Financial analysts with the right understanding to tackle current and future economic and business challenges are in high demand. The position is taking shape as one that deals with complex, current data, market analysis and the human side of finance. Financial analysts work at businesses such as financial planning institutions, portfolio management providers, investment advisory firms, insurance companies, government regulatory firms, and startups.
Steps required to become a financial analyst
In India, having a bachelor’s degree in finance or a closely related field is typically the first step in becoming a financial analyst. After that, you can enrol in comprehensive finance courses to reinforce the financial and general accounting foundations necessary to perform your daily duties as a financial analyst.
Once you have the necessary credentials, you can apply for junior or entry-level positions. These jobs frequently fall under the supervision of a senior analyst who will teach you the ropes of the business. In these positions, you’ll be processing client financial statements, managing files, analysing plans and predictions, and analysing income statements, among other things. A career progression here often necessitates a certification or a master’s degree.
What is the salary drawn by a Financial Analyst?
Globally, financial analysts earn anywhere from $63,959 to $78,356 annually. The pay of a financial analyst in India is detailed below.
|Position||Years of Experience||Salary drawn per annum|
|Entry Level||0 – 1||₹3,55,057|
|Entry-Mid Level||1 – 4||₹4,01,743|
|Mid-Senior Level||4 – 10||₹6,07,220|
Skills required to become a Financial Analyst
- Critical Thinking: The ability to carefully consider financial issues before taking significant actions can help them succeed in their position.
- Research: Keep up with current news, market trends, and changes in finance rates, such as interest rates and add knowledge to team brainstorming sessions and decisions on financial topics.
- Analysis: To use one’s analytical and problem-solving talents by contributing to projects, budget discussions, or creating financial reports to present to prospective investors.
- Technical Skills: Design reports and presentations utilising accounting software, analysis tools, bookkeeping software, SQL, SAP, and other ERP (Enterprise Resource Planning) systems.
A financial analyst’s primary duties are as follows:
- Identifying industry patterns and trends
- Improving their or the client’s company’s financial results
- Analysing projects, investments, assets, and business operations
- Creating financial models or business proposals
- Recognising successful and unsuccessful business endeavours
- Collaborating with project leaders and finance divisions
- Interacting with stakeholders, clients, and investors
Today, more than ever, businesses and individuals need reliable direction and counsel to help them make sense of brand-new, complex financial situations, recover from financial difficulties, and create a recovery plan in our unstable economical environment. Undoubtedly, a financial analyst’s position has become one of the most sought-after occupations in the financial sector. So, if you have the aptitude for it, a career in financial analysis is right for you. Enrol in a program from a recognised institution, such as NMIMS Global, which has an intensive MSc in Applied Finance program. Basis your professional requirement, you can also opt for their Diploma, MBA Distance in Banking & Financial Management or MBA (WX) with a specialisation in Applied Finance.