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Financial Dealer's Assistant

Also known as Confirmations Officer, Financial Markets Operations Officer, Registry Officer and Settlements Officer.

Financial dealers' assistants assist stockbrokers and stockbroking firms in activities such as buying and selling shares, handling share certificates, processing financial market transactions and investment advising.

Financial dealers' assistants may be employed in any of the following areas: corporate actions, confirmations, settlements, reconciliations and collateral management.

In a large firm, an assistant may work in only one of these fields, whereas in a smaller firm their work may include tasks in several of these areas.

TASKS

Financial dealers' assistants may perform the following tasks:

record sales documentation received from clients and other financial institutions
check the validity of documents and facilitate settlement of financial product transactions
issue contract notes and confirmations
process sales and payments
contact share registries and process dividends
record data and undertake electronic transfer of securities
reconcile differences in data from transactions
manage funding throughout the day

PERSONAL REQUIREMENTS

able to make calculations quickly and accurately
able to work independently and under pressure
able to work as part of a team
good communication skills
strong attention to detail
able to think analytically and solve problems

Interest Area

EDUCATION & TRAINING

To become a financial dealer's assistant you usually have to complete a VOC qualification in financial services, financial markets operations or accounting. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information.

Entry to this occupation may be improved if you have a degree in accounting, business, commerce, finance or a related field. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required. Most universities in Australia offer degrees in these areas.

Universities have different prerequisites and some have flexible entry requirements or offer external study. Contact Open Universities Australia or the universities you are interested in for more information as requirements may change.

EMPLOYMENT OPPORTUNITIES

Financial dealers' assistants usually work in banks and stockbroking firms, although some are employed by financial planning organisations, building societies and other organisations in the finance and investment sector.

Entry to this career is competitive. Advancement requires a great deal of experience, expertise and usually some further training.

Job opportunities depend on the economic climate and financial market activity. The increase in electronic transaction processing (through the Clearing House Electronic Subregister System (CHESS), for example) and the trend for banks and other financial institutions to limit their local dealer functions has seen a tendency towards centralising operations in head offices based in Brisbane, Melbourne and Sydney.