There is no doubt that finance and accounts are the two ‘structures’ that completes an organization. Handling these fields is indeed a tough job for anyone. The person who handles and manages the investments that a company makes is whom we call a financial analyst. Due to the rise of globalization, business units have more investment opportunities today than before. Since markets are increasingly expanding, investors and corporate firms are encouraged to put money in different countries to broaden their business empire. But they need the help of an expert to analyze and identify the areas where profit and success is possible.
This is where a financial analyst comes in. The scope of responsibility of this business professional includes financial planning for departments such as sales, marketing, purchase, production and a lot more. It is also their task to make reports about several investment strategies and analyze the business market. A financial analyst makes use of statistical software to study the trends and come up with an efficient investment plan. Senior financial analyst’s are required to have a masters degree in subjects related to finance and accounting. Online MBA programs are readily available. They should be proficient in commerce, business administration and statistics. Junior financial analysts, on the other hand, must also have degrees in similar subjects.
Just like any other career, the salary of a financial analyst is determined by several factors. Although it can be guaranteed that this job is a high-paying one, the wage will depend on the work experience and skill of an individual. Here are the following average salaries of financial analysts according to their work experience. Those who have been employed for less than a year get a pay cheque of $41,000 to $56,000 a year. Individuals who have worked for a year to four years are being paid a wage of $46,000 to $61,000 while those who have work experience for five to nine years receive $50,000 to $70,000. Financial analysts who have been in the industry for ten to twenty years have a high yearly salary that ranges from $51,000 to $73,000.
Senior financial analysts are the ones who enjoy a big and fat pay cheque because they have been in the industry for quite some time. Twenty years of work experience is not easy to achieve. After all, this is not a job for just about anyone. The wage of someone who has this job title also depends on the health of the economy. If the economy is doing good, then there will be no problems about the salary and vice versa. It also follows that when the economy is high, more businesses are likely to hire financial analysts to make wise financial investments. The employment demand will lower down if the economy is not going through such a healthy phase. This is a very competitive industry and only the skilled ones get to keep their jobs when the economy is at stake. In other words, more exposure and knowledge will help a financial analyst keep a steady career path in this field.