Financial analysis is all about one thing - making money. Whether a financial analyst is working for a multinational corporation or a single retiree, their job is to ensure their client maximizes their earnings.
Since this career is all about money, it stands to reason that there is a high demand for financial analysis services. After all, individuals, couples, families, and businesses have a vested interest in preparing for the future. Whatever that future might be, money is key to success.
Aside from being an in-demand career, there are many other reasons why financial analysis might be a good job to pursue. Below, we outline nine excellent reasons to become a financial analyst.
It’s a Good-Paying Job
According to the Bureau of Labor Statistics (BLS), financial analysts make a median annual salary of $81,410. But, the pay range extends to more than $163,000 per year. With such tremendous financial upside, this is a good career choice if you want to earn a perfect living and have the means to live a comfortable life now and in the future.
You Only Need a Bachelor’s Degree
Unlike many high-paying careers, this one doesn’t require an advanced degree - at least not to begin with. You can find an entry-level financial analyst position with just a bachelor’s degree. While an entry-level position likely pays below the median salary discussed above, the potential for earning more income as you gain more experience is very high.
There are Many Opportunities for Advancement
If you continue your education and get an advanced degree, or if you work for a few years and gain real-world experience in this field, you can advance to positions with greater responsibilities and higher paychecks.
For example, you might begin in an entry-level financial analyst position. Still, after working for a couple of years and getting your master’s degree in finance, you might move to a job like a portfolio manager or fund manager. With even more experience, you might be qualified to apply for Chief Financial Officer positions with large companies. A CFO can earn well into the six-figure range, so it’s a lucrative opportunity for advancing your career.
It’s a Stable Occupation
The BLS estimates that jobs in this field will grow at a six percent rate through the end of the 2020s.
This is about average growth.
However, this average growth is expected to result in about 41,000 job openings. With jobs available in many locations and for many different types of employers, it allows you to find a job that best fits your talents, skills, and interests. The better a job is for your particular skills, the more likely you will stay in that position long-term.
Your Professional Skills Can Improve Your Personal Financial Health
The skills you acquire in a financial analyst degree program aren’t just applicable to helping companies improve their bottom line. Instead, you can use what you learn in college and on the job to improve your financial decisions. Building personal wealth will help you reach retirement faster - and be prepared to pay for what comes in your golden years, too.
This is an Exciting Field of Work
While this job certainly has its stressors, it’s also a fascinating career. You have the potential to have a significant impact on a person’s or company’s finances while also helping them plan for the future. No two days of work are the same, either. You can look forward to new problems to solve and new opportunities to discuss with your clients each day you go to work.
There are Different Applications of Financial Analysis
You can specialize in certain areas of financial analysis, which helps you become an expert in a niche and provide improved services to your clients.
For example, you might work on the buy side of finance and develop investment strategies for your clients’ long-term financial growth. On the other hand, you might focus on the sell side of finance and work with stocks, bonds, and other investments that are sold with great frequency.
You Can Work Just About Anywhere
Financial analysts can work in a wide range of settings. You might work for a hedge fund or an insurance company. You might also work for a government agency or a small investment firm. With the skills of a financial analyst, the possibilities of where you work are virtually endless. You can even work remotely for clients around the world!
This Job Often Requires Travel
Financial analysis is an excellent choice if you enjoy seeing new places and working with different people. Typically, financial analysts have to travel for work, so you can explore new countries, learn about new cultures, and interact with new people as part of your job.
In fact, you might be able to travel regularly for your work, moving from one location to the next as you help your clients realize their financial goals. Being on the road isn’t for everyone, but for those that like to experience new things, it can be the best way to live and work!
