The best paying jobs in finance consumer services include investment banking, information technology auditing, and financial software development. There is no doubt that careers in the profession are lucrative and rewarding. However, you need great analytical and mathematical skills to excel in the finance consumer service business.
The highest paying jobs in the finance consumer service sector pay an average of $127,990 per year. In contrast, the lowest paying positions pay at least $55,850 yearly. It is clear that even the least paying job in this sector is quite profitable. This post will highlight some of the best paying jobs in finance consumer services.
What Do Finance Consumer Services Jobs Pay?
The finance consumer services industry offers high paying jobs with an average annual salary of $73,560. Its job growth will be quite good over the next ten years. According to the Bureau of Labor Statistics (BLS), the industry will grow by 17%, which is much faster than the average for all occupations.
The Consumer financial market has the highest salary of about $127,990 per year and the lowest of $55,850 per year. Financial analysts and investment bankers easily top the list of highest paid in this field. In comparison, Insurance advisors and loan officers are the lowest paid group in this industry.
10 of The Best Paying Jobs in Finance Consumer Services
One of the best career paths in finance consumer services is hedge fund management. A hedge fund manager oversees a hedge fund’s operations and chooses investments on behalf of his clients. With the precarious nature of the economy, hedge fund managers occupy quite a lucrative position.
Hedge fund managers have expertise in risk management strategies and investment options. When employing a hedge fund manager, many organizations require a master’s degree in accounting and a bachelor’s degree.
The job outlook for hedge fund manager role is positive with a growth rate of 8% over the next ten years. BLS projects it will produce 992,100 job opportunities across the United States from 2021 to 2031.
Chief financial officers earn some of the highest salaries in the industry given their work’s importance. They manage corporate accounts and ensures the accuracy of financial reports. Chief financial officers also offer suggestions for the effective use of corporate funds.
A chief financial officer must have a solid understanding of the foundational concepts of budgeting and compliance. Candidates must hold a bachelor’s degree in business management, accounting, and finance to be considered for this role.
The Bureau of Labor Statistics forecasts an 17% increase in job growth for chief financial officers. It will provide 71,300 job opportunities across the United States from 2021 to 2031.
Investment bankers manage other people’s savings and money. These experts assist you in preventing significant financial losses. An investment banker plays quite a crucial role in the corporate and public sectors, which accounts for their high salary.
Investment bankers must have a solid foundation of financial expertise. They must have the capacity to analyze big volumes of economic data. Most companies hire investment bankers with college degrees in finance or accounting. However, some employers required a postgraduate degree.
The job outlook for investment banker role is positive with a growth rate of 5% over the next ten years. BLS projects it will produce 46, 600 job opportunities across the United States from 2021 to 2031.
Financial analysts oversee a firm’s finances, analyzes data, and supports financial management choices. They also evaluate potential outcomes for business and investment. A financial analyst role is one of the best paying jobs in finance consumer services, given it’s career path’s risk.
A financial analyst must possess problem-solving, analysis, and critical thinking skills. Additionally, these specialists must be proficient communicators. Financial analysts require a minimum of bachelor’s degree. However, a lot of firms favor applicants with a master’s degree.
The Bureau of Labor Statistics forecasts an 9% increase in job growth for financial analysts. It will provide 32,000 job opportunities across the United States from 2021 to 2031.
Chief compliance officers ensure that companies follow accounting laws and principles. Businesses that infringe on accounting laws run the risk of facing serious penalties. Thus, this makes the position of chief compliance officer quite lucrative.
A chief compliance officer must be knowledgeable about compliance standards. The role also require a keen eye for spotting accounting errors. The chief compliance officer must have a minimum of a bachelor’s degree in business, criminal justice, or finance.
The job outlook for chief compliance officer role is positive with a growth rate of 4.3% over the next ten years. BLS projects it will produce 15,100 job opportunities across the United States from 2021 to 2031.
Account managers monitor clients’ accounts. They also take active steps to ensure that everyone on the team contributes towards the organization’s aims and objectives. Account managers are among the highest-paid professionals in finance consumer services because of their role in maintaining customer’s account.
An account manager must have Interpersonal and communicative skills. This is because account managers are responsible for communicating with the team to keep them updated on the job and deadlines. Most account managers hold a bachelor’s degree in business administration, sales, or a closely related subject.
The Bureau of Labor Statistics forecasts an 6% increase in job growth for account managers. It will provide136,400 job opportunities across the United States from 2021 to 2031.
Financial advisors give their clients tips on the best way to manage their money. Typically, banks, investment firms, and insurance companies hire financial advisors. They assess a client’s risk factors and provide a high-security insurance policy, earning them a lucrative salary.
Financial advisors must have a fair grasp of financial products and regulations. They must also be able to relate to and communicate effectively with clients. A financial advisor position requires a bachelor’s degree in finance, economics, business, statistics, or a similar discipline. Most financial advisors are also Certified Financial Planners (CFP).
The job outlook for personal financial advisor role is positive with a growth rate of 15% over the next ten years. BLS projects it will produce 330,300 job opportunities across the United States from 2021 to 2031.
Stockbrokers are specialists who buy and sell stocks on behalf of their clients. They typically work in banks, investment firms, and FinTech companies. A stockbroker is a high-paying job in finance consumer services since it requires an expansive knowledge of the stock market.
Therefore, a good stockbroker must have a solid knowledge of the stock market. The ability to work with clients and effectively communicate with them is also an added advantage. Most stockbrokers have a minimum of bachelor’s degree or master’s degree in a finance-related field.
The Bureau of Labor Statistics forecasts an 4% increase in job growth for stockbrokers. It will provide 29,202 job opportunities across the United States from 2021 to 2031.
Loan officers review and approve applications for loans. This covers money given to people and loans given to businesses. Lending institutions seek loan officers, making loan officers one of the highest-paying positions in finance consumer services.
Loan officers must have a degree in finance or a closely related field from an accredited university. They must also pass the National Mortgage Licensing System (NMLS) test.
The job outlook for loan officer role is positive with a growth rate of 3.5% over the next ten years. BLS projects it will produce 340,170 job opportunities across the United States from 2021 to 2031.
A financial software developer position is one of top best paying jobs in finance consumer services. Finance software developers specialize in creating apps using code and design for the finance sector. They are in charge of putting safe and secure elements into place for online transactions. Finance software developers are highly sought after due to the digitalization of the finance industry.
Finance software developers must be well-versed in the most recent development tools and methodologies. Hiring companies often request candidates to show proficiency in programming languages and software development.
The Bureau of Labor Statistics forecasts an 24% increase in job growth for financial software developers. It will provide 1,256,200 job opportunities across the United States from 2021 to 2031.
Six Best paying Entry-Level Finance Consumer Services Jobs
A budget analyst assists businesses or organizations with their annual budgets and accomplishing financial objectives. This career path also falls into our category of high-paying jobs; this is because the job of a data analyst is quite demanding.
A job as a budget analyst is ideal for you if you appreciate teamwork and the puzzle-solving part of statistics. Typically, a budget analyst’s schooling begins with a bachelor’s degree. The fields of study of finance and accounting are smart selections. You should also have the Certified Government Financial Management certification if you intend to work in government.
The job outlook for budget analyst role is positive with a growth rate of 3% over the next ten years. BLS projects it will produce 4,000 job opportunities across the United States from 2021 to 2031.
A data analyst gathers and organizes data. This vocation involves evaluating stock and inventory and checking sales success. The job of a data analyst is quite tasking which makes it quite lucrative.
A data analyst must pay attention to details and must be technologically savvy. Most data analysts hold bachelor’s degrees, while advanced analytics jobs typically have a master’s degree.
The Bureau of Labor Statistics forecasts an 23% increase in job growth for data analysts. It will provide 10,300 job opportunities across the United States from 2021 to 2031.
A bank, asset management firm, equity firm, or other financial organization may employ a Credit analyst. The evaluation of a customer’s credit application is the main responsibility of a credit analyst. This career is in high demand for an entry-level role, which accounts for its lucrativeness.
Although a college degree is typically required for entry into the sector, certification programs are also an option. More possibilities with growth potential and greater starting salaries are made available by advanced degrees.
The job outlook for credit analyst role is positive with a growth rate of 7.42% over the next ten years. BLS projects it will produce 992,100 job opportunities across the United States from 2021 to 2031.
Economists research statistics and trends in various industries, including industry and government. Others decide to work in academia. Others work for the government or serve as consultants and counselors to businesses. Due to the versatility of their jobs, it is not surprising that they earn a decent salary.
Economists must have a good mathematical foundation. Also, they need to be proficient writers and communicators. A master’s or doctoral degree in economics is typically required for employment as an economist in the private sector. Graduates with a bachelor’s degree may be eligible for several entry-level roles with the government.
The Bureau of Labor Statistics forecasts an 6% increase in job growth for economists. It will provide 1,400 job opportunities across the United States from 2021 to 2031.
A tax associate may work for businesses as an employee, an independent contractor, or in accounting firms. A tax associate figures out the best deductions and modifications to make to reduce his client’s tax burden. Tax professionals also maintain records and use accounting software to submit tax payments and returns. Tax associates are in high demand, which makes their salaries quite lucrative.
A tax associate must have Strong analytical and problem-solving skills. Tax associates typically require a bachelor’s degree in accounting or finance.
The job outlook for tax associate role is positive with a growth rate of 6% over the next ten years. BLS projects it will produce considerable job opportunities across the United States from 2021 to 2031.
Insurance Claims Adjuster examines damaged properties and offers a repair cost estimate. They also determine who was at fault in an accident and secure the most payout possible for their clients.
Insurance Claims Adjusters are expected to have great communication skills since they interact with clients frequently. Insurance adjuster positions do not require a college degree, unlike many jobs in the financial sector. Some firms do, however, nonetheless favor candidates with a college degree. You must complete specialized training and obtain a license to operate as a claims adjuster.
The Bureau of Labor Statistics forecasts an 6% increase in job growth for chief financial officers. It will provide 23,200 job opportunities across the United States from 2021 to 2031.
How to Get a High Paying Job in Finance Consumer Services
Here are some steps to aid in your search for the best paying jobs in finance consumer services. These steps will be invaluable if you are just starting out or have garnered experience over the years.
Five steps to land a high paying job in finance consumer services
1. Familiarize yourself with the available positions.
With an accounting degree, you have many career alternatives besides becoming an accountant. By weighing your possibilities, you might find a job that perfectly matches your abilities and goals and makes your employment more fulfilling.
2. Pick a career path that aligns with your background, interests, and talents.
Financial jobs are not all the same just because they all involve numbers. Consider additional considerations, like whether you want to work alone or with a team. You should also consider whether you prefer a theoretical or hands-on approach. You can use these factors to focus your job search and choose the best career path for you.
3. Understand the specifications for the position you’re after.
Beyond a college degree, certain jobs may call for further training, certifications, and licenses. Some employers would anticipate that you must finish an internship before starting a job with a competitive salary. Before moving on, thoroughly study the employment criteria and conduct your research.
4. Craft a personalized cover letter for finance jobs.
For finance positions, you must take the time to create a distinctive cover letter. Using a formulaic approach to your job applications won’t make you stand out in a crowded sector. Personalize your application for each employer. You might also want to seek the services of a reputable resume-writing firm to help you look your best.
5. Patience.
Jobs in finance can be extremely fulfilling, with excellent salaries and opportunities for advancement. Finding the career of your dreams may take some time, though, as the industry is quite competitive. In this industry, job changes and lateral moves are frequent as employees look for the greatest fit. However, if you’ve discovered a job path that suits you, you’re in a fantastic position to develop and hone your skills.
Top 10 Skills Needed to Get a High Paying Job in Finance Consumer Services
Here are top 10 skills to land the best the best paying jobs in finance consumer services.
Training and education
In some fields, having both talent and practical experience is sufficient to secure your ideal position. But the same doesn’t apply in the finance industry. Strict procedures and regulations and business best practices govern the finance consumer sector. To support any employment experience they may have, successful candidates must possess the requisite training and financial certifications.
Interpersonal skills
These days, any perception that a career in finance means sitting in a cubicle and crunching numbers has been replaced. In reality, most finance positions require workers to deal with clients and workplace teams daily. For accounting and finance professionals, building successful relationships is critical for success.
3. Ability to communicate
Strong oral and written communication abilities are crucial for those who want to work in finance. It is now crucial to be able to translate financial jargon into lay words. Instead of hiring individuals who merely repeat what they have learned, many businesses want people who can explain sophisticated industry jargon to clients and employees in other departments who are unfamiliar with finance.
4. Aptitude for financial reporting
Candidates who want to stand out from the competition have to show off their command of financial reporting. The compensation levels reflect the fact that financial reporting skills are in high demand in today’s companies. Thus, this is a must-have skill.
5. Analytical know-how
Employers are seeking candidates who can analyze situations and reach the right conclusions. The shift toward analytical skills is quite evident in the finance sector. There are many options for people who develop and maintain the highest level of financial analyst skills.
6. Problem-solving skills
Nowadays, having a thorough understanding of systems and processes is insufficient. It’s also critical to have the ability to solve challenging issues when they come up. A track record of finding solutions will see your career advance swiftly.
7. Technology expertise
More hiring managers are now looking for financial experts with the necessary technical abilities to use new financial systems due to the rising emphasis on digitization and automation. Candidates with expertise and proficiency in enterprise resource planning will be in high demand.
Management experience is frequently quite desirable for businesses wanting to hire a financial expert for a new post. If you’ve demonstrated throughout your career that you can lead a team, you’ll succeed in a leadership role in the future.
9. Business savvy
Financial experts must comprehend the connection between a company’s financial actions and consumer desires. Candidates are best positioned to advance in this sector if they can demonstrate both an awareness of the corporate world and an interest in industry trends.
10. Capacity for innovation
Although routines and systems are often linked with finance and accounting, creativity can still be useful in these fields. Candidates who encourage innovation in the workplace are likely to stand out.
Where to Find the Best Paying Jobs in Finance Consumer Services
Finance Consumer Services companies are seeking skilled applicants to fill open positions in their firms. Where do you find these employment opportunities? The places listed below will aid you in finding a high paying in Finance Consumer Services.
1. Job boards
Job boards like Indeed, ZipRecruiter, and Glassdoor are great choices if you’re looking for well-paying jobs in the finance and consumer services industries. Users typically use filters to find jobs that meet their professional development and progress goals.
2. Reputable job websites
LinkedIn is a great example of a business website. Most businesses use LinkedIn to post job opportunities and identify qualified people for the banking sector. Job hunters can even set up email alerts on LinkedIn.
3. Workshops
These primarily teach candidates how to write resumes and submit applications. However, employers go to these events to hunt for qualified candidates for their company. They are also a fantastic way to network with potential employers.
4. Business websites
Most companies’ websites have a career section that lists openings. You can use this section’s search function to look for relevant career possibilities. You’ll often need to sign up and upload your resume.
5. Forums
Forums like Reddit and other finance-related sites can be used to land high-paying jobs. Employers also use these platforms for advertising job openings.
Factors Affecting Workers’ Pay in the Finance Consumer Services Sector
Employers frequently modify their market data when deciding how much to pay a particular employee to perform a job. They examine pay practices for similar jobs at similar organizations to estimate the value of such positions.
Top 5 criteria employers in finance consumer services follow when determining an employee’s salary.
1. Amount of expertise
More experience typically translates into higher income. If the job requires a candidate with experience, and you don’t satisfy such, you can find yourself working at the lower end of the wage scale. If you have a little more experience than is necessary, emphasize that during the interview process.
2. Education
Your income will typically be impacted by how well your education matches such a position. Furthermore, salaries might be impacted by educational quality. A top program’s degree normally has a favorable impact on salary. Whereas a degree from a program regarded as weak in a certain sector may have a negative impact on your ability to earn.
3. Performance evaluations
This is a crucial factor to consider when applying for a salary increase or promotion. This is because most employers partially rely on their pay decisions on individual performance. This information may be crucial to your potential employer.
4. Number of reports
In some positions, your salary increases with the number of employees you supervise. Of course, how well your managed staff performs will also determine your success. Be sure to highlight the accomplishments of those who work for you or who you previously managed.
5. Organizations and credentials for professionals
Certifications and affiliations in trade associations or professional organizations may increase salary. However, your compensation may be set at the lower end of the range if a position requires a certification that you don’t have.
Top 10 Companies with the Best-Paying Jobs in Finance Consumer Services
Many financial industries are seeing growth, and the future seems promising. All around the nation, there are many opportunities to work in finance. What are some of the companies with the best paying jobs in finance consumer service?
Here are top 10 companies in the finance consumer services with the highest average salary.
Goldman Sachs (Average base salary: $169,896)
Capital One (Average base salary: $165,514)
American Express (Average base salary: $163,908)
MetLife (Average base salary: $145,583)
Morgan Stanley (Average base salary: $143,489)
Bank of America (Average base salary: $71,435)
Citi (Average base salary: $66,280)
Visa (Average base salary: $130,000)
BNP Paribas (Average base salary: $118,500)
PayPal (Average base salary: $125,000)
Conclusion: Best Paying Jobs in Finance Consumer Services?
And here you have it, the best paying jobs in finance consumer services. This is not surprising as people are searching for methods of investing and saving their money. Consumer financial services offer a wide variety of well-paying careers and jobs. All of them have the potential to be very lucrative, even though some may not be as glamorous as others.
So don’t be scared to check all your possibilities if you’re seeking one of the high paying jobs in finance consumer services. There are many jobs accessible, and each offers different advantages. For a successful career, decide what you want out of your profession and how to leverage your strengths.
