Salary Information for Financial AnalystsCareer News October 30, 2013
Financial analysts are one of a company’s greatest assets. They compile and analyze information, preside over projections, revenue reports, and other data, and analyze it on a monthly, quarterly, and annual basis. It is their job to ensure the data is accurate, and their presentations clearly identify trends that management can work with, in order to stay profitable and competitive.
The job is complex, but the pay is good, considering that the median average for a financial analyst is as high as $75,000. The lowest earners, which make up 10 percent of the total, make less than $46,000, while the highest paid 10 percent earners make $145,000. Workers in larger cities such as New York, San Francisco, and Portland earned higher totals than workers in smaller cities.
The Job Outlook
Financial analysts involved in construction fared best, as did specialty trade contractors and repair persons. Salary fluctuated with job growth. The good news is that growth is above average for similar professions, and is set to grow 36 percent over the next decade. Companies are looking for cost estimators as they help to budget company assets, helping management stay within the limits of cost-effective strategies. In addition, the growth of the industry increases the number of jobs.
Knowledge of special building techniques is also advantageous to companies, such as Building Information Modeling software, which is an important part of the construction industry. Correspondingly, you must realize that this is a profession that changes with the economy and, in times of recession, there are layoffs. In times of recovery, there is such a huge need for qualified personnel when there appears to be a shortage of workers.
What Factors Affect Salary and Career Advancement
Job prospects are improved when you bring more schooling and background to a company. A bachelor’s degree is an excellent start, and employers are willing to pay more to individuals to have a proven track record for commitment to education, as well as the accomplishment of career goals.
The best subjects that will equip you include mathematics, statistics, engineering, and accounting, since these are versatile subjects that can be of assistance to practically any company.
Familiarity with software is equally important, whereas all budgeting is done on the computer, and most companies do tend to stick with the most well known brands when choosing system software. Be prepared to travel and be compensated well for this, since you may be asked to travel to the site, perform evaluations and give estimates. This is a job about carefully minding details and then using this data to form a complete financial picture for your employer. A solid education, certification and managerial experience are ideal for impressing an employer.
If you are ready to improve your life and change your circumstances, then you are also ready to start learning the fundamentals necessary for this dramatic change. The University of Maryland – College Park, University of Miami, Duke University, University of Minnesota, or any local college/university of your choosing, can help you achieve this vision of success.