Financial analysts can move into higher positions as their knowledge and skill in the field is enhanced. They will be placed in-charge of larger and more important products as they stay longer in the industry. They may supervise a team of analysts or become senior finance analysts. They can also become portfolio managers, fund managers or directors of investment portfolios of their companies. According to a survey done in the year 2008, financial analysts held around 250,600 jobs in the industry. Many of them are working at large financial institutions in New York City and other major financial centers.
Forty seven percent of the finance population is working in finance and insurance industries. This includes securities and commodity brokers, banks and credit institutions and insurance carriers. Other financial analysts are working for the private industry and government. Individuals who are aspiring to be a part of this world have a very promising job outlook ahead of them. The employment rate of financial analysts is predicted to increase rapidly in the coming years. Compared to other occupations, this profession has a faster employment rate and a higher pay. How hard you are willing to work is usually what will determine a financial analyst salary, due to the fact that it is not always a typical 9 to 5 kind of job situation. But the competition will still be tight, especially for positions that pay really well.
The primary factors for the growth of employment in this fast track career are increasing complexity and global diversification of investments all over the world of business. The amount of assets is also rapidly growing that’s why many companies are in need of the expertise of a financial analyst. They need financial analysts to conduct researches and recommend investments as the number of mutual and hedge funds increases. Businesses and companies need more analysts to keep an eye on the global range of investment options. However, the competition remains keen and tight. Although the growth in financial services will open up new positions, the number of applicants will still exceed the vacant slots. To be on top of the league, aspiring financial analysts should have a strong academic background on courses such as finance, accounting, economics and computer sciences. Certifications, licensures and graduate degrees are also considered to be a plus. A CFA certification, for example, can significantly improve an applicant’s prospects. Those who have accomplished online mba degree programs are the lucky ones who will land a job as a senior analyst. In this field, this is considered to be the highest paying position.
Financial analysts need to remain adept in gathering information about macroeconomy, microeconomy and specific companies in their balance sheets. In order for them to do this, they have to do a lot of reading about financial news and publications such as The Wall Street Journal, The Financial Times and The Economist. They can also surf the internet for some financial websites. Financial analysts are also tasked to do some travelling. They travel to different companies to have a first-hand look at the operations on the ground level. They attend conferences with their colleagues who have the same specialty so that their knowledge and skills will be improved and enhanced.