition for gaining new clients is so strong that sales changes ends like never before. At such a time, what do financial careers bring for you on the table?
Talk about the home loan market. Every bank and investment business is open and willing to give you the best rates. The question now is that banks have made the criteria tough. The executive who go out and try to get home buyers to opt for a loan has to make sure that every requirement is met. 

For those who want to get loans against property mortgage can experience a lot of problems. The type of documents banks requires these days can be so distasteful that executives in the financial careers are seeking careers away from it. 

The housing boom once upon a time that, unfortunately, led to a catastrophe in the US had severely affected the financial careers worldwide. The loans, which were so easy to get in the past now comes with strict criteria. 

The online market

The other aspect that affects financial careers is the online facility and the ease with which customers can obtain knowledge online and also contact company officials without a need for financial executives. What then is the need for companies to recruit a large number of sales executives?  

Financial firms have now begun trimming the sales staff because they can now reach customers through online advertisements and marketing. Where does that leave the poor financial sales staff? Sales careers in finance have suffered for sure. Though, there are many other avenues still available in the financial sector, but sales career in finance has certainly taken a dip.

No comments:

Related Posts Plugin for WordPress, Blogger...