Is finance consumer services a good career path?

If you're pondering your career options and find yourself at the crossroads of exploring the fascinating world of finance, well, the realm of finance being vast and multi-faceted. However, one area that has been gaining popularity is finance consumer services. But is it the right career path for you? In this article, we'll dive into the exciting world of finance consumer services, explore its advantages and challenges, and ultimately help you decide if it's a good fit for your aspirations and goals.

Before we go into the details, it's important that we first answer the question; is consumer services a good career path? 

What is finance consumer services?

Finance consumer service entails offering financial services to customers, like advice on loans and savings, and advising or helping customers choose or manage financial products like insurance, investment, and payment solutions. 

Finance consumer service is provided by finance and allied professionals like bankers, financial planners, accountants, insurers, investment specialists, and mortgage brokers. Thus, you’d fit this industry if you want to work in the financial sector.

The finance consumer service role includes the following:

• Suggesting investment options and strategies for customers

• Helping individuals and SMEs manage their money

• Helping clients prepare tax returns

• Assisting with financial risks assessment

• Conducting audits 

• Managing household assets or corporate bookkeeping.

• Etc.

In this industry, job placement is based on qualifications and experience. Like with most careers, you start with an entry-level role and, maybe, an apprenticeship and scale the ladder to the top. However, some financial institutions peg their minimum quality for employment at a degree. 

If you don’t want to be an employee, you can be an independent finance consumer service provider rendering finance consumer service to clients directly. Also, you can be a freelance finance consumer service provider partnering with established firms and companies to serve clients.

Is finance consumer services a good career path?

The direct answer to this question is YES. The Finance industry is vast. Hence, jobs are always available, especially if you improve your craft and network widely. 

People will always seek advice on managing and spending their money. Individuals and businesses always need mortgages, insurance products, and loans. So, the field is lucrative, with numerous sub-career paths and opportunities to make money and live fine.

So, if you’re considering a career in finance consumer service, my advice is GO AHEAD if you’re interested in the finance sector and ready to work to succeed!

There are limitless opportunities for Career and financial growth.

The best part of consumer finance is that it covers various roles. This makes it easy to move within the industry if you don't find fulfilment in an area. It is a perfect career choice if you love working and guiding people on money and finance management, investing, etc. 

Qualification and success in finance consumer service industry

Qualification plays a major role in how successful you are in this industry. Most times, you need a degree, but this can be expensive and time-consuming for most people. 

Rather than going through the stress of getting a college degree, you can start from a junior position and work to the top, learning more skills and earning more qualifications as you grow. 

Best-paying jobs in finance consumer services industry

One question commonly raised by people interested in this industry is, "Is other consumer services a good career path?" In other words, how do the different careers within this industry compare? 

The quick answer is that the finance consumer service industry is vast, with different occupations.

However, some jobs in this industry are more lucrative than others. Some are more time-consuming than others. Some are riskier than others. Some are more energy-demanding than others.

Below are the top five best jobs in the finance consumer service industry with their estimated salary figure.

Financial planners

Statistics show that personal financial advisors are the highest earners among all the banking and consumer service industry jobs. The role entails counselling clients on planning and managing their finances. In 2021, the average salary for the job was about $94,170. This is a huge figure, and anyone earning this amount in a year would be doing well financially, or at least is expected to be. 

Management analysts

Management analysts earn the second-highest money in the financial and consumer service industry. Statistics show that the average pay for this role is $93,000. You can try this position if you want to start a career in this industry. 

Tip: Data analysis must be your thing to be a good management analyst and excel in the field. You may want to consider other career options if you don’t know numbers and calculations.

Financial analysts

In the industry, a financial analyst also has a comparatively high salary. Statistics show that financial analysts in the U.S. earn up to $83,514 annually.

Financial auditors

This job entails monitoring companies or individuals dealing with money and ensuring they adhere to the standard financial regulations. The average income for this role is about $70,361.

How to get started

Starting a career in finance consumer services can be exciting and rewarding. It’s an amazing career opportunity. To get started, here’s what to do:

Choose the career you want and learn all you can

There are many disciplines and careers in this industry. You can’t do everything. So, decide on the Career you want and learn all about it. Focusing on one Career will make you better prepared and fit for the role.

Send out job applications

Having decided on the Career and learned all there is to it, begin submitting your CV and resume to prospective employees. 

Write a great CV

CV summaries your capabilities into pages. To make your CV or resume outstanding, Include all your relevant qualifications and experiences in the industry and life. Also, highlight your skills related to the job you’re applying for 

If you are switching careers, mention some of the challenges you faced in your previous Career. This will show that you can solve problems. Finally, state what you want to gain from the role, like improving your skills, helping the company improve, etc.

Prepare for interviews 

Once you have drafted your CV, the next step is to prepare for interviews. You don't have to get it once. You can learn and improve. Try practising by answering likely interview questions in front of a mirror and taking note of your body language. 

Do a background check on the company's service to get ideas on answering the questions they might ask you. Note: you can also ask your interviewers questions and mail them afterwards. Reach out to as many prospective employees as possible with your CV. 

Hopefully, you’ll be employed.

Be your own boss

You don't have to be an employee. You can start your own business once you know the industry well. Start by rendering your service to family and friends. If they feel satisfied, they will certainly refer you to others. 

You may not get enough money at the beginning. However, your earnings will also grow if you grow your client base. 

To start a firm, you will need a deep understanding of finance and financial software, a team, and large capital to secure a space, get the working inputs, and pay your staff.

How to grow in the finance consumer service industry

If you have decide to launch a career in this line, the following tips will help you grow.

1. Constantly improve yourself

You must have good knowledge of finance to work in this industry. You will certainly have issues if you have little to no idea about simple finance vocabularies or terminologies or cannot answer customer queries. So, make use of books, web articles, and magazines.

Learning is a continuous process, so you must research financial terminologies and stay updated with the latest trends like HMRC's Making Tax Digital (MTD) initiative. Try using an online finance simulator to have a mock experience with the nature of financial objects and activities. Also, listen to finance-related news to stay current in the industry. 

2. Constantly market yourself

If you are well informed on financial matters, the next step would be to market yourself. You can either be active on social media or start a financial blog. Doing this will let employers know you are grounded and knowledgeable in finance, investing, and money management.

You can also build your profile as a financial influencer on social media, starting by giving tips and sharing the latest industry news. When you have enough followers, you will certainly get interested. 

With time, you’ll have a surge of requests and collaboration invitations which can be difficult to manage manually. The best thing is to automate your communication using Workee tools which will help you with things like customer relations, invoicing, payment, and communication.

3. Expand your network

You cannot underestimate the importance of networking. Reach out to all your contact and inform them about your financial service. 

Also, extend your reach by connecting to people in the industry (and other industries) through LinkedIn. Getting recommendations from people will help improve your chance of getting a job or making more money as a self-employed finance consumer service provider. 

Conclusion 

Is finance consumer services a good career path? Of course, it is. So far as you have the basic educational qualification, you can start a career in finance consumer service. You can do wonders in this field with hard work and constant self-improvement. Be passionate and desirous of success, and you’ll excel.