Financial analysts are also branded as investment or securities analysts. Their main duty is to examine financial information so that they can make good suggestions on how to invest money on business. In order for financial analysts to analyze the facts they have gathered, they usually employ statistical software and spreadsheets. Upon getting the results, they will report it to their employers right away. Financial analysts often work in government agencies, stock brokerages, insurance companies, banks, and corporations while others study national and worldwide money matters, and advice companies and corporations on methods to invest their pension funds.
Educational Qualifications and Training to become a Financial Analyst
An individual aspiring to become a financial analyst must obtain a college degree usually with regards to business administration since it is the employers’ main requirement. It would be a plus if an applicant have courses in law, statistics, finance, business, economics, mathematics, and accounting. But the trend is changing now as applicants who desire for a position as financial analyst are earning a master’s degree in business administration (MBA). In addition to that, financial analysts must have a deep understanding from corporate accounting to analyzing financial statements. For a beginning financial analyst, there are institutions such as brokerage houses, corporations, and banks that provide some practice of in – house training.
Usually, financial analysts begin as junior analysts and they will eventually climb their way up to grab positions as senior financial analysts in brokerage firms and banks. Analysts can also have the opportunity to advance in certain position such as head of the securities analysis department. Many people depend much on financial analysts to help them make wise financial decisions.
Working Condition, Salary, and Benefits
Most of the financial analysts are working independently and they spend most of their time working in their office. There are times that they have to visit corporations and attend meetings and conferences together with other financial experts. It is expected for a financial analyst to provide accurate and correct statements about the economy or specific investments that is why they are working under great pressure. Those who always commit mistakes or wrong statements are unfortunately not promoted. The working hours of financial analysts are 40 – hours per week and oftentimes, they are required to extend their regular working hours.
According to the Bureau of Labor, the yearly average salary of a financial analyst is roughly around $62,000 way back in 2004. Those who are experienced analysts are earning a yearly salary of $113,500 or more. However, those who are working at large firms or companies are also earning more.
If you are thinking of venturing in this career, then you have to prepare yourself for the requirements needed and keep in mind the information you have just read above. The salary is very enticing but the work entails a lot of pressure. However, if you also invest passion and dedication, it would certainly lighten the workload since you are already enjoying the profession.