8 Advantages of Becoming a Financial Analyst

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Do you want a lucrative career? Something that’s in demand and pays well? Then financial analysis might be for you!

Financial analysts offer their expertise in economic trends, investments, and budgeting to help individuals and businesses make sound financial decisions. Once you have the needed education and training, you can help people and corporations greatly improve their financial standing.

This type of job has obvious risks – financial forecasting can be quite difficult. But there are also many rewards you can reap by working in this field.

Good Job Prospects

With the right educational background and training, there are many job opportunities in financial analysis.

As noted above, financial analysts work for individuals and businesses alike. This means you can work for yourself as a financial analysis consultant, or you might work for a large company in their finance department.

Either way, jobs in this field are expected to grow at eight percent through 2030, which is about average. However, demand might increase as businesses seek ways to improve their financial standing.

Many Industries Need Financial Analysts

You might think that financial analysts only work in the banking industry. That’s simply not the case! Another key benefit of this job is that you can work in a variety of settings.

Industries that range from education to healthcare to manufacturing all need the expertise of financial analysts to keep on track with financial goals. Businesses big and small hire financial analysts, as do local, state, and federal government agencies.

Between having good job prospects and the ability to work in many different industries, there’s a good chance you can find the ideal job for your skills.

You Can Work Remotely

Not everyone loves the idea of working in an office all day. As a financial analyst, you might not have to!

Many of the essential tasks of this position require a computer and internet, but don’t necessarily require you to be on-site. Without having to commute to work, you’ll have more time at home, more time to spend with friends and family, and will have more disposable income since you won’t have to pay for fuel, parking, public transit, and the like.

Additionally, if remote work is acceptable at your company, you can work from anywhere. That opens up the possibility of working as you travel around the country or the world.

There are Opportunities for Advancement

When you graduate with your bachelor’s degree, you might only qualify for an entry-level position in financial analysis.

However, as you gain experience and education, your ability to move into higher positions greatly increases. For example, you might begin your career as a junior analyst, but after a few years of work experience, you might qualify for a position as a portfolio manager.

The advantage of advancement opportunities is that you gain additional responsibilities, have a greater say in the decision-making process, and you’ll make more money, too.

There is Very High Income Potential

Lower-level jobs in this field pay a median annual wage of around $49,000. But financial analysts that have senior or executive positions can make much more than that.

For example, PayScale reports that the median yearly salary for risk analysts is $60,431. Meanwhile, senior financial analysts make anywhere from $85,000-$102,000 per year. 

Many Job Duties Require Basic Skills

There are many specialized skills that you’ll need to learn and develop if you want to be a financial analyst. But this job also requires a lot of basic skills that you likely already possess.

For example, financial analysts need to have:

  • Excellent mathematics skills
  • Good communication skills
  • The ability to work as part of a team
  • The ability to work independently
  • Critical thinking and problem-solving skills

Financial analysts must also be detail-oriented and be able to make decisions based on detailed information. If you possess these skills, this job could be a good fit.

This Isn’t a Physically Demanding Job

Financial analysts have the advantage of a job that isn’t physically demanding. While it can be stressful, you won’t have to lift or move heavy objects. Additionally, financial analysts often work in climate-controlled office settings, so there’s little concern about being uncomfortable.

Sitting at a desk can have detrimental effects on your body, but overall, financial analysts have little to worry about in terms of their physical well-being.

You’ll Have Good Job Security

Financial analysts possess a distinct set of skills that require time to develop. If a company invests that time in you, the chances are good that the company will employ you for the long term.

Furthermore, financial analysts are fairly immune to contractions in the economy. As the economy shrinks, you might expect to continue in your current level of employment, where other workers in this field might have their hours cut or be laid off entirely.

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