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Financial Analyst
Financial analysts assist people with investment decisions. Brokerage firms, banks, mutual fund companies, and insurance companies employ financial analysts. Analysts frequently speak with representatives of companies they are considering investing in. After speaking with representatives, they prepare written summaries and give their opinions about investing in the particular company.
Financial analysts often develop expertise in various specialties. Investment banking specialists often become experts in analyzing company financial records and industry trends. Many are able to review the details of proposed mergers or acquisitions and make educated guesses about whether these decisions will generate future profits. Many analysts specialize in credit ratings and determining whether companies are solvent.
Financial analysts conduct most their business in offices. They occasionally work long days, including nights and weekends. Analysts are often assigned deadlines, and they spend a lot of time attending meetings and speaking to clients on the phone.
How do you prepare for this career?
Financial analysts usually major in finance, business, accounting, or statistics during college. Many companies prefer candidates with a master's degree in business administration (MBA).
Problem solving, computer, and mathematic skills are essential. Since analysts work closely with other people, it is necessary to possess effective people skills. Self motivation, maturity, and confidence are also essential skills for financial analysts. Analysts additionally need effective communication skills to explain difficult financial concepts using uncomplicated language.
Financial analysts must be able to locate obscure company details.
To prepare for a career as a financial analyst, it is good to enroll in social science and math courses. Being able to write well and effectively present information is also important. It is also useful to read as much business news as possible.
How much will I earn?
Salaries for financial analysts in the 50th percentile were between $50,700-90,690 annually during 2008. Those with salaries in the lower 10th percentile made $40,340 or less while those in the upper 10th percentile made $130,130 or more annually. Financial analysts also frequently receive bonuses, adding significantly to their salaries.
How many jobs are there?
During 2008, 221,000 financial analysts were employed in the United States. Many were employed at the main offices of large financial institutions. A majority of these jobs are located in New York City.
What is the future outlook for this career?
Job growth in the financial services sector should increase at a greater rate than average growth in other industries until 2016. Banks and mutual fund firms will recruit more financial analysts to decide what type of securities they should sell or buy. However, many people will be seeking these jobs, so there will be intense competition.
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