A financial analyst makes strategic decisions for a company focused on studies of industry conditions, a company’s (or companies’) financial position and the expected results of certain transactions. So, if you have strong analytical skills and enjoy using numbers, a financial analyst might be the perfect job for you.
Let’s get started by looking at the three different types of resumes, one of which you’ll use to create your own.
See What People are Saying About Us
Job duties of a financial analyst
A financial analyst has a set of responsibilities that need refinement, such as an eye for detail and being curious about sums. They will be required to deliver standard reports utilizing financial information and work cooperatively with the accounting department.
Here are some responsibilities of a financial analyst:
Examining current and past monetary information.
Taking a look at current monetary execution and distinguishing patterns.
Generating reports based on the data given and accumulated by the company and presenting the findings to the rest of the company.
Talking with the supervisory crew to grow long-haul business plans.
Proposing spending plans and enhancements depending on data.
Investigating distinctive venture openings.
Creating monetary models and giving estimates in advance.
Creating activities and strategies that may improve account development.
Financial analysts median salaries
According to PayScale, as of May 2020, the median annual salary for financial analysts was $83,660. The bottom 10% of financial analysts paid less than $48,760, while the top 10% earned more than $159,560. The majority of financial analysts work full-time, with over 40 hours a week.
Top skills for financial analysts
- Accounting skills: As with any career in finance, you will need to have a solid understanding of accounting principles, standards and techniques. You will be analyzing information such as cash flows, balance sheets and income statements that will help you gather the correct information to make quality reports dependent on your understanding of laws and regulations and compliance, such as the Sarbanes-Oxley Act and the Dodd-Frank Act.
- Interpersonal and communication skills: Having written and oral skills are crucial to building and maintaining trust among peers and investors. With the proper communication skills, the information flow becomes easier and more efficient when presenting information to people of different areas and understanding their needs, so you can implement it in your analysis, further solidifying their trust.
- Critical thinking and problem-solving skills: Financial analysts often work with fluctuating financial trends that present unique problems that need to be considered, mixing in many other variables such as political, social, and environmental trends. When you have so many aspects to consider, you will have to come up with creative solutions to complex problems while protecting the financial well-being of your customers.
- Technical skills: There are many computer applications that financial analysts need to get acquainted with: Hyperion, SAP, SQL, QuickBooks and other custom applications related to financial services. The most important program you would need to master is Microsoft Excel. Knowledge of these applications will allow financial analysts to work with large amounts of data quickly and effectively to produce reports that will enable sound and informed investing, selling or holding on to assets, or how attractive a new company might be, among other helpful information.
- Keeping up with financial news: Keeping up with current market events like IPOs, company mergers, and acquisitions will provide helpful information on how potential investments might react and if the way to go is to buy, sell or hold on to certain assets.
- Analytical skills: Financial analysts must have the ability to forecast, plan, prioritize, rank and recognize problems. This way, they can solve them through strategic planning and a deep analysis of resources, markets and products to help their company make decisions in an informed manner.
Educational requirements for financial analysts
Aspiring financial analysts should get a degree in finance from a reputable university. Most state universities will offer financial degrees in their business school or department. These studies also equip students well for careers in law and government as well as the private sector.
DegreesThe University of Pennsylvania’s Wharton School offers a bachelor’s degree in finance that develops the skills necessary to work at a high level of expertise in all areas of finance, including asset management, commercial and investment banking in an international context and financial management of commercial and industrial enterprises, among others.
The University of Illinois Chicago’s bachelor program in finance gives career-seekers close connections to Chicago’s financial markets, which provide world-class experiences and learning opportunities. Their elective courses introduce students to various fields, including corporate financial analysis, business valuation, investments and portfolio management, banking, international finance, trading and risk management. Through close ties with finance professionals, they supplement course materials with guest speakers from various financial sectors.
New York University has a bachelor’s degree in finance that prepares students to enter the industry, whether in financial institutions and divisions or government or nonprofit institutions.
The Massachusetts Institute of Technology (MIT) offers a bachelor of science in finance with a minor in several specialties such as management, business analytics and finance.
CertificationsUniversities and colleges: MIT MicroMasters Program in Finance is an excellent way to accelerate your career or fast-track a master’s degree if you choose to further your career with graduate studies.
Columbia University’s EdX Introduction to Corporate Finance certification is free, with an optional upgrade available. Two sessions are starting in August and January, and each one takes a month to complete. This course can serve as a quick way to learn critical financial concepts for evaluating and valuing investment opportunities, including how to value stocks and bonds.
For-profit companies: Private companies such as Udemy and Coursera offer various comprehensive courses for financial analysts; some are very economical, and others are even free. Coursera, for example, has a free Introduction to Finance and Accounting specialization from the University of Pennsylvania that will teach you the basics of finance and accounting.
LicensesThe Financial Industry Regulatory Authority (FINRA) is the fundamental authorizing association for the insurance business. A permit is needed to sell monetary items, which may apply to certain positions. Since the greater part of the licenses requires sponsorship by a worker, business organizations don't anticipate that individuals should have these licenses before starting a new job.
Workers regularly suggest a certification, which may improve the odds for a headway. A model is the Chartered Financial Analyst (CFA) accreditation from the CFA Institute. As a yearning or practicing finance professional, you need information and abilities to flourish in this industry. The CFA Program is intended to help you with mastery and practical skills in finance or investment analysis that will benefit you in your profession.
Financial analyst resume-writing tips
- Tailor your resume. It’s particularly significant for financial analysts to compose a resume that shows their qualifications and accomplishments, considering that what may be crucial information for one employer would probably not be beneficial for another. For financial analysts, “duties all vary depending on the sort of industry they are enlisted for, just as the kind of analysts that the customer is searching for,” says Jim Goldfarb, SVP of Atlantic Partners Corp, a Fortune 500 enrolling office.
- Recognize the most crucial keywords. When you go after a position, there's a possibility your resume will go through an applicant tracking system (ATS). These layouts scrutinize resumes submitted for a job and put them together for recruiters. To rapidly track down the best resumes. Companies will regularly utilize the ATS to look for keywords that are present in the job description. Recruiters frequently look at a resume for a few seconds to make a decision.
- Showcase your financial skills masterfully. List the skills you have that are generally applicable to the job description. Communication, teamwork, job ethic and attention to detail are examples of soft skills included in the skills section but can be changed depending on the job description.
- Compose detailed bullet points focusing on results and achievements. where you can showcase your accomplishments and what you’ve done in past positions and companies.
For financial analysts, it's particularly significant to feature achievements that have decreased expenses, expanded spending plans or improved funds.
What are the job prospects for financial analysts?
The work of financial analysts is projected to grow by 5% from 2019 to 2029, quicker than most occupations.
Is a financial analyst a field job?
Not at all. Financial analysts generally work in offices on a full-time basis. They may be required to visit clients as well.