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Accounting Financial analyst

How to become a financial analyst

Financial analyst
Table of Contents

    With a median pay of $81,410 per year, and $100,790 for analysts working in securities and commodity contracts, a financial analyst career is among the most lucrative paths in the financial services sector. A 2022 LinkedIn study also named financial planning and analysis the 13th fastest growing career in the U.S.

    Financial analysts are divided into “buy-side” and “sell-side” analysts. Buy-side analysts are employed by a variety of organizations, translating long-term corporate strategy into actionable business objectives. Sell-side analysts are focused on forecasting firms’ financial results for the benefit of the brokerages or other clients that employ them.

    what is a financial analyst

    What do financial analysts do on a daily basis?

    Financial analysts sift through data to evaluate outcomes, identify investment opportunities, and produce financial forecasts, helping executives and clients make informed and data-driven business decisions.

    Financial analysts:

    • analyze financial statements
    • track financial performance
    • produce revenue and expenditure forecasts
    • undertake capital structure modeling

    Additionally, financial analysts may be required to collate market trends and company data to identify variances and their causes. Other general duties can include:

    • researching market trends
    • performing risk and cost analyses
    • tracking operational metrics
    • developing reporting tools and dashboards
    • creating financial analysis processes and policies
    • data mining, valuation computation, and portfolio creation

    Financial analyst vs accountant

    Both financial analysts and accountants deal in financial information, but they do so for different purposes and communicate this information to different audiences.

    Accountants are primarily concerned with a company’s day-to-day financial data and the finer details thereof. Certified Public Accountants in particular are focused on reviewing financial documents for accuracy and completeness before disclosure to the public. Private accounting, which focuses on internal documentation, budget planning, and fiscal performance evaluation, has more in common with FP&A.

    However, accounting experience and/or education can be useful for a financial analysis career. “Having an accounting background was very helpful for me when first entering the finance industry,” says Philip H. Weiss, CFA, CPA, and founder of Apprise Wealth Management. “Having passed the CPA exam went a long way in preparing me for the CFA process. I also had a much deeper understanding of cash flow and balance sheets in comparison to my non-CPA peers.”

    » Read: Guide to the CPA exam

    Financial analysts focus on historical and current market trends to determine prospects and an organization’s future position. They can be thought of as more big-picture thinkers, examining micro and macroeconomic factors as well as accounting information to help management and clients make investment and other business decisions.

    How long does it take to become a financial analyst?

    The minimum requirement for entering the occupation is a bachelor’s degree, which takes 4 years to earn.

    Earning additional qualifications such as the Series 7 or Series 63 license or the Chartered Financial Analyst (CFA) designation can put you a step ahead of the competition but will also require additional time (several years).

    5 steps to become a financial analyst

    steps to become a financial analyst

    The steps to becoming a financial analyst are deceptively simple – earn a bachelor’s degree, find a job, and work your way up. In reality, few fields are as competitive and it’s important to keep that in mind as you set out on your financial analyst career path.


    Step 1: Earn a bachelor’s degree

    Majoring in accounting, finance, or economics, or are among the best options for an aspiring financial analyst, according to Weiss.

    “My top 3 recommendations for what to major in if you want to be a financial analyst are accounting, finance, and economics, in that order.”

    Philip H. Weiss CFA, CPA

    Management, statistics, and math are other good choices. Completing an internship during your studies is an excellent way to gain practical experience and network with those already employed in the industry. Finance internships are extremely competitive, but frequently lead to employment after graduation.

    » Read: Scholarships for business majors


    Step 2: Get professional experience

    The average age of salaried finance interns in the U.S. is 43 – meaning finance internships are not just for recent college grads with little professional experience but are instead one of the key steps to landing a job in the field. Approach finding a salaried internship the same way you do a job hunt, and don’t be discouraged if you don’t land the first internship you apply for.

    » Read: How to create a standout resume


    Step 3: Network!

    Good old-fashioned networking will still get you a long way in the business and finance world. One important way to network is by leveraging your alumni network. Attend alumni networking events organized by your school, but also consider reaching out directly to alumni employed at companies you are interested in. Additionally, attend as many networking and recruiting events as you can manage to build a broader professional network.


    Step 4: Earn an FP&A certificate (optional)

    Some financial analyst positions require licensing by FINRA, an independent regulator of security and broker firms in the U.S. For instance, financial analysts in the securities sector must be a General Securities Representative registered by FINRA in order to sell stocks and bonds, variable annuities, municipal bonds, mortgage obligations, and more.

    Licensure requirements include passing the Securities Industry Essentials (SIE) exam and the Series 7, also known as the GS exam. To be eligible, candidates need to be associated with and sponsored by a FINRA member firm or another self-regulatory organization (SRO) member firm.

    What are the best finance certifications?

    Many finance certifications are non-mandatory and it can be challenging to sift through all the options and decide which FP&A certificate is right for you.

    financial analyst career

    “I consider the CPA, CFA, and CFP certifications to be the gold standard.”

    Philip H. Weiss CFA, CPA

    Perhaps the best known finance certification is the Chartered Financial Analyst (CFA) designation (it has been around since 1963!) Many employers prefer hiring finance professionals who have earned the designation, particularly for security analyst and asset manager roles (less so for venture capital, investment banking, or private equity).

    “You are likely going to need something more than just an undergraduate degree,” says Weiss. “I consider the CPA, CFA, and CFP certifications to be the gold standard. I would only pursue other certifications if they fit your particular niche, and rarely as a replacement for one of those key three.”

    What is a CFA?

    The Chartered Financial Analyst (CFA) designation is offered by the CFA Institute. Besides holding a bachelor’s degree and having 4,000 hours of relevant work experience, candidates must also pass 3 levels of exams to become CFA charter holders.

    Other options include:

    • Certified Financial Planner (CFP)
    • Certified Corporate FP&A Professional (FPAC)
    • Financial Planning & Analysis Modeling Certification (FPAMC)
    • Chartered Life Underwriter/Chartered Financial Consultant (CLU/ChFC)
    • Chartered Alternative Investment Analyst (CAIA)
    • Financial Risk Manager (FRM)

    It is important to remember that no finance certification will in and of itself guarantee success. Ultimately, there is no getting around the fact that finance may be one of the most competitive professional fields out there.


    Step 5: Earn a master’s degree (optional)

    Financial analysts may choose to earn an MBA with a finance concentration or a master’s in finance to bolster their career growth and earning potential. Employer-sponsored MBAs are not uncommon, with many companies offering tuition reimbursement, scholarships, or other incentives to encourage employees advancing their education.

    A graduate with a master’s in finance from a public university can expect to earn around $18,399 more than with a bachelor’s degree alone, and around $38,724 with an MBA vs bachelor’s in business.

    Is FP&A a good career?

    Financial planning and analysis is one of the most future-proof fields in finance. While other domains, such as financial control, are at risk of becoming automated, financial planning and analysis requires an in-depth, day-to-day business understanding that is extremely difficult to automate.

    However, it’s not uncommon for junior analysts to work 50-70 hours per week, and sometimes up to 100 hours. At the same time, the earning potential of a financial analyst is impressive, as is the case with most finance careers. These are 2 key factors to carefully weigh when deciding if a financial analyst career is for you.

    Whether you choose buy-side, sell-side, or independent financial analysis is another factor affecting work-life balance.

    Buy-side vs sell-side analysts

    The key difference between these 2 types of financial analysts is in who employs them and who they make investment recommendations to.

    Buy-side analysts are employed by asset managers, banks, mutual funds, insurance companies, and other institutional investors. Their focus is on maximizing profit for their employer.

    What are institutional investors?

    Institutional investors, or “Wall Street” as they are colloquially known, are companies that invest on behalf of their clients.

    Sell-side analysts are usually employed by brokerage firms. They produce carefully researched reports on individual companies that are used by financial services sales agents and the firm’s other clients to make investment recommendations and decisions.

    What are brokerage firms?

    Brokerage firms act as intermediaries between buyers and sellers of financial instruments such as stocks, options, and bonds.

    Independent analysts – fee-only or fee-based – are not employed by brokerage companies or institutional investors.

    “Fee-only independent analysts charge a fee for a service,” says Weiss. “A fee-only firm is obligated in all cases to make recommendations as a fiduciary” (meaning prioritizing their clients’ best interests).

    “A fee-based analyst can sell financial products as a broker and earn a commission,” says Weiss, although not from the same pool of investments they manage for a particular client.

    Explore detailed finance analyst salary and job demand data below to learn more.

    Financial analyst salary by state

    Nominal
    Real salary

    The nominal salary is the unadjusted salary paid.

    The real salary is adjusted to consider the purchasing power by state. We multiply the nominal salary by a state purchasing parities index to indicate the relative value of salaries by state. For instance, while New York or California might pay the highest nominal salary, these states are relatively expensive and so the real value of the salary is often less than a cheaper to live in state with a lower nominal salary.

    BLS
    Payscale

    When available we provide 2020 state level salary information from the Bureau of Labor Statistics showing 10th, 50th, and 90th percentile earnings to provide the range of salary experienced by each career. Salary data is aggregated from the actual reported income of the US labor force, and is considered the most trustworthy data source for salary information.

    Payscale is a salary survey service meant to provide employers and employees with salary data at local levels to benchmark and compare. While Payscale has a much smaller sample size than BLS, Payscale does update more frequently so data may be considered fresher. Payscale also indicates salaries at a wider range of roles whereas BLS sometimes aggregates numerous professions into one category which may skew salary data. For this reason, we find Payscale to be a good secondary salary indicator. All information received from payscale is via a paid API. You can read more about payscale and their data methodology here.


    Alabama

    Alaska

    Arizona

    Arkansas

    California

    Colorado

    Connecticut

    Delaware

    District of Columbia

    Florida

    Georgia

    Hawaii

    Idaho

    Illinois

    Indiana

    Iowa

    Kansas

    Kentucky

    Louisiana

    Maine

    Maryland

    Massachusetts

    Michigan

    Minnesota

    Mississippi

    Missouri

    Montana

    Nebraska

    Nevada

    New Hampshire

    New Jersey

    New Mexico

    New York

    North Carolina

    North Dakota

    Ohio

    Oklahoma

    Oregon

    Pennsylvania

    Rhode Island

    South Carolina

    South Dakota

    Tennessee

    Texas

    Utah

    Vermont

    Virginia

    Washington

    West Virginia

    Wisconsin

    Wyoming

    Alabama

    • 10th percentile: $49,850
    • 50th percentile: $82,130
    • 90th percentile: $131,700

    Highest salary states

    1.

    New York

    $107,160

    Average salary

    2.

    California

    $95,680

    Average salary

    3.

    New Jersey

    $94,070

    Average salary

    See more
    4.

    Connecticut

    $92,470

    Average salary

    5.

    District of Columbia

    $91,390

    Average salary

    6.

    Colorado

    $90,060

    Average salary

    7.

    Massachusetts

    $87,060

    Average salary

    The fastest growth states

    1.

    Utah

    +29.2%

    2.

    Colorado

    +19.4%

    3.

    Texas

    +19%

    See more
    4.

    District of Columbia

    No data provided.

    5.

    Nevada

    No data provided.

    6.

    Oregon

    No data provided.

    7.

    Georgia

    No data provided.

    Future outlook

    Future Outlook Projections are taken from the Projections Management Partnership (PMP). The PMP is funded by the Department and Labor, Employment and Training Administration, with direct support from the Bureau of Labor Statistics. The PMP provides data-driven projections of future workforce needs.

    National

    Alabama

    Alaska

    Arizona

    Arkansas

    California

    Colorado

    Connecticut

    Delaware

    District Of Columbia

    Florida

    Georgia

    Hawaii

    Idaho

    Illinois

    Indiana

    Iowa

    Kansas

    Kentucky

    Louisiana

    Maine

    Maryland

    Massachusetts

    Michigan

    Minnesota

    Mississippi

    Missouri

    Montana

    Nebraska

    Nevada

    New Hampshire

    New Jersey

    New Mexico

    New York

    North Carolina

    North Dakota

    Ohio

    Oklahoma

    Oregon

    Pennsylvania

    Rhode Island

    South Carolina

    South Dakota

    Tennessee

    Texas

    Utah

    Vermont

    Virginia

    Washington

    West Virginia

    Wisconsin

    Wyoming

    306,200

    Financial Analysts total employment

    30,900

    Annual openings include jobs available due to both an increase in demand, and regular employee turnover (retirees, career switchers, etc.).

    Financial Analysts annual openings

    6.2%

    The estimated increase in jobs (2018-2028) is the increase in total jobs expected and does not consider employee turnover.

    Estimated increase in Financial Analysts jobs (2018-2028)

    To provide context to estimated job growth, we employ a “fire and ice” system, which compares projected career growth to the national average of 5.2%, as follows:

    <-10% = 3 ices
    Btwn -5 to -9.9% = 2 ices
    Between -5% to-.1% = 1 ice
    between 0- 5.5% = neutral
    Between 5.5%-10% = 1 fire
    Between 10-20% = 2 fire
    >20%=3 fires

    At the state level, we simply sort the states from fastest growing to slowest within the particular career, or 1st to 50th.

    High job growth

    Jobs per 1,000

    Location quotient measures the level of employment in a particular state, region, or locality. The national average employment level is set at 1.0, so that a location quotient of 1.5 would indicate 50% more per capita employment in a particular career, and a .75 location quotient would indicate 25% less than the national average rate.

    Location quotient

    How experience affects earnings

    Payscale aggregates all employee salaries into experience and degree cohorts and charts out the average salaries accordingly. While this is interesting information, it is simply an indicator and should not be considered as a definitive accounting.


    Average

    GED or High School Diploma

    Associate’s Degree

    Bachelor’s Degree

    Master’s Degree (non-MBA)

    Master of Business Administration (MBA)

    Average

    Timeline Salary
    Less than 1 year $53,001
    1 year $57,108
    2 to 3 years $61,472
    4 to 6 years $66,618
    7 years or more $76,421

    The effect of specialization on pay

    Payscale looks at the skills listed on employee CVs by career and takes the average salary to extrapolate which skills correlate to a higher salary, on average. While this is interesting information, it is simply an indicator and should not be considered as a definitive accounting.

    Financial Modeling

    4.31% Average salary increase

    or approximately

    $2,653 in annual pay

    Financial Analysis

    1.65% Average salary increase

    or approximately

    $1,017 in annual pay

    SQL

    0.98% Average salary increase

    or approximately

    $603 in annual pay

    Forecasting

    0.38% Average salary increase

    or approximately

    $233 in annual pay

    Last five years employment and salary

    We utilize historic annual BLS salary and total employment statistics to create a trend line which illustrates the job market over time for a particular career.


    National

    Alabama

    Alaska

    Arizona

    Arkansas

    California

    Colorado

    Connecticut

    Delaware

    District of Columbia

    Florida

    Georgia

    Hawaii

    Idaho

    Illinois

    Indiana

    Iowa

    Kansas

    Kentucky

    Louisiana

    Maine

    Maryland

    Massachusetts

    Michigan

    Minnesota

    Mississippi

    Missouri

    Montana

    Nebraska

    Nevada

    New Hampshire

    New Jersey

    New Mexico

    New York

    North Carolina

    North Dakota

    Ohio

    Oklahoma

    Oregon

    Pennsylvania

    Rhode Island

    South Carolina

    South Dakota

    Tennessee

    Texas

    Utah

    Vermont

    Virginia

    Washington

    West Virginia

    Wisconsin

    Wyoming

    National

    Average Wage Total employment
    2016: $81,760 281,610
    2017: $84,300 294,110
    2018: $85,660 306,200

    Types of financial analysts

    We’ve explored the field broadly, but what career specializations can you pursue as a financial analyst? Financial analysts can work in various settings, including investment, local, or regional banks, brokerage firms, insurance companies, and data-driven companies.

    Budget analyst

    Budget analysts help advise public and private organizations on their finances. They can be employed by government and universities. Government officials or top executives usually have the final say on an organization’s budget, but they rely on budget analysts to prepare information for that decision.

    National

    Alabama

    Alaska

    Arizona

    Arkansas

    California

    Colorado

    Connecticut

    Delaware

    Florida

    Georgia

    Hawaii

    Idaho

    Illinois

    Indiana

    Iowa

    Kansas

    Kentucky

    Louisiana

    Maine

    Maryland

    Massachusetts

    Michigan

    Minnesota

    Mississippi

    Missouri

    Montana

    Nebraska

    Nevada

    New Hampshire

    New Jersey

    New Mexico

    New York

    North Carolina

    North Dakota

    Ohio

    Oklahoma

    Oregon

    Pennsylvania

    Rhode Island

    South Carolina

    South Dakota

    Tennessee

    Texas

    Utah

    Vermont

    Virginia

    Washington

    West Virginia

    Wisconsin

    Wyoming

    10% $51,220
    25% $62,540
    Median $78,970
    75% $100,060
    90% $121,360

    Total employment

    49,260

    Projected growth (2018-2028)

    4.4%

    Degree required

    Bachelor’s

    Source: BLS

    Financial and investment analysts

    Financial and investment analysts create comprehensive analyses of public or private businesses using financial data and other information. This analysis helps guide leadership decisions about future decisions related to investments, commitments of resources, and other strategic moves.

    National

    Alabama

    Alaska

    Arizona

    Arkansas

    California

    Colorado

    Connecticut

    Delaware

    District of Columbia

    Florida

    Georgia

    Hawaii

    Idaho

    Illinois

    Indiana

    Iowa

    Kansas

    Kentucky

    Louisiana

    Maine

    Maryland

    Massachusetts

    Michigan

    Minnesota

    Mississippi

    Missouri

    Montana

    Nebraska

    Nevada

    New Hampshire

    New Jersey

    New Mexico

    New York

    North Carolina

    North Dakota

    Ohio

    Oklahoma

    Oregon

    Pennsylvania

    Rhode Island

    South Carolina

    South Dakota

    Tennessee

    Texas

    Utah

    Vermont

    Virginia

    Washington

    West Virginia

    Wisconsin

    Wyoming

    10% $48,760
    25% $63,670
    Median $83,660
    75% $112,460
    90% $159,560

    Total employment

    460,250

    Projected growth (2018-2028)

    N/A

    Degree required

    Master’s

    Source: BLS
    • The role
    • Types of analysts
    The role

    Tasks they perform include:

    • advising clients on capitalization issues, including amounts, timing, and sources of resources
    • analyzing past financial performance of companies against expected performance
    • assisting companies with financial difficulties and recommending solutions
    • providing investors with accurate portrayals of a company’s business to assist well-informed investment decisions
    • collaborating with investment bankers to attract new corporate clients
    • identifying the causes of performance variances, and advising on how to use that information for future decisions
    See more
    Types of analysts
    • Buy-side analysts – usually employed by large investment firms such as mutual funds, pension funds, hedge funds, or insurance companies. They focus on researching and recommending investment opportunities to their employers.
    • Sell-side analysts – usually employed by investment banks and broker-dealers. They sometimes issue recommendations and ratings for stocks or other securities, and can offer recommendations to clients outside the company, unlike buy-side analysts.
    • Independent analysts – provide unbiased and objective ratings. As such, they are not employed by brokerage firms or fund companies. They are compensated by the companies they research or through the sale of subscription-based reports.
    See more
    • Portfolio manager

      Median salary: 119K US$

      Portfolio managers, a type of financial planner, handle groups of investments and assets. They manage investment funds according to a financial strategy, making adjustments to improve performance in the marketplace. They often use analyses to identify investment potential, make recommendations, and recapitalize revenue that aligns with long-term financial goals.

      See more
    • Risk management analyst

      Median salary: 95K US$

      In financial institutions, these analysts evaluate investment strategies and financial products to determine risk factors, worst-, and best-case scenarios. They’re typically tasked with generating reports that determine financial exposure. This is usually done against expected returns of investments of specific products or strategies.

      At non-financial companies, a risk management analyst generally determines ways to contain costs relating to insurance claims of their employer. They’re more concerned with overall reporting procedures and claims processes to identify trends, make recommendations, and adjust strategies accordingly.

      See more
    • Equity analyst

      Median salary: 96K US$

      Equity analysts track real estate, stocks, or other investment data of a company. They typically identify market trends and present reports to management. They may also be responsible for overseeing and ensuring that private, pension, or other funds investments perform as expected.

    Final thoughts

    Financial planning and analysis experts help executive teams make better-informed decisions about future priorities. They drive company growth by forecasting and evaluating financial performance for the next quarter, year, or years. Imagine the impact that businesses can have with financial projection modeling, scenario analyses, and models that help decide where to make key investments.

    Ready to start on the FP&A career path? Explore our finance and business college rankings to take the first step.

    Interview with a financial analyst

    team-member-image
    team-member-image

    Phil Weiss

    CFA, CPA

    Phil Weiss started his financial services career in 1987 working as a tax professional for Deloitte & Touche. With over 2 decades of experience in personal finance and investment management, in 2017 he founded Apprise Wealth Management, a fee-only registered investment advisory firm. Phil is both a CFA charter holder and a CPA. In addition, he has served as a featured media spokesperson and has written extensive commentary on market-related topics.


    Can you please share a few key tips for college students looking to break into finance?

    Try to find a mentor, someone who works in the field that you can talk to and that can provide guidance and support. Do what you can to make your own breaks. To help land a job as an analyst, I decided to write a thorough research report on a company of my choice. I used this to show potential employers the type of work I could do as an analyst.

    What do you consider to be the key personal quality of a successful financial analyst?

    I think it’s important to be a self-starter. There’s not a lot of hand-holding in the industry. You should commit to reading and learning on your own. Be inquisitive. If you work in this industry, you should constantly be learning and expanding your knowledge base.

    You describe your investment approach as “favoring the long term, and assessing the value and fundamentals of the assets in which you invest”. Can you tell us a little more about that?

    Warren Buffett has said how we should consider our decision to buy a stock as buying a share of a business. As part of that, we want to have a view as to what the value of that business is. We should have an understanding of how the business works and what can drive its future opportunities for growth. Fundamental analysis involves understanding a company’s financial statements and the business itself including what the key drivers of future success, as well as the potential obstacles, may be.

    Apprise Wealth Management has an overt focus on female-led households, can you please tell us a little about why you chose this focus?

    Finances in my house growing up were a bit of a mess. My father was the primary wage earner and responsible for paying the bills. He often didn’t pay. This caused many issues, including my having to leave Duke after junior year. When my mother was diagnosed with breast cancer at age 51, I came to fully realize how bad things were financially. My parents had to sell their home. My mother asked me to try and help get things in order. Unfortunately, my mother passed away a little over 2 years after her initial diagnosis. I want to help keep other women from experiencing what she did.

    In what ways is financial planning for women different?

    Women often face challenges that men don’t. This includes earning less than their male counterparts, having longer life expectancies and, traditionally, older partners (the average widow is only in her 50s). Additionally, women often delay their retirement savings as well as having more caregiving responsibilities, carrying more credit card debt, and tending to be less confident about personal finances than men.

    Apprise’s financial planning process – the “Pathway to an Informed Retirement” – can help address these issues. It also addresses the softer side of financial planning.

    Additional resources

    Apart from FINRA and the CFA Institute, here are a few notable resources for financial analyst professionals and students:

    Association for Financial Professionals (AFP)
    AFP sets standards of excellence in the finance and treasury professions and administers related credentials.

    Academy of Financial Services
    AFS promotes research and the development of curricula in the financial services industry.

    International Association for Quantitative Finance
    IAQF is a nonprofit professional society dedicated to fostering the quantitative finance profession.

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