Best paying jobs in finance consumer services | Paying jobs in finance consumer services
Consumer financial services are essential to the economy and offer significant benefits to customers. You’ll be in charge of giving clients analyses and guidance on how to manage their funds. A career in finance consumer services can be very gratifying at both a professional and financial level.
Personal finance has recently gained popularity. People are more cautious about their spending and saving habits as a result of inflation and worry about the nation’s economic destiny. Additionally, they are increasingly looking online and on social media for advice on money management. The need for financial advice and services is thus rising. Consumer services are a fantastic place to start if you’re interested in a career in finance.
Personal financial planning, investment banking, and insurance are some of the most well-known financial consumer service branches. There are several job duties and pay ranges in each of these fields.
You will learn about the highest paying positions in finance and consumer services, financial services job descriptions, and finance jobs’ salary
Financial Services Job Description
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 consumers’ financial well-being. For instance, financial planners assist customers in setting goals and developing a strategy to achieve those goals. Investment bankers offer analysis and recommendations for investments, and insurance agents assist customers in selecting the protection for their needs.
Education Requirements for Consumer Finance Services
The most typical educational requirement for positions in finance and consumer services is a bachelor’s degree. Companies frequently preferred candidates with degrees in business, economics, or a similar discipline. But certain positions could only need a high school diploma. Depending on the kind of career you’re interested in, you might additionally need to get specific licenses or certifications in addition to a bachelor’s degree.
How Many Jobs are Available in Finance Consumer Services
We have seen what finance consumer services are all about, but how many jobs are available in finance consumer services? It is a vast field, of finance. Many jobs are available in finance and consumer services. Here is a quick rundown of a few of the most well-known branches:
Personal financial planning: PFPs assist customers in establishing and achieving their financial objectives. They develop unique plans that consider the income, obligations, spending, and investment portfolio of each customer.
Investment banking: Investment bankers analyze investments and offer recommendations. They collaborate with clients to find possibilities, offer suggestions, and offer financial planning advice.
Insurance: Insurance brokers assist customers in selecting the best insurance plan for their requirements. They evaluate a client’s risk characteristics and suggest policies that offer the greatest security level.
Accounting: Tax returns are created and accountants manage financial records. They collaborate with people, companies, and governmental agencies to guarantee adherence to financial regulations.
Lending: Lenders give loans to both people and businesses. They evaluate a borrower’s creditworthiness and establish the loan’s conditions.
Financial analysis: Financial analysts offer perceptions on financial markets, economic developments, and financial investments. They provide recommendations to clients and use data to find opportunities.
Other careers in the finance industry that provide consumer services include those in risk management, mortgage banking, and commercial lending. There are a few skills that are necessary for success in any profession, regardless of your interests.
The Best Paying Jobs in Finance Consumer Services
Now let’s get to the meat of the article: the highest-paying jobs in financial services. We’ll go through the duties, potential pay, and entry requirements for each of these occupations.
A financial advisor who assists clients in raising funds by issuing and selling securities is known as an investment banker. Most independent firms exist, although banks are also where investment bankers often work. They collaborate with clients to find possibilities, offer suggestions, and offer financial planning advice.
You need a bachelor’s degree if you want to work as an investment banker. Additionally, you’ll need to pass the Financial Industry Regulatory Authority’s Series 79 and Series 63 tests (FINRA).
Finding accurate salary data for this job title is hard, as it often gets lumped up with others. Anyway, The Bureau of Labor Statistics reports a $62,910 yearly median salary. We cannot finish the list of highest paying jobs in financial services without mentioning investment banking.
2. Financial Analyst
An expert who offers views on investments, markets, and economic trends is a financial analyst. Usually, banks, insurance corporations, and investment businesses employ financial analysts. They provide recommendations to clients and use data to find opportunities.
A financial analyst’s responsibility is to identify market trends and suggest investments in line with them. It’s a position that causes many studies, analyses, and critical thinking. Additionally, the job carries a great deal of responsibility making it one of the best-paying jobs in finance consumer services.
You must have at least a bachelor’s degree in education. However, a lot of firms favor applicants with a master’s or above.
But it’s also a very lucrative job if you’re up for the challenge. The median annual wage for financial analysts, according to the Bureau of Labor Statistics, is $81,410.
3. Personal Financial Advisor
Financial advisors advise clients on how to manage their money best, in contrast to analysts who offer insights on investments. Typically, financial counselors are employed by banks, investment companies, and insurance companies. They evaluate a client’s risk characteristics and suggest policies that offer the greatest security level.
Financial advisors must possess a thorough knowledge of financial goods and rules. Additionally, they must be able to connect with clients and communicate well with them.
To work as a financial advisor, you must have a bachelor’s degree; however, many firms prefer candidates with master’s degrees. The Certified Financial Planner (CFP) designation is one of the certifications required for many financial adviser roles.
It is one of the most sought-after on the list of careers in finance. The average salary according to BLS is $94,170.
4. Insurance Advisor
An insurance advisor is a specialist who aids clients in selecting the best insurance coverage. They evaluate a client’s risk characteristics and suggest policies that offer the greatest security level.
In addition to working for banks and financial businesses, insurance consultants frequently work for insurance companies. This is because they frequently sell a variety of insurance policies, including life, health, and auto insurance.
An insurance advisor must have a thorough knowledge of the goods they provide and the laws that govern them. Additionally, they must be able to connect with clients and communicate well with them.
Since you learn this on the job, you don’t necessarily need a degree to start out as an insurance advisor. However, taking a few psychology and communication classes will help a lot.
The median salary for insurance advisors is $49,840 per year. However, since it’s a commission-based sales job, you can make a lot more if you’re good at it.
An expert who purchases and sells stocks on a client’s behalf is a stockbroker. Typically, they are employed by banks, investment organizations, and Fintech businesses.
An effective stockbroker must possess a thorough knowledge of the stock market. But even more crucial than that is the capacity for good client relations and communication. These people are looking for a reliable partner to handle their financial affairs and gradually increase their portfolio.
Among all occupations, stockbroking is one of the best paying jobs in finance and consumer services. In fact, in recent years, many people have worked as their own stockbrokers. However, it’s not as simple as it seems. Before you can begin giving investment advice to others, you must have a thorough understanding of the stock market.
Your performance will determine your salary.
A practitioner who maintains and reviews financial records is an accountant. Personal and corporate accountants are the two major categories. Personal accountants work with clients to ensure that they are properly managing their finances and submitting their taxes. Corporate accountants assist organizations in maintaining their financial stability and regulatory compliance.
You must have a degree in accounting from an approved university if you wish to work as an accountant. There are a variety of institutions offering both online and offline programs that you can choose from. The American Institute of Certified Public Accountants’ Uniform CPA Examination, a national test, is another requirement (AICPA).
The average annual pay for accountants is $77,250.
7. Loan Officer
We know an expert who assists clients in obtaining loans from banks and other financial organizations as a loan officer. They frequently work for Fintech firms, banks, and credit unions. Loan officers must be quite knowledgeable about the various kinds of loans that are offered as well as the requirements for each one. Additionally, they must be able to connect with clients and communicate well with them.
You must graduate from a recognized university with a degree in finance or a closely related subject to work as a loan officer. You must also pass the National Mortgage Licensing System (NMLS) exam, which is given by the American Association of Residential Mortgage Regulators and the Conference of State Bank Supervisors (CSBS) (AARMR).
The median salary for loan officers is $63,380 per year.
8. Financial Manager
Financial managers are typically in charge of keeping tabs on the overall financial health of an organization and helping to ensure its viability.
They oversee critical tasks that include monitoring cash flow, determining if a company is successful, controlling spending, and gathering accurate financial data.
Financial industry positions similar to those of a financial manager include financial analysts, financial auditors, financial consultants, financial controllers, and financial planners. Many jobs are available in finance consumer services but financial management remains a pivotal part of the field
A financial manager makes an average yearly compensation of $74,659, making it one of the highest-paying jobs in the finance and consumer services industry.
9. Compliance Analyst
Compliance experts participate in the security design process to help create and maintain compliant systems.
They also assist companies in upholding all regulations, so they are prepared for audits. The average salary for a compliance analyst is $77,456 per year.
10. Private Equity Associate
An executive from a corporation who works in investment banking to find potential investors is known as a private equity associate.
They also assist with newly acquired investments and do due diligence with current clients of an investment bank.
They are helpful at every stage of a contract’s lifecycle, from its inception to its conclusion. Private equity associates make an average of $97,432 per year.
11. Financial Software Engineer
A person who develops, and updates. and maintains software programs for the banking and financial sectors is known as a financial software developer.
They work together with many companies to create software for a variety of uses, such as software for debit and credit card processing as well as software for financial education.
These enterprises range in size from big banks and financial institutions to smaller ones. A Financial software engineer is among the best paying jobs in finance consumer services with an average yearly salary of $106,345 and has one of the highest paying occupations in the finance and consumer services industry.
12. Compliance Officer
It is your responsibility as a compliance officer to ensure that a company conforms with both the internal regulations it has developed and the external regulatory standards.
You are responsible for keeping an eye on your employer to make sure they adhere to corporate policies. You have the opportunity to advance professionally along this path by going from compliance officer to chief compliance officer.
The typical salary for a chief compliance officer is $121,698 per year.
13. Hedge Fund Managers
Investment bankers and hedge fund managers carry similar tasks out. They frequently work for hedge funds, where monitoring investor accounts is their primary responsibility.
By tracking liquidity in the same way as an investment, they also help investors manage their investments. The management of a hedge fund also typically receives compensation at an exceedingly high rate.
A hedge fund manager earns a yearly income of $145,768 and is one of the highest-paying occupations in the financial and consumer services industries.
14. Accounts Manager
The accounts manager is in charge of general accounting duties and is in charge of seeing that ledger accounts and financial statements are finished.
Some companies could demand that applicants have a Certified Public Accountant (CPA) designation and at least seven years of relevant experience. Account Manager is among the list of careers in finance that pays well enough
Range of salaries for an accounting manager in July 2022 is $101,244 to $128,273.
15. Risk Management
Credit risk, market risk, operational risk, and liquidity risk are just a few of the potential problems that risk managers keep an eye out for.
Large quantities of money are being put into sophisticated technology and personnel by businesses to assist them measure, managing, and reducing these risks.
Since the Great Recession, the field has become incredibly important in banks and financial institutions because of multiple scandals and failures that led to tighter industry and government regulations as well as increased standards of accountability.
Obtaining certification from the Professional Risk Managers’ International Association (PRMIA) or the Global Association of Risk Professionals (GARP), two risk management certification bodies is one approach to begin a career as a risk manager.
Risk management is, without doubt, one of the best paying jobs in finance consumer services with an average salary of $110,590 – $137,290.
16. Venture Capital
Venture capital organizations typically focus on giving fresh financing to start-up businesses, frequently in quickly expanding sectors including technology, biotechnology, and green technology.
While many of the target businesses eventually fail, venture capitalists frequently make money by investing early and taking profits out, which results in enormous returns on investment.
Employees at venture capital firms are frequently knowledgeable about new technology and concepts as well as skilled at handling deals and crunching numbers. They typically experience excitement at the thought of learning the upcoming new thing.
Range of entry-level salaries for venture capital as of July 2022 is $143,501 to $238,201
The underwriting division of a bank handles capital raising. Underwriting experts frequently have an industry-based specialization besides concentrating on debt or equity.
These bankers frequently have client-facing responsibilities and collaborate with outside contacts to identify capital requirements while also working internally with traders and securities salespeople to identify the best solutions. In recent years, underwriting has significantly expanded to include larger universal banks, in addition to investment banks.
It is one of the highest paying jobs in financial services with a salary range of $59,000 to $127,000.
18 Private Equity
Many investment banks have private equity divisions, but there are also private equity positions at smaller niche businesses. Bankers in this region raise capital for businesses and nonprofit organizations. Any earnings they are able to make from deals, they keep a percentage of.
Private equity specialists frequently have experience at investment banks, besides having strong academic credentials.
The compensation range for private equity associates is $86,616 to $115,205.
19. Sell-Side Traders
Sell-side traders typically work for companies that issue, sell, and trade securities as well as investment banking firms, consultancy firms, and corporations.
Salary range for sell-side traders: $68,500 to $143,000
Consumer financial services are expanding. People are searching for methods of investing and saving their money. There are more chances for people to make money when the stock market becomes more erratic.
The field of finance consumer services offers a wide variety of careers. All of them have the potential to be quite well-paying, even though some of them might not be as glamorous as others. Money is, after all, the foundation of society. Without money, bartering would still be our only option, yet it is ineffective for a number of reasons.
Therefore, don’t be scared to check into all of your possibilities if you’re searching for the best-paying jobs in finance consumer services. There are many different professions available, and each one has its own uniqueness.