The economy cannot function without consumer financial services. Giving clients analysis and advice on how to manage their finances will be your responsibility. A career in consumer financial services can be extremely professional and financially lucrative.
According to Harvard.edu, the popularity of personal finance has recently increased. Because of inflation and uncertainty about the country’s economic future, people are being more frugal with their spending and saving.
Additionally, they are increasingly seeking financial advice online and on social media. As a result, there is a growing need for financial advice and services. If you’re interested in a career in finance, consumer services are a great place to start.
Personal financial planning, investment banking, and insurance are some of the more well-known financial consumer service branches. There are various job duties and pay ranges in each of these fields.
You will learn about the best-paying jobs in finance consumer services sectors as well as the prerequisites for applying in this article.
Table of contents
What Are the Functions of Consumer Services in Finance?
Consumer financial services offer a significant benefit to society.
They assist people and families with money management, financial planning, and savings.
Finance consumer services careers come in a wide variety, but they all strive to enhance their client’s financial well-being.
For instance, financial planners assist clients in setting goals and developing strategies to achieve those goals. Investment bankers offer analysis and investment recommendations, and insurance agents assist customers in selecting the best protection for their needs.
See Also: 20 Best Paying Jobs in Packaged Foods
What Are the Education Requirements in Finance Consumer Services?
A bachelor’s degree is typically required for careers in finance and consumer services. Employers frequently favor candidates with degrees in business, economics, or a related subject.
Depending on the type of career you want, you might also need to get a few licenses or certificates in addition to a bachelor’s degree.
For example, financial advisors need a Certified Financial Planner (CFP) designation from the Certified Financial Planner Board of Standards. Investment bankers must pass the Series 79 and Series 63 exams by the Financial Industry Regulatory Authority (FINRA).
The Branches of Finance Consumer Services
These are the branches of finance customer services;
- Personal financial planning
- Investment banking
- Insurance
- Accounting
- Lending
- Financial analysis:
Other types of finance consumer services include risk management, mortgage banking, and commercial lending.
Skills for Finance consumer service jobs
You need certain abilities and some industry-specific knowledge and training.
Developing your soft skills may help you move between industries and land the best-paying jobs in finance and consumer services.
Examples of soft skills that support excellent customer service include the following:
- Active hearing
- Adaptability
- Attentiveness
- settling disputes
- Creativity
- Decision-making
- Dependability
- Successful communication
- Empathy
- Friendliness
- understanding of your service or product
- Open-mindedness
- Patience
- quick thinking
- watching for behavioral and emotional clues
- Responsiveness
The Highest Paying Jobs in Consumer Finance and Timeliness
Let’s move on to the article’s main topic: the best-paying jobs in the financial and consumer services industries. We’ll review each job’s responsibilities, possible income, and admission criteria.
The income is sourced from BLS.
- Investment Banker
- Financial Analyst
- Personal Financial Advisor
- Insurance Advisor
- Stockbroker.
- Accountant.
- Loan Officer.
- TECHNICAL SUPPORT ENGINEER
- Hedge fund manager
- Chief Financial officer
- Chief Compliance officer
- E-Commerce Product Manager
- Financial Software Developer
- Compliance Analyst
- Account Manager
#1. Investment bankers
Investment bankers are financial advisors who help clients raise capital by issuing and selling securities.
Although there are a lot of independent businesses, most investment bankers work for banks. They work with clients to identify opportunities and provide suggestions and financial planning guidance.
The urban legend about the Wall Street banker is well known. A life of luxury, million-dollar salaries, and 100-hour work weeks. Even though only the top dogs live in such luxury, that isn’t entirely untrue.
You must possess a bachelor’s degree to work as an investment banker. You must also pass the Series 79 and Series 63 exams by the Financial Industry Regulatory Authority (FINRA).
However, investment banking is still a very lucrative career even if you are not at the top. Finding exact compensation data may be difficult because this job title is frequently grouped with others.
In any case, the Bureau of Labor Statistics reports that the median annual wage is $62,910.
#2. Financial Analyst
A financial analyst is a specialist who offers opinions on investments, markets, and economic trends.
Financial analysts are typically employed by banks, insurance companies, and investment firms. They use data to identify opportunities and offer recommendations to clients.
The role of a financial analyst is to identify market trends and suggest investments in line with them.
You will perform a lot of research, analysis, and critical thinking. The position also comes with a lot of responsibility.
At the very least, you must possess a bachelor’s degree in education. However, many employers prefer candidates with a master’s degree or higher.
But if you’re up for the challenge, financial Analyst is one of the best-paying jobs in finance consumer services.
According to the Bureau of Labor Statistics, the median annual salary for financial analysts is $81,410.
#3. Personal financial advisor
In contrast to analysts who provide opinions on investments, financial advisors offer clients advice on managing their money most effectively. One of the Investment bankers is PFA.
Typically, financial advisors are employed by banks, investment companies, and insurance companies. They evaluate a client’s risk factors and suggest policies that offer the greatest security level.
Financial advisors must have a thorough understanding of financial products and rules.
Similarly, they must be able to connect with clients and communicate clearly with them.
To become a financial advisor, you must have a bachelor’s degree in finance, economics, business, statistics, or a related field, though many employers prefer candidates with master’s degrees.
The Certified Financial Planner (CFP) is one of the certifications employers seek for many financial advisor positions.
If you’re up for the challenge, it’s a very rewarding job, both financially and personally. The median salary for financial advisors is $94,170, according to the Bureau of Labor Statistics.
This is the best article you need to read: 20 Best Financial Advisors 2023
#4. Insurance Advisor
An insurance advisor is a professional expert whose job is to help clients choose the right insurance policies. They evaluate a client’s risk factors and suggest policies that offer the greatest security level.
Insurance advisors work in banks, investment firms, and insurance companies. They sell a variety of insurance policies, such as life, health, and auto insurance.
An insurance advisor needs to be well-versed in the products they sell and the legislation that controls them.
Being an insurance advisor is something you learn on the job, so you don’t need a degree to get started. However, enrolling in a few communication and psychology courses will offer you an advantage.
Even though it is not one of the best-paying jobs in finance consumer services on this list, it pays respectable compensation and has few educational requirements.
The average annual wage for insurance advisors is $49,840.
Even so, since it is a commission-based sales job, you can make much more if you’re good at it.
#5. Stockbroker
A stockbroker is an expert who purchases and sells stocks on behalf of customers. Typically, a stockbroker can gain employment in banks, investment organizations, and FinTech businesses.
Being a good stockbroker requires having a thorough understanding of the stock market. However, the capacity to interact with clients and communicate well with them is more significant.
Clients seek reliable brokers to handle their financial affairs and increase their portfolios.
Among all other jobs in this list of best-paying jobs in finance consumer services, stockbroking is one of the most in-demand ones.
In fact, in recent years, many people have begun to work as their stockbrokers, but it’s not as simple as it seems. Before you can start advising others on what to buy and sell on the stock market, you must thoroughly understand it.
The good news is that it is a very well-paying job if you are successful. Your income increases as you earn more money using your skills. Your pay will be based on how well you perform.
Despite how much this resembles a financial advisor, there are some significant differences.
Financial advisors may offer a more comprehensive approach that includes stocks, bonds, funds, and other investments, in contrast to stockbrokers who concentrate solely on stocks.
You can learn the salary of Stockbrokers here: How Much Does a Stockbroker Make in a Year?
#6. Accountant
An accountant is a specialist in keeping and examining financial records. The two main categories of accountants are individual and business. Personal accountants work closely with clients to ensure they handle their money wisely and submit their taxes on time.
Corporate accountants help businesses keep their finances stable and in compliance with regulations.
Even though they don’t need to be as outgoing as some of the other jobs on this list, accountants still need to be extremely organized and have excellent attention to detail.
Additionally, they must be able to explain financial concepts in a way accessible to laypeople.
You must have a degree in accounting from an approved university if you wish to work as an accountant. You can pick from a choice of universities that provide both online and offline programs.
Another prerequisite is passing the national Uniform CPA Examination offered by the American Institute of Certified Public Accountants (AICPA).
A certified public accountant makes $77,250 on average yearly. But if you join an accounting firm or start your own accounting business, you might make a lot more money.
As an Accountant, you need to know about the Best Small Business Accounting Software In 2023.
#7. Financial Advisor
A loan officer is a professional who helps customers get loans from banks and other financial institutions.
This is another best-paying jobs in finance consumer services.
Loan officers must thoroughly know the different loan types available and the requirements for each. They typically work for fintech companies, banks, and credit unions.
They also need to connect with customers and communicate effectively with them.
To become a loan officer, you must have a degree in finance or a closely related field from an accredited university.
You must also pass the National Mortgage Licensing System (NMLS) exam, which is offered by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
The salary for loan officers is typical $63,380 annually. However, working for a sizable bank or financial institution can make much more money.
#8. Account Manager
Average Salary: $100,000
The consumer services account manager monitors each account to ensure that every team member contributes and makes a significant effort to meet company goals and objectives.
Account managers must keep the team informed about the work and deadlines by communicating with them. They must next envision how the entire plan will function and what the task will require.
Customers hold account managers in high regard, making them one of the best paying jobs in finance consumer services sector.
An account manager needs a bachelor’s degree in business administration, sales, or a closely related field.
See Also: 15 Best Paying Consumer Services Jobs
#9. Technical Support Engineer
Average salary: $72,773
This is one of the best-paying jobs in finance consumer services.
Technical support engineers in the consumer sector must be able to address any software bugs or problems.
Technical support engineers typically work remotely and provide direct client assistance. They must have excellent interpersonal and patience skills.
It is a great alternative to the highest-paying consumer services jobs because it requires patience and solid interpersonal contact skills. The majority of technical support specialists are engineers who specialize in robotics or computer science.
#10. Hedge Fund Manager
The average price of $145,000
Financial organizations or private individuals collaborate with skilled analysts to establish hedge funds. Hedge fund managers with a great track record possess various talents despite making six figures annually.
You need expertise in a range of areas, such as risk management techniques and investment options, to succeed as a hedge fund manager. You might pick up the necessary skills despite the difficulties and get hired.
Many businesses demand a master’s degree in accounting or finance in addition to a bachelor’s degree when hiring a hedge fund manager.
#11. Chief Financial Officers
Average salary: $140,000
The Chief Financial Officers (CFOs) who oversee corporate accounts are accountable for the accuracy of financial reports. The delicate responsibilities of this position include:
- Making prudent financial decisions.
- Meticulously managing the budget.
- Making recommendations on how to spend company money efficiently.
A minor financial mistake could result in a business failing or operating ineffectively. Given that a finance executive has one of the highest salaries in the consumer services sector, this description should show how crucial the work is.
A chief financial officer must have a bachelor’s degree in finance or a related field.
This is one of the best-paying jobs in finance consumer services.
#12. Chief Compliance Officer
Average annual salary: $120,000
Chief compliance officers monitor whether businesses are adhering to regulations, just as chief financial officers keep an eye on a company’s financial records. Companies that don’t understand how they’re breaking these rules risk severe penalties.
As a result, Chief Compliance Officers (CCOs) are hired to keep an eye on the company’s decisions and inform the department in charge of making them of any potential compliance violations.
A Chief Compliance Officer needs to be well-versed in compliance requirements and keen eye to spot the company’s mistakes. A Chief Compliance Officer needs a bachelor’s degree in finance, criminal justice, or business to perform this job.
#13. E-Commerce Product Manager
Average Salary: $114,000
As the popularity of e-commerce enterprises rises, so makes the industry’s demand for product managers. E-commerce product managers ensure that e-commerce websites function correctly and without mistakes or poor management.
As e-commerce has developed recently due to greater client feedback, product managers for e-commerce are in charge of ensuring the high quality of the products.
Through e-commerce product managers, the company’s development team is connected to its other divisions. To enhance the company’s products and services, they examine customer feedback. It is among the highest paying jobs in the consumer services industry as a result.
An e-commerce product manager must have a bachelor’s degree in business administration or operations management.
#14. Financial Software Developer
Salary on Average: $105,000
Today, every company knows that a software developer is necessary to oversee the company’s online activities. One essential element of these activities is the company’s online financial presence.
Software developers with strong financial skills and the ability to guide an organization’s economic expansion are a good fit for this position. It’s one of the highest paying jobs in the consumer services sector because you can expect a nice salary if you develop the necessary skills.
To work in the financial software sector, you must possess a bachelor’s degree in software development, engineering, or computer science.
This is the last best-paying jobs in finance consumer services on this list.
#15. Marketing Manager
Average Salary – $105,295
A marketing manager’s job is to create brand awareness, sell products or services, and implement a marketing strategy.
To become a marketing manager, you need a bachelor’s degree in any business field, preferably in marketing and even communication.
The average salary for this position is about $105,295 per year.
See Also: 15 Best Jobs In Japan For Foreigners
Conclusions
Financial services for consumers are growing. People are looking for ways to save and invest their money.
Many occupations and jobs are available in consumer financial services with great pay. While some may not be as glamorous as others, they all have the potential to be quite lucrative.
Therefore, if you’re looking for one of the best-paying jobs in finance consumer services, don’t be afraid to explore all your options. There are numerous jobs available, and each has unique benefits.
Establish your career objectives and how to make the most of your strengths for a successful career.
FAQs
Consumer financial services are also called retail financial services. They are financial services offered to consumers. They cover various products such as current and savings accounts. payment services, etc.
Investment Banker
Financial Analyst
Personal Financial Advisor
Insurance Advisor
Stockbroker.
Accountant.
Loan Officer.
TECHNICAL SUPPORT ENGINEER
Hedge fund manager
Chief financial officer
Chief compliance officer
E-Commerce Product Manager
Financial Software Developer
Compliance Analyst
Account Manager
References
- Harvard.edu – Department of Finance
- BLS– Job Outlook of Finance Consumer Services
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