Is Finance Consumer Services A Good Career Path for Graduates? | 2022

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Finance is a vast field that involves money management and financial acquisition. This field comes with categories that offer tons of opportunities. So, yes! Finance consumer services is a good career path.

However, a lot of folks consider getting an in-depth answer to why finance consumer services is a good career path.

Well, have you ever wondered about the impact of the absence of finance consumer services on the economy?

You wouldn’t want that or would you?

This article will answer your question – is finance consumer services a good career path for graduates. It will also expose you to the benefits and career opportunities in abundance in this industry.

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What is Finance Consumer Services?

Also referred to as retail financial services, financial consumer services are financial services that are made available to the average consumer.

In other words, it covers personal finance advice financial experts provide that is beneficial to both consumers and businesses.

This simply means that you are free to work with individuals or small enterprises and their employees.

In addition, working with others might be more exciting. It allows you to interact with your clients on a more personal level while also assisting them in better understanding their finances.

You can actually conduct this business from home. However, you must ensure your clients are spaced out enough that you wouldn’t have to travel.

Examples of Finance Consumer Services?

As already stated, finance consumer services are financial services offered to regular consumers. Some examples include:

  • Savings and current account
  • credit cards
  • Payment services
  • Insurance
  • Mortgages
  • Investment products

Is Finance Consumer Services a Good Career Path?

Finance consumer services is a good career path to pursue, especially if you value maintaining strong customer interactions.


This would keep you up to date on requirements, feedback, and consumer behavior. Furthermore, it keeps you up to speed on current market demands.

Pursuing a career in this field will offer you an opportunity to advance in your career from the bottom to the top.

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What are the Benefits of Finance Consumer Services?

The benefits of pursuing a career in finance consumer services are far-reaching.

With a career in finance consumer services, you stand a chance of benefitting the following:

Great pay

Ending up in finance consumer services implies one thing – a high salary. It is the dream of an employee to walk home with a fat salary.

The good news is you can earn a robust working in finance consumer services.

Job variety

This industry is quite broad and has a pool of career options to pick from. It simply means there’s always an option that you can settle for.

It also leaves you with the option of working alone or with a company.

Flexibility

Landing a job in the finance consumer services gives you the opportunity to either work from home or other places other than the office.

In addition, you have more control of your time. Hence, you can plan your schedule or meetings in a manner that suits you.

The industry is booming

Finance consumer services is booming. This implies that there will always be a need for more hands or employees.

In other words, the employment rate will be high.

Less stressful

It is no secret that jobs in the finance consumer services are not as demanding as stressful when compared with jobs in other industries.

Vast knowledge

As you already know, learning never ends. A career in the finance consumer services industry will help you garner more knowledge about several products and services.

Such knowledge will enable you to have a smooth sail in your career.

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What Degree Do You Need To Work in Finance Consumer Services?

If you are intent on making a career in finance consumer, you need a degree in any of the related fields.

A degree in any of the fields will prepare you for a career in finance consumer services.

You can get a degree in any of the following fields:

  • Finance
  • Financial reporting
  • Any of the relevant fields

Required Skills for a Career in Finance Consumer Services

There are certain skills you need to acquire in order to pursue a career in finance consumer services.

Acquiring these skills will set you up for a career in finance consumer services.

Some of these skills include:

  • Complete knowledge of financial regulations
  • Excellent attention to detail
  • Good communication and interaction skills
  • Ability to work under pressure and meet deadlines
  • Excellent analytical and problem-solving skills

What are the Finance Consumer Services Job Prospects?

The finance consumer services industry has a promising job outlook. Statistics show that between 2016 and 2026, the industry will experience a 5% growth rate.


A couple of factors are responsible for this growth, such as rising demand for financial services, an aging population, and the economy’s continuous internationalization.

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How Much Can You Make From This Field?

The amount you can make from this field highly depends on the job position. Therefore, the salary in this industry varies.

However, professionals in this industry earn a modest income.

For instance, the average salary for a fund manager is $137,733 while a finance manager makes an average of $95,883 annually.

In conclusion, you earn according to your profession.

7 Highly Paid Finance Consumer Services For Graduates

If you gunning for a job in this industry, it is necessary to identify the highest-paying jobs in this sector.

Some of the highly paid finance consumer services for graduates:

1. Fund Manager

A fund manager is an executive in charge of carrying out investment plans and supervising the fund’s trading activity.

They are also responsible for managing analysts, performing research, and making critical investment choices for mutual funds or pensions.

The average salary of a fund manager in the United States is $65,205 and can get as high as $123,109, according to indeed.com.

Source: indeed.com

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2. Investment Banker

An investment banker is a bank official who is responsible for raising capital for businesses, governments, and other bodies.

In simpler terms, they help their clients raise capital.

According to ZipRecruiter, an investment banker makes an average annual salary of $103,485. Also, these bankers earn between $20,500 and $301,000 annually.

Source: ZipRecruiter

3. Finance Manager

Finance managers are accounting specialists who oversee a company’s financial well-being.

These professionals are also in charge of counseling senior management or corporate authorities on how and where to acquire and distribute the company’s assets.

According to indeed.com, finance managers earn an average annual salary of $103,051. In addition, the salary of this professional falls between $80,030 to $132,695.

Source: indeed.com

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4. Private Equity Associate

This is an investment banking executive who is in charge of finding new investors, assisting with acquisitions, and completing due diligence on existing clients.

They are equally responsible for providing assistance from the beginning to the end of a transaction.

Comparably puts the average annual salary of a private equity associate at $247,532. However, with additional pay, he earns a total average annual salary of $122,532.

Source: comparably

5. Accountant

Accountants play a significant role in finance and business.

An accountant is a specialist who is in charge of maintaining and interpreting financial records.

The responsibilities of an accountant also include auditing, account analysis, and financial statement analysis.

Furthermore, they prepare tax returns, audit financial records, and provide financial reports for individuals and organizations.

According to salary.com, accountants in the US earn an average annual salary of $58,940.

Source: salary.com

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6. Loan Officer

A loan officer is also referred to as a mortgage loan officer. A loan officer is a representative of a financial institution who provides assistance to borrowers during the application process.


These financial representatives are equally in charge of the most complicated and expensive loan types available to consumers.


Furthermore, they help consumers and micro-enterprises with a variety of secured and unsecured loans.

Loan officers make an average annual salary of $85,733, according to ziprecruiter. They also earn an hourly pay of $41.

Source: ziprecruiter.com

7. Compliance Officer

This is a corporate employee that ensures that a company conforms with all external (regulatory and legal) standards, as well as in-house rules and regulations.

A compliance officer in the United States makes an average annual salary of $71,464, according to payscale. Additionally, compliance officers earn between $46,000 and $113,000.

Source: payscale.com

FAQs

What are financial services firms?

A financial services company is a company that provides economic services.

Banks, credit card businesses, insurance companies, accounting firms, credit unions, stock brokerages, investment funds, and consumer financing companies are examples of this.

What is a finance service company?

A financial services company attempts to promote economic growth by linking together individuals with money to save and those in need of funds to lend.

What are the types of financial services?

The following are some of the types of financial services:

  • Banking
  • Mutual funds
  • Insurance
  • Stock market
  • Tax/Audit consulting

What are the 4 most common types of financial institutions today?

The following are the 4 most common types of financial institutions:

  • Insurance companies
  • Commercial banks
  • Brokerage firms
  • investment banks

What are the types of finance?

Finance is mainly divided into three basic subcategories. They include:

  • Corporate Finance
  • Personal Finance
  • Public/Government Finance

Why do we need financial services?

Financial services are essential to the smooth operation of an economy.

Also, in the absence of financial services individuals having money to save may struggle to find those who need to borrow without them, and vice versa.

Conclusion

Getting to decide on a career path to settle for can be a tough decision to make. Hence, it is vital to gather as much information about your industry of interest.

The information so far points to one fact – that finance consumer services is a good career path.

We hope this article met your expectations. Reach us through the comment section for feedback.

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