A financial analyst is known to be that person who makes different business recommendations for an organization. Now, this is done on the basis of analysis that he/she carries out on different factors. These factors are market trends, the financial status of the company, the predicted outcomes of a certain type of deal, and others. If you’re aiming to boost your career in finance, don’t miss our The Complete Financial Analyst Training & Investing Course Review for an in-depth look at its offerings. A complete Financial Analyst Jobs Market trends 2021 are given below:
What Types of Skills are Required by a Financial Analyst?
Being a financial analyst demands a lot of hard work, time, and effort by a person. Other than having a proper degree in finance, you need to have three important skills to become a successful financial analyst. These are,
- Having strong qualitative skills.
- Expert in solving different types of problems.
- And lastly, adeptness in the use of above-average communication skills and logic.
Financial Analyst Jobs Market Stats 2024
Finance is a fiercely competitive field to break into and the demand for financial analysts or those who have a degree in finance is quite high. And you shouldn’t be surprised by this as finance is a famously high-paying industry. This industry is known to pay six or even seven figures and salaries. Apart from this high figure salary, there are high bonuses for those who are at the top. And for those employees who are at the bottom rung, well they can also expect to start out at a good wage comparing to other fields. So in short, if you want a bright career for yourself then finance is the solution here. The course can help lots of users to develop skills of behavioral finance and economics and financial markets.
Financial Analysts Quick Facts:
Below is a table showing some quick facts about the pay, education, experience, and more about the financial analysts.
| Quick Facts: Financial Analysts | |
| 2019 Median Pay | $81,590 per year $39.22 per hour |
| Typical Entry-Level Education | Bachelor’s degree |
| Work Experience in a Related Occupation | None |
| On-the-job Training | None |
| Number of Jobs, 2019 | 487,800 |
| Job Outlook, 2019-29 | 5% (Faster than average) |
| Employment Change, 2019-29 | 26,800 |
According to this table, you can easily see that if you even have a bachelor’s degree in finance with no experience, your annual salary would be $81,590 which is quite much as compared to other fields.
This shows that with finance, your future is secured. Now don’t expect to land on to your dream job right away because this is not going to happen. Though finance is a vast field and there are many opportunities out there but so is the number of people applying in this field. Once you have completed your degree, it is possible that you might not be able to find an extraordinary job in an instant. So this means that you have to put in efforts and gain experience in this field. Work hard enough to stand out tall in the crowd and earn your place in this industry. It is just a matter of a few years of hard work to get to a high rank but trust us, this will happen.
Entry-Level Financial Analyst Jobs Salary Stats:
Here are the details of the entry-level finance salaries that you should know.
- According to the job search website Glass door in February, it was found out that the entry-level finance compensation is around $88,774 a year.
- Similarly, the National Association of Colleges and Employers (NACE) winter 2020 Salary Survey Projects states that the starting paychecks in insurance, finance, and real estate fields would range from $56,750 to $62,500 annually for the class of 2020. This shows that being a finance graduate, your fear of whether or not to get a decent job is now eliminated.
- Furthermore, according to the Bureau of Labor Statistics (BLS) the median U.S. household income in the year 2019 was $68,703. And in the third quarter of 2020, it was quite amusing which is, $994 per week.
- Not just that, the Bureau of Labor statistics has claimed that the employment rate in business and financial operations are expected to grow 5% from 2019 to 2029. Now this percentage is faster than the overall average for occupations.
5 Careers to do with a Finance Degree:
Having a finance degree doesn’t mean that you have to end up doing a job in a bank. Finance is not just all about banking instead you can choose other careers as well and make a lot of money out of it. So let us tell you about the 5 careers that you can have in finance and how much you can earn in these careers.
Management Consultant:
Indeed.com claimed that the average salary of a management consultant in the U.S. is $83,408 per year. And if you have an MBA, then a median salary would be the US $150,000.
Accountant:
The US News stated that, in the year 2017, accountants in the US made a median salary of $ 69,350.
Financial Manager:
Those who are working as financial managers in the US, according to Indeed.com tend to earn $84,109 per annum. With that, salaries as high as $208,000 were also reported.
Financial Analyst:
The US News claimed that in the year 2017, it was reported that the financial analysts made a median salary of $84,3000. You can also checkout CFA Course.
External Auditor:
Indeed.com reported that the external auditors in the US have an average salary of $60,658. But know that salaries up to $141,000 have also been reported.
Final Thoughts
All these facts and figures collectively show that no matter how much experience you have or whether or not you’re working in a bank. If you have a degree in finance, the chances of making a bright career for yourself are pretty high. So, get in the race of achieving a finance degree and never stop learning.
References:
- https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm
- https://www.investopedia.com/terms/b/bls.asp
- https://www.indeed.com/salaries/Management-Consultant-Salaries
- https://money.usnews.com/careers/best-jobs/accountant/salary
- https://www.indeed.com/salaries/Finance-Manager-Salaries
- https://money.usnews.com/careers/best-jobs/financial-analyst/salary
