The finance consumer services industry is expanding. People are searching for methods of investing and saving their money which is why the best paying jobs in finance consumer services are substantial. Also, there are more chances for people to make money when the stock market becomes more unpredictable.
Furthermore, the field of finance consumer services offers a wide variety of careers. All of them have the potential to be immensely well-paying, even though some of them might not be as glamorous as others.
This article will provide an overview of the best-paying jobs in the finance consumer services industry.
Why Choose Finance Consumer Services?
Job security is the best justification for picking a position in finance consumer services. This field has existed for many centuries and is not likely to disappear. The core of the business—investing and borrowing—will never change, even while there are changes in how individuals invest and the tools you have at your disposal to execute your work.
Some other reasons why you might want to choose a career in finance consumer services are:
Possibility of development
Suppose you’re prepared to learn the ropes and prove yourself. In that case, you can work your way up in this finance consumer services sector because there are plenty of junior and senior-level opportunities available.
Career switch while remaining employed
There are many subtleties in this career that lead to numerous specializations. There’s no need to leave banking if you discover that you don’t enjoy your current position; you may go to another sector of the finance consumer industry.
Possibility of a lucrative compensation
Your chances of moving up and making more money are better the more you’re willing to learn and demonstrate your abilities. In our line of work, dealing with money is something you do all day long, and it tends to involve high paychecks.
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What are the Different Types of Finance Consumer Services Jobs? If any exists
The finance industry offers a variety of job opportunities in the consumer services sector for both newbies and advanced professionals.
The different types of finance consumer services jobs include
Personal financial planning
Personal financial planners assist their clients in setting and achieving financial objectives. They develop unique plans considering each customer’s income, obligations, spending, and investment portfolio.
Investment Banking
Investment bankers offer investment analysis and recommendations. They collaborate with clients to find possibilities, offer suggestions, and offer financial planning advice.
Insurance
Insurance agents assist clients in selecting the appropriate insurance plan for their requirements. They evaluate a client’s risk characteristics and suggest policies that will offer the most significant level of security.
Accounting
Accountants help manage financial records and prepare tax returns. Also, they work with private and public organizations to ensure compliance with financial regulations.
Financial Analysis
The work of financial analysts is to provide insights on investments, market structures, and economic trends. Also, they use data to identify alternatives and make suggestions to clients.
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The Benefits of a Career in Finance Consumer Services
The field of finance consumer services offers a variety of benefits. The possibility of significant earnings is one of the most evident advantages.
There are numerous positions in finance consumer services that pay significantly above average. Bonuses and other forms of compensation are also standard in many finance consumer occupations.
Also, the chances of working in a range of different businesses is another advantage of a career in finance consumer services. Interested persons can work in banking, insurance, real estate, and investment planning.
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How Many Jobs are Available in Finance Consumer Services Field?- Best Paying Jobs in Finance Consumer Services
There’s no specific number of available jobs in the finance consumer services field. Several lucrative subfields in the industry have good salaries and job outlooks.
If you’re trying to figure out if finance consumer services are the right career path for you, here’s a list of some of the best-paying jobs available in the consumer services field.
- Financial Software Developer
- Private Equity Associate
- Hedge Fund Manager
- Investment Banker
- Financial Analyst
- Economist
- Chief Financial Officer
- Accountant
- Information Technology Auditor
- Insurance Advisor
- Chief Compliance Officer
- Financial Advisor
- Corporate Finance Manager
- Tax Examiner
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20 Best Paying Jobs in Finance Consumer Services in 2023
The finance consumer service industry is a very competitive and highly lucrative career path as it offers graduates and professionals a wide variety of job opportunities in areas such as banking, investment planning, financial technology (fintech), and more.
Here’s a list of the 20 best-paying jobs in finance consume services:
1. Chief Financial Officer (CFO)
The chief financial officer or CFO is a professional who supervises all the organization:s economic activities.
This position is very significant and demanding to fill because the majority of the financial decisions in an organization are confirmed in the office of the chief financial officer.
Also, the CFO receives a salary package on the higher end of the income scale. The annual pay of a Chief Financial Officer is typically in the range of $142,719 on average.
2. Private Equity Associate
Private equity associates are financial experts that work in investment banking to find potential investors.
In addition, they assist with already acquired investments and execute due diligence with the existing customers of the investment bank—also, private equity associate work on contracts.
A private equity associate has an average annual salary of $104,551.
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3. Compliance Analyst
A compliance analyst’s role is to design standard and secure systems to facilitate the delivery and continuous maintenance of compliant infrastructure.
Additionally, they assist companies in maintaining and adhering to all standards, facilitating the company to better prepare for audits.
A compliance analyst earns an average of about $77,456 per year.
4. Financial Software Developer
This is one of the most sought-after jobs in the finance consumer industry. A finance software developer is responsible for developing, improving, and updating the banking and finance sector software programs.
More so, these professionals develop credit card and financial education software, among other things. The average salary of a finance software developer is $119,954.
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5. Accountant
This is one of the best paying jobs in finance consumer services. An accountant is a trained professional that keeps comprehensive records of all financial transactions that have taken place and give feedback on that organization’s business activities.
Also, accountants are responsible for evaluating the company’s financial statements and confirming that the accounting records are accurate.
Accountants make a minimum of $82,471 per year.
6. Hedge Fund Manager
A hedge fund manager functions independently or in investment companies to supervise hedge fund management on behalf of financial investors.
In addition, these professionals work for top investors who want to outsource their finances to achieve their investment goals. This position also centers around decision-making regarding the funds they manage.
To succeed in this position, hedge fund managers may be required to have some professional certifications such as the Chartered Alternative Investment Analyst certification and Chartered Financial Analyst certification.
The average salary of a hedge fund manager is $85,727.
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7. Financial Analyst
In the finance sector, financial analysts are crucial. They provide clients with investment advice and assess stock and market performance while considering historical and current economic data. These professionals also produce studies and projections to advise clients on the best course of action.
Financial analysts examine the company’s fundamentals, the microeconomic and macroeconomic environment, and other industries to produce projections.
The financial analyst must have additional interpersonal and soft skills to work in this sector.
8. Insurance Advisor
The work of an insurance advisor is to provide financial advice on investing, retirement, and protecting any risks. In addition, they complete financial needs analysis, including tax status, liabilities, risk analysis, and insurance.
Also, insurance advisors organize meetings with clients, evaluate their risks, examine their financial portfolios, and proffer financial suggestions. This is one of the high paying finance consumer services jobs.
An insurance advisor makes an average of around $54,392.
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9. Information Technology Auditor
The work of an information technology auditor involves dealing with a wide variety of risks and internal management in the computer technology system of a financial institution. This professional monitors the procedures and ensures that it is up to date with the best strategies in the industry.
The information technology auditors also help formulate and execute internal audit strategies, maintain account records, guide IT staff, and prepare statements for management.
The average salary of an information technology auditor is $93,446.
10. Chief Compliance Officer
This is one of the best-paying jobs in the finance consumer services industry. These professionals work in top finance companies and oversee compliance matters.
Also, the chief compliance officer ensures that the organization rectifies its regulatory and compliance requirements and adheres to corporate procedures and policies.
The average salary of a chief compliance officer is $125,892. The salary outlook for this position has a future 17% increase in the coming years.
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11. Portfolio Manager
A Portfolio manager’s responsibility is to oversee and manage institutional and retail client investments. Also, they propose investment strategies to clients and usually have an elective power in executing those strategies to achieve the client’s goals.
After obtaining a four-year college degree, many portfolio managers also attain the Chartered Financial Analyst (CFA) certification.
The average salary of a portfolio manager is around $90,805 per year.
12. Investment Bankers
The role of an Investment banker is to help corporations and governments generate monetary value through bonds, stocks, public offerings, venture capitalism, and mergers and acquisitions (M&A)
To be eligible for this position, interested persons at expected to have obtained a degree in finance, economics, or a quantitative or business-focused field, plus an MBA or a master’s in finance (ideally from a prestigious institution).
An investment banker earns an average salary base of $102,295 annually, with other benefits.
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13. Actuary
Actuaries are experts that analyze the monetary impacts of risk by using math, statistics, and theory. The work of actuaries involves gathering, assembling, and analyzing data to assess the probability and likely costs of specific events such as injury, illness, disability, death, and property loss.
To excel as an actuary, you need a good background in mathematics and a four-year degree in actuarial sciences, mathematics, statistics, finance, or economics.
Also, to attain full professional status, you must become an associate or fellow of the Casualty Actuarial Society (CAS) or the Society of Actuaries (SOA).
14. Financial Planner
Financial planners are experts that help individuals develop suitable strategies to ensure the security of their finances. Also, they evaluate a client’s financial goals and generate appropriate plans for saving and investments.
Most financial planners work independently or for locally based firms. Some planners have a fixed fee, and others charge a percentage of the client’s assets under management (AUM).
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15. Financial Managers
This is one of the high paying jobs in finance consumer services. Financial managers keep an eye on several areas of a company’s finances. Chief financial officers and top executives can seek advice on potential investment opportunities to increase or optimize revenues.
A financial manager may oversee a company’s whole economic operation in smaller businesses; in larger ones, they might focus on more specialized areas like risk management, credit, or cash flow.
Depending on the firm and industry, financial managers are responsible for various tasks, including market trend analysis, financial forecasting, and investment management.
Also, they earn an average of $131,710 per year in 2021. Job opportunities for financial managers are projected to grow by 17%.
16. Budget Analysts
Budget analysts create annual reports and budgets. They assist public and private institutions, such as colleges, businesses, and government agencies, in analyzing their financial situation and recommending changes to expenditure or funding to the organization’s requirements.
Budget analysts ensure that expenditure stays below planned limits and that budget proposals adhere to regulations. They also predict financial demands and perform cost-benefit analyses.
In 2021, the average yearly salary for budget analysts was $79,940. The need for workers in this field is anticipated to increase by 5%.
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17. Economic Analysts
Economists who work as analysts for private companies analyze economic trends, create models, and produce reports. Additionally, financial analysts gather and analyze data for federal government agencies to aid in the spending projection.
To examine vast amounts of data, economists need advanced knowledge of mathematical models and statistical methods.
In most cases, they require a master’s or doctoral degree in economics or mathematics and previous experience using statistical analysis tools in the workplace. This is one of the best paying finance consumer services jobs.
The BLS projects that by May 2021, the median annual wage for economists will be $94,710 and that employment in this field will increase 13% from 2020 to 2030.
18. Financial Systems Directors
They are responsible for designing and implementing business systems within organizations.
These directors might collaborate closely with IT departments to set up systems for monitoring capital allocation and gathering economic data. They also find solutions to streamline operations and guarantee the stability of system infrastructures.
Financial systems directors often require a bachelor’s degree in database management, information systems, or computer science. Additionally, they could obtain professional certification in SQL tools and databases like Oracle’s WebLogic.
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19. Management Analyst
Management consultants or analysts review a company’s operations and suggest ways to improve them.
To create documentation and advise executives on deploying new systems, management analysts gather financial data, such as expenditures and revenue. They look for ways to increase an organization’s profitability and efficiency. This is one of the high paying jobs in finance consumer services.
Management analysts made an average of $93,000 in 2021. Additionally, job opportunities in this field are expected to grow by 14% between 2020 to 2030.
20. Finance Examiner
This is one of the best paying jobs in finance consumer services. Financial examiners check banks to ensure they comply with all applicable laws, rules, and regulations. Financial examiners are typically employed in risk analysis or consumer compliance.
Risk assessment inspectors ensure that banks have adequate cash on hand to provide loans and deal with unforeseen losses and that financial institutions are in good financial standing.
Examiners of consumer compliance keep an eye on banks’ lending policies to ensure that borrowers are treated fairly and that lenders follow the law. This includes preventing discrimination against borrowers based on gender, color, ethnicity, or other characteristics.
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How to Get a Job in Finance Consumer Services
The finance consumer services industry provides valuable benefits to society as they help individuals save money, make conscious financial decisions, and plan for their future.
With the wide range of job opportunities in the industry, pursuing a career in the finance consumer services industry is a good idea.
Below are ways to help you land a job in finance consumer services.
Do your research
When applying for any industry job position, you must conduct research and get important information about the position.
Doing so will give you a better understanding of the skills and qualifications needed to excel in the field.
Build a networking system
Networking is pivotal in the finance consumer services industry. Get connected with persons who are already working in the industry. Also, attend events, join professional associations, and reach out to contacts you may have.
Gain further experience
If you have little to no experience working in finance consumer services, there are other ways to build your skills and knowledge.
First and foremost, consider pursuing a degree or certification in finance, accounting, or any closely related discipline.
Also, you can gain experience applying for internships at a financial institution.
Highlight your strengths
When you’re applying for jobs, ensure to highlight the skills and qualifications that make you the best fit for the role.
Also, emphasize your analytical and mathematical abilities, as well as your excellent communication skills and interpersonal skills.
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The Skills Required for a Career in Finance Consumer Services
Aside from having an educational background in finance or any related discipline, you must possess some of the basic skills needed to pursue a career in the finance consumer services industry.
Some of these skills include
- Good communication skills
- Time management
- Technology Expertise
- Analytical thinking
- Problem-solving skills
- Profound knowledge of financial software
- Organization and strong attention to detail
- Stellar written and verbal communication skills
- Active listening
- Clerical knowledge
- Business knowledge
- Customer service
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What if You Don’t Have a Degree?
Although the finance consumer services industry is highly competitive, many entry-level finance jobs and internship programs will accept applicants with little or no experience and a degree.
It should be pointed out that these jobs may not be as glamorous as the others, but with time, good experience, and certifications, you’ll migrate to the best-paying jobs in the industry.
To be eligible for these job positions, individuals should have basic knowledge and skill and be open to learning on the job.
If you are looking for a job in the finance consumer industry without a degree, you should consider these jobs
- Payroll Specialist
- Receptionist
- Accounting Assistant
- Bank Teller
- Bill Collector
- Office Administrative Assistant
- Bookkeeping Clerk
- Customer Service Representative
- Loan Assistant
- Compliance Officer
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How Much Do Finance Consumer Services Jobs Pay?
According to the US Bureau of Labor Statistics, the median annual compensation for finance and business occupations is $72,250, which is more than $30,000 higher than the median yearly salary for all fields.
Between 2020 and 2030, the industry will also create more than 700,000 additional jobs. Since there are various job positions in the industry, so the pay rate differs from entry-level to top-level positions.
Let’s take a look at some job positions and their pay grades.
- Chief Financial Officer – $142,619
- Chief Compliance Officer – $125,892
- Financial Software Developer – $119,954
- Private Equity Associate – $104,551
- Information Technology Auditor – $93,446
- Insurance Advisor – $54,392
- Appraisers: $64,710
- Market research analysts: $63,920
- Loan officers: $63,380
- Investment bankers and brokers: $62,910
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FAQs on Best Paying Jobs In Finance Consumer Services
What are the drawbacks of working in finance consumer services?
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Conclusion
The finance consumer service sector is a massive and lucrative industry that offers a variety of career opportunities to all interested persons.
So, if you’re looking for a high-paying job in finance consumer services, don’t be afraid to examine all your options.
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