How Many Jobs are Available in Finance Consumer Services

Working in consumer finance can be both financially and professionally rewarding. The economy depends on finance consumer services, which significantly benefit consumers. You’ll be responsible for providing your clients with advice and analysis on managing their money.

Personal finance has become a popular subject in recent months. Because of inflation and uncertainty about the country’s economic future, people are more frugal with their money and time. Consequently, there is an increasing demand for financial assistance and services.

This post will discuss how many jobs are available in finance consumer services.

What are finance consumer services?

Before learning how many jobs are available in finance consumer services, let’s first understand what finance consumer services are.

A consumer service in the finance sector is an initiative, product, or service that provides financial products and services to consumers. These services include mortgage assistance or credit counseling, for example.

Consumer services in the finance industry assist customers in making intelligent financial decisions and obtaining the products and services they require to maximize their financial resources.

In addition, the finance sector can assist customers in developing financial literacy. For example, students can learn how to budget, handle debt, and invest money appropriately.

Now that we know what finance consumer services are, let’s discuss how many jobs are available in finance consumer services.

What are the branches of finance consumer services?

Finance is a vast field. And within that field, many various types of finance consumer services exist. Here are some of the most famous branches:

• Personal financial planning: Personal financial planners help clients set and reach financial goals. They create custom plans considering a client’s income, debts, expenses, and investment portfolio.
• Investment banking: Investment bankers provide analysis and advice on investments. They work with clients to identify opportunities, make recommendations, and provide guidance on financial planning.
• Insurance: Insurance agents help clients choose the best insurance coverage for their needs. They assess a client’s risk factors and recommend the most protection policies.
• Accounting: Accountants manage financial records and prepare tax returns. They work with individuals, businesses, and government organizations to ensure compliance with financial regulations.
• Lending: Lenders provide loans to individuals and businesses. They assess a borrower’s creditworthiness and determine the terms of the loan.
• Financial analysis: Financial analysts provide insights on investments, markets, and economic trends. They use data to identify opportunities and make recommendations to clients.

There are many other types of finance consumer services jobs, including risk management, mortgage banking, and commercial lending, which we will discuss later in this article.

Is finance consumer services a promising career path?

While wondering how many jobs are available in finance consumer services, you must be curious to know if this sector is a good option for your career.

The majority of industry professionals consider a career in finance consumer services to be worthwhile. The sector is predicted to create more than 700,000 new jobs over the following ten years, according to the BLS (Bureau of Labor Statistics). Furthermore, the BLS anticipates that the sector will add 8 percent more workers over the next decade.

If you’re thinking about a career in financial or consumer services, check out all the possibilities. This industry employs many individuals with professional accounting and financial planning training, so ensure you have a robust foundation in these subjects.

Finally, be mindful of the prerequisites for any job you’re interested in, as some might require a specific certification or level of experience.

What are the best paying jobs in finance consumer services (financial services jobs salary)?

Now that you know how many jobs are available in finance consumer services, it will also be in your best interest to learn the best-paying jobs in finance consumer services.

The financial consumer services sector offers competitive remuneration, but not every job pays the same, so here are the industry’s top seven highest-paying jobs.

1. Investment Banker

Average Salary: $80,540

Investment bankers help clients raise capital by issuing and selling securities. Investment bankers work for banks and independent firms, advising clients on financial planning. They assist clients in identifying opportunities, making recommendations, and providing financial planning advice.

Although working 100-hour weeks, making millions of dollars, and enjoying a luxurious lifestyle are all myths, only the top personnel enjoy that level of luxury.

To become an investment banker, you must hold a bachelor’s degree in finance or economics. You must also pass the Series 79 and Series 63 FINRA exams.

2. Financial Analyst

Average Salary: $72,672

Banks, insurance companies, and investment firms employ financial analysts who analyze investments, markets, and economic trends. A financial analyst uses the information to discover opportunities and recommend clients.

To find trends in the market and suggest appropriate investment decisions, a financial analyst must perform a lot of research, evaluation, and critical thinking. The role is demanding, and it comes with a lot of responsibility.

Those with a master’s degree or bachelor’s in finance, accounting, economics, statistics, business management, or mathematics are highly suitable for this job.

3. Personal Finance Advisor

Average Salary: $89,330

Analysts don’t advise clients on how to manage their money; financial advisors do. Financial advisors work for banks, investment companies, and insurance companies, and they help clients manage their money. They assess a client’s risk factors and advise on the most suitable protection policies.

A financial advisor must thoroughly understand financial products and regulations, develop rapport, and communicate with clients. Accounting, business, law, and economics bachelor’s degrees are required to become a financial advisor, but employers prefer those with master’s degrees.

4. Insurance Advisor

Average Salary: $88,969

An insurance advisor helps clients compare insurance quotes to select the most appropriate policy. They analyze a client’s risk factors and suggest coverage that will provide the most excellent protection. It is essential to understand the insurance they offer and the laws and regulations governing them.

Because they provide a vast range of insurance products such as life, health, and vehicle insurance, investment and banking firms frequently employ insurance advisors.

An insurance agent must have a minimum high school diploma or GED. You do not need a degree to begin as an insurance advisor, as it’s something you learn as you go.

5. Stock Broker

Average Salary: $74,580

Stockbrokers help clients invest in and sell stocks. Banks, investment firms, and fintech businesses employ stockbrokers. Stockbrokers must be not only well versed in the stock market but also be able to establish strong connections with clients.

Due to the popularity of this profession, many people have begun operating as their stockbrokers in recent years. A bachelor’s in business, economics, finance, or accounting is usually required to be a stockbroker.

However, it isn’t as simple as it appears. Before advising others on a suitable investment, you must have a deep knowledge of the stock market.

6. Accountant

Average Salary: $73,560

Personal and corporate accountants keep and inspect financial records. They work with individuals to guarantee they keep accurate financial records and pay taxes.

Corporate accountants examine businesses’ economic well-being and legal compliance, while personal accountants focus on individual taxpayer issues. An accountant must have excellent attention to detail, be highly organized, and be able to explain financial concepts to non-experts. It will help if you get a degree in accounting or business to become an accountant.

7. Loan Officer

Average Salary: $215,661

A loan officer works with individuals and businesses to help them get financing from banks and other financial organizations. Banks, credit unions, and fintech businesses employ loan officers.

To be eligible for the various kinds of loans, loan officers must know everything about them. Furthermore, they must be able to establish relationships and communicate effectively with clients.

Before becoming a loan officer, you must obtain a finance degree from an accredited institution. In addition, you must pass the National Mortgage Licensing System (NMLS) exam.

Now coming back to the question- how many jobs are available in finance consumer services?-plenty! As you can see, all the above best paying jobs are in finance consumer services.

8. Chief Financial Officer

A senior executive in charge of supervising all company’s financial operations is called the chief financial officer, or CFO.

Majority of the financial decisions made in a company takes place in the office of the chief financial officer.

The salary for the CFO position is relatively substantial.

Average yearly salary of a Chief Financial Officer amounts to $139,452, making it one of the best paying jobs in finance consumer services.

8. Financial Software Engineer

A financial software engineer is an expert who creates, modifies, and maintains software applications for the banking and financial industries.

They work together with a wide range of businesses to develop software for various purposes, including financial education software and software for debit and credit card processing.

As one of the high paying jobs in finance consumer services, the annual salary of a financial software engineer amounts to an average of $106,345.

9. Compliance Officer

A compliance officer ensures that a firm complies with both the external regulatory standards and the internal regulations that it has established.

Compliance officers actively monitor their employers to ensure they follow company policy.

Compliance officers can advance their careers to chief compliance officer.

An annual average salary of $121,698 is considered for a chief compliance officer within the finance consumer services industry.

10. Hedge Fund Managers

A hedge fund manager performs duties analogous to those of an investment banker.

They are often employed at hedge funds, where their primary duty is to monitor investment accounts.

Additionally, they assist investors in managing their investments by tracking liquidity.

The average yearly salary for a hedge fund manager is $145,768, making it one of the best jobs in finance consumer services.

12. Information Technology Auditor

Information technology auditor is highly lucrative and one of the best paying jobs in finance consumer services.

IT auditors work for government agencies or private companies to confirm technology infrastructure meets compliance needs and other enterprise IT needs.

They spend their days conducting IT audits.

National average salary for information technology auditor is $101,751 per year.

14. Bank Teller

You can work in a bank teller position and earn an average salary of $36,120 per year.

As a Bank teller, you have to work for banks and credit unions to help customers manage their financial transactions.

15. Call Center Representative

One very popular position under the best paying jobs in finance consumer services is the call center representative.

They earn an average salary of $35,723 per year.

In this position, you have to work for a contact center or telemarketing firm and manage inbound and outbound calls.

16. Receptionist

If you have excellent customer service skills, you can work as a receptionist in the finance consumer services industry and earn an average salary of $36,664 per year.

A receptionist works for various organizations in a front desk environment. They greet customers, answer questions and phone calls.

They also document complaints and help direct customers to the appropriate employee or department for their needs.

17. Account Coordinator

The Account Coordinator position makes our list of the best paying jobs in finance consumer services.

Account Coordinators work for marketing agencies to offer administrative support to senior client services staff. They are paid an average salary of $44,139 per year.

You might like: (Q&A) Predictive Index Test: What it is and How to Prepare

18. Client Relations Specialist

Client relations specialist earn an average salary of $43,956 per year.

These professionals work on behalf of various organizations to ensure long-term customer satisfaction.

19. Concierge

If you have an impeccable customer service skill and like to work in a hotel, you can land a job as a concierge with an average salary of $33,886 per year.

Job duties of a concierge is to welcome guests, help to confirm their reservations, show guests around the facilities, and ensure they have everything they need for a comfortable stay.

20. Service Adviser

The service adviser is another high paying job in finance consumer services with an average salary of $43,336 per year.

Service advisers generally work for an auto dealership service center as a liaison between customers and service technicians.

22. Member Services Representative

A member service representative is a specialized customer service staff who handles all membership-related issues of an organization or company.

They are tasked with listening to members (or prospective members) to identify their requirements and concerns.

Member services representatives must provide information on membership fees and policies and resolve any payments-related issues.

Moreover, these professionals may also make sales pitches to existing clients (cross-selling).

The yearly average salary for member services representative is $36,692.

23. Social Media Customer Care Associate

With the growing influence of social media and its impact, finance consumer services industries are looking for specialized workforce who can handle their online presence.

The job description of a social media customer care associate is to manage the online presence (social media) of a business or an organization.

These professionals are not just required to handle the company’s social media pages but also respond to issues and queries on various online platforms.

The yearly average salary of a social media customer care associate in the United States is $47,321.

24. Implementation Specialist

Implementation specialists help customers with products and services after a sale is completed.

Their job objective is to ensure that the purchased product satisfies the customer’s technical requirements.

An implementation specialist is required to work closely with customers/clients to make necessary customization in the software. They may also help customers with software installation.

Communication skills, advanced technical knowledge, and an in-depth understanding of the company’s products are a must to excel in this profession.

The average base salary of an implementation specialist is $65,776 a year.

26. Tax Preparers

If you’re great with numbers, enjoy meeting people and want to earn a handsome salary, tax preparation might be right for you.

According to report, tax preparers can make an average of $41 per hour.

Career opportunities for tax preparers are expected to grow by 24 percent between 2012 and 2022.

The average base salary of a Tax Preparer is $46.860 a year.

27. Credit Counselors

While credit counselors don’t directly deal with finances or consumer goods, they do provide valuable services to both people and businesses.

Also, because many of these counselors work with borrowers who have defaulted on loans, these professionals need strong conflict-resolution skills to remain calm when dealing with unhappy clients.

Credit counselors average salary per year is given to be $46,170.

28. Claims Adjusters

Claims adjusters’ reviews insurance claims and notifies policyholders of their options.

To become a claims adjuster, you’ll need training in law, and education such as associate degree from an insurance college.

The average annual salary for a claims adjuster is $54,220.

29. Technical Support Engineer

Most technical support engineers have at least a bachelor’s degree in computer sciences, robotics, or another technology-related field.

They need to know the specific ins and outs of the programs they support as well as many other pieces of hardware and software.

Most technical support engineers work remotely and talk to individuals through the task at hand.

This requires excellent interpersonal communication skills as well as a great deal of patience.

Technical support engineer earns an average annual salary of $81,000 per year

You might like: 10 Best Engineering Staffing Agencies In America

30. Chief Customer Officer

Not all businesses have a Chief Customer Officer, in fact, this is a relatively new position, but its existence underscores the value of the customer.

This job is in the upper hierarchy of a company, along with the CEO, COO, and CFO.

Their primary focus is the customer’s experience when interacting with the brand.

This can be through digital means, in person, marketing, and the product or service itself.

There’s a lot of responsibility with this role, and a high salary comes with the work.

Average Annual Salary is a whopping $232,400.

31. Host/Hostess

You’ll often find a host or hostess in a restaurant, but that’s not the only place they’ll be found.

There are more and more businesses in the finance consumer service industry seeing the value of using hosts to greet their guests and start their experience on a friendly approach.

This is an entry-level position and great for individuals who love working with others.

Average Annual Salary: $22,000

 

Summary Table: How many jobs are available in finance consumer services?

Careers in Finance Consumer Services	Average Salary	Minimum Education
Investment Banker	$80,540	Bachelor’s Degree in finance or economics
Financial Analyst	$72,672	Bachelor’s Degree in finance, accounting, economics, statistics, business management, or mathematics
Personal Finance Advisor	$89,330	Bachelor’s Degree in accounting, business, law, or economics
Insurance Advisor	$88,969	High school diploma or GED
StockBroker	$74,580	Bachelor’s Degree in business, economics, finance, or accounting
Accountant	$73,560	Bachelor’s Degree in accounting or business
Loan Officer	$215,661	Bachelor’s Degree in finance

What is the career outlook for finance consumer services industry?

The career outlook of the finance consumer services industry is pretty positive. According to the BLS, the finance consumer services sector is set to expand and grow over the next decade, creating thousands of new jobs.

Between 2020 and 2030, the BLS predicts that the industry will add more than 700,000 additional employment because more people can benefit from financial goods and services and more companies offer them.

Human resources managers, marketing professionals, and financial analysts are in demand in the financial consumer services sector. These positions typically oversee the day-to-day activities of an organization or division offering finance consumer services, and products, including investment advice, credit counseling, and mortgage assistance.

What skills are necessary to get a job in finance consumer services?

Let’s study how many jobs are available in finance consumer services and what skills are necessary for these jobs now.

When searching for a position in finance, it is not what you know but what you can provide that matters. Employers in the financial sector are increasingly seeking employees with ‘soft skills,’ defined as interpersonal skills.

To prove their value at work, candidates should demonstrate these five skills.

#1. Communication: Good communicators are in high demand across various industries, and they’re essential in professions where employees must communicate their specialized knowledge to others. Without you to justify and explain your calculations, numeracy won’t get you far in finance.

#2. Negotiation: Negotiation skills allow parties to reach an agreement that benefits everyone. When dealing with clients, it is vital to be able to defend your position without offending them. It is also essential when managing expectations.

Negotiation skills will give you an advantage in any financial situation. Poor negotiating ability may damage interpersonal relationships or lose revenue for a company.

#3. Influencing: Finance professionals must be able to show how their objectives are mutually beneficial and how they anticipate objections.

For example, an investment banker who wants to sell off a stake in a joint venture must be able to show how this will benefit the bank—even if some coworkers disagree.

#4. Critical thinking: A critical thinker assesses a situation from a neutral point of view or conceptualizes it logically. Customers and clients frequently look to financial professionals for objective assessments of a problem – whether it be a balance sheet or the performance of a stock.

In fast-paced business environments, poorly-reasoned decisions can both waste time and money.

#5. Flexibility: Being able to weather change and function effectively in high-pressure situations is a hallmark of flexible employees. Stockbrokers provide the best illustration of this, as their day-to-day work focuses on mitigating constant fluctuations and choosing the optimal path.

However, having a flexible mindset also means seeing through other people’s eyes and understanding their motives.