There are many available jobs in the finance consumer services job market. They range from investment bankers to loan officers. Thus, it is unsurprising that the United States Bureau of Labor Statistics (BLS) projects that these occupations will increase by 7% from 2021-2031. What might have accounted for this increase in finance consumer jobs? Well, persistent inflation has made finance consumer jobs quite popular.
What is finance consumer services? Finance consumer services provides solutions to consumers’ financial problems. Finance consumer service providers help customers make wise financial decisions. They help clients become financially literate by teaching them the best ways to budget and invest money.
Overview of the Finance Consumer Services Job Market
Finance consumer services encompass a wide range of occupations that require formal to informal training. The most attractive aspect of this sector is how lucrative it is. According to US Bureau of Labor Statistics data, experts in this sector make an average salary of $41,950 yearly.
The employment forecast for consumer financial services is also promising. The US Bureau of Labor Statistics (BLS) predicts that between 2020 and 2030, employment in this industry is anticipated to increase by 8%. A booming economy and hard tax and regulatory systems are the most likely causes of this rise.
What are the Available Jobs in Finance Consumer Services?
As outlined above, there are thousands of available jobs in this sector. This post will outline jobs in finance and consumer services. Here are some of the most common jobs available in finance consumer services
Financial analyst is the best-paying job in finance consumer services. A financial analyst is an expert who offers insights into investments, markets, and economic trends. Usually, banks, insurance corporations, and investment businesses employ financial analysts.
A financial analyst identifies market trends and suggests investments in line with them. You must have at least a bachelor’s degree before being hired as a financial analyst. However, like most jobs in the finance consumer sector, most firms usually prefer applicants with a master’s degree.
Financial analysts are also in high demand, with about 32,000 openings for financial analysts projected each year.
An insurance advisor is a specialist who guides clients in selecting the best insurance coverage. They evaluate a client’s risk factors and suggest policies that offer the greatest security level. Most insurance advisors work in banks and insurance companies.
An insurance advisor must have a thorough knowledge of the goods they provide and the laws that govern them. You don’t need a degree to be an insurance advisor; this is one very attractive attribute of this career path. However, taking a few psychology and communication classes will aid you in communicating excellently with potential clients.
There are currently about 410,176 advisors in the United States as of 2023, with at least 52,700 openings for insurance advisors projected each year.
A hedge fund manager is a person who runs a hedge fund’s operations and makes investment decisions on behalf of his clients. To have a competitive advantage, a hedge fund manager must have a well-defined investment and risk management strategy. In addition, hedge fund managers must have a good investment, analytical, and stock-picking skills.
Most hedge fund managers hold a master’s degree or even a doctorate in finance, mathematics, economics, and other related disciplines.
In the United States, there are presently about 992,100 investment fund managers. Between 2021 and 2031, 8.0% more people are predicted to work as hedge fund managers.
A loan officer is a professional that assists clients in obtaining loans from financial organizations. They frequently work for fintech firms, banks, and credit unions. Loan officers must learn about the various kinds of loans offered and the requirements for each one.
To be a loan officer, you must graduate from a recognized university with a degree in finance or a closely related subject. Additionally, you must pass the National Mortgage Licensing System (NMLS) exam. The American Association of Residential Mortgage Regulators and the Conference of State Bank Supervisors administer this exam.
There are up to 340,170 loan officers in the US, with at least a 3.5% in employment growth rate between 2021-2031. This can thus be estimated as about 12,600 jobs opening in a decade.
A Personal accountant is an expert who assists clients to ensure they properly manage their finances and submit their taxes. A personal accountant requires an excellent eye for detail and extreme organizational skills. They must also be able to communicate financial concepts in a way that is understandable to non-accounting professionals.
You must have a degree in accounting from an approved university if you wish to be a personal accountant. In addition, you will need to pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants.
About 136,400 openings for accountants and auditors are projected each year, with at least a 6% growth rate from 2021 to 2031.
What does being a personal finance advisor entail? Personal finance advisors work in banks and investment companies. They assist clients with money management. They evaluate a client’s risk factors and advise on the best protection plans.
To be a personal finance advisor, one must know financial laws. Also, a personal finance advisor must connect with clients and communicate well with them.
Accounting, business, law, and economics bachelor’s levels are required to become a personal finance advisor. However, many employers will prefer a candidate with a master’s degree or certification. There are now about 203,791 finance advisers working in the United States.,
Investment bankers connect companies seeking cash for operations or expansion plans with investors who are prepared to make that investment. Investment bankers also play an intermediary role when two companies wish to merge and also provide advice throughout the process. Most investment bankers work for banks and other financial institutions.
Investment bankers need a good dose of interpersonal skills because they engage with individuals frequently throughout the day. You need a bachelor’s degree to work as an investment banker. Additionally, you’ll need to pass the Series 79 and Series 63 tests.
There are currently about 46,600 openings for investment bankers in the US, with a projected increase as the US economy grows.
Stockbrokers purchase and sell stocks on behalf of a client and are employed by financial organizations. A stockbroker must thoroughly know the stock market and good client relations.
It is best that you complete a bachelor’s degree before working as a stockbroker. Although a master’s degree is not required for most stockbroker jobs, many employers prefer it. Employers prefer candidates with a Master of Business Administration (MBA).
Stockbrokers are in high demand in the US, with Texas being the highest employer of stockbrokers. There is a projected 4% in the number of stockbrokers from 2021 to 2031.
A credit analyst determines the level of risk associated with granting credit by examining the financial accounts of individuals or businesses. Credit analysts can be found in almost all financial institutions where people seek credit. A credit analyst needs to be able to select the best mathematical procedures or formulas to address a problem.
Most credit analysts in the US hold a bachelor’s degree, although some firms may employ candidates with an associate’s degree.
As businesses, big and small, look for ways to remain profitable, there is a huge demand for credit analysts due to the uncertainty of the global economy. In the United States, there are presently 73,800 credit analysts. Between 2021 and 2031, 8.3% more people are predicted to work as credit analysts.
Bill and account collectors make an effort to collect payment on past-due debts. They work out repayment arrangements to make it easier for debtors to pay their past-due obligations. Many bill and account collectors work in a call center for a third-party collection agency rather than the original creditor.
Bill and account collectors need to have persuasive skills when it comes to dealing with debtors. Most bill and account collector jobs do not require formal education, although general knowledge of finance is a bonus.
Between 2021 and 2031, there is a predicted 8% fall in employment for bill and account collectors. Despite a decline in employment, there are expected to be, on average, 22,100 opportunities for bill and account collectors.
Other Jobs Available In Finance Consumer Services
The list above provides some of the best-paying jobs in the finance consumer services sector. Finance consumer jobs worthy of mention.
Other jobs available in finance consumer services include the following:
Auditors
Claims Adjusters, Appraisers, Examiners, and Investigators
Budget analyst
Compensation, Benefits, and Job Analysis Specialists
Fundraisers
Cost Estimators
Human Resources Specialists
Labor Relations Specialists
Insurance Underwriters
Supply Chain and Logistics Specialists
Market Research Analysts
Management Analysts
What are the Factors Affecting the Availability of Jobs in Finance Consumer Services?
Why is there such a high demand for finance consumer services jobs? It is no secret that consumer finance jobs have become a famous situation in recent months. Some of the factors affecting the availability of jobs in this sector include:
Economic conditions
A strong or weak economy can impact the demand for finance consumer services, which in turn can affect job availability.
During periods of economic growth, the demand for these services tends to increase, leading to a higher availability of jobs. Conversely, during periods of economic downturn, demand for these services may decrease, affecting job availability.
Technological advancements
The increasing use of technology in the financial consumer services industry may lead to automation, reducing the need for human workers and affecting job availability.
The finance consumer services industry is undergoing a rapid transformation driven by advancements in technology. Automation is becoming increasingly prevalent in the sector, which has the potential to reduce the need for human workers and impact job availability.
Regulation
The regulatory environment can play a crucial role in shaping the demand for finance consumer services and, therefore, job availability. Changes in regulations and policies can impact the finance consumer services sector, leading to changes in the demand for certain jobs and affecting availability.
Competition
Increased competition in the finance consumer services can lead to consolidation and cost-cutting. This can result in a reduction in job availability, as companies look to streamline their operations.
Demographic trends
Changes in the age and spending habits of consumers can impact the demand for certain financial products and services. This, in turn, can affect job availability in finance and consumer services.
Globalization
The globalization of financial markets and the growth of multinational companies can impact job availability in finance consumer services, both positively and negatively. On the one hand, it can create new opportunities for growth and expansion. On the other hand, it can also result in increased competition and, potentially, job losses.
The availability of jobs in finance consumer services is influenced by a complex and interrelated set of factors. Understanding these factors can help individuals and organizations make informed decisions about their career and business plans in this dynamic and constantly evolving industry.
How to Get a Job in Finance Consumer Services?
Start the application process for an entry-level finance job as soon as you decide on a career path in finance. Here are four steps to get a job in finance consumer services.
Pursue a degree in finance
Most entry-level positions in this industry demand at least a bachelor’s degree in business, finance, or a related discipline. Accounting, microeconomics, and macroeconomics are frequently included in finance degree programs.
Gain experience in finance consumer services
Getting some finance experience might be beneficial before looking for a finance consumer job. You can start by finding internships, volunteer positions, or even freelance or contract.
Hone your finance skills
You should continue beyond the educational aspect of the finance consumer job. You will need to take active steps to hone your finance skills. Examining specific job listings on employment websites is a terrific method for remaining current on the skills employers seek.
Search for finance consumer services jobs
In this regard, sites like Glassdoor lists, Wells Fargo, J.P. Morgan, Amazon, Boeing, and Verizon can come to your aid. You can easily discover many entry-level jobs given the variety of prospects across this sector.
What Do People Working In Finance Consumer Service Do?
A consumer service in the finance sector provide customers with good financial options. Experts in this sector help customers make wise financial decisions. Additionally, they help clients become financially literate.
Experts in this field can also assist customers in establishing and achieving financial objectives. They develop unique plans while taking into account a client’s earnings, debts, expenses, and investment portfolio.
In terms of accounting, tax returns are prepared and financial records are managed by accountants. They collaborate with people, companies, and governmental agencies to guarantee adherence to financial regulations.
What Are the Educational Requirements and Training for Finance Consumer Jobs?
In the highly technical industry of financial services, a bachelor’s degree or above is frequently required. Some entry-level positions don’t require education or can be started with an associate’s degree. However, if you want to grow in this field, you’ll need to earn those advanced degrees.
Educational Requirements
As mentioned above, you don’t need a degree to get into this career path. However, a degree may make you a more viable candidate for such a position.
The educational requirements you need to succeed in this sector are:
High school or GED
Getting your high school diploma or GED is the first step. This is a minimum qualification. Admittedly, it might help you find a high-paying finance job, but it is a direction in the right step.
On-the-job training
Every position in the financial services sector will require extensive on-the-job training to become familiar with the nuances of such positions. You’ll also discover that you’re continuously learning b cause you deal with other people, who can be difficult.
Associates or tech certifications
An associate’s degree can help you develop your finance career. Moreso, it can provide you with experience in many fields. Explore and choose the one that best suits you.
Bachelor’s degree
A bachelor’s degree is sometimes required for many professions in the financial services industry, even entry-level ones. This is a crucial step in gaining as much knowledge as you can about the industry and how to apply proper accounting methods.
Masters or doctorate degrees
You can go from your initial entry-level position into a better-paying position. This can easily be achieved by earning a master’s or doctorate degree. As mentioned above, most employers prefer candidates with a master’s degree.
Training and Certifications
Certifications are strong tools for demonstrating to potential employers your expertise. But not every certification is equal. You need to choose a certification cause that fits your career path
Not only can acquiring these certificates improve your job search, but they will also raise the value of your resume. Major certifications you should check out include the following:
Certifications For Finance & Sales Representatives
Certified Professional, Life and Health Insurance Program (CPLHI).
Certified Resume Specialist: Accounting and Finance (CRS+AF).
Certified Sales Professional (CSP).
Certified Management Accountant (CMA).
Uniform CPA Examination.
Certified Financial Planner Examination
What are the Skills Needed to Get a Job in Finance Consumer Services?
There are certain skills that will help you stand out as a professional in the finance consumer service sector. As outlined above, we can glean that certain skills are must-haves if you want to succeed in this career path.
Here are five skills you need to land a job in finance consumer services.
Effective communication abilities.
Strong communication is another essential trait for positions in consumer finance. You will need to be able to speak clearly with both customers and other team members.
Organizational skills
Strong organizational qualities are necessary for careers in consumer finance. This is because you will need to manage several client accounts and demands.
Exceptional customer service qualities
This is possibly the most crucial skill for any position in consumer finance. You will deal with consumers regularly; thus, you must be able to give them excellent service.
Attention to detail is another important skill for professionals in finance consumer services. You must be able to pay strict attention to detail to handle the high amount of client inquiries and requests.
Technology Expertise
Hiring managers are now looking for financial experts with the necessary technological abilities. This is because of the digitization and automation of the financial system. thus, candidates with expertise in cloud computing, Excel and other accounting applications, will be in high demand.
Where to Find Jobs in Finance Consumer Services?
Companies in finance consumer services are looking for qualified candidates to fill vacancies in their organization. A follow-up question will be, where do you find these jobs?
Here are five most promising places to find jobs in finance consumer services.
Job boards
Job boards like Indeed, ZipRecruiter, and Glassdoor are excellent options if you’re looking for high-paying positions in finance consumer services. Users can frequently filter jobs to locate ones that match their growth objectives and professional development desires.
Professional websites
An excellent example of a professional website is LinkedIn. Most organizations advertise job openings on LinkedIn and utilize them to find talented candidates in the banking industry. On LinkedIn, job seekers may even set up email alerts.
Workshops
These are mostly designed to train applicants on creating resumes and submitting applications. However, employers attend these events to look for qualified applicants for their business. Additionally, they are a great opportunity to network with possible employers.
Company websites
The career section of most companies’ websites lists open positions. To find suitable career opportunities to apply for, you can search this section. In most instances, you’ll have to register and upload your résumé.
Forums
You can use forums like Reddit and other finance-related internet communities to find the highest-paying jobs in the finance consumer services industries. Employers also use these channels for advertising job openings.
Tips for Finding Jobs in Finance Consumer Services
We have established that finance consumer service jobs are in high demand. However, what are some tips for landing a good-paying finance consumer service job?
Five tips to find available jobs in finance consumer services.
Prepare an effective resume
An organized CV enhances your chances of landing a job in the finance consumer service. Your CV should focus on your strengths and capabilities. To stand out from the competition, highlight your personality in your CV.
Network as much as possible
If you lack professional experience, networking is a key aspect of breaking into this sector. You can connect with financial companies easily just by networking. Reach out to people you know in different companies and establish meaningful ties to network effectively.
Know the trends in financial institutions
Knowing the latest developments affecting financial institutions might help you land a juicy job. Interesting conversations with hiring managers or other industry experts will make you stand out. This can also assist you in getting ready for interviews.
Visit your college career center
You can learn more about entry-level positions and internship opportunities by visiting a college career center. You can use the job platforms to discover new positions. A visit to your college career center can link you with hiring managers.
Have a mentor in the financial sector
Find an experienced financial professional, ideally one who occupies the position or area of expertise you are interested in. This will help you obtain insightful knowledge about your chosen career path. They can offer you advice on how to achieve your objectives, perhaps suggest job opportunities for you.
Frequently Asked Questions
Are finance consumer services jobs in high demand?
Finance consumer services jobs are in high demand. The finance consumer services sector is expanding and needs skilled people. This sector is projected to add more than 700,000 jobs by 2030.
What finance are consumer services jobs in most demand?
Financial analysts, accountants, tax accountants, and financial advisors are in great demand and also good career paths in finance consumer services. You require a bachelor’s degree in finance, marketing, accounting, business, or a closely related field to work in any of these fields. Certification could also help you land your ideal position in an insurance or customer service organization.
What are the hardest finance consumer services jobs to get?
Investment banker might be the hardest finance consumer job to get. This is because this career path requires a formal education and several certifications.
Conclusion: How Many Jobs are Available in Finance Consumer Services?
This post has outlined how many available jobs in finance consumer services. It also emphasized how these jobs are in high demand because people are looking for ways to save and invest their funds.
While most of the jobs in this industry will not be as attractive as others, they all have the potential to be very lucrative. Therefore, if you’re vying for the highest-paying positions in finance consumer services, feel free to look into all possibilities.
