As the population ages, there will be more openings in the financial analyst field. In addition, some financial analyst positions will be filled as other employees are promoted. Many companies are actively seeking new candidates with strong analytical and financial skills to join their finance departments. Moreover, CFOs say there is a growing demand for financial analysts with specialized knowledge and the ability to accurately project earnings.
While financial analyst salaries typically start low, bonus payments and profit-sharing are common. A financial analyst salary can range from $53,000 for a newly-graduated professional to as high as $106,000 for a senior analyst. The amount is largely dependent on the financial analyst’s experience, location, and educational background.
In addition to education, financial analysts can increase their income by obtaining the series 7 or series 63 exams. Similarly, pursuing the Chartered Financial Analyst (CFA) designation will increase their income potential and enable them to move into senior positions. Additionally, candidates with a Masters or MBA can increase their salary by specializing in a niche area of financial analysis.
A bachelor’s degree in finance, economics, or statistics is a prerequisite for a career as a financial analyst. An MBA is preferred, but not a requirement. A bachelor’s degree in another field, such as biology or engineering, can also land a person a position in this field.
A financial analyst salary can be well above the national average. These analysts help make investment decisions by analyzing data and making recommendations. In addition, they often help manage companies’ money by helping managers decide where to invest it. In today’s world, having solid financial analysis skills is essential to making sound decisions for a company.
A job in financial analysis can pay you well but it can be stressful. Many entry-level positions require fifty-hour work weeks, with little flexibility. As you progress, you can become a senior financial analyst and enjoy a higher salary, more flexibility, and greater opportunities. A financial analyst salary ranges from $82,864 to $142,877. The average pay for a financial analyst is expected to increase to $142,877 by 2021.
The financial analyst salary varies widely by state. For example, New York pays the highest salaries. But the cost of living in New York may influence the higher salaries. However, Connecticut and Alaska are among the states with the highest salaries. Despite the wide range of salaries, Texas and California have the highest employment growth in the financial analyst field. The largest employers of financial analysts are those in the securities industry, but the information services sector pays the highest average financial analyst salary.
The salary of a financial analyst varies based on experience, education, and specialization. Entry-level financial analysts earn around Rs4 lakhs, while mid-level analysts earn around Rs5.8 lakhs. Experienced financial analysts can earn up to Rs9.8 lakhs per year.