There is a growing consciousness about the importance of managing one’s own money today. Some of the most popular questions on their lips include: “How do I create a budget that works for me?” “How do I constitute a plan to achieve my monetary objectives?” Well, this is where the business of finance comes in. This means that the need for finance consumer services isn’t going anywhere any time soon. If you are on the other side of the spectrum looking for the highest-paying jobs in the finance consumer services industry, you have come to the right place.
Meanwhile, individuals aren’t the only ones who could benefit from objective financial guidance. Even business owners need help deciding how to allocate their resources. This has led to a plethora of openings in the consumer financial services sector.
Of course, you’ll need some specialized knowledge to succeed in this field. To succeed in this field, you need both an in-depth understanding of finance and an impressive command of the English language. If you’ve got this figured out, a career in consumer financial services can be very lucrative.
The highest-paying jobs in the consumer finance services industry are discussed here. We cover some of the best career options if you’re looking to set yourself up for long-term success and financial security.
We will also be providing salary information for these positions.
What Exactly Are Finance Consumer Services?
Finance consumer services is a broad term that can refer to a wide range of job roles in the finance and consumer industries. Financial analysts, accountants, customer service representatives, and loan officers are common examples of finance consumer services jobs.
Job Prospects in Finance and Consumer Services
Finance consumer services has a promising job outlook. According to the US Bureau of Labor Statistics (BLS), employment in this field is expected to grow by 8% between 2020 and 2030. The likely cause of this expansion is a growing economy, globalization, and complex tax and regulatory environments. The demand for auditors and accountants is expected to rise further.
Customer service representative employment is expected to fall by 4% between 2021 and 2031. Despite declining employment, an average of 389,400 openings for customer service representatives are expected each year over the next decade.
Is a Career in Finance and Consumer Services a Good Choice?
Working in finance and consumer services can be both challenging and rewarding. Finance consumer services is a good career path for many reasons, which are listed below. You will have the opportunity to directly interact with your customers in the finance consumer services field to learn more about their needs.
- Financial viability: Working in the finance consumer services industry means your salary will be substantial and appealing.
- You discover more: Another advantage of working in this industry is the opportunity to learn more about various financial products and services.
- Impact knowledge: Because your job is to assist people in managing and improving their financial situations, you will undoubtedly feel fulfilled by imparting financial knowledge to others.
The Role of Finance Consumer Services
Finance consumer services are beneficial to society. They assist individuals and families in saving money, making sound financial decisions, and planning for the future.
There are many different types of finance consumer services jobs, but they all have one goal: improving their clients’ financial well-being. Financial planners, for example, assist clients in setting goals and developing a plan to achieve those goals. Investment bankers analyze and advise on investments, whereas insurance agents assist clients in selecting the best coverage for their needs.
Whatever type of finance consumer services job you are interested in, there are a few prerequisites for success. First and foremost, you must possess strong analytical and mathematical abilities. On a daily basis, you will be working with numbers and financial reports, so it is critical that you are comfortable with calculations and understand financial concepts.
You must be able to communicate effectively in addition to having strong analytical skills. Because finance consumer services jobs frequently require presentations and client interactions, you must be able to explain complex financial concepts in simple terms. Finally, you must be meticulous and well-organized. This is essential for managing your own time as well as keeping track of client information.
But what about actual credentials? Let’s go over what you’ll need to enter the field.
Common Educational Prerequisites
A bachelor’s degree is the most common educational requirement for finance consumer services jobs. Many employers prefer candidates who have a bachelor’s degree in business, economics, or a related field. Some jobs, however, may only require a high school diploma. Depending on the type of job you want, you may need to obtain additional licenses or certifications in addition to a bachelor’s degree.
Financial planners, for example, must earn the Certified Financial Planner (CFP) designation from the Certified Financial Planner Board of Standards. The Financial Industry Regulatory Authority (FINRA) requires investment bankers to pass the Series 79 and Series 63 exams. In order to sell insurance products, insurance agents must pass state-specific exams.
Finance consumer services is a growing industry with a wide range of job opportunities. If you want to work in finance, consumer services is a great place to start.
What Do Best Paying Jobs in Finance and Consumer Services Pay?
Jobs in finance and consumer services can be quite lucrative. According to data from the US Bureau of Labor Statistics, experts in this field earn more than the national median annual wage of $41,950. The median annual salary for business and financial occupations in May 2020 was $72,250.
The Highest-Paying Jobs in Finance and Consumer Services
Now to the real subject: the best paying jobs in finance and consumer services. We’ll look at what each of these jobs entails, how much you’ll make, and what you’ll need to get started.
#1. Investment Bankers
An investment banker is a financial advisor who assists clients in raising capital by issuing and selling securities. Investment bankers are typically employed by banks, but there are many independent firms as well. They collaborate with clients to identify opportunities, make recommendations, and provide financial planning advice.
We’ve all heard of the Wall Street banker myth. Working 100-hour weeks, earning millions of dollars, and living the high life. That isn’t entirely false, though only the top dogs live lives like that.
A bachelor’s degree is required for employment as an investment banker. The Financial Industry Regulatory Authority (FINRA) will also require you to pass the Series 79 and Series 63 exams.
However, even if you are not at the top, investment banking is a very lucrative career. Finding accurate salary data for this job title is difficult because it is frequently grouped with others. In any case, the Bureau of Labor Statistics reports a yearly median salary of $62,910.
Read Also: INVESTMENT BANKERS: What Do Investment Bankers Do?
#2. Finance Analyst
A financial analyst is a specialist who offers advice on investments, markets, and economic trends. Financial analysts are commonly employed by banks, insurance companies, and investment firms. They use data to identify opportunities and make client recommendations.
A financial analyst’s job is to identify market trends and make investment recommendations based on those trends. It is a role that necessitates extensive research, analysis, and critical thinking. And it’s a job with a lot of responsibilities.
A bachelor’s degree is required for this position. Many employers, however, prefer candidates who have a master’s degree or higher.
However, if you’re up for the challenge, it’s also a very well-paying job. According to the Bureau of Labor Statistics, the median salary for financial analysts is $81,410.
Read Also: The Best Paying Jobs in Finance 2023 (Updated)
#3. Personal Financial Advisors
Unlike analysts, who provide investment insights, financial advisors advise clients on how to best manage their money. Banks, investment firms, and insurance companies commonly employ financial advisors. They evaluate a client’s risk factors and recommend the best protection policies.
Financial advisors must be well-versed in financial products and regulations. They must also be able to establish rapport with clients and communicate effectively with them.
A bachelor’s degree is required to begin working as a financial advisor, but many employers prefer to see a master’s degree. Many positions as a financial advisor also require certification, such as the Certified Financial Planner (CFP) designation.
If you’re up for the challenge, it’s a financially and personally rewarding job. According to the Bureau of Labor Statistics, the median salary for financial advisors is $94,170.
#4. Insurance Advisor
An insurance advisor is a professional who assists clients in selecting the appropriate insurance policies. They evaluate a client’s risk factors and recommend the best protection policies.
Insurance advisors are typically employed by insurance companies, but they can also work for banks and investment firms. This is due to the fact that they frequently sell multiple types of insurance, such as life, health, and auto insurance.
An insurance advisor must have a thorough understanding of the products they sell as well as the regulations that govern them. They must also be able to establish rapport with clients and communicate effectively with them.
You don’t need a degree to start working as an insurance advisor because you learn on the job. However, taking a couple of communication and psychology courses will give you an advantage.
While it is not the most lucrative job on this list, it does pay well and has few educational requirements. Insurance advisors earn a median annual salary of $49,840. However, because it is a commission-based sales job, you can earn significantly more if you are good at it.
#5. Stockbroker
A stockbroker is a professional who buys and sells stocks on clients’ behalf. They usually work for banks, investment firms, or fintech firms.
To be a successful stockbroker, you must thoroughly understand the stock market. However, building relationships and communicating effectively with clients is more important. These people want a dependable partner to manage their money and grow their portfolio over time.
Being a stockbroker is one of the most popular jobs available. In fact, in recent years, many people have begun to work as their own stockbrokers. But it’s not as simple as it appears. Before you can start advising others on what to buy and sell in the stock market, you must first have a thorough understanding of it.
The good news is that if you succeed, it’s a very well-paying job. The more money you make from your skills, the bigger your paycheck will be. Your salary will be determined by your performance.
While this sounds a lot like a financial advisor, there are some significant differences. Stockbrokers specialize in stocks, whereas financial advisors may offer a more comprehensive approach that includes stocks, bonds, funds, and other investments.
#6. Accountant
An accountant is a person who maintains and inspects financial records. Personal and corporate accountants are the two main types. Personal accountants assist individuals in keeping track of their finances and filing their taxes correctly. Corporate accountants work for businesses to ensure their financial health and regulatory compliance.
While an accountant does not need to be as outgoing as some of the other jobs on this list, they do need to be very organized and have excellent attention to detail. They must also be able to explain financial concepts in a manner that non-experts can comprehend.
To become an accountant, you must first obtain a degree in accounting from an accredited university. There are numerous online and offline programs available from a variety of universities. In addition, you must pass the Uniform CPA Examination, a national exam administered by the American Institute of Certified Public Accountants (AICPA).
Accountants earn a median annual salary of $77,250. However, joining an accounting firm as a partner or starting your own accounting practice can earn significantly more money.
#7. Loan Officer
A loan officer is a professional who assists individuals in obtaining loans from banks and other financial institutions. Loan officers typically work for banks, credit unions, and fintech companies. They must be well-versed in the various types of loans available as well as the eligibility requirements for each one. They must also be able to establish rapport with clients and communicate effectively with them.
A degree in finance or a related field from an accredited university is required to become a loan officer. You’ll also need to pass the NMLS exam, which is given by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
The average annual salary for loan officers is $63,380. However, if you work for a large bank or financial institution, you will be able to earn significantly more money.
#8. Private Equity Associate
These individuals work in investment banking and seek out potential investors. They are in charge of assisting with acquired investments and performing due diligence on the bank’s customer experience. Private equity associates also complete deals from start to finish. The average annual salary is $104,551.
#9. Financial Software Developer
A median annual salary of $85,000 is expected for financial software developers. If you want to work in finance and make a good living, you should consider becoming a financial software developer. These individuals design and maintain software that assists businesses and individuals in managing their finances. They are typically employed by banks, accounting firms, or financial services firms.
#10. Chief Financial Officer
Chief Financial Officer is another high-paying position in finance and consumer services. This senior management position is in charge of a company’s financial operations. They may also track cash flow, drive financial planning, and analyze the company’s weaknesses and strengths. The CFO may also be in charge of risk management and investment strategy selection. The average annual salary is $142,619.
#11. Information Technology Auditor
The information technology auditor is in charge of a wide range of risks and internal controls in a financial institution’s computer technology system. This expert monitors the system and ensures that it adheres to industry best practices. The role could entail researching technologies used to identify system flaws. The IT auditor creates reports that detail the system’s findings and recommendations. The average annual salary is $93,446.
#12. Compliance Analysts
Compliance analysts, also known as compliance managers, ensure that organizations’ procedures and operations meet industry and government compliance standards. The average annual salary is $62,675.
#13. CPA Senior Accountant
A senior accountant monitors incoming and outgoing payments and ensures that the ledgers are accurate and audited. They may employ other professionals who work on the books as clerks and bookkeepers and are also overseen. The average annual salary is $81,218.
#14. Hedge Funds Manager
These professionals oversee hedge fund management on behalf of investors, either independently or through investment firms. These professionals work with high-net-worth individuals who want to achieve their investment objectives. This role also involves making decisions about the funds they manage. The decisions influence fund performance and boost total returns for investors. The average annual salary is $85,727.
#15. Concierge
Concierge jobs are customer service positions found in a variety of settings. The majority of concierges work in the hospitality industry, but they may also work in high-end office buildings or apartment complexes.
You must be able to provide excellent customer service while working as a concierge. You will also need to be well-versed in local businesses. A successful candidate will be able to greet customers, take their reservations, and direct them to the appropriate areas.
Guest relations managers are another term for concierges. A hotel concierge’s responsibilities vary, but most of them include assisting guests with luggage, assisting them with travel arrangements, and providing information about nearby attractions. They might be required to work on weekends or other days of the week.
To be a successful concierge, you must have strong communication skills, a positive attitude, and a desire to meet the needs of a wide range of customers. Client concierges can also obtain a variety of professional certifications.
Concierge jobs can be gratifying, but they can also be extremely stressful. Dealing with rude customers, working extra hours, or dealing with other complications can be exhausting.
#16. Auditor
An auditor’s job is to check the accuracy and compliance of financial statements and records with accounting laws. This position is expected to pay around $70,000 per year.
What Qualifications Are Required for the Best Paying Jobs in Financial Consumer Services?
- Excellent communication skills.
Strong communication skills are also required for consumer finance jobs. You must be able to communicate effectively with customers as well as other members of your team. - Organizational abilities
Consumer finance jobs necessitate strong organizational skills. You must be able to stay organized in order to keep track of a large number of customer accounts and requests. - Outstanding customer service abilities
This is possibly the most important skill for any job in consumer finance. You will be dealing with customers on a daily basis, so you must be able to provide exceptional service to them. - Pay close attention to the details.
Attention to detail is another essential skill for finance and consumer services jobs. This job requires you to be able to handle a high volume of customer inquiries and requests, so you must be detail-oriented.
The Branches of Finance Consumer Services
Finance is a vast subject. And there are numerous types of finance consumer services within that field. Here’s a rundown of some of the most popular branches:
- Personal financial planning: Personal financial planners assist clients in setting and achieving financial objectives. They design personalized plans based on a client’s income, debts, expenses, and investment portfolio.
- Investment banking: Investment bankers provide investment analysis and advice. They collaborate with clients to identify opportunities, make recommendations, and provide financial planning advice.
- Insurance: Insurance agents assist clients in selecting the best insurance coverage for their specific needs. They evaluate a client’s risk factors and recommend the best protection policies.
- Accounting: Accountants keep financial records and prepare tax returns. They work with individuals, businesses, and government agencies to ensure that financial regulations are followed.
- Lending: Lenders make loans to individuals and businesses. They evaluate a borrower’s creditworthiness and set the loan terms.
- Financial Analysis: Financial analysts provide information on investments, markets, and economic trends. They use data to identify opportunities and make client recommendations.
Other job opportunities in finance consumer services include risk management, mortgage banking, and commercial lending. Whatever type of job you want, there are a few qualifications that are required for success.
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Best Paying Jobs in Finance Consumer Services: References
