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NOC Code: NOC Code: 6235 Occupation: Financial sales representatives
Occupation Description: Occupation Description:
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. 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.

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Table will display the Skill Level for the Noc specified
Essential Skills Essential Skills Levels
Reading Reading 1 2 3
Writing Writing 1 2 3
Document Use Document Use 1 2 3 4
Digital Technology Digital Technology 1 2 3
Oral Communication Oral Communication 1 2 3
Scheduling or Budgeting and Accounting Scheduling or Budgeting and Accounting 1 2 3 4
Data Analysis Data Analysis 1 2 3
Numerical Estimation Numerical Estimation 1
Job Task Planning and Organizing Job Task Planning and Organizing 1 2 3
Decision Making Decision Making 1 2 3
Problem Solving Problem Solving 1 2 3
Finding Information Finding Information 1 2 3
Critical Thinking Critical Thinking 1 2 3

  • The skill levels represented in the above chart illustrate the full range of sample tasks performed by experienced workers and not individuals preparing for or entering this occupation for the first time.
  • Note that some occupational profiles do not include all Numeracy and Thinking Essential Skills.

If you would like to print a copy of the chart and sample tasks, click on the "Print Occupational Profile" button at the top of the page.

  • Read handwritten notes from co-workers and short comments on forms such as mortgage, loan and credit applications. (1)
  • Review terms and conditions on mortgage, loan and credit application forms. You are required to understand these terms and conditions so that you can knowledgably answer questions from clients. (2)
  • Read letters and memos. For example, read email from supervisors and co-workers on topics such as meeting arrangements and loan applications. Read letters from employers of mortgage, loan and credit applicants to verify employment status, years of service, incomes and bonuses. (2)
  • Read bulletins and periodicals issued by financial institutions to learn about new products and to stay abreast of variations in loan policies, procedures and interest rates. (2)
  • Read the organization's policy and procedures manuals and on-line guides. For example, a personal loan and credit specialist may read an on-line guide to review the income verification procedures for self-employed applicants. A mortgage specialist may read a policy and procedures manual to review qualification procedures for residential mortgage financing. (3)
  • Read newspapers, business magazines and trade publications to stay abreast of business world events and finance industry trends. For example, a mortgage specialist may read a report issued by the Canadian Mortgage and Housing Corporation to stay abreast of real estate market trends. (3)
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  • Write comments on forms and reminders in daybooks. For example, write short explanations on loan and credit applications, account exchanges and assignments, loan pre-approvals and action request forms. Write notes on database forms to keep records of conversations with clients, phone messages and actions required. (1)
  • Write letters to clients to confirm that their loans and lines of credit have been approved and clarify the terms and interest rates. Write letters to thank clients for referrals. In some cases, write letters to tell clients that their loans have become delinquent and to let them know how to avoid collection procedures. (2)
  • Write brief messages to co-workers to outline the conditions of approval for loan and credit applications, request changes to clients' accounts, provide missing information and respond to questions. (2)
  • Write 'frequently asked questions' for clients. Address clients' key questions in an effective manner. For example, mortgage specialists may prepare 'frequently asked questions' to inform pre-approved clients of income and down payment verification procedures, credit bureau checks, conditions to be satisfied and actions to be taken to obtain unconditional approvals. (3)
  • Write risk management summaries which justify recommendations and decisions to approve and reject loan and credit applications. For example, a loan officer may write a short summary of special circumstances which justify a recommendation to approve a loan for a client whose credit history and debt service ratio do not meet minimum standards. (3)
  • Write proposals for large loans to home buyers and commercial borrowers. Use clear and concise language which can be easily understood. Adhere to the organization's proposal formats. (3)
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Document Use
  • Scan labels on office products, equipment, mail and files for a variety of data. For example, scan labels on file folders to locate clients' names. (1)
  • Locate data in a variety of lists and tables. For example, scan lists of loans to locate those that are in arrears and require collection calls. In some cases, scan financial statements obtained from loan applicants to locate descriptions of assets and liabilities. (2)
  • Enter information into a variety of tables. For example, enter information into tables to track progress towards work objectives. Enter sales goals, products sold, revenues generated and numbers of prospects called, met, referred, pre-approved and approved into spreadsheets. (2)
  • Complete line of credit reviews, loan and credit applications, account exchanges and assignments, loan pre-approvals, risk ratings, action requests, loan agreements and other forms. In some cases, combine data from several sources to complete such forms. For example, a loan officer may enter an applicant's name, address, employment history and financial situation, and the property's description, address and size on a mortgage loan application form. (3)
  • Locate data in a variety of forms. For example, search different sections of credit bureau report forms to locate accounts which are open, closed, in good standing and past due and the numbers of inquiries in the last twelve months. In some cases, scan pay stubs completed by employers to locate the incomes of loan applicants. (3)
  • Retrieve data from a number of graphs appearing in newspapers, business magazines and trade publications. For example, mortgage specialists may study graphs in the financial sections of newspapers to identify trends in interest rates for both variable and fixed rate mortgages. (4)
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Digital Technology
  • Create and maintain distribution lists, receive correspondence and send email and attachments to clients, co-workers and colleagues. (2)
  • Access corporate Intranet sites to review the organization's policies and procedures and to download loan and credit application forms. Access credit bureau websites to perform credit checks on clients. Perform keyword searches to get information about the financial products, terms and conditions offered by other financial institutions. (2)
  • Use databases. For example, enter, update and retrieve loan applications, value assessments of assets, financial transactions and other data from the organization's transaction management databases. Search, display and print data on delinquent accounts. (2)
  • Use graphics software. For example, create slide shows using presentation software such as PowerPoint. In order to develop effective presentations for real estate buyers and commercial clients, import graphs, scanned images, word processing files and spreadsheet tables. (3)
  • Use programs such as Excel to create spreadsheet tables which track sales of financial products and display budget, interest rate and loan repayment calculations. (3)
  • Use word processing. For example, write, edit and format text for letters, risk management summaries, loan proposals and 'frequently asked questions' using programs such as Word. Supplement text with imported logos, letterheads, photographs and spreadsheet tables. (3)
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Oral Communication
  • Network with colleagues to build sales for loan and credit services. For example, mortgage specialists may interact with real estate agents, lawyers, accountants, builders and home inspectors to exchange information and obtain referrals. (2)
  • Chat with existing and prospective clients to solicit business. Speak to clients to assess their needs and goals, discuss loan and credit options and offer financial services. Use persuasive arguments to convince clients that they would benefit from loans, credit lines, credit extensions or debt consolidation plans. (3)
  • Interact with loan and credit applicants. Interview them to collect asset and liability data needed for loan applications. Answer questions and alleviate concerns. Advise applicants that their loans and lines of credit have been approved and rejected. In some cases, counsel applicants who did not qualify due to derogatory credit and recommend actions which would increase their chances of approval in the future. (3)
  • Attend meetings and participate in phone conferences with co-workers. At these meetings, share information about financial products and clients' accounts. Review branch, regional and national performances and celebrate successes. Discuss loan and credit policies and procedures. In some cases, present recommendations to improve sales, lending processes and customer service. (3)
  • Speak to clients whose loans have become delinquent to discuss refinancing and to negotiate appropriate arrangements for loan repayment. Loan officers have to be particularly tactful and diplomatic with these clients as they may be embarrassed, angry and unreceptive. (3)
  • Interact with supervisors to define sales objectives and monitor progress towards them, discuss challenges, obtain guidance and exchange updates on the status of pending and delinquent loans. In some cases, persuade supervisors to approve or reject specific loan and credit applications. (3)
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Scheduling or Budgeting and Accounting
  • Calculate funds to be transferred into clients' accounts when loans are issued. In some cases, calculate amounts to be sent to other financial institutions to pay off multiple loans which have been consolidated. (2)
  • Calculate maximum amounts you can offer to clients for home equity loans, given current home values and clients' existing mortgages and loans. (2)
  • Monitor data from clients' accounts to verify if inappropriate activities are taking place. For example, monitor account summaries to determine whether accounts are being used for money laundering. (2)
  • Create personal appointment schedules to ensure that sales and prospecting targets are met. In some cases, adjust schedules because of unexpected events. (2)
  • Calculate clients' loan payments taking into consideration total loan amounts, amortization periods, terms, interest rates and payment frequencies. Receive loan payments from clients and verify that the amounts are correct. (3)
  • Help businesses and individuals draw up budgets. For example, a loan officer may help a client draw up a budget to regain control of large amounts of debt. (3)
  • Calculate capital amounts, interest charges, payments and outstanding amounts for mortgages and loans. For example, calculate amounts and repayment times clients may save under various loan types, terms and conditions. Mortgage specialists may calculate the total amounts of interest clients can save by discharging current mortgages and getting new mortgages at lower interest rates. They may also calculate the reduction in loan periods clients can achieve by changing repayment plans from monthly to biweekly. They may also have to take penalty costs into account in their calculations. (4)
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Data Analysis
  • Compare interest rates and repayment plans among financial institutions to determine competitiveness. (2)
  • Analyse data on housing starts for various types of homes such as condominium, townhouse and single-family dwellings to identify real estate market trends and adapt sales strategies accordingly. (2)
  • Collect, analyse and interpret financial data on loan applicants in order to issue recommendations for approval or rejection. For example, collect employment, income, asset and liability data from applicants. Collect credit bureau data on accounts which are open, closed, in good standing and past due. Calculate debt service and other ratios. Compare these ratios to ranges established by financial institutions. These calculations and analyses help draw conclusions on applicants' abilities to repay their loans and lines of credit. (3)
  • Collect, analyse and interpret financial data to assess individual, branch, regional and national sales performance. For example, calculate units of products sold, sales generated and numbers of prospects called, met, referred, pre-approved and approved. Calculate loan approval rates, decline rates and average loan and line of credit amounts. Interpret these rates and amounts to identify deviations from targets. (3)
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Numerical Estimation
  • Estimate times needed to perform duties using past experience as a guide. For example, a loan officer may estimate the time required for an appointment with a client by assessing how much support the latter will need to understand loan options and make a decision. (1)
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Job Task Planning and Organizing
  • Loan officers plan and organize job tasks to meet the needs of a maximum number of clients and optimize the sales of loan and credit products. Their ability to schedule their own activities and manage priorities is critical to their jobs. They need to reorganize job task sequences frequently in order to service clients who call for information and walk in to request loans and other financial products. (3)
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Decision Making
  • Choose times to make prospecting calls to solicit business. Examine the schedule and choose the times that will allow you to complete revenue generating tasks without compromising services to existing clients. (1)
  • Decide not to overdraft accounts. Waive charges and return cheques to other financial institutions with the notation 'non sufficient funds'. In some cases, confront angry clients as a result of these decisions. (2)
  • Decide to exercise discretionary power to offer lower rates to certain clients. Assess clients' current loans, investments and mortgages, the rates offered by other institutions and the risks of giving business away to competitors. (3)
  • Approve and reject loan and credit applications. Consider the limits set by the institution, the characters of the applicants and the probabilities that loans will be repaid. If loans are advanced to the wrong people, accounts fall into delinquency, the organization loses money and you forfeit your good reputation as a loan officer. (3)
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Problem Solving
  • You are unable to answer customers' questions about financial products because you don't have current information. In such instances, you may consult co-workers, look up instructions on Intranet sites and call support hotlines. (1)
  • Important information is missing from application forms. If the incomplete applications came from co-workers, contact them by phone and email to request the missing information. If the incomplete applications came through call centres and through the Internet, contact clients directly for the information. (1)
  • You are sometimes unable to locate clients with whom you have not spoken in a long time and clients who have delinquent accounts. In such cases, contact references on clients' files, navigate through the Canada 411 website and use map finder search engines to track clients and reach individual collection targets. (2)
  • Data obtained from clients do not match those shown on credit bureau reports. Ask further clarification questions to clients to determine whether they are telling the truth. Loan officers also investigate other explanations for discrepancies such as identity thefts. If they discover that incorrect data have been obtained from credit bureaus, they ask the latter to correct clients' records. (3)
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Finding Information
  • Find historical credit information on clients by interviewing them and searching credit bureau websites. (2)
  • Find information about new loan and credit procedures by consulting co-workers and support centers and searching corporate periodicals and Intranet sites. (3)
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Critical Thinking
  • Judge the acceptability of your own job performances and those of the branches, regional divisions and organizations. Identify sales objectives in conjunction with supervisors. Track types of products sold, sales volumes and numbers of prospects called, met, referred, pre-approved and approved. Share these performance evaluation activities with co-workers at the branch, regional and national levels. (2)
  • Evaluate the completeness and accuracy of data collected from clients prior to processing their loan and credit applications. Review completed application forms and supporting documentation to ensure they contain all needed information. Review credit bureau report data to ascertain that they match data collected from applicants and identify discrepancies. (2)
  • Evaluate the suitability of loan and credit products for specific clients. For example, evaluate the suitability of several mortgage products for specific clients. Question clients to assess their financial needs and mortgage knowledge. Verify whether clients are concerned about future increases in interest rates and how long they are expecting to keep their homes before selling them. Loan officers interpret clients' answers to narrow down product options to mortgage types and terms that best suit clients' profiles. (3)
  • Assess the credit worthiness of loan and credit applicants. Collect asset and liability data from applicants and judge their characters during interviews. Conduct credit and reference checks. Verify each applicant's current employment status, job stability and income. Draw conclusions about applicants' abilities to repay loans and lines of credit. Write risk management summaries justifying conclusions, recommendations and decisions to approve and reject applications. Loan Officers have the sole responsibility for evaluating loan and credit applications for the amounts they are authorized to lend. (3)
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