According to the US Bureau of Labor Statistics, the median annual wage for financial and business occupations is $72,250, more than $30,000 higher than the median annual salary for all occupations. The field will also add more than 700,000 new jobs between 2020 and 2030, so of those, what are the best-paying jobs in finance consumer services?
To answer that question, we’ve provided a comprehensive report for those who are considering career opportunities in finance. It focuses on finance consumer services careers and finance consumer services salaries, and answers the question, “What do finance consumer services jobs pay?”
What Do Finance Consumer Services Jobs Pay?
Finance consumer services jobs are quite lucrative. Data from the Bureau of Labor Statistics show that experts in this field earn more than the median annual wage of $41,950 for all occupations in the United States. In May 2020, the median annual salary for business and financial occupations was $72,250.
Finance Consumer Services Job Outlook
The job outlook of finance consumer services is also positive. According to the BLS, employment in this field should grow eight percent from 2020 to 2030. The likely reason for this growth can be attributed to a growing economy, globalization, and complex tax and regulatory environments. The demand for auditors and accountants is predicted to continue to grow.
Finance Consumer Services Job Satisfaction
Finance consumer services experts are mostly satisfied with their careers. This is because they earn more than the average for every occupation in the United States and can work in different industries because of the high demand. This also means that they enjoy a wide variety of fields to search for work, and they can easily choose one that fits their preference.
Finance Consumer Services Salaries: Lucrative Finance Consumer Services Careers
| Finance Consumer Services Careers | Finance Consumer Services Salaries | Job Outlook | Minimum Education |
|---|---|---|---|
| Chief Financial Officer | $142,619 | 17% | Bachelor’s Degree in Finance, Marketing, or Business |
| Chief Compliance Officer | $125,892 | 8% | Bachelor’s Degree in Finance, Marketing, or Business |
| Financial Software Developer | $119,954 | 22% | Bachelor’s Degree in Finance, Marketing, or Business |
| Private Equity Associate | $104,551 | 6% | Bachelor’s Degree in Finance, Marketing, or Business |
| Information Technology Auditor | $93,446 | 7% | Bachelor’s Degree in Computer Information Systems, or Computer Information Technology |
| Hedge Fund Manager | $85,727 | 17% | Bachelor’s Degree in Finance, Marketing, or Business |
| Senior Accountant CPA | $81,218 | 7% | Bachelor’s Degree in Finance, Marketing, or Business |
| Financial Analyst | $67,900 | 18% | Bachelor’s Degree in Finance, Marketing, or Business |
| Compliance Analyst | $62,675 | 8% | Bachelor’s Degree in Finance, Marketing, or Business |
| Insurance Advisor | $54,392 | 5% | Bachelor’s Degree in Finance, Marketing, or Business |
Best-Paying Jobs in Finance Consumer Services: In Detail
Chief Financial Officer
Average Salary: $142,619
This is a senior personnel role responsible for handling the financial actions of a company. They may also be responsible for a wide variety of duties such as tracking cash flow, driving financial planning, and analyzing weaknesses and strengths in the company finance. The CFO may also be responsible for performing risk management and choosing investment strategies.
Chief Compliance Officer
Average Salary: $125,892
These experts work in the best finance companies and manage compliance matters. They also ensure that the company handles its regulatory and compliance requirements and also adheres to corporate procedures and policies. This career is broad and this is why CCOs can work in legal, finance, manufacturing, and health industries.
Financial Software Developer
Average Salary: $119,954
This role is responsible for developing, modifying, and updating software programs for the banking and finance industry. These experts develop credit card and financial education software among other things. They may be required to have some knowledge of finance even though a computer science degree qualifies them for the role.
Private Equity Associate
Average Salary: $104,551
These professionals work in investment banking and find potential investors. They are tasked with assisting with acquired investments and performing due diligence with customer experience at the bank. Private equity associates also finalize deals they pursue from start to finish. They serve as coordinators in most cases to ensure that the financial deal is completed.
Information Technology Auditor
Average Salary: $93,446
The information technology auditor handles a wide variety of risks and internal controls in the computer technology system of a financial institution. This expert monitors the system and ensures that it is in line with the best practices in the industry.
The role could involve studying technologies used to find weaknesses in the system. The IT auditor prepares reports that cover the findings and recommendations for the system. IT auditors might also help design and execute internal audit strategies, keep records, mentor IT staff, and prepare reports for management.
Hedge Fund Manager
Average Salary: $85,727
These professionals work independently or in investment firms to oversee hedge fund management on behalf of investors. These experts work for high-net-worth investors who want to achieve their investment goals. This role also centers around decision-making regarding the funds they manage.
The decisions help drive fund performance and increase total returns for the investors. Hedge fund managers might also be required to hold some professional certifications such as the Chartered Alternative Investment Analyst certification and Chartered Financial Analyst certification.
Senior Accountant CPA
Average Salary: $81,218
A senior accountant monitors outgoing and incoming payments and keeps the ledgers accurate and audited. They can have other professionals who work on the books as clerks and bookkeepers who are also under supervision. The accountant plays other roles such as analyzing financial reports, overseeing accounts receivable and payable, and pressing financial statements.
Financial Analyst
Average Salary: $67,900
Financial analysts play a pivotal role in the finance industry. They offer investment guidance to clients and evaluate stock and market performance while considering the previous and present economic data. These experts also create reports and forecasts to suggest the best course of action for customers.
Financial analysts research microeconomic and macroeconomic conditions, as well as the fundamentals of the company, and make predictions about different industries. They might require some other soft skills and interpersonal skills to work in this field.
Compliance Analyst
Average Salary: $62,675
Compliance analysts, or compliance managers, are responsible for ensuring that the procedures and operations of organizations meet the compliance standards in the industry and from the government. Their role mostly involves researching regulations, communicating the requirements they discover, and applying for the compliance certification for the organization.
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Insurance Advisor
Average Salary: $54,392
Professionals in this role provide financial advice on investing, retirement, and protecting any risks. The experts’ complete financial needs analysis includes tax status, liabilities, risk analysis, and insurance. They also meet with clients, analyze their individual risks, assess their financial portfolios, and offer financial guidance.
Resources to Find the Best-Paying Jobs in Finance Consumer Services
- Job boards: Well-known job boards like Indeed, ZipRecruiter, and Glassdoor are great for finding high-paying jobs in finance consumer services. They often allow users to filter jobs and find one that meets their professional development aspirations and growth opportunities.
- Professional websites: LinkedIn is a great example of a professional website to search for jobs in finance consumer services. Most employers use this networking site to scout talented employees in the finance sector and post job vacancies in their companies. Job seekers can even set alerts on LinkedIn to receive emails.
- Workshops: These are mainly intended to teach job seekers how to prepare their resumes and apply for jobs. However, employers attend such events to scout for suitable candidates for their company. They are a good place to network with potential employers as well.
- Company websites: Most companies list job vacancies in their website’s career section. For example, if you want to land a job at Wells Fargo, you can visit their company career page on their website. You can search this section to find suitable career opportunities to apply for. You will be required to create an account and upload your resume in most cases.
- Forums: Forums such as Reddit and other finance-related online groups can help you to find the best-paying jobs in finance consumer services. Employers also use these mediums to post job vacancies.
Is Finance Consumer Services a Good Career Path?
Finance consumer services is a good career path, mainly because of the high median base salary of professionals in this field and the job opportunities available to them. An annual salary in finance consumer service is higher than the average annual salary for all occupations in the United States. The field also allows room for growth and is applicable in every industry.
The best-paying jobs in finance consumer services include private equity associates, financial analysts, hedge fund managers, and information technology auditors, among others. Experts in these fields have high job satisfaction and most require some professional development certification to thrive in their jobs and pursue various growth opportunities.
Best Paying Jobs in Finance Consumer Services FAQ
Chief financial officers are the highest-paid professionals in the finance industry. The role is an executive one and experts can earn more than $100,000 per year. The role might also require various certifications because of the dynamic nature of the field.
Financial analysts, accountants, tax accountants, and financial advisors are among the top finance jobs in demand today. To get a job in any of these fields, you need a Bachelor’s Degree in Finance, marketing, accounting, business, or another related discipline. Certification might also help secure a dream job in an insurance company or customer care company.
Finance does not typically pay more than tech. According to the BLS, the median annual salary for business and financial occupations was $72,250, while computer and information technology occupations brought in a $91,250 annual salary in 2020. Tech jobs might pay more, but finance jobs can offer more flexibility.
A career in finance is worth it for most experts in the field. According to the BLS, employment in the field is predicted to grow eight percent over the next decade. There will also be more than 700,000 jobs to be created due to different factors.
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