Did you know that a career as a financial analyst has emerged to be one of the top career choices among aspiring students over the past few years? The field of study is already estimated to increase by 6% as per the latest reports by The Outlook (2020-30). This growth is primarily because of the salary statistics and the excellent career opportunities that it widens for students. While aspiring to become a financial analyst, you might be confused about the application process, top universities and so on. Hence, to know more about how to become a financial analyst, keep reading this blog till the end.
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This Blog Includes:
- Who is a Financial Analyst?
- Eligibility Requirements
- Skills Required to Become a Financial Analyst
- How to Become a Financial Analyst?
- Top Abroad Universities for Finance
- Top Finance Colleges in India
- Top Recruiting Companies for Financial Analysts
- Salary Trend
Who is a Financial Analyst?
Financial Analysts are professionals who are responsible for helping companies make decisions related to investments. They help companies make these decisions on the basis of their research and findings of financial statistics. A financial analyst is expected to be aware of developments that are taking place in the company or the required field. They must put these developments in the frame while helping companies make formal decisions related to investments. Determining the efficiency of marketing techniques relative to cost is also a part of their job!
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The first question that comes into a student’s mind would be regarding the eligibility criteria. Hence to answer that, to become a financial analyst, an individual must meet the following eligibility criteria:
- A 10+2 from a recognized board with aggregate marks of at least 50%.
- A bachelor’s degree in related fields like Statistics, Economics, Maths.
- To become a financial analyst, candidates must appear for the CFA Exam (Chartered Financial Analyst) Program.
- Additionally, candidates should possess the required skill set to become a Financial Analyst.
Skills Required to Become a Financial Analyst
For those who wish to become a Financial Analyst, they must possess the following skills:
- Strong quantitative skills
- Problem-solving abilities
- Logical awareness
- Clear, concise, and persuasive research skills
- Excellent communication skills
- Ability to work handle stress
- Time management skills
- Organisational skills
- Interpersonal skills
How to Become a Financial Analyst?
The choices you make in your early academic life play an important role in setting you apart from others. Getting the right education is important to become a Financial Analyst. The choices you make in your early academic life play an important role in setting you apart from others. Let’s know how you can become a Financial Analyst with the help of a detailed guide given below but before know everything about a career in Financial Analysis here!
Getting an Undergraduate Degree
Students who wish to become financial analysts primarily must complete schooling from a recognized board. Once they have completed their schooling, they must go for an undergraduate degree in a relevant field. A bachelor’s degree in a relevant field is considered to be the most crucial step in becoming a financial analyst. Students may opt for any of the below-mentioned degree at the undergraduate level –
- B.Sc Hons in Economics
- B.Sc Hons in Statistics
- B.Sc Hons in Finance
- B.Com Hons
License Programs/ Certifications
Usually, students with certificates from the CFA Institute have an edge over other applicants. Hence, those interested in becoming a financial analyst must go for the licenced programs and certificate courses offered by the CFA Institute. CFA courses widen professional advancement chances. Financial analysts can also achieve certification in more specialized areas by showcasing their expertise and clearing the relevant additional exams.
Another factor considered essential in the journey to becoming a financial analyst is work experience. After clearing the licence programs, start applying to finance-based companies and get some working experience in the field of finance. Candidates must begin their professional journey after completion of the CFA course as working experience helps in getting better jobs at a later stage.
Getting a Master’s Degree
To match industry standards, some students even take up a masters course. This helps in gaining a strong foundation for the required role. Students usually go for specialization of Masters in Accounting or Finance. A master’s degree not only adds value to a candidate’s resume but also equips them well with the industry demands and requirements. Students can opt for the following master’s courses :
- MBA in Finance
- MBA in Financial Analysis
Top Abroad Universities for Finance
Here is the list of top universities to pursue a career as a financial analyst while pursuing a course in Finance abroad:
- Oxford University, UK
- London Business School, UK
- Massachusett Institute of Technology, USA
- HEC Paris, Paris
- Cambridge University, UK
- UC Berkeley, US
- ESSEC Business School, France
- University of California Los Angeles, US
- London School of Economics, UK
- Bocconi University, Italy
Top Finance Colleges in India
Students who wish to become financial analysts can take up the CFA Exam. Listed below are the top colleges offering finance based courses in India:
- IIM, Kolkata
- IIM, Kozhikode
- Birla Institute of Technology and Science
- Central India Institute of Management Studies
- International College of Financial Planning
- International Management Institute
- ICFAI Business School
- Narsee Monjee Institute of Management
- SP Jain Institute of Management and Technology
Top Recruiting Companies for Financial Analysts
Let’s now have a look at some of the best and top recruiting companies that are among the top recruiters of financial analysts:
- SBI Capital Markets Limited
- Housing Development
- Birla Global Finance Limited
- PNB Gilts Limited
- CIL Securities Limited
- Finance Corporation
- Karvy Group
- Centrum Finance Limited
- Bajaj Capital Limited
- DSP Merrill Lynch Limited
- L&T Finance Limited
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For those who wish to become a financial analyst, the career scope is exciting. Although during the initial stages the salary is slightly less as candidates are just beginning their careers. With time, the salary is expected to rise.
A financial analyst who has just started off or has work experience of 1-4 years is expected to earn an average of ₹3.8 to 5 lakhs per annum. With an established career and 5-9 years of experience, one can make an average annual salary of ₹5.8 to 10 lakhs per annum. Salaries differ greatly based on business and industry standards. Salary levels are affected by industry circumstances.
All set to begin your career as a Financial Analyst? If you require assistance in choosing the right university or course to kickstart your career in any field of study, then call our Leverage Edu experts right now at 1800 57 2000.