In the current job market, the hottest job position that is more in demand is of financial analyst. A person who can meet the new expectations of the employers in the finance area will surely find more employment and professional growth opportunities.
Who is a financial analyst?
A financial analyst also known as a business analyst is a person who is involved in monitoring the financial movements of a company. The main task of an analyst is to evaluate a company’s financial risk and drafting financial forecasts. With the assistance of these analysts, companies can make well-informed financial decisions, develop cash flows, debt strategies and maintain their budgets.
Industries that demand financial analysts
There are several industries, which require a person for handling various finance related issues. Some of these industries include:
- Accounting and Auditing services industry
- Aerospace and Defense industry
- Banking industry
- Biotechnology/Pharmaceuticals industry
- Business Services industry
- Computer Software/Hardware industry
- Construction industry
- Consumer Packaged Goods industry
- Education industry
- Electronics, Components, and Semiconductor industry
- Energy and Utility industry
- Engineering Services industry
- Financial Services industry
Financial Analyst Job Duties:
- Evaluate an organization’s financial risk and prepare a report describing financial forecasts, financing options and capital management strategies
- Assist in preparing a company’s budget
- Determine cost of operations by collecting and analysing operational data
- Identify the present financial status of the company by analysing and comparing actual results with plans
- Establish various policies and procedures related to cost
- Recommend various solutions to improve and manage financial status by monitoring and identifying financial trends
- Maintain database by collecting, verifying and backing up data
- Develop automated accounting applications with an aim to boost productivity
- Keep financial information confidential
- Work with company officials to gain a better insight into the company’s prospects and management?
In order to get into this job position, one must have an undergraduate degree in finance, management, economics, statistics and administration. Having certifications and a graduate degree can notably enhance an applicant’s prospects. Furthermore, an internship during studies can be really fruitful in the long run.
Various skills required to become a successful analyst include:
- Excellent communication skills including both verbal and written
- Detailed understanding of companies
- Superior analytical and organizational skills
- Project management skills
- Ability to create financial models
- Ability to work independently and take sound decisions
- Better understanding of financial and quantitative concepts
- Must be able to manage multiple tasks, projects
- Knowledge of computers and other latest technologies
In India, the average salary of a financial analyst is in between INR 3,00,00 to INR 4,00,00 per year. As the experience increases in this job position, the chances of higher income also increases. Furthermore, knowledge of various factors like risk management or control, valuation, SAS, SAP financial accounting, financial modeling, etc, can fetch you a smart salary.
A financial analyst job is definitely the most lucrative career choice, especially for those who are very good at analyzing financial concepts. An experience in this profile will provide you high income and other benefits. However, strong competition is expected for this job position. A deep understanding of the roles and skills and financial terms along with a relevant experience can boost your chances for getting the job.