If you want to seek a career in finance consumer services and are wondering how many jobs are available in finance consumer services, you’ve come to the right place.
Working in consumer finance can be both financially and professionally rewarding. The economy depends on finance consumer services, which significantly benefit consumers. You’ll be responsible for providing your clients with advice and analysis on managing their money.
Personal finance has become a popular subject in recent months. Because of inflation and uncertainty about the country’s economic future, people are more frugal with their money and time. Consequently, there is an increasing demand for financial assistance and services.
This post will discuss how many jobs are available in finance consumer services.
What are finance consumer services?
Before learning how many jobs are available in finance consumer services, let’s first understand what finance consumer services are.
A consumer service in the finance sector is an initiative, product, or service that provides financial products and services to consumers. These services include mortgage assistance or credit counseling, for example.
In addition, the finance sector can assist customers in developing financial literacy. For example, students can learn how to budget, handle debt, and invest money appropriately.
Now that we know what finance consumer services are, let’s discuss how many jobs are available in finance consumer services.
What are the branches of finance consumer services?
Finance is a vast field. And within that field, many various types of finance consumer services exist. Here are some of the most famous branches:
- Personal financial planning: Personal financial planners help clients set and reach financial goals. They create custom plans considering a client’s income, debts, expenses, and investment portfolio.
- Investment banking: Investment bankers provide analysis and advice on investments. They work with clients to identify opportunities, make recommendations, and provide guidance on financial planning.
- Insurance: Insurance agents help clients choose the best insurance coverage for their needs. They assess a client’s risk factors and recommend the most protection policies.
- Accounting: Accountants manage financial records and prepare tax returns. They work with individuals, businesses, and government organizations to ensure compliance with financial regulations.
- Lending: Lenders provide loans to individuals and businesses. They assess a borrower’s creditworthiness and determine the terms of the loan.
- Financial analysis: Financial analysts provide insights on investments, markets, and economic trends. They use data to identify opportunities and make recommendations to clients.
There are many other types of finance consumer services jobs, including risk management, mortgage banking, and commercial lending, which we will discuss later in this article.
Is finance consumer services a promising career path?
While wondering how many jobs are available in finance consumer services, you must be curious to know if this sector is a good option for your career.
The majority of industry professionals consider a career in finance consumer services to be worthwhile. The sector is predicted to create more than 700,000 new jobs over the following ten years, according to the BLS (Bureau of Labor Statistics). Furthermore, the BLS anticipates that the sector will add 8 percent more workers over the next decade.
If you’re thinking about a career in financial or consumer services, check out all the possibilities. This industry employs many individuals with professional accounting and financial planning training, so ensure you have a robust foundation in these subjects.
Finally, be mindful of the prerequisites for any job you’re interested in, as some might require a specific certification or level of experience.
How many jobs are available in finance consumer services?
The Global Consumer Services Industry has seen an annual growth rate of 3% over the last decade, while the Inter-Sector Industry has grown at a higher rate of 4.5%.
The Consumer Services Industry is increasing and requires skilled workers. By 2030, the finance consumer industry will create more than 700,000 additional jobs.
By 2022, the business sector is forecasted to grow by 7%. In 2023, the sector is expected to generate $8.6 billion in revenue.
The consumer services sector employs millions of workers, but there are concerns about what will take place when AI takes over the jobs that people currently hold.
Hopefully, the data mentioned above gives you a good knowledge of how many jobs are available in finance consumer services.
What are the best paying jobs in finance consumer services?
Now that you know how many jobs are available in finance consumer services, it will also be in your best interest to learn the best-paying jobs in finance consumer services.
The financial consumer services sector offers competitive remuneration, but not every job pays the same, so here are the industry’s top seven highest-paying jobs.
1. Investment Banker
Average Salary: $80,540
Investment bankers help clients raise capital by issuing and selling securities. Investment bankers work for banks and independent firms, advising clients on financial planning. They assist clients in identifying opportunities, making recommendations, and providing financial planning advice.
Although working 100-hour weeks, making millions of dollars, and enjoying a luxurious lifestyle are all myths, only the top personnel enjoy that level of luxury.
2. Financial Analyst
Average Salary: $72,672
Banks, insurance companies, and investment firms employ financial analysts who analyze investments, markets, and economic trends. A financial analyst uses the information to discover opportunities and recommend clients.
To find trends in the market and suggest appropriate investment decisions, a financial analyst must perform a lot of research, evaluation, and critical thinking. The role is demanding, and it comes with a lot of responsibility.
Those with a master’s degree or bachelor’s in finance, accounting, economics, statistics, business management, or mathematics are highly suitable for this job.
3. Personal Finance Advisor
Average Salary: $89,330
Analysts don’t advise clients on how to manage their money; financial advisors do. Financial advisors work for banks, investment companies, and insurance companies, and they help clients manage their money. They assess a client’s risk factors and advise on the most suitable protection policies.
A financial advisor must thoroughly understand financial products and regulations, develop rapport, and communicate with clients. Accounting, business, law, and economics bachelor’s degrees are required to become a financial advisor, but employers prefer those with master’s degrees.
4. Insurance Advisor
Average Salary: $88,969
An insurance advisor helps clients compare insurance quotes to select the most appropriate policy. They analyze a client’s risk factors and suggest coverage that will provide the most excellent protection. It is essential to understand the insurance they offer and the laws and regulations governing them.
Because they provide a vast range of insurance products such as life, health, and vehicle insurance, investment and banking firms frequently employ insurance advisors.
An insurance agent must have a minimum high school diploma or GED. You do not need a degree to begin as an insurance advisor, as it’s something you learn as you go.
5. Stock Broker
Average Salary: $74,580
Stockbrokers help clients invest in and sell stocks. Banks, investment firms, and fintech businesses employ stockbrokers. Stockbrokers must be not only well versed in the stock market but also be able to establish strong connections with clients.
Due to the popularity of this profession, many people have begun operating as their stockbrokers in recent years. A bachelor’s in business, economics, finance, or accounting is usually required to be a stockbroker.
However, it isn’t as simple as it appears. Before advising others on a suitable investment, you must have a deep knowledge of the stock market.
Average Salary: $73,560
Personal and corporate accountants keep and inspect financial records. They work with individuals to guarantee they keep accurate financial records and pay taxes.
Corporate accountants examine businesses’ economic well-being and legal compliance, while personal accountants focus on individual taxpayer issues. An accountant must have excellent attention to detail, be highly organized, and be able to explain financial concepts to non-experts.
It will help if you get a degree in accounting or business to become an accountant.
7. Loan Officer
Average Salary: $215,661
To be eligible for the various kinds of loans, loan officers must know everything about them. Furthermore, they must be able to establish relationships and communicate effectively with clients.
Before becoming a loan officer, you must obtain a finance degree from an accredited institution. In addition, you must pass the National Mortgage Licensing System (NMLS) exam.
Now coming back to the question- how many jobs are available in finance consumer services?-plenty! As you can see, all the above best paying jobs are in finance consumer services.
Summary Table: How many jobs are available in finance consumer services?
|Careers in Finance Consumer Services||Average Salary||Minimum Education|
|Investment Banker||$80,540||Bachelor’s Degree in finance or economics|
|Financial Analyst||$72,672||Bachelor’s Degree in finance, accounting, economics, statistics, business management, or mathematics|
|Personal Finance Advisor||$89,330||Bachelor’s Degree in accounting, business, law, or economics|
|Insurance Advisor||$88,969||High school diploma or GED|
|StockBroker||$74,580||Bachelor’s Degree in business, economics, finance, or accounting|
|Accountant||$73,560||Bachelor’s Degree in accounting or business|
|Loan Officer||$215,661||Bachelor’s Degree in finance|
What is the career outlook for finance consumer services industry?
The career outlook of the finance consumer services industry is pretty positive. According to the BLS, the finance consumer services sector is set to expand and grow over the next decade, creating thousands of new jobs.
Between 2020 and 2030, the BLS predicts that the industry will add more than 700,000 additional employment because more people can benefit from financial goods and services and more companies offer them.
Human resources managers, marketing professionals, and financial analysts are in demand in the financial consumer services sector. These positions typically oversee the day-to-day activities of an organization or division offering finance consumer services, and products, including investment advice, credit counseling, and mortgage assistance.
What skills are necessary to get a job in finance consumer services?
Let’s study how many jobs are available in finance consumer services and what skills are necessary for these jobs now.
When searching for a position in finance, it is not what you know but what you can provide that matters. Employers in the financial sector are increasingly seeking employees with ‘soft skills,’ defined as interpersonal skills.
To prove their value at work, candidates should demonstrate these five skills.
#1. Communication: Good communicators are in high demand across various industries, and they’re essential in professions where employees must communicate their specialized knowledge to others. Without you to justify and explain your calculations, numeracy won’t get you far in finance.
#2. Negotiation: Negotiation skills allow parties to reach an agreement that benefits everyone. When dealing with clients, it is vital to be able to defend your position without offending them. It is also essential when managing expectations.
Negotiation skills will give you an advantage in any financial situation. Poor negotiating ability may damage interpersonal relationships or lose revenue for a company.
#3. Influencing: Finance professionals must be able to show how their objectives are mutually beneficial and how they anticipate objections.
For example, an investment banker who wants to sell off a stake in a joint venture must be able to show how this will benefit the bank—even if some coworkers disagree.
#4. Critical thinking: A critical thinker assesses a situation from a neutral point of view or conceptualizes it logically. Customers and clients frequently look to financial professionals for objective assessments of a problem – whether it be a balance sheet or the performance of a stock.
In fast-paced business environments, poorly-reasoned decisions can both waste time and money.
#5. Flexibility: Being able to weather change and function effectively in high-pressure situations is a hallmark of flexible employees. Stockbrokers provide the best illustration of this, as their day-to-day work focuses on mitigating constant fluctuations and choosing the optimal path.
However, having a flexible mindset also means seeing through other people’s eyes and understanding their motives.
Multiple jobs are available in the finance consumer services industry, and those with the right qualifications can find an ideal position. If you are curious about working in the finance consumer services industry, you should research all the available jobs.
You should also have an accounting and financial planning background, as many jobs in this field require it. Finally, be mindful of the demands of each position you are interested in, as some require certification or experience that you do not currently have.
Hopefully, We believe you now know the answer to your question, “How many jobs are available in finance consumer services?”