# Mutual fund sales person salary



## Fraser19 (Aug 23, 2013)

Hey guys,

I have decided to get into the financial industry, I will be taking my CSC next month, followed by my certificate in financial planning services. Unfortunately it seems that the best (or at least most accessible way to get into the industry) is through mutual fund sales. Most of the jobs I have been looking at are salaried, I am curious as to if anyone knows what a mutual fund sales person makes when they first start?

Thanks,
Fraser


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## Guban (Jul 5, 2011)

Don't know exactly what they make, but I suspect that you won't get a lot of clients that read CMF. I seem to recall that most equity funds kick back 1% to the sales people. You would likely only get to keep half of that, and the other half would go to your company. The deferred sales charges would yield a bigger paycheque (6%/3%?).


The trailer fees that are used to pay the mutual fund salespeople are exactly what we try to avoid here, so that we keep more of our money to grow.

All that being said, good luck in your new venture! Many people like the convenience that mutual funds provide.


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## indexxx (Oct 31, 2011)

Insurance companies are always hiring- segregated funds are usually an even bigger rip-off than MF's. They make ridiculous commissions- it's a total scam but great money if you have the stomach for it.


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## cainvest (May 1, 2013)

For big banks you're looking at a base starting point in the high 30k range for a salary as an account manager that sells MFs.


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## Fraser19 (Aug 23, 2013)

cainvest said:


> For big banks you're looking at a base starting point in the high 30k range for a salary as an account manager that sells MFs.


Thanks for the info guys. 
Naturally as a CMF member mutual funds are not my long term job plans, but it is a way to get into the business and I am ok with that. My fear was when it comes time to negotiate a salary I would ask for a low number. Coming from a non for profit place, salary was not all that great, where banks are rather good a turning a profit.


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## KaeJS (Sep 28, 2010)

Banks are good at turning a profit, but they are corporate and they don't care about anything other than the shareholder.

You didn't state with province you are in, but in Ontario you can expect to make ~$40k salary.


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## Fraser19 (Aug 23, 2013)

Alberta.

More of what I was meaning to say is that there is opportunity to grow my earning, as where at my current job I am topped out and cannot make more with my current employer.

My reason for making this thread was, a few years back I had a friend who was moved from a labor job to an office job. Since his previous rate of pay was 16/hr he asked for 45k a year and his employer gave him that, well a few months later he learned that the average starting salary was 60k a year, he was pretty pissed and that did not end well. So naturally this is not something I want to go through.

I foresee my start as a time of paying dues, but I am looking forward to what can come of it.


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## Just a Guy (Mar 27, 2012)

Depends on how ethical you are...

Like any sales type job, the less scruples you have, the more you can make. If you sell the low performing funds which offer the best kickbacks, I'm sure you can make a lot of money, at least short term.

If you sell low mer funds which perform well, you'll probably make less.

In order to get people to sell less than stellar goods, companies need to intensify their products...not to the benefit of the purchaser, but rather the sales guys. If stuff "sells itself" they don't really need salesmen to do the job.

Of course, as I said, this is not limited to mutual funds...but they are not immune to it either.

P.S. I should add, sales is a skill I think everyone should develop for personal success.


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## indexxx (Oct 31, 2011)

Look on Glassdoor for salary expectations.


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