How Many Jobs Are Available in Finance Consumer Services?
If you have completed your degree in finance or closely finance related to economics or accounting, here is a complete guide for how many jobs are available in finance consumer services.
Finance consumer services are financial services offered to everyday consumers. Various companies and firms provide these services. They enable consumers to build resilience, seize opportunities, and meet essential needs.
However, they also pose multiple risks and challenges for consumers, such as fraud, unfair practices, and lack of transparency. Therefore, effective regulation and supervision of financial consumer services are essential.
In this blog post, we will explore the following questions:
- What is finance consumer services?
- Is finance consumer services a good career path?
- How many jobs are available in finance and consumer services?
- What are the types of jobs in finance and consumer services?
- What are the requirements for employment in finance consumer services?
What is Finance Consumer Services?
Consumer financial services are those that are provided to regular customers. They cover a variety of goods, including:
- Current and savings accounts
- Credit cards
- Home loans
- Personal loans
- Student loans
- Insurance
- Payment services
- Financial advice
Multiple entities offer finance consumer services, such as:
- Banks
- Credit unions
- Non-bank lenders
- Fintech companies
- Insurance companies
- Brokerages
- Financial advisors
Finance consumer services aim to meet the diverse needs and preferences of consumers, such as:
- Convenience
- Affordability
- Accessibility
- Flexibility
- Security
- Transparency
Is Finance Consumer Services a Good Career Path?
Finance consumer services is a dynamic sector that offers many options. Citing the U.S. Bureau of Labor Statistics, the employment of financial services occupations is projected to grow 5% from 2023 to 2029. Multiple factors drive the growth, such as:
- High demand for financial products and services from consumers
- Rising complexity and diversity of financial products and services
- Rapid innovation and digitalization of financial services
- Growing need for compliance and risk management in financial services
- Expanding financial inclusion and consumer protection in financial services
Finance consumer services is also a rewarding and fulfilling career path that allows you to:
- Help consumers achieve their financial goals and improve their well-being
- Solve complex and challenging problems in the financial marketplace
- Learn new skills and knowledge in the financial sector
- Work with diverse and talented teams and clients
- Earn competitive salaries and benefits
How Many Jobs Are Available in Finance Consumer Services?
The number of finance and consumer services jobs may vary depending on the sector’s source. However, we can understand the industry based on some estimates.
According to the U.S. Bureau of Labor Statistics, there were about 9.6 million jobs in financial activities in December 2022, of which about 6.4 million were in finance and insurance and about 3.2 million were in real estate, rental, and leasing.
According to the U.S. Census Bureau, about 1.1 million establishments in finance and insurance in 2018, of which about 0.8 million were in credit intermediation and related activities, about 0.2 million were in insurance carriers and related activities. About 0.1 million were in securities, commodity contracts, other financial investments, and associated activities.
According to Forbes, the global fintech market was valued at $127.66 billion in 2018, with a compound annual growth rate of 24.8% from 2019 to 2025.
These numbers show the potential of the industry.
Types of Jobs in Finance Consumer Services
Many types of finance and consumer services jobs require different skills. Some of the standard jobs are:
Financial Analyst
A financial analyst evaluates financial data, performs financial modelling, and recommends financial decisions and strategies. A financial analyst may work for a bank, a credit union, an insurance company, a brokerage firm, or a fintech company.
Financial Advisor
A financial advisor offers financial advice and guidance to clients on savings, investments, retirement, taxes, insurance, and estate planning. A financial advisor may work for a bank, a credit union, an insurance company, a brokerage firm, or a fintech company, or may be self-employed.
Loan Officer
A loan officer evaluates, approves, or rejects loan applications from individuals or businesses. A loan officer may work for a bank, a credit union, a non-bank lender, or a fintech company.
Credit Analyst
A credit analyst assesses borrowers’ creditworthiness and risk profile and assigns credit ratings and terms. A credit analyst may work for a bank, a credit union, a non-bank lender, or a fintech company.
Insurance Agent
An insurance agent sells and services various insurance policies to individuals or businesses. An insurance agent may work for an insurance company or an independent agency.
Requirements for Job in Finance Consumer Services
The criteria for work in finance consumer services may vary depending on the job role, function, employer, and industry. However, some of the general requirements are:
Education
A bachelor’s degree in finance, accounting, or economics is typically required for most jobs in finance consumer services. For some positions, such as Chartered Financial Analyst (CFA) or Certified Public Accountant (CPA), a master’s degree or professional certification may be necessary.
Skills
Some of the essential skills for working in finance consumer services are:
- Analytical skills: The ability to collect, process, and interpret financial data and information
- Communication skills: The ability to speak effectively with customers, colleagues, and stakeholders, both verbally and in writing
- Interpersonal skills: The ability to build rapport, trust, and relationships with customers, colleagues, and stakeholders
- Problem-solving skills: The ability to identify, analyze, and resolve financial problems and issues
- Technical skills: The ability to use various software, tools, and platforms for financial analysis, modelling, reporting, and transactions
Experience
Depending on the level and complexity of the job role and function, some relevant work experience may be required or preferred. For example, entry-level jobs may require no or minimal experience, while senior-level jobs may require several years of experience in a similar or related role or industry.
Conclusion
Finance consumer services is a dynamic sector that offers many career options. It is also a rewarding and fulfilling career path that allows you to help consumers achieve their financial goals. However, it also poses various risks and challenges for consumers that require effective regulation.
Therefore, financial consumer services require education, skills, experience, and ethics. To pursue a career in finance consumer services, research the specific job roles and functions that suit your interests, qualifications, and goals. It would help if you kept yourself updated on the latest trends in the sector.
