The specific technical skills required of a Financial Analyst include:
- Financial analysis of financial models
- Financial planning
- Accounting
- Data analysis of past financial data
- Budgeting
- Strategic reporting
Soft skills a Financial Analyst may be required to have include:
To be successful as a Financial Analyst, it is essential to have strong mathematical skills and the ability to understand complex financial data. It is also helpful to be well-organised and those with a background in investment banking are particularly favoured. Financial Analysts must be able to work independently and handle multiple tasks simultaneously.
What qualifications does a Financial Analyst need?
A bachelor's degree in business, accounting, economics, or finance is typically required to become a Financial Analyst. However, some companies may prefer or require candidates to have a master's degree. There are also certificate programs available that can prepare someone for a career as a Financial Analyst.
Do you need a CFA to be a Financial Analyst?
A CFA (Chartered Financial Analyst) certification is not typically required to become a Financial Analyst, but it can be helpful. The CFA certification is the most recognised certification in the financial industry and it shows that a candidate has a strong understanding of financial concepts and investment analysis.
It typically takes four to five years to complete all the necessary coursework and exams to become a CFA certified Financial Analyst. However, this varies depending on how much experience a person has in the finance industry and how quickly they can pass exams.
Which degree is best for a Financial Analyst career?
There are many different types of degrees that can prepare someone for a career as a Financial Analyst. The most common degree earned by Financial Analysts is a bachelor's degree in business, accounting, or finance.
Internships in related areas, which can be completed during the duration of a degree, may also help increase one's chances of starting a Financial Analyst career.
Can you become a Financial Analyst without a degree?
Yes, although typically, Financial Analyst jobs are only available for those who have completed an undergraduate program in accounting or finance. A degree of this calibre usually takes three to four years of full-time study.
However, experience is often also required before a candidate can be considered for a role as a Financial Analyst.
Having the right skill set is also an important factor in determining an individual's ability to become a Financial Analyst. As is proving you’re a continuous learner, which you can start today by completing relevant online courses offered by Hays Learning. Sign up here today.
Do you need to study or go to university to be a Financial Analyst?
No, a degree is not always necessary to become a Financial Analyst. Many employers will accept candidates with a degree in a related field such as business, accounting, or economics.
Many employers also offer internships for those still studying, which can give the individual some experience in finance and may help when applying for jobs in the future.
FAQs
Quantitative and Analytical Thinking
Many of these tasks involve advanced statistical analysis and data-driven decision-making, and require these proficiencies: Attention to detail. Strong analytical skills and problem-solving abilities. The ability to apply quantitative methods to financial analysis.
What skills are required for a financial analyst? ›
Quantitative and Analytical Thinking
Many of these tasks involve advanced statistical analysis and data-driven decision-making, and require these proficiencies: Attention to detail. Strong analytical skills and problem-solving abilities. The ability to apply quantitative methods to financial analysis.
What are the best qualifications for financial analyst? ›
If you're interested in a career as a financial analyst, the steps to take to prepare yourself for the job include:
- Earning a bachelor's degree in finance, business, economics, or statistics.
- Getting an internship to gain relevant skills and work experience.
- Passing FINRA qualification exams.
A bachelor's degree in finance or accounting. A minimum of four years of qualified work experience. Passing scores on the three CFA Institute exams.
What are the entry requirements for financial analyst? ›
Most entry-level financial analyst roles require a bachelor's degree in accounting, finance, business administration or a related field such as statistics, economics, or general business.
What should an entry-level financial analyst know? ›
In order to get an entry-level financial analyst job, you first need a bachelor's degree in accounting, finance, or a related field. You should also have a strong background in data, as well as excellent analytical skills. You need to be able to navigate various software in order to write and put together your reports.
What are the three core responsibilities of a financial analyst? ›
Their primary duties include compiling reports on the viability of a business and presenting it to potential investors or banks, reviewing trends in turnover and profit and offering advice to their clients or employers on the financial performance of a business.
Can I be a financial analyst without a degree? ›
Financial Analyst Degree and Educational Requirements. There is no specific degree required for a career as a financial analyst, but finding a job will probably be easier if you have a bachelor's degree, and most companies require it. Nearly all financial analysts start with an internship or entry-level position.
Is it hard to get hired as a financial analyst? ›
In this highly competitive job market, a master's degree gives an applicant a boost. A successful career as a financial analyst requires strong quantitative skills, expert problem-solving abilities, adeptness in logic, and above-average communication skills.
What salary should I ask for as a financial analyst? ›
Salaries by years of experience in the United States
| Years of experience | Per year |
|---|
| 1 to 2 years | $72,908 |
| 3 to 5 years | $80,812 |
| 6 to 9 years | $87,776 |
| More than 10 years | $90,903 |
1 more rowA business analyst must have a bachelor's degree in a relevant field such as business, finance, economics, information technology, or a related discipline is often a minimum requirement. Some positions may require or prefer a master's degree, particularly for more senior or specialized roles.
How do I become a financial analyst from scratch? ›
Education: A bachelor's degree in finance or a related field. Skills: Strong analytical abilities and proficiency in Excel. Experience: Internships or work experience in finance can help. Certifications: Credentials like the Chartered Financial Analyst (CFA) can boost job prospects.
What is financial analyst job description? ›
A Financial Analyst is a professional who advises companies and teams on financial matters, including investment decisions in stocks and bonds. They analyze investment opportunities to determine the potential return on investment and provide guidance to maximize financial performance.
What is the best qualification for a financial analyst? ›
What qualifications do I need to be a financial analyst? To become a financial analyst, you should earn a bachelor's degree in a subject related to finance, such as business, economics or statistics. Once hired, you will probably need to pass qualification exams through FINRA to begin practicing.
How do I train to be a financial analyst? ›
Acquiring a degree in finance, accounting, economics, or a related field can set you up for a career as a financial analyst. If you are looking for a wider scope of opportunity or a higher salary, getting your master's degree in finance or a master of business administration (MBA) may be helpful.
What is the best education for a financial analyst? ›
A bachelor's degree may be enough to get you started in the financial sector, but a master's in finance or business administration may help you advance into more senior roles, the BLS reports. If you want to focus on analytical skills, master's in business analytics programs might be an option.
Is financial analyst a hard job to get? ›
In this highly competitive job market, a master's degree gives an applicant a boost. A successful career as a financial analyst requires strong quantitative skills, expert problem-solving abilities, adeptness in logic, and above-average communication skills.
Does a financial analyst need coding? ›
In addition to programming knowledge, as well as Excel and Tableau skills, most Financial Analysts also possess a range of soft skills. Clear communication is essential for those interested in working in financial analytics.
What does a financial analyst do daily? ›
A Day in the Life of a Financial Analyst. Financial analysts gather information, assemble spreadsheets, write reports, and review all non-legal pertinent information about prospective deals. They examine the feasibility of a deal and prepare a plan of action based on financial analysis.
Do you need a CFA to be a financial analyst? ›
Do you need a CFA to be a financial analyst? No. Financial analysts do not need the CFA credential to work in the field, but employers may prefer individuals with certification. Candidates with a relevant degree alone can qualify for entry-level positions.
