Here Are the 5 Best Paying Jobs in Financial Consumer Services
These money careers aren't slowing down.
No matter how the economy is performing, financial consumer services will remain in high demand. This is why jobs in this sector are a great choice. People will always seek help improving and protecting their financial position.
Financial consumer services careers offer networking opportunities that help you establish yourself as an expert in your field and increase your earning potential. Those in this field should enjoy working with both people and numbers, finding creative solutions, and coaching.
We reviewed jobs in the financial consumer services industry and identified the top roles. Let’s review the five best jobs that you should consider.
1. Investment Advisor
An investment advisor is a flexible position in high demand.
What It Is
An investment advisor helps people plan their investment strategies. They will work with clients on financial products such as 401k, IRA, and other investment accounts. Unlike a stockbroker, the investment advisor cannot sell and trade stocks. However, they can recommend an investment strategy related to stocks and other securities.
Required Education
An investment advisor generally receives a four-year degree in finance or a related discipline. Additional education helps you find a niche to target a specific clientele. Advanced education in financial planning increases salary potential and builds your authority as a subject matter expert.
Expected Salary
The median pay was $94,170 or about $45 an hour.
Job Growth
Investment advising is expected to grow by 15% over the next ten years, which is incredibly high!
2. Loan Officer
Loan officers have a pivotal role in the financial industry, and one that almost every consumer will interact with.
What It Is
Loan officers specialize in reviewing loans for approval. They work with underwriters who verify a client’s eligibility to receive funding. Loan officers work for banks, or they may work for one bank to offer the best loan solution for clients.
Required Education
Loan officers have a bachelor’s degree or higher. Some loan offers must have additional certifications depending on the type of loan they service.
Expected Salary
The median salary is $63,380. Loan officers have minimal travel requirements, and most work in an office for forty hours a week.
Job Growth
This job sector will increase by 4% percent over the next ten years, which is steady.
3. Certified Financial Planner
Certified Financial Planners are similar to investment advisors, but with a few key differences.
What It Is
These planners focus on personal financial goals such as budgeting, savings management, and other money management consulting. Some certified financial planners will offer assistance with investment strategies, but this is not their priority. They mostly aim to help people live better in the present.
Required Education
If you desire to become a financial advisor, you’ll need a bachelor’s degree, and you must take a certification. The financial advisor certification has varying requirements depending on the state you want to be certified.
Expected Salary
The median salary for a certified financial advisor is $95,000 a year. As you can see, the salary for a certified financial planner and an investment advisor are similar. You can move between the two as a career path plan.
Job Growth
This field is expected to grow by 15% by 2031.
4. Banking Services Clerk
Banking roles are one of the best ways to break into this sector.
What It Is
Banking services clerks, also called financial clerks, perform administrative and clerical duties to support the finance industry. These are usually entry-level jobs and require little secondary education.
Required Education
Example positions are bank teller, medical office assistant, accounting clerk in some industries, cashier, and office clerk. In a bank, a banking services clerk may verify deposits, tally, and audit cash vaults, and perform bank transactions for bank clients.
Most of these roles only require a high-school diploma or equivalent. Roles involving medical or accounting may require additional training beyond high school.
Expected Salary
You can expect to earn $45,000 as the median salary for this role. However, you can quickly move into higher roles in the right company.
Job Growth
Banking services clerk roles are expected to shrink by 3% over the next ten years. Online banking tools could be the reason for this, but studies suggest growth in the professional side of banking and finance roles is a contributor.
5. Tax Preparer
If you enjoy organizing transactions, a tax preparer fits you. Tax preparers have a specialized set of skills in accounting, mathematics, and analytics.
What It Is
In this role, you will assist businesses with tax returns and financial statement preparation. If you become a tax preparer, you can also build your career with related opportunities such as bookkeeper, accounting clerk, or junior staff accountant.
Required Education
This role requires some college education. An accounting certification is typical for someone seeking to be a tax preparer. With advanced education, tax preparers can go on to become tax accountants for organizations.
Expected Salary
The median salary for a tax preparer is $46,000. You can maximize your earning potential as a tax preparer by starting a tax preparation service where you can scale your clientele. Self-employed tax professionals can easily earn over $200,000 per year.
Job Growth
The job market is expected to remain stable, as the tax system is very complex.
Your new career awaits
Financial consumer services is a stable industry to build your career. Many positions are related, so you can move around in the industry as you expand your expertise. Most financial consumer service workers perform these roles for banks and other large organizations.
However, if you have an entrepreneurial streak, you can absolutely leverage these skills into a freelance business. No matter which path you choose, you can position yourself for growth so as long as you commit!