Is Finance Consumer Services a Good Career Path?

Finance consumer services are among the best paying jobs in consumer services. This could be because it is in the financial sector and includes a lot of jobs that offer high salaries as well as potential alternative compensation like bonuses and commissions that could increase the pay.

However not all jobs in the consumer finance sector are well-paying, it depends on the level of experience, education, and what type of job it is. For example, an administrative job might not have a very high salary while specific careers on the finance side do. Additionally, if you do not have any experience and have to start at an entry-level the pay compared to more experienced jobs might be a lot lower.

According to the US bureau of labor statistics, the median annual wage for business and financial occupations was $76,570 in May 2021, which was higher than the median annual wage for all occupations of $45,760. However, this mainly includes positions that require a bachelors degree.

Finance consumer services job examples

• Hedge fund manager, a hedge fund manager is someone who manages hedge funds, which are a specific type of investment company. Hedge fund managers have an annual average base salary of $147,395.
• Accountant, an accountant is someone who does accounting work, which means keeping, inspecting, and analyzing financial accounts, and has an annual average base salary of $52,702.
• Investment banker, an investment banker is someone who works for an investment bank and provides financial services. They have an annual average US salary is $71,011.
• Compliance officer, a compliance officer is someone who is responsible to make sure that the services and business that are conducted are compliant with all the laws and regulations. A compliance officer has an average US base salary of $57,908.
• Financial administrators, financial administrators are people that are responsible for any financially related tasks, like preparing reports and preparing plans. The average US base salary for this position is $44,973.
• Financial advisor, a financial advisor is someone who is professionally able to give financial or investment advice to people. The average US base salary is around $73,149.

The above jobs mainly require education in the financial field, but within financial consumer service companies, there are also positions that require less certifications or are more entry-level. Some examples of these are:

• Customer service representatives, customer service representatives are people that are responsible for talking to customers and providing help, and answering questions customers might have. The average US base salary for this position is dependent on what kind of company you work for. $41,590 and $59,477 are both reported as average US base salaries.
• Administrative assistant, an administrative assistant is someone who works in an office and helps with record keeping, making appointments, and tasks like that. The average salary in the US for a position like that is $48,787.

It is also important to keep in mind that although some of the salaries are relatively equal in terms of base pay. There might be a significant difference based on career prospects and alternative compensation. Certain functions get larger bonuses, stock, or commissions while base pay might not be much higher.

Employment in business and financial jobs are projected to grow 7% from 2021 to 2031, about as fast as the average for all occupations, according to the US bureau of labor statistics. Additionally, apart from an increase in the number of jobs there are also opportunities because of employees leaving their job, which is estimated to be around 1 million openings each year from new jobs and replacement needs.