Is finance consumer services a good career path?

If you’re from a finance background and good at managing finance but are worried is finance consumer services a good career path or not, you should read this

Yes, finance consumer services are a lucrative career path since this is a vital part of many businesses, it has many jobs like Accountant, Financial Manager and auditor, and this career path is stable too!

Finance is a vast industry not alone in the United States but all over the world. And expressly, the demand for financial services is increasing among the consumer as it has become an important part of organizations, making finance consumer services a good career path. 

If you want to get involved in finance consumer services but looking for answers to whether finance consumer services will be a promising career for you? Here you’ll get all the detailed information you need before considering this career path. 

What Is Finance Consumer Service?

Finance consumer service, also known as retail financial service, is such a service where you work in a company or organization to help ordinary people or the company itself with its financial management. 

Why Is Finance Consumer Service A Good Career Path?

There are a few factors that a career path should have in order to be a good career path, and finance consumer service contains all the features to be a good career path.

You can work in different finance consumer service sectors in various positions, promote yourself to giant financial companies, and earn a good amount. 

What Are The Jobs In Finance Consumer Services?

Finance consumer service offers many jobs, and the financial sector requires employees dedicated to finance consumer services. And your responsibilities will change depending on the industry.

The most common jobs in finance consumer services are: 

• Financial Advisor

These are the professionals who help their clients to manage anything related to finance. A financial advisor helps clients with investment plans, budget making, financial saving plans, and tax management. In a word, as a financial advisor, you’ll play a vital role in managing clients’ financial goals on behalf of them. 

A financial advisor can work in a firm where they will work with several clients, or they can work with one client only. 

On average, a financial advisor makes $75,000 a year, and expert/experienced financial advisors earn more than $90,000 a year.

• Accountant

We all have heard about this position a lot! An account’s primary duty is to keep records of every transaction of the organization they’re working in. Besides, they prepare financial reports, the payroll of the company’s employees, data presentations, tax returns, and other financial documents. 

The median salary of accountants is nearly $58,000 a year, and skilled ones can easily make above $80,000. 

• Financial Auditor

This role requires the job seekers to be highly qualified as the duties are more complicated than any other finance consumer service job. Financial auditors will audit a company’s projected economic goal and examine all the financial documents and records to find discrepancies, mismanagement, or fraudulent activities. 

A financial auditor makes approximately $80,000 a year. Depending on their experience, they can make a six-figure yearly!

• Investment Advisor

Investment advisors mainly work in investment firms, where they guide firms and their clients regarding investment, and they will pick up the most beneficial investment plan, which entails minimal capital/financial risk. 

They make an average yearly salary between $60,000 to $80,000. 

• Insurance Advisor 

Insurance is beneficial in many ways, but most people fail to secure the perfect insurance plan. For this, they seek the advice of insurance advisors. Insurance advisors will unearth the best-suited insurance plan for you: Insurance advisors specialize in a variety of insurance types, including life, health, disability, auto, and house.

The salary of an insurance advisor ranges from $55,000 to $83,000 a year. 

• Loan Officer

Loan officers work at banks and other financial officers that give out loans such as home, student, auto, loans, and mortgages. They help people to select the best loan option and complete the paperwork required to take loans. 

In the U.S, a loan officer usually makes between $50,000 to $70,000 annually.

• Tax Consultants

Tax consultants are experts in dealing with all types of tax issues. These professionals will audit your tax return and help you prepare and pay the overdue income or other taxes.

Tax consultants earn a median of $55,000 to $71,000 per year. 

Why Should You Choose Finance Consumer Service?

The benefits, namely salary and career opportunities of this industry, are the sole reason to choose this industry. As we already discussed, in financial consumer services, you can make at least $55,000 a year regardless of your job role, and with experience, you can earn more than $100,000.

And job opportunities are everywhere for finance consumer services; you can work in a range of financial institutions like banks, corporate offices, mutual funds, multinationals, and insurance companies.

Additionally, all the careers in finance consumer service have got increasing demand. According to the U.S. Bureau of Labor Statistics, employment opportunities in job roles mentioned above will increase by five to fifteen percent within 2030. 

Requirements To Work In Finance Consumer Service

Performing the duties of a finance consumer service job is easy only if you have the proper qualification. So make sure you’ve got the right qualifications to get a job in this field. 

Requirements you’ll need to work in finance consumer service: 

• Education

You must be a university graduate to qualify for a financial consumer service role, which is an essential educational requirement. Candidates with a bachelor’s degree in finance, statistics, accounting, and economics are the appropriate degree for the roles. Some employers may also want a candidate to have a Master’s degree, and it varies from employer to employer.

Those with associate degrees from the same field are also eligible for the roles. 

• Skills

Finance consumer service workers must have a few skill sets to fit their work settings.  

• Communication

Communication skill is mandatory. Because, most of the time in your career, you’ll have to communicate with clients, co-workers, and senior managers verbally. 

• Mathematical skill

Finance is all about numbers; almost every job in finance consumer services requires you to be proficient in math

• Presentation skill

The presentation will be among one of your everyday duties, as you’ll present reports, data, and forecasts to your clients and seniors. That’s why this skill is necessary.