In the prevailing market conditions where a single financial misstep can prove detrimental to a business, the financial analyst job profile is gaining importance. Profit driven organizations know the importance of a financial analyst as they are responsible for increasing stock and risk management. They play an active role is developing financial strategies that will help organizations better deal with their resources and optimize profit. A junior financial analyst plays a significant role in researching the viability of the investment venture.
Junior financial analysts have extensive knowledge of accountancy, taxation, economics and statistics as they have to deal with these subjects in the line of their work. Organizations like banks, insurance companies and securities brokerage firms employ financial analysts. Individuals with good communication skills and attention to detail do well in this profession. A financial analyst is an advisory position and is highly regarded in business organizations.
Junior Financial Analyst Salary Range
The reports generated by a financial analyst play an integral role in the decision-making process of an organization. The US economy is slowly showing signs of stabilization and this is a good time to enter this profession. Salary figures of junior financial analysts given below are estimates as wages can be affected by factors like education and job location. The type of employer also plays a major role in deciding the salary, especially the financial size of the employer.
A junior financial analyst working in cities which have a high cost of living like New York and Los Angeles can expect to earn better salaries than their counterparts working from rural settings. According to statistics a junior financial analyst can expect salaries that range between $63,000 to $68,000 per year in Los Angeles, California. In New York city the annual salary can range between $72,000 to $79,000. In Miami, Florida, a junior financial analyst can expect to earn a salary that ranges between $60,000 to $63,000 per year.
Education is another factor that affects salaries of professionals, especially those working in the financial sector. You can get a job with a bachelor's degree in finance related subjects but employers will prefer candidates who have a master's in business administration MBA degree. Individuals with a bachelor's degree are known to earn anywhere between $40,000 to $50,000 per year. Those armed with an MBA degree can make anywhere between $60,000 to $80,000 annually. Candidates with personal qualities like interpersonal skills will be rewarded in this profession.
Junior Financial Analyst Job Description
The dictionary gives the meaning of the word analyst as someone who is skilled at studying financial data and gives advise, pertaining to actions to be taken based on the analysis. A junior financial analyst will review and interpret large volumes of statistical data. They work as financial soothsayers and predict future earnings based on their study of the prevailing financial condition. These individuals will manage financial transactions like credit, debit and insurance of the organization they work for.
They will have to use statistical software to analyze financial data and prepare presentations to make suggestions on business investments. Junior financial analysts will work in teams that devise the budget and marketing strategies of the organization. The financial analyst job description also involves monitoring the markets, both global and domestic in order to prepare the financial reports. Most times they will also have to partake in client meetings and give their views on the transaction.
Individuals who have qualities like deciphering large volumes of financial data and an eye for detail will excel in this profession. Other required attributes include the ability to use modern technology computer applications and financial software. Above all, willingness and an indomitable desire to work in this field is the key to success.