Finance consumer services refer to financial products and services that are designed for individual consumers, including loans, credit cards, savings accounts, insurance, and investment products. A vast and varied industry, the finance consumer services sector encompasses a variety of occupations in many fields like banking, insurance, financial planning, and investment management.
According to the Bureau of Labor Statistics, the employment of financial services professionals is projected to grow 5% from 2019 to 2029, which is faster than the average for all occupations. This growth is expected to create approximately 131,700 new jobs in the finance industry.
In terms of specific job titles, the finance consumer services sector includes a variety of positions, such as:
Financial Advisors: These professionals provide advice on investments, insurance, and other financial products to individuals.
Loan Officers: Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.
Credit Analysts: Credit analysts analyze financial information to assess the creditworthiness of individuals and businesses.
Investment Bankers: Investment bankers help companies and governments raise capital by underwriting and selling securities.
Insurance Underwriters: Insurance underwriters evaluate insurance applications and determine the terms and coverage of policies.
Financial Planners: Individuals and families can work with financial planners to create plans for handling their money and achieving their financial objectives.
Personal Financial Advisors: Personal financial advisors provide advice on investments, insurance, mortgages, college savings, estate planning, taxes, and retirement to help individuals manage their finances.
Wealth Managers: Wealth managers provide comprehensive investment and financial planning services to high-net-worth individuals and families.
Risk Management Specialists: Risk management specialists identify and evaluate potential risks to organizations and develop strategies to mitigate them.
The salaries for these positions vary depending on the specific job title, location, and level of experience. According to the Bureau of Labor Statistics, the median annual wage for financial services professionals was $74,940 in May 2020, which is higher than the median annual wage for all occupations.
Conclusion
The finance consumer services sector is a growing and dynamic industry that offers a variety of job opportunities in different areas, including banking, insurance, financial planning, and investment management. With a projected growth rate of 5% from 2019 to 2029, this industry is expected to create approximately 131,700 new jobs.
