The job market is drying up day by day, and the competition for new jobs is getting intense as well. If you are hoping to make a winning career in these tough circumstances, then it is suggested that you explore the option of being a financial analyst. Why? It’s because according to a forecast by the US Bureau of Labor Statistics, the employment of people who opt for this profession would jump from 11 percent in 2016 to 2026. The median pay is also USD 81,760 which is another great motivator.
Now if you are wondering how to become a financial analyst, then we suggest that you read on and follow the steps mentioned below.
Understand Your Future Work
Before you decide on your career, you need to know what does a financial analyst do? Well, the answer to this is simple, financial analysts’ advice their clients on when to sell and buy investments after analyzing economic trends, business forecasts, and strategies of specific companies.
What Personality Traits Do You Need?
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You will need to have an analytical bent of mind, you need to be highly focused on details, and you need to prepare yourself for lifelong learning. You also need to have top of the line communication skills and be self-motivated to succeed in this profession. It is also beneficial if you have strong decision-making skills.
As a financial analyst, you will need to make use of several charts, graphs, and data analysis software. Hence, you should be able to hone your IT skills to analyze data, evaluate the trends create reports and present forecasts in a visual format so that people who look at the data can get the crux of the matter instantly and make smarter investment decisions.
As degrees matter a lot in the career of a financial analyst, you should be able to get highly educated to speed up your career growth. Though many financial analysts get a job if they have done their bachelors with a specialty in finance, an MA degree or MBA still gets you a better job and enhanced career growth prospects.
In case you want to be a sell-side financial analyst, you will need to obtain a license from Financial Industry Regulatory Authority. You may also want to consider some certifications like Chartered Financial Analyst Certification, Financial Risk Manager Certification, Financial Modeling Certificate, Certified Financial Planner Certification, etc. as they help you come across as a true professional.
Be an Intern
After you have selected a suitable degree and you are still wondering how to become a financial analyst, then we suggest that you get an internship with a good firm to ensure that you get trained on the real-world experience. If you can’t land an internship with a reputed firm, try and get work as an assistant for an established financial professional even if it’s for 5 to 10 hours a week.
You should start expanding your personal and professional network by connecting with other financial analysts and experienced veterans who have been there and done that. This is the easiest way to learn loads, and your preferred tool in this regard should be a platform like LinkedIn that helps you connect with anyone you want.
Give it Your Best
When you land an interview opportunity, you should give it your best shot by preparing a professional cover letter and resume that helps you outshine other candidates. It is also advised that you prepare for an interview beforehand so that you can land your dream job quickly. Once you land a job, you might get the financial analyst salary of USD 54000 a year that often leads to career growth and a senior financial analyst salary of USD 84000 per year.