Oluwatobi MosesThe 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 at least an average salary of $ 73,560 yearly. Its job growth will be quite good over the next ten years. According to the Bureau of Labour Statistics, 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 business.
20 of The Best Paying Jobs in Finance Consumer Services
Hedge Fund Manager
Annual Salary $145,000
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.
Currently, there are approximately 992,100 investment fund managers in the United States. Hedge fund managers have a projected growth of 8.0%.
Chief Financial Officers
Average salary: $140,000
A chief financial officer manages corporate accounts and ensures the accuracy of financial reports. They also offer suggestions for the effective use of corporate funds. Given their work’s importance, they earn some of the highest salaries in the industry.
To become a CFO, you 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.
Between 2020 and 2030, the Bureau of Labor Statistics (BLS) forecasts an 8% increase in job growth for CFOs.
Investment Banker
Average salary: $133, 841 per year
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.
Jobs in investment banking demand a solid foundation of financial expertise. Having the capacity to analyze big volumes of economic data is one aspect of this. In terms of educational requirements, most companies hire candidates with college degrees in finance or accounting. However, you may want to acquire a postgraduate degree to set yourself apart.
There are currently about 46,600 openings for investment bankers in the US, with at least a 5% growth rate as the economy grows.
Financial Analyst
Average salary: $127,990 per year.
A financial analyst oversees a firm’s finances, analyzes data, and supports financial management choices. Another aspect of this job is evaluating potential outcomes for business and investment. Research and critical thinking skills are required in this business path. Given this career path’s risk, it is not surprising that it is one of the best paying careers in finance consumer services.
For this position, problem-solving, analysis, and critical thinking are some of the most crucial skills. Additionally, these specialists must be proficient communicators. You must have at least a bachelor’s degree to be a financial analyst. However, a lot of firms favor applicants with a master’s degree.
Regarding job outlook, about 32,000 jobs for financial analysts are anticipated annually. It follows that there is a high growth rate in this finance career path.
Chief Compliance Officer
Average annual salary: $120,000
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. He must also possess a keen eye for spotting accounting errors. The Chief Compliance Officer must have a bachelor’s degree in business, criminal justice, or finance.
Between 2021 and 2031, the Bureau of Labor Statistics predicts a 4.3% growth rate in employment for compliance officers. Within this stated period, 15,100 job openings are expected.
Account Manager
Average salary: $100,000
An account manager monitors clients’ accounts. He also takes 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 this sector because customers have great regard for them.
Interpersonal and communicative skills are must-haves in this field. 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.
Annually, there will be about 136,400 job openings for accountants and auditors. There is projected to be a 6% growth rate from 2021 to 2031.
Personal financial advisor
Average salary: $94,170
Financial advisors give their clients tips on how to manage their money best. Typically, banks, investment firms, and insurance companies hire financial advisors. They assess a client’s risk factors and provide a high-security insurance policy. Given the risk associated with this profession, it is not surprising that the salary is lucrative.
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. To be a financial advisor, you need a bachelor’s degree in finance, economics, business, statistics, or a similar discipline. Most financial advisors are also Certified Financial Planners (CFP).
There are 330,300 finance advisors employed in the US, with a growth rate of 15% annually.
Stockbroker
Average salary: $62,793
A stockbroker is a specialist who buys and sells stocks on behalf of his clients. A stockbroker typically works in banks, investment firms, and FinTech companies. This is quite a lucrative career path since it requires an expansive knowledge of the stock market,
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 bachelor’s and master’s degrees in a finance-related field.
There are 29,202 Stock Brokers in the United States, with a growth rate of 4% from 2018 to 2028. Texas is the highest employer of stockbrokers in the US.
Loan Officer
Average salary: $63,270 per year.
Applications for loans are reviewed and approved by loan officers. This covers money given to people and loans given to businesses. Lending institutions seek loan officers, making it one of the highest-paying positions in this sector.
You must have a degree in finance or a closely related field from an accredited university to work as a loan officer. You must also pass the National Mortgage Licensing System (NMLS) test.
Regarding job outlook, there are up to 340,170 loan officers, and employment is expected to expand by at least 3.5% between 2021 and 2023.
Financial software developer
Average salary: $63,270 per year.
A financial software developer specializes 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. With the digitalization of the finance industry, finance software developers are sought after. This has made this career path to be quite lucrative.
Finance software developers must be well-versed in the most recent development tools and methodologies. To qualify, you might need to take pertinent courses in software development.
This career path has a favorable job outlook. This is because most financial institutions are investing in new technology. There are currently 1,256,200 software developers with a 24% growth rate.
Six Best paying entry-level finance consumer services jobs
Budget Analyst
Average annual salary: $74,000
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.
Budget analysts’ employment has a 3% growth rate between 2021 and 2031. Over the next ten years, there are expected to be, on average, 4,000 job openings for budget analysts, notwithstanding the low employment growth.
Data Analyst
Average annual salary: $65,000
As the name suggests, 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 and Statistics expects a 25% growth rate of Data Analysts between 2020 to 2030.
Credit Analyst
Average annual salary: $64,500.
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.
Since 2004, there has been a good overall job outlook for Credit Analyst careers. In that time, there have been 7.42% more job openings in the country.
Economist
Average annual salary: $64,000
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.
Employment of economists has a 6% projected growth rate between 2021 to 2031. About 1,400 openings for economists are projected annually over the decade.
Tax Associate
Average annual salary: $61,750
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 analysts is projected to grow 6% from 2018 to 2028. This signifies that there is a high demand for tax associates.
Insurance Claims Adjuster
Average annual salary: $34,700
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.
In terms of job outlook, this career path has a 6% decline rate. Notwithstanding the decline rate, there are 23,200 job openings.
How to Get a High Paying Job in Finance Consumer Services
Here are some pointers to aid in your job search. These pointers will be invaluable if you are just starting out or have garnered experience over the years.
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.
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.
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.
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, Lastly, 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
You require certain skills to land a high paying job in the finance consumer service sector. It is possible to transition between industries and get the highest-paying positions just by developing your soft skills. 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.
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.
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.
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.
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.
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
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.
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.
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.
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.
Reputable 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.
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.
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.
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. Below are some of the criteria employers put in place when fixing the wage of a position.
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.
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.
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.
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.
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? Below are some of the companies in the finance consumer services field with good wages.
- 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, 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.
Oluwatobi Moses
