Out of all fields, finance consumer service seems to be one of the fields that pique the interest of people. This makes people inquire if it is really a good career path.
If you are in search of information that you need to decide if a career in finance or consumer service is a good one for you, this is the right place for you. This guide is specifically written for you. I hope that you find the guide resourceful.
What Is Finance Consumer Service?
Knowing what finance consumer service is, is very important. If you don’t have at least an overview knowledge of what the sector you are seeking to build a career in is, it is really poor.
Just to make things easy for you, let me give you a simple overview of what finance consumer service is
Finance consumer service is majorly about providing services related to finances to consumers and businesses. You can deal with businesses as much as you deal with individuals, widening the scope of the sector.
In this field, you must be good with people because you would deal with individuals on a personal basis. You will have to engage them and give them advice that can help their finances to become very much better than it was.
To give a piece of good financial advice to clients and customers, you might need to perform a deep audit of their records. Then, you might need to follow up on their records, to let them know they are faring. One thing that can be beneficial about this sector is that things have gone digital, and you can work well remotely.
Is Finance Consumer Service a Good Career Path?
Now to the big question, is finance consumer service a good career path? Yes, Finance consumer service is a good career path.
This sector is incredibly great, and if it is a thing you really want to consider, it might just be perfect for you.
The sector cuts across many industries. This means that the opportunity is not limited. You have many options to choose from.
One significant thing about this sector is that it is very competitive. The competition means that you really need to up your game if you really want to have a great start in your chosen career.
If you want to dive into the finance consumer service world, you must take note of this:
- You must be aware of the kind of jobs that are available in the finance consumer service.
- The qualification that you need to get an entry. The qualifications may differ from specialization to specialization. So, be aware of the qualification needed for the specific career you are looking at, in finance and consumer service.
- You also need to get some skills to boost your CV. You must know that the importance of the skills is not for the CV. These skills are needed in the field when you start working. So, endeavour to learn skills that will further your career.
- The competition in the specific career you have chosen in your sector.
- The benefits that are attached to the career you are choosing from level to level.
The next few subsections of this content will be driven towards helping you make the right decision about finance consumer service.
Skills Needed in the Finance Consumer Service
I said earlier that there are a set of skills necessary to thrive in a career in finance consumer service. Here is a list of skills you need:
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Ability to communicate well
The products and services that you may provide us as a service provider might be hard to navigate. You will need to be able to work well with a team, and customers on a personal level.
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Ability to meet deadlines
The career might be a tough call, because of deadlines that you may need to meet up to. You must be able to prioritize what to do, and do them, as and when due.
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Effective interpersonal abilities
If you lack interpersonal skills, you will not be able to deal with customers. Being successful in a career in finance and customer service is pretty much dependent on your interpersonal skills. You must be able to deal with a customer.
You should be able to attend to customers professionally and courteously. And also be able to follow up on conversations with a customer. This will help build a good relationship with customers, which will affect the brand of the company, and how the customers perceived it.
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Understand financial concepts
You need to be able to understand financial concepts perfectly. This is because you must be able to relay these concepts to customers and clients as simply as possible, for them to easily understand what you are trying to pass across to them.
Read: Is Consumer Durables a Good Career Path
Benefits of a Career in Finance Consumer Service
You might be wondering, “okay, you are saying that a career in finance consumer service is great. What is in it for me?” That is what I am here to answer
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Ability to help people’s finance
I don’t know if you are the kind of person that enjoys helping people out. Imagine just seeing the finances of the people you are helping doing fine.
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Opportunity to connect and network with different people
While trying to help customers or clients, you will meet diverse kinds of people. They might eventually be your acquaintance or even friend.
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Increase in financial knowledge
Another great thing about this finance consumer service is that you are well placed to learn about financial services and products in a bit to be able to explain them to potential customers and clients.
This widens your knowledge about a lot of things in the financial sector.
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The pay
You’d agree that if we all don’t get paid for all we do, we’d stop working. It’d not even make sense even if it is what you are passionate about. I understand you are keen about how much this pays.
A career in finance customer service pays a lot, depending on the specific career. But averagely, the careers are well paying.
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The job security
The job security in the finance consumer service is really high because of the demands in the sector. This makes the job more secure.
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Work-life balance
Even with deadlines, you can still manage your life and work without one disturbing the other. With effective time management, you will meet deadlines and still be able to spend a good time with your family and friends.
Disadvantages of Having a Career in Finance Consumer Service
Even though there are numerous benefits to having a career in finance consumer service, there are still some things that seem to be a disadvantage. These include:
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Competition
There is a level of competition in finance consumer service. This is probably because of the benefits and the pay that comes with the jobs. The competition is high.
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The pressure
You will need to be able to face a lot of pressure when it comes to selling financial products and services. You need to be sure that you can do well to handle pressure.
Best Paying Jobs in Finance Consumer Services
There are a lot of jobs that are financially rewarding in finance consumer services. Here is a number of them
1. Investment banker
The job of an investment banker is to manage the portfolios of different individuals, companies, and businesses that invest in a number of businesses.
They make sure that the money is invested rightly in a way to help the businesses and companies meet their financial goals.
The average annual salary of an investment banker is $62,000
2. Information technology auditor
The job of an information technology auditor is to check the technology of companies or agencies if it meets certain requirements.
Their average annual salary is about $63,000.
3. Compliance analysts
Their job is to audit companies or agencies if they are meeting the compliance standards set by governing agencies.
Their average annual salary is about $64,000
4. Insurance advisor
Their job is to identify the short-term and long-term goals of a client, and help find an insurance product that can help them reach their goals.
This demands that you have a sound understanding of the insurance products and services of the company you work for.
The annual average salary is about $67,000.
5. Financial advisor
The job of a financial advisor is to identify the short-term and long-term goals of a client, and help find a product that can help them reach their goals.
The average salary of a financial advisor is about $67,000.
6. Financial analyst
The major duty of a financial analyst is to analyze financial data with the aim of helping companies make sound and effective financial decisions.
The annual salary of a financial analyst is about $69,000.
7. Senior accountant
This is the highest cadre in accounting, and the responsibility of the senior accountant is to oversee the proper management of the company’s account. They make sure that budgets are stuck to, financial goals are met, and expenditures are well managed.
The annual salary of a senior accountant is about $77,000.
8. Hedge funds manager
They are almost close to investment bankers but they work with higher risk and reward portfolios with companies that invest in hedge funds.
They monitor the market, so as to ensure that their clients’ investment yields. This makes them spend more time working than usual.
The average annual salary of a hedge fund manager is $98,000.
9. Financial software developers
Financial software developers are actual software developers who work in the fintech space. They work to meet the needs of financial institutions.
The annual salary of a financial software developer is about $106,000
10. Private equity associate
What they do is connect with investors to gain private equity. After this, they diversify the portfolio of the client by applying to business investment.
The average annual salary of a private equity associate is about $108,000.
11. Chief Financial Officers
The responsibility of a chief financial officer is very wide in scope. They oversee and monitor the financial team which includes the analyst, advisor, etc. They also make decisions about the management of the financial team.
The average annual salary of a chief financial officer is about $128,000.
12. Chief compliance officer.
The responsibility is to oversee and monitor every activities and department that works toward meeting and maintaining the compliance standard.
The average annual salary of a chief compliance officer is about $128,000.
13. Loan Officer
They usually work in banks, credit unions, or any other financial institution. They deal with clients that are interested in applying for a loan.
Final Thoughts
I hope that every bit of this blog post has done one thing – helping you make an informed decision on whether finance consumer service is a good career line for you. I wish you the best in your career pursuit.
Thanks for this opportunity