Are you wondering how to land a job in finance services? If yes, we have got you covered. But before that, it is important to understand how many jobs are available in finance services and how to land them.
Jobs in finance services have captured many people’s attention recently. This is because of the stigma that finance consumer services jobs pay higher than other occupations. And this is not wrong. According to the US Bureau of Labor Statistics, the median annual wage in the finance and consumer industry is around $72,250. This is more than $30,000 higher than the median annual salary of other industries.
The same study also reveals that the consumer and finance industry will generate more than 700,000 new jobs between 2020 and 2030. In this article, we will discuss the jobs available in finance consumer services. But before we dive into the best-paying jobs in finance consumer services, let’s understand what consumer finance jobs are and why they are so popular.
What Is Finance Consumer Services?
Okay, so we heard you want a job in finance consumer services, but wait, do you even know the exact meaning of finance consumer services?
Consumer finance services refer to the products and services offered to individual customers to help them manage their personal finances. These services include a wide range of financial products such as loans, credit cards, savings accounts, insurance, investment products, and more.
Consumer finance services are typically provided by financial institutions such as banks, credit unions, and other financial service providers. These institutions offer various financial products and services to help consumers achieve their financial goals, whether it is to buy a home, finance education, or save for retirement.
Types of Finance Consumer Services
Did you know that there are various types of consumer finance services? Finance is an umbrella term and there are many types of finance consumer services within it. We have listed some of the most popular types of consumer services for you.
1. Personal Financial Planning
As the name suggests, personal financial planning is helping clients achieve their financial goals. Financial planners take into account a client’s income, expenses, debt, portfolio, and financial situation to create a tailored strategy that suits their needs.
2. Insurance
This is very simple. If a client needs insurance, insurance agents help them find the best insurance coverage for their situation. They evaluate their client’s financial situation and provide recommendations on the best insurance policies.
3. Investment Banking
Yes, yes, these guys make money, a lot of money, but you need a lot of expertise too for that, so what they do is they give advice and provide analysis on the investment. Investment bankers provide investment advice and financial advisory to their clients. They identify the best investment opportunities and advise their clients to go forward with them.
4. Accounting
Accountants manage your tax details and help you to save money in this area. They work with individuals, businesses, and government organizations to ensure compliance with financial regulations.
5. Lending
If you are a lazy person but still want a job in the finance sector, this type of finance consumer service is perfect for you. All you need to do is lend loans to individuals and businesses and earn a profit from them.
Benefits of Choosing a Career in Finance Consumer Services
By now, you have learned what is finance consumer services and its various types. But why choose it as a career path? Are there even jobs available in this sector? Below we have mentioned the best reasons why consumer finance is a viable career path for you.
1. Good Salary
The primary trait of a good job is definitely good pay and consumer finance services are one of the best in this case. People in finance consumer services not only get the salary but bonuses, commissions, and profit sharing too, which is just the cherry on top. So if there is a teeny tiny question in the back of your mind about why finance consumer service, I guess I gave you a solid reason not to have that doubt again.
2. Job Opportunities
As mentioned above, there are many types of finance consumer services and you can choose from a plethora of options, given that you have the necessary qualifications to apply. Various opportunities mean various salary options, and yes, let's not forget about your career growth. Well the more job opportunities you will get and grab, the more you grow in your career, so here is one more reason to choose finance consumer services.
3. Helping People
One of the basic elements of customer finance is helping people. Be it an accountant, investment banker, loan officer, or insurance advisor, you will be helping people by giving them useful advice in various financial domains. On top of good pay, you will also get the peace and satisfaction of helping people and contributing to society.
4. Exposure to Business Operations
Working in consumer finance services can give you a broad understanding of how businesses operate, as you may be working with different departments and analyzing various aspects of a company's finances. This knowledge can be useful if you plan to start your own business or work in a different industry.
5. Job Stability
Job stability is one of the most underrated job elements. In an era where everyone is insecure about their financial future, job stability provides you with a sense of peace and comfort, knowing that you will be financially secure in case of an unexpected event. Many reasons can be counted when it comes to why you should choose a job in finance and consumer services but still, job stability comes at the top of the list.
Jobs in Finance Consumer Services
Now you might be wondering, how many jobs are available in finance consumer services? Fret not, in this section we will list all the job opportunities available within the industry. Take a look.
1. Compliance Officer
The primary job of a compliance office is to ensure that a company complies with all the necessary laws and regulations. Their job entails monitoring and tracking employees to ensure they are following the company policy.
The compliance officer is also responsible for maintaining records of all compliance activities, such as risk assessments, compliance testing, and audit results. They may also be responsible for reporting to regulatory agencies or senior management on compliance issues and taking corrective action when necessary.
With enough experience, a compliance officer can be promoted to chief compliance officer. The average salary for a chief compliance officer is in the ballpark of $120,000 in the finance consumer services industry.
2. Personal Finance Advisors
Personal finance advisor is one of the best-paying jobs in the field of consumer finance. Their primary job is to provide financial advice to businesses and individuals. They counsel clients and give them information about the best methods to handle their finances and investments. .
So, a Personal finance advisor guides people about their finances. They tell people what could be the best way to handle their finances. They work with individuals, companies, and families too. Personal finance advisors should take their client's problems as their problems. Only then they can give real advice to their clients.
Since you give your expertise to people and give your time and advice to people, this won't be a shock if they don't get paid well, so yes, they do get a great salary, so their approximate salary could be around $73,560 per year.
3. Investment Banker
Now, you must have heard about investment bankers and how they are wealthy. Well, you are not wrong. It is one of the highest-paying jobs in the finance consumer services industry. Their primary tasks include helping companies and governments raise money by underwriting and selling securities. Besides that, they also provide financial advisory on mergers & acquisitions, restructuring, and other aspects of finance.
They often work in large financial institutions such as investment banks or in specialized firms that focus on specific industries or types of transactions. Investment bankers typically have a strong background in finance, economics, and business and often hold advanced degrees such as an MBA.
If we talk about their salary, that could be around $63,000 per year
Read Also:- Middle Market Investment Banks: A Complete Overview
4. Loan Officer
If we are talking about the jobs that are available in finance and consumer services, how can we forget about a Loan Officer? As the name suggests, a loan officer is an individual who provides counselling to potential borrowers. They are employed by financial institutions like banks and credit unions.
Loan officers are also responsible for explaining loan terms and conditions to borrowers and ensuring that loan agreements are legally binding and enforceable. They play a critical role in the lending process, as they help to manage risk and ensure that loans are made to borrowers who have the ability to repay them.
The salary they get per year is around $80,000.
5. Insurance Advisor
If you have a finance degree, being an insurance advisor must have crossed your mind at least once. As the name suggests, the primary duty of an insurance advisor is to help clients find the best insurance policies according to their financial situation.
Insurance advisors are in need today on an immense scale, and the expertise they bring to the table is what is needed the most, so choosing your career as an insurance advisor could be a smart decision. If you are someone who likes to advise people, then this is just a hobby that you will get paid for.
There are many kinds of insurance nowadays, be it life insurance, health insurance, vehicle insurance, and many more, and companies hire insurance advisors for these insurances. All they need to do is advise people and sell the insurance they need but according to their needs and interests.
The average salary insurance advisor gets approx $83 540.
6. Accountants
An accountant is probably one of the most well-known jobs in the consumer finance sector. The role of an accountant entails helping individuals and companies maintain accurate records of their financial transactions.
They also provide financial advice on where they can cut back expenses and where they can allocate money. Accountants can work in various roles, such as auditors, tax accountants, financial analysts, management accountants, and forensic accountants. They play a critical role in helping organizations make informed financial decisions and comply with legal and regulatory requirements.
If you want to be an accountant, you should know that you are not only going to become an accountant but a company's advisor, auditor, and many more things. They also get an excellent salary in their field.
The average salary they get is $73,560.
7. Equity Analyst
Now this could be quite a new term for some people but do not worry. We've got you covered. An equity analyst is a financial professional who evaluates and analyzes publicly traded companies to provide investment recommendations to clients or investment firms. Their primary role is to assess the value of stocks, bonds, or other securities by analyzing a company's financial data, industry trends, and economic conditions.
Equity analysts typically work for investment banks, mutual funds, hedge funds, or other financial institutions, and they may specialize in particular industries or sectors. They use various methods to assess a company's financial health, including reviewing financial statements, researching the company's management team and competitive landscape, and analyzing industry trends and economic data.
Based on their analysis, equity analysts may make recommendations to buy, sell, or hold a particular stock or security. They may also provide reports and presentations to clients or other investment professionals on their findings and recommendations.
If we talk about the salary they get per year is approximately $102,684.
8. Underwriter
An underwriter in finance consumer services is a professional or an entity that assesses the risk of a financial transaction, such as an insurance policy or an investment, and determines the terms and conditions under which the transaction can take place. In the context of consumer services, underwriters may be involved in evaluating applications for loans, credit cards, mortgages, and other financial products offered to consumers.
The underwriter's role is to determine whether the applicant meets the requirements for the product, such as creditworthiness, income, and other factors that could affect the likelihood of repayment or default. Based on this assessment, the underwriter decides whether to approve or deny the application and sets the terms of the financial product, such as interest rates, repayment periods, and other conditions.
If we talk about their salary, that would be approximately $69,960 per year.
9. Hedge Fund Manager
If you are looking for the best jobs in the finance consumer service sector, a hedge fund manager is one of the best options. It is also one of the highest-paying jobs in the sector.
A hedge fund manager’s duties are similar to an investment banker. They are employed at hedge funds where their primary duties include monitoring investment accounts and managing the investments of their clients by tracking liquidity.
In essence, hedge fund managers trade in a variety of assets such as bonds, stocks, derivatives, and commodities. For better results, hedge fund managers employ a variety of strategies, including short- and long-term investing.
They can earn up to a million dollars a year.
10. Auditor
This is also one of the highest-paid jobs in finance and consumer services. An auditor in finance consumer services is a professional who is responsible for examining and evaluating the financial records of a company or organization to ensure that they are accurate and comply with relevant laws and regulations.
In the context of consumer services, the auditor may focus specifically on areas such as customer billing and payment processing, loan servicing, or insurance claims management. The goal of the auditor is to provide an independent and objective assessment of the financial operations of the organization and to identify any areas where improvements or corrective actions may be needed.
Now the salary they can get is $63,505 per year.
Read Also:- Best S&P 500 ETFs Of 2024
Requirements for Jobs in Finance Consumer Services
By now, you have learned about the various jobs available in finance in the USA. However, not everyone is qualified for them. The jobs in the finance sector require a very specific skill set along with necessary educational qualifications. Here are some general requirements that employers often ask for in this industry.
1. Degree
One of the most basic requirements to land a job in finance consumer services is a college degree. You need a degree in finance if you want to enter finance consumer services. The minimum requirement would be a bachelor's degree in finance, and the highest degree would be an MBA. However, keep in mind that a bachelor’s degree will only make you qualified for entry-level jobs. If you want better pay, you should go for a higher degree before entering this service.
There are some more degrees as well that can be required or used to enter finance consumer services professional qualifications such as the Chartered Institute of Management Accountants (CIMA), the Association of Chartered Certified Accountants (ACCA), Chartered Financial Analyst (CFA) or other relevant qualifications may be required or desirable for certain roles.
2. Work Experience
Well, experience speaks no matter whether it is financed consumer services or any other field. If you have work experience, you will be prioritized. So it would be great if you entered finance consumer services with some work experience. It will not only boost your confidence but help you to get paid more.
Employers may also prefer candidates with experience working in a specific industry, such as banking, insurance, or investment management, depending on the focus of their company, so you better get the experience first if you want a job in finance consumer services.
3. Communication Skills
Since most of these jobs require you to interact with people and foster healthy relationships with them, it is best to brush up on your communication skills. Most employers prefer individuals who are great at communication, problem-solving, and persuasion.
People will take your advice only if they think that you are giving great advice, so this is also a requirement that you need to fulfil to get a job in finance consumer services.
4. Technology Skills
Doesn't matter any field you are in. You need technical skills nowadays to master that field, and the same with finance consumer services. If you are skilled and good at technology, it will give you some bonus points and will help you to secure a job quickly. Technology is becoming increasingly important in the finance industry, and many jobs in finance consumer services require proficiency in financial software and other relevant technology.
Read Also:- A Guide to Investing in Small Businesses Online in 2024
Wrapping Up!
With people getting more serious about investing and the stock market being what it is, there is a surge of job opportunities in finance and consumer services. While not all jobs are exactly lavish, they offer good pay and will lead to better opportunities.
Many people ask every day how many jobs are available in finance consumer services, but there is no right answer. After careful research, we have handpicked the best job opportunities in the consumer finance sector that will help you kickstart your career and achieve financial freedom early in your life.
If you are interested in the best-paying jobs in finance consumer services, it is best to explore your options and choose the one that suits your needs. Happy job hunting!
Frequently Asked Questions (FAQs)
To all the people who asked this question, I would recommend you to read our article, and then I am sure you will get your answer as of now, yes, it is worth it if we talk about job stability, salary, and class. Finance consumer services just check all the boxes so it would be easy to say that it is worth choosing your career in finance consumer services.
No job is less good than the other in finance consumer services, and the jobs that we mentioned in our articles are all top class with a good salary so no matter which job you choose you will not regret it, but the only advice I would give you to choose the job according to our expertise and interest that would give you the best answer that which job is best for you.
Yes, the financial services industry is very important. It plays a vital role in the economy by facilitating the allocation of capital, managing risk, and providing financial products and services to individuals, businesses, and governments.
The industry includes a range of sectors, including banking, insurance, investment management, and securities trading. These sectors provide critical services such as deposit-taking, lending, wealth management, insurance coverage, and investment opportunities that allow businesses to expand, individuals to achieve their financial goals, and governments to fund public initiatives.
