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From entry-level newcomers to experienced stock brokers, the financial industry wants to hire you.
Positions and Duties In the financial services industry, the positions of financial clerk serves as a basic, entry-level opportunity. Clerks keep financial records, handle fiscal transactions, and help customers manage money. Personal financial advisors assist clients in examining finances and make important monetary decisions. Accountants and auditors compute taxes and maintain financial records as well as other specific duties depending on the capacity of employment and the contract. In addition, financial services employees work to ensure integrity and compliance with laws and regulations in all practices and transactions.
Job Requirements Math skills, such as arithmetic and interpreting figures, stand as essential abilities for financial services employees. Attention to detail plays a critical role in financial services work. Interpersonal skills benefit workers as well, since typical workdays involve interacting with customers directly. Applicants for clerk positions must possess high school diplomas or the equivalent, while gaining employment as an advisor or an accountant requires a bachelor’s degree, typically in finance, economics, accounting, or business.
Salary and Benefits Top companies like Charles Schwab Corporation and Edward Jones Investments offer full-time employees work benefits like medical care, life insurance, and 401(k) retirement plans. Financial and accounting clerks typically make around $16.00 per hour, while advisors, auditors, and accountants generally earn between $60,000 and $70,000 annually.
Financial Services Industry The field makes up nearly 8 percent of the U.S. Gross Domestic Product, which amounts to roughly $1.25 trillion in revenues. The U.S. Bureau of Labor Statistics projects growth between 11% and 27% over the next 10 years for the financial services industry. More than 3 million employees currently work in financial services, which includes the subsectors of banking, asset management, insurance, and venture capitalism.
Common Financial Services Job Descriptions
Financial Clerk – An entry-level job, the position of financial clerk often falls within reach of candidates lacking advanced academic credentials or significant work experience. A high school diploma generally serves as the minimum education requirement for most financial clerk jobs, which typically come with formal training and traditional work schedules featuring daytime, weekday shifts. Financial clerks work for a variety of organizations throughout the finance industry and carry out a range of relatively simple yet essential administrative tasks. More specifically, financial clerk jobs feature basic responsibilities like preparing and sending bank statements, recording daily transactions, and explaining services available to customers. Financial clerks may also verify the backgrounds of credit applicants and interview customers applying for loans as well as individuals opening new accounts. The job typically pays between $16.00 and $17.00 an hour, or the equivalent of nearly $35,000 in annual salary.
Accountant/Auditor – Unlike financial clerks, accountants and auditors usually need a related bachelor’s degree at minimum. Serving corporate clients as well as private citizens, accountants and auditors ensure the accuracy of financial records and also deal heavily with taxes. Specific duties include recommending the best financial practices, inspecting bookkeeping procedures to ensure compliance with accepted standards, and preparing tax forms. Accountants and auditors regularly prepare written reports and meet with clients personally, as well. The job involves full-time work performed during the day in an office setting. Sometimes stressful, accounting and auditing positions often demand more than 40 hours of work per week, especially during tax season. Workers frequently need special licenses or certifications in addition to a bachelor’s degree and enjoy a median salary of about $63,500 per year.
Personal Financial Advisor – Featuring annual salary options regularly in excess of $75,000, personal financial advisor positions often make lucrative and rewarding careers. As the job title indicates, personal financial advisors dispense advice on monetary issues like taxes, investments, and insurance. The specialized position also entails helping clients establish financial goals, plan for certain milestones, and improve the performance of their bank account. Personal financial advisors normally work in an office environment and spend time researching potential investment opportunities, as well. More advanced than entry-level positions, personal financial advisor jobs typically require a bachelor’s degree in a relevant field, such as accounting, business, finance, or economics. Employees often need specific licenses or certifications in order to perform certain duties of the job, as well.