Want a career as a financial analyst? Here is what you need to know

Want a career as a financial analyst? Here is what you need to know

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Financial analysts are the professionals responsible for the financial planning of businesses and companies. Money is a huge part of business operations whether an organization is non-profit or pro-profit.  Money management ensures effective use of monetary resources for the best possible outcome. Therefore, a financial analyst has to evaluate expenditures, revenue and make financial projections for the company for better money management.

Job requirements

To gain recognition as a valuable asset for a company as a financial analyst, you need to have strong skills in accounting, compliance and exploring financial data to come up with policy improvements. Some of the responsibilities you should expect in this job include:

  • Analysis of past and present financial data to determine performance
  • Evaluating expenditures and depreciation in the business
  • Identifying the trends in financial performance of the company and giving recommendations
  • Coordinating with other members of the finance team
  • Creating financial models and predicting the financial future of the company
  • Preparing reports based on your analyses for different departments within the organization

Financial analysis and technology

The business industry has greatly adapted modern technology systems into operations. Technology will be a huge part of your life as a financial analyst.  Therefore, you need to have expertise in the use of digital financial tools and platforms in order to survive in the industry. In fact, you do not have to work in a corporation as a direct financial analyst to their business process. You can also work for information technology companies that develop data management software and strategies for data management for business, including financial data. Such companies are always looking for competent and updated financial analysts with good grasp of modern technology to assist in the creation of platforms and systems offered to various corporations.

Essential skills

As a financial analyst, you need to be a professional with essential skills. These include strategic thinking, expert analytical and modeling skills, persuasiveness, time management and organization ability and the ability to multitask among others. Financial analysis is a very demanding job because all other departments of the company depend on your analysis to run their operations. You need to be very detailed and critical in handling your assignments for the benefit of the company.

Employment outlook

There are so many opportunities for financial analysts. From software development companies, data solution companies, private firms, public office and employment in various business, the employment outlook for a career in this field is very bright. Money will always be a part of business and it is not going anywhere any time soon.

Requirements to become a financial analyst

You need to have a bachelor’s degree in any business or financial related field such as finance, accounting, statistics and economics as a minimum requirement to join this career. Advancing your education through a master’s degree makes your portfolio more attractive to employers and having specific certifications in financial courses sets you above the rest.

Bio
Leanne Hudson is a financial analyst with years of experience in finance technologies. You can read more about merging financial analytics skills in financial data management from her blog.

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