The financial industry is a popular choice for individuals looking for a challenging yet rewarding career. As the economic landscape grows more complex, the demand for financial analyst jobs only grows – making now the perfect time to get started. Saint Mary’s University of Minnesota provides a bachelor’s completion degree in accounting that can help you prepare for your career. Here, we discuss what financial analysts are, what they do, and how you can start earning your degree to enhance your career opportunities.
What Is a Financial Analyst?
In today’s economic system, goals sound simple: maximizing profits while minimizing unnecessary expenses. When individuals or businesses run complex accounts, however, this can be easier said than done. Dozens of factors may be at play, affecting the financial outcomes of every decision.
Financial analysts are professionals who provide guidance to companies and clients. They perform in-depth research into economic trends, market conditions, stock performance, and their client’s financial data. They then make recommendations based on the information they gather. Their advice guides investments and shapes financial strategies, leading clients toward success and stability.
This role is extremely valuable to a wide variety of organizations. Financial analysts may work for banks and wealth management organizations, insurance companies, government agencies, or large corporations or businesses. They may also specialize in sub-fields to provide more focused service.
What Do Financial Analysts Do?
Working as a financial analyst can be challenging and satisfying. It requires a strong combination of soft and hard skills in data analysis, mathematics, problem-solving, communication, and more to successfully complete the variety of duties expected. These duties may include:
- Research economic and business trends
- Evaluate a client’s current and historical financial data
- Examine financial statements to determine a company’s value
- Make economic forecasts based on gathered data
- Build financial models to help predict future performance
- Compile portfolios of recommended investments
- Present information to clients and company leaders
- Prepare accurate and detailed written reports
- Maintain strong relationships with coworkers and clientele
While completing these tasks, analysts must also apply exceptional attention to detail. Minor errors may have far-reaching consequences. It’s essential to make sure all recommendations, and the research they are based on, are as accurate as possible.
Financial Analyst Jobs on the Rise
Though challenging, working as a financial analyst can be extremely rewarding. U.S. Bureau for Labor Statistics (BLS) lists a 2023 median pay of $48.02 per hour or $99,890 per year, with the opportunity to make more in certain areas.
Financial analysts are also increasing in demand. Navigating the financial landscape has only become more complex with the advent of digital technologies like electronic bookkeeping and transfers, blockchain, cryptocurrencies, and more. In the meantime, making strategic decisions remains just as important as ever. More and more companies feel the need for financial analysts to manage their investments. BLS predicts a 9% rise in financial analyst employment – much faster growth than average.
All this means that now is the perfect time to become a financial analyst. If you have a talent for mathematics, an eye for detail, or an interest in the financial field, this career path may be your way toward better earnings, job security, and mobility in a thriving industry.
How to Become a Financial Analyst
If a financial analyst sounds like the right career for you, St. Mary’s University of Minnesota can help you get started. We provide a high-quality, student-centered education at every step of the journey:
Pursue a Degree
Qualifications for financial analysts vary between employers. Most companies, however, consider a bachelor’s degree to be the standard requirement. A degree in finance, accounting, or business analytics provides valuable skills to bring to the table. At Saint Mary’s University of Minnesota, our accounting undergrad and Accounting Degree Completion program can help you launch a career in financial analysis.
Earn Your Certification
Once you’ve completed a degree program, it’s time to earn certification. The Chartered Financial Analyst (CFA) designation, provided by the CFA institute, is a highly desired qualification. While not required, this certification will demonstrate your competence to potential employers.
Elevate Your Credentials
Many financial analysts also pursue a Master’s in Business Intelligence and Data Analytics. This is not essential, but it can give you a competitive edge when seeking employment. It may also open the door to stronger positions with higher earnings and better benefits.
Become a Financial Analyst at Saint Mary’s University of Minnesota
Are you ready to start your career journey and secure a financial analyst job? Enroll at Saint Mary’s University of Minnesota today. We are a private, nonprofit Lasallian Catholic university that focuses on faith-based principles in our programs, helping to produce ethical leaders. To find out more about our bachelor’s and master’s degree programs, request information online or apply for admissions today.
