Career Pathways in Financial Services: An Introduction for Black Americans is a practical guide to career pathways in financial services. It explores the challenges and opportunities facing potential Black financial services professionals, outlines the career paths available to you, and helps you chart your personal path forward.

Challenges and Opportunities

Black Americans are underrepresented in the financial services industry. While Black Americans make up almost 13% of the US population, they make up only 5% of financial professionals.¹ This underrepresentation is mirrored in the wealth gap between Black and White Americans —the median Black family’s wealth was just $24,100 in 2019, about one-eighth of the $188,200 median wealth of White families.²

These statistics point to a serious schism in the relationship between Black Americans and the financial service industry. Yet the industry offers significant opportunities for potential Black professionals. Many financial services firms have a strong sense of mission and a career in financial services can be rewarding for those who want to serve their communities. A career in finance can offer generous pay - financial services jobs pay a median wage of close to $40 an hour compared to less than $23 an hour for all jobs on average.³

Financial Services

Industry Overview

For those with the right skills, there are a range of opportunities in the various sectors of the financial services industry:

• Banking
• Insurance
• Financial Planning
• Wealth and Investment Management
• FinTech
• Brokerage

Core Skills

Financial professionals need a range of skills, including:

• Skilled in leadership and able to demonstrate accountability.
• Comfortable with numbers.
• Good at communication.
• Organized.
• Proficient at problem-solving.
• Mature and have a high degree of emotional intelligence.
• Proficient at time management.
• Good at teamwork and at working and interacting with different types of people.

Your Career Path

A career in financial services can be professionally, financially, and emotionally fulfilling. Your career will generally move through three phases.

Phase 1: Learning

• Finding your first job.
• Developing industry knowledge and practical skills.
• Building relationships within your industry/firm.
• Learning industry norms.
• Building customer contacts.
• Obtaining any necessary licenses.

Phase 2: Building

• Developing specialized skills.
• Building your network inside and outside your firm.
• Pursuing new career opportunities/promotions.
• Becoming active in industry groups and professional associations.

Phase 3: Leading

• Understanding how to manage a business/department.
• Developing leadership skills.
• Staying current on industry trends and developments.

Next Steps

• Reach out to The American College of Financial Services’ Center for Economic Empowerment and Equality® to access cutting-edge research into the financial services industry, guidance on scholarships that can support your financial services education journey, and opportunities to connect with Black financial services professionals.
• Read financial media and watching financial news, as well as following financial professionals on social media.
• Reach out to any contacts you have who work in finance or connect with financial professionals through your LinkedIn network.
• Consider your current education and whether you may benefit from additional certifications or designations.
   

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The VetCTAP program concept grew out of the personal experience of Sandra Fichter (former US Army Officer), who is a Human Resources (HR) professional. In her HR role, Sandra reviewed resumes from transitioning veterans that did not accurately reflect all of their skills. Sandra could predict that they would not be selected for jobs they qualified for because they did not effectively communicate their strengths and skills. This realization led to the birth of the VetCTAP workshop series.

Sandra recruited senior learning and development expert, Janis Whitaker and other HR professionals to create a job search workshop series. The program was built around three key elements:  one-on-one coaching, utilizing HR professionals as facilitators and coaches, and reaching military members before they leave the service, allowing for a smooth and successful career change.

The VetCTAP workshop series (formerly CTAP) began in 2012 successfully assisting military, veterans, and spouses through their career transition. The program has sustained a 90% success rate of graduates obtaining the career of their choice. VetCTAP’s success is not possible without HR and business professionals who volunteer to teach and coach, and donors who share in the passion of supporting veterans and spouses in transition, and helping those veterans find employment in the career of their choice, where they can comfortably provide for themselves and their families. 

Disclaimer: The information provided in this article is intended for general informational purposes only. It should not be considered as financial, legal, investment or other professional advice. Readers should consult with the relevant professionals for specific advice related to their situation.

We are not affiliated, associated, authorized, endorsed by, compensated or in any way officially connected with any other company, agency, or government agency in this article. All product, service and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

Before making any decisions based on the information contained in this article, you are strongly advised to refer to alternative, independent sources of information to substantiate the basis for your decision. It is your sole responsibility to satisfy yourself prior to using the information in any way and to seek appropriate advice before taking or refraining from taking any action in reliance on any information contained in this article.

Veterans Day is a solemn reminder of the sacrifices made by these heroes to protect our freedom, uphold our values, and preserve our way of life.

These veterans have faced adversity on the front lines, away from their homes and loved ones, often in the harshest conditions. They have demonstrated courage, resilience, and unwavering dedication. Their service transcends political divides, uniting us in our collective gratitude for their sacrifice.

Veterans Day is a day of remembrance, reflection, and appreciation. It is an opportunity to express our profound thanks to those who have worn the uniform, to recognize the challenges they’ve faced during and after their service, and to provide our support as they transition back into civilian life.

As a nation, we must not only celebrate Veterans Day with parades and ceremonies, but also strive to make a lasting impact by supporting our veterans through initiatives that offer education, employment, and healthcare. These heroes deserve nothing less for their immense contributions to our country.

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Let us stand together and salute the veterans who have given so much for us, on this Veterans Day and every day. Their sacrifices remind us that freedom is not free, and our gratitude should be boundless.