If you are unsure of a career in finance consumer services or have doubts about the availability of jobs in this field; or perhaps, you are wondering how many jobs are available in finance consumer services. This article is for you.
Consumer financial services, also known as retail financial services, are financial services provided to everyday people. They provide a wide range of products, including current and savings accounts.
There are a variety of roles available in finance consumer services. The service sector comprises a range of industries, including tourism, transportation, hospitality providers, healthcare, and financial services.
Is Finance Consumer Services a Good Career Path?
Yes, finance consumer services is a good career path as it exposes you to the current demands from the markets.
Finance consumer services are growing in demand day by day, so there is a wide range of job opportunities available in the sector.
The finance consumer services also allow work from home opportunities and are highly competitive.
The career path can also take you from entry-level to professional level, thereby offering a platform for career growth. It also pays a significant high wage.
You can grow your network with this career path as you would be working with a large flow target audience which includes those not well-versed with filing their tax returns and people who require financial assistance.
What are some of the skills you need to possess?
A person who wants to navigate into this career must possess the below qualities and skills:
- Be a team player: You may find yourself struggling to fit into this career if you are not a team player. The team player skill is a very important skill as there will be a lot of interaction among multiple departments.
- A people person: As a person who is in the consumer service industry, be prepared to meet many different people. Furthermore knowing how to deal with different personalities will help you succeed in your career. You will also need to possess a calm attitude and people’s personal approach as it will help you close deals and maintain strong relationships with individuals.
- Attention to detail: You need to have attention to detail to succeed in this sector. Finance consumer services deal with numbers more than half of the time; keeping attention to every detail will also not make you lose sight of important numbers or key documents.
- You must be good with numbers: If you’re not good at numbers or do not have the passion to live them, then this job isn’t for you. You will deal with maths and digits, so getting a hang of it, will help you in your career.
How many jobs are available in finance consumer services?
There are numerous jobs in finance consumer services. In this article, I will be listing various job roles available in this sector.
Personal Finance Advisor:
Personal finance advisors work with individuals and business tycoons. They are responsible for presenting strategies to maintain taxes, investment, and current financial decisions for their clients. They also advise on financial investment options, both short-term and long-term.
A Personal finance advisor makes an average annual salary of $74,895.
An accountant is a person who records business transactions on behalf of an organization and reports on company performance. An accountant performs functions such as account analysis, auditing, and financial statement analysis.
Accountants make an average annual salary of $52,4731.
Financial managers generally oversee the financial health of an organization and help ensure its continued viability. They supervise important functions, such as monitoring cash flow, determining profitability, managing expenses and producing accurate financial information. Similar job roles of a financial manager are financial analyst, financial auditor, financial consultant, financial controller and financial planner.
A Financial manager makes an average annual salary of $74,659.
Compliance analysts contribute to security designs to deliver and maintain a compliant system. The compliance analysts also help companies remain compliant with regulations, thus preparing them for audits.
A Compliance analyst makes an average annual salary of $77,456.
Private Equity Associate
A private equity associate is a business executive who works in investment banking to find potential investors. They also assist with acquired investments and perform due diligence with existing customers of an investment bank. They help throughout the journey of a deal, from the beginning and up to the closing.
A private equity associate makes an average annual salary of $97,432.
A loan officer is a representative of a bank, credit union, or other financial institution who assists borrowers in the process of applying for loans. Furthermore, other similar roles in this field include loan collector, loan credit risk analyst and many more.
A loan officer makes an average annual salary of $48,789.
Chief Financial Officer
A Chief financial officer (CFO) is the senior manager responsible for overseeing the financial activities of an entire company. A CFO’s seat is an essential and challenging chair to fill, as most financial decision-making in a business or company occurs in the CFO’s office. CFOs earn a very high salary.
A Chief financial officer (CFO) makes an average annual salary of $139,452 or more.
Financial Software Developer
A financial software developer is someone who develops, modifies, and also updates software programs for the finance and banking industry. Additionally, they work with a variety of different businesses to develop anything from financial education software to debit/credit card software; from banks and financial institutes to small companies.
A financial software developer makes an average annual salary of $106,345
As a compliance officer, you’re responsible for ensuring a company complies with its outside regulatory requirements and internal policies. In short, you’re responsible for making sure that your employer plays by the rules. This path also offers career growth, as one can grow from a compliance officer to a chief compliance officer.
A chief compliance officer makes an average annual salary of $121,698
Hedge Fund Manager
A hedge fund manager’s role is similar to what an investment banker does. They are responsible for overseeing investment accounts, typically at a hedge fund. They also help investors manage investments, tracking liquidity just like an investment. A hedge fund manager also earns a very high salary.
A hedge funder earns an average annual salary of $145,768