Financial analysts are economy experts who stay updated about money matters in their niche industry, analyse the data they collect, and make financial recommendations to their clients.
Many financial analysts monitor companies' budgets. Many large companies employ at least one financial analyst, regardless of industry. Larger firms may have a team of junior and senior financial analysts working together.
In-house financial analysts assess their employers' budgets, or the budgets of different company departments, to make sure spending is on track. These professionals also check business expenses and budget reports, note any inconsistencies they find, and create financial forecasts to help their employers make more informed spending decisions.
Some financial analysts work for brokerage firms, researching investments and recommending the best buying and selling options for company clients. Others help the managers of mutual funds, hedge funds, pension funds, and investment portfolios.
Financial Analyst Job Education Requirements
Financial analyst jobs generally involve a bachelor's degree in commerce, economics, or business administration, as well as industry accreditation. Some employers may require professionals applying for financial analyst jobs to have master's degrees in business administration focused on finance, master's degrees in finance, or the Chartered Financial Analyst designations.
Financial Analyst Job Market
The financial analyst job market has improved in recent years, and job availability in this financial industry now stands at an above-average level. Many opportunities are found in the finance and insurance industries, but financial analysts are also employed in almost every industry, including the public administration, manufacturing, and professional, scientific, and technical services fields.
Financial Analyst Job Salary Information
Financial analysts typically earn a median hourly rate of C$32.97 across Canada for an average annual salary of C$71,555. Skills in cost accounting and related specialties of accounting and finance can help financial analysts boost their salaries.