The job of a financial analyst is one of the most sought after jobs in the field of financial services. The crux of the job as a financial analyst is to study data, find out the various opportunities and analyse the outcomes of the various decisions taken and investments recommended and made. The job of a financial analyst has both a senior as well as a junior position to offer in any firm. The position of a financial analyst opens doors to various other career opportunities. The field of financial analysis is highly competitive and aspirants may find it harder to fit into the field.
Taking up a financial analyst course would make the nitty-gritty of the position a lot clearer to aspirants white also equipping them with the necessary tools required to succeed in the field. Thus taking a financial analyst course is considered beneficial and is highly advised. Let us dive in-depth into what a financial analyst is, what they are required to do and about financial analyst salary.
What Exactly is a Financial Analyst?
A financial analyst is responsible for analysing and looking into financial data thus using the findings to aid organisations to improve their business choices and decisions. Many a time, the analysis done by a person in this position is done to aid better investment decisions for the company.
Thus an analyst must research the economic conditions while also looking into the fundamentals of the organisation in order to make predictions. These predictions would be concerning various aspects of business and various industries. Based on this a course of action is also suggested.
Being aware of the various novel developments in their respective field while also coming up with financial models to foretell the future economic environment for a wide range of variables is the key part of this job.
What Does It Take To Be a Financial Analyst?
Even while being a high paying career as well as a career that gives way to a large number of opportunities, compared to other jobs with similar benefits, the pressure of having rigid and defined qualifications is much lesser. The specifications wholly depend on your specific employer and duties.
To qualify as a financial analyst, possessing a bachelor’s degree, ideally majoring in economics, finances and statistics, is crucial. Other majors that are also looked at are math, engineering and in some places even a major in biology, that is, if aspirants are interested in pursuing a career in analysis in those specific fields. As mentioned earlier, this field is highly competitive and undergraduate degrees don’t stand out very much, thus making it very difficult to be considered for the position with anything lesser than a bachelor’s degree.
Larger investment banks prefer employing people from elite institutions, thus paying their first-years with a very high financial analyst salary.
How Much Do Financial Analysts Make?
The yearly financial analyst salary for someone only starting out can come close to or go up a little more than a whopping 48,500 dollars.
The biggest reason for the popularity of this position is the average financial analyst salary. People in this field are paid very well and for good reason. Owing to the competitive nature of the field, employees need to work very hard. The job entails attending a large number of meetings and a lot of travelling. Sometimes employees may need to stay for additional working hours. The job requires employees to remain up to date with novel changes in the economic climate while also thinking of ways to keep the organisation at the top of the financial race.
Also Read: What is Financial Analyst Course