Personal finance is a popular subject nowadays. People are more cautious than ever about their spending and saving habits due to inflation and the lack of clarity on the country’s economic future. As a result, they are even exploring online resources such as social media and blogs to make financially savvy decisions. So if you are hunting for a career in finance, stepping into consumer services could be an ideal choice in the current market.
Employment opportunities in finance consumer services look promising. The Bureau of Labor Statistics (BLS) predicts a steady 8% increase in demand for workers in this industry between 2020 and 2030. If you want to get started, the following are some of the best paying jobs in finance consumer services.
Five of the Best Paying Jobs in Finance Consumer Services
An accountant’s primary objective is to maintain and analyze a business’s financial records to ensure efficient financial management. However, due to the complexity of money dealings, subfields within accounting have emerged to oversee different aspects of the industry. Some accountants, for instance, focus on tax preparation for businesses, while others devote their time and energy to international accounting.
Different positions have different certification requirements; some only require a bachelor’s degree, while others have stricter educational and examination criteria. Solid communication skills are a must for accountants because they allow them to convey information to clients in a way that makes sense to them.
Financial analysts begin their work by collecting relevant information and data. The data comes from various sources, such as internal company databases, external service providers, and governmental organizations. It includes accounting data from the general ledger, historical financial reports, information on stock prices, macroeconomic data, and pretty much any other type of quantitative data.
The services of financial analysts apply to various businesses such as insurance companies, investment banks, hedge funds, pension funds, venture capital firms, private equity groups, etc. Therefore, most employers look for candidates with bachelor’s degrees in accounting, finance, economics, or mathematics for this role.
Over the next decade, the demand for financial analysts is expected to create an average of 32,000 new jobs annually. Moreover, these professionals make an average of $91,580 a year. They are considering the whopping figure, no wonder why this makes up for one of the best paying jobs in finance consumer services.
Hedge Fund Manager
Hedge fund managers guide their clients’ investment and financial decisions. For hedge fund managers to accept contributions from different people, clients must all have a certain level of financial security. Afterward, the manager puts the contributions into various investments, such as equities, real estate, bonds, and more.
They utilize sophisticated analytic skills and financial acumen to establish fund objectives and devise a plan to meet them.
The minimum educational requirement for hedge fund managers is a bachelor’s degree in business administration, accounting, and finance. However, many employers prefer candidates with master’s degrees. Though additional credentials are not usually required to enter the field of hedge fund management, doing so can make you a more marketable candidate.
Compensation for managers of hedge funds comes in two ways. First, for managing the investments in the hedge fund portfolio, they get a management fee. Besides, they are also entitled to a performance fee – a portion of the hedge fund’s overall profits. Simply put, the manager’s compensation grows in proportion to the fund’s success. On average, hedge fund managers earn $129,890 annually or $62.45/hour.
According to analysts, this sector is anticipated to grow at a rate of 15% in the next ten years. So, this is undoubtedly one of the best paying jobs in finance consumer services.
Loan officers work for financial institutions like credit unions, banks, and other lending organizations. Their responsibilities include making visits to prospective borrowers and processing a large volume of documentation, particularly in the case of mortgages. They can also advise customers on the appropriate loan program for their unique needs.
A loan officer also has the critical task of staying abreast of the latest developments in lending legislation and the overall economy. A licensed loan officer operates within the guidelines set forth by federal and state agencies. Apart from having in-depth knowledge about their field, these professionals also stay on top of customer service skills.
A high school certificate or GED and relevant work experience in the financial sector are typically required to become a loan officer. Yet, despite such low education requirements, it is fantastic that becoming a loan officer is still a highly desirable career and one of the best paying jobs in finance consumer services. In the United States, a loan officer can expect an annual salary of $211,146, including $35,500 in commission.
An insurance counselor acts as a go-between for policyholders and insurers. They evaluate the client’s exposure to risk and suggest policies that best mitigate it. Advisors in the insurance industry may specialize in one area, such as health or life insurance.
They must have a solid understanding of these products’ intricacies to give their customers correct information. Insurance advisers operate in various environments, including insurance firms, banks, and other financial institutions.
You should have a bachelor’s degree to undertake this role. Finance, business, economics, and actuarial science are all popular undergraduate degrees for those seeking this kind of employment. This is also one of the best paying jobs in finance consumer services. For example, the average salary for an insurance advisor is $66,500 ($31.97/hour), with the top 10% earning $135,000 ($64.9/hour).
Why is the finance consumer services industry important?
The provision of the finance consumer services industry is the driving force behind the economy’s expansion. It enables the free circulation of both money and goods within the market.
What exactly are financial institutions?
Banks, investment firms, and insurance companies are all examples of the diverse business included under the umbrella of “financial institutions.”
What is an investment?
Investment entails purchasing an asset with the anticipation that it will either generate a profit or appreciate (in value) over time.
Finance consumer services are all the rage right now. You cannot ask for a better time to get into the industry and make the most of the lucrative opportunities. Did any of the above best paying jobs in finance consumer services pique your interest? If yes, you should acquire the relevant qualification and get the ball rolling.