High School

Recommended high school classes include economics, business, statistics, marketing, English, speech, foreign language, psychology, sociology, computer science, mathematics, science, and social studies.

Postsecondary Education

Mutual fund wholesalers need a minimum of a bachelor’s degree in finance, economics, marketing, advertising, or business administration. Students typically complete an internship, co-operative education opportunity, or fellowship during their studies.

Other Education or Training

Continuing education classes, webinars, seminars, and workshops are provided by professional associations such as the American Marketing Association, Internet Marketing Association, Investment Company Institute, Insights Association, and Sales Management Association. Contact these organizations for more information.

Certification

Undergraduate and graduate-level marketing, advertising, and sales certificates are offered by colleges and universities. Contact schools in your area to learn what types of programs are available.

Certification or Licensing

Some wholesalers earn financial-related certifications such as the chartered financial analyst credential, which is offered by the CFA Institute, and the certified investment management analyst credential, which is available from the Investment Management Consultants Association. Additionally, some wholesalers earn sales- and marketing-related certifications, including:

• certified Internet marketer (Internet Marketing Association)
• certified sales leadership professional, certified sales operations professional (Sales Management Association)
• professional certified marketer (American Marketing Association)
• professional researcher (Insights Association)

Wholesalers are typically required to obtain their Series 6 (Investment Company and Variable Contracts Products Representative) and Series 7 (General Securities Representative) and often their Series 63 (Uniform Securities Agent State Law) or Series 65 (Uniform Investment Adviser Law) credentials from the Financial Industry Regulatory Authority, the self-regulatory arm of the investment industry. Wholesalers must also be licensed by securities regulators in each state where they do business.

Other Requirements

Mutual fund wholesalers must undergo a criminal background check and a credit check. 

Wholesalers need to have at least two to five years of experience in finance, marketing, banking, or sales.

Successful wholesalers must have excellent communication, interpersonal, and presentation skills; a friendly and outgoing personality; and the ability to aggressively prospect and build new relationships. During sales presentations and one-on-one meetings with financial advisors, they need a combination of strong sales and communication skills and deep knowledge of investment products in order to be able to differentiate their fund from the hundreds of others that are on the market. Other important traits include the ability to work in a team environment, but also independently, when necessary; an energetic and highly-motivated personality; and a polished and professional demeanor. Finally, wholesalers must be proficient in the use of Microsoft PowerPoint, Excel, and Word; enterprise collaboration software such as IntraLinks and Qumu; and customer relationship management software such as Microsoft Dynamics.