The role of the financial analysts can be somewhat confusing for those who don’t have an in-depth understanding of this profession. This is why Mack Prioleau, a highly respected financial analyst, has taken the time to shed some light on it. One of the reasons why it may be needed for Greater clarity on this role is because so many people want to become CFA (Chartered Financial Analyst) in particular. It is a highly paid job and also a very glamorous career comma but there should not be reasons to take on this profession. A good financial analyst is truly passionate about numbers and finances comma wanting to help businesses grow and flourish.
Becoming a Financial Analyst According to Mack Prioleau
Technically, a financial analyst only requires a bachelor’s degree. Often, this is in an area such as finance, administration, accounting, economics, or business. However, more and more commonly, financial analysts have a graduate degree, and particularly the MBA or master in business administration. In order for them to become chartered or certified in certain financial areas, they usually require education beyond bachelor’s degree level, so many choose to complete a full graduate degree and further enhance their skills.
Once they have completed their education, a prospective financial analyst will start searching for work. As with all professions, they must start at an entry level. During their entry level times, they will work very hard at developing professional relationships, networking with prospective clients and building their trust. Often, this starts while they complete their degree as an internship is often required. Financial analysts must also decide whether they wish to become specialised in a certain type of client of certain type of industry. If they are unsure or if they want to remain quite generalist in their skills, they will usually work for a variety of different companies including investment banks, insurance companies, sell side investment firms, buy side investment firms, hedge funds, and more.
The role of the financial analyst is overseen by the FINRA, which is the financial industry regulatory authority. In many cases, a licence or certification will be required. Which licences and certifications they need depends on exactly what the financial analyst does and whether the file with federal organizations.
They also must find a way to stand out from the many other financial analysts. Competition is fierce because of the highest salaries, but also because so many people now complete the MBA. This is one of the reasons why it is better for financial analysts to become certified and licensed because that sets there skills further apart from everybody else who is fresh out of college. Additionally, this is why networking is so important because who you know as often as important as what you know. Financial analysts, therefore, must analyse their own situation and prospective career goals as much as what they must analyse the financial needs of the businesses or individuals they eventually end up working for. The more specialized a financial analyst is, the more likely it is that they will also remain employed.