How to become a financial analyst with no experience?

You become a financial analyst with no experience by earning your bachelor's degree, earning a financial analyst certification, and obtaining an internship. A financial analyst evaluates objective data to help a business make strategic decisions.

Their complex database programs and spreadsheets allow them to analyze revenue, expenses, debt, and current economic conditions. With formulas and statistical packages, financial analysts can use this information to assess the effectiveness of the company's investments and predict its future financial health.

They often present reports to management teams, allowing them to adjust their financial strategy and capitalize on lucrative investment opportunities. To that end, most financial analyst positions require candidates to have a minimum of a bachelor's degree, preferably in an area like accounting, finance, or business.

Coursework in these areas is the most likely to set you up with the understanding needed to be a financial analyst. Degrees in areas like math, engineering, or biology may also be considered since these typically require a great deal of analytical and quantitative skills.

While not necessary, it is beneficial to pursue a financial analyst certification in addition to your bachelor's degree. This will help to improve your job prospects and show that you are serious about your career in the finance industry. Employers are typically more willing to hire candidates who are committed to the profession.

A good starting place is taking the Securities Industry Essentials (SIE) exam through the Financial Industry Regulatory Authority (FINRA). This exam doesn't require sponsorship and assesses your knowledge of basic securities markets and regulatory agencies. This certification will help give you an edge over your competition.

Once you have this certification and are able to get some experience in the industry, you can consider pursuing advanced certifications like the Chartered Financial Analyst certification.

One of the best ways to get your foot in the door and gain some working experience is by obtaining an internship. Many colleges and universities offer internship programs that help develop your skills as a financial analyst. There are usually both paid and unpaid opportunities. Consider both.

Treat your internship as an actual job and a learning opportunity. Take the time to hone your skills, learn new skills, and take on additional responsibilities. Connect with other employees and get their advice on the position's pros and cons and get into the industry as a whole.

By building relationships and showcasing your skills, it is possible to receive a recommendation for a full-time position at the end of your internship or upon graduation.

In addition to these steps, you can consider attending networking events. Establishing relationships with financial analysts can compensate for your lack of experience in the industry. They can give you advice, let you know about internship opportunities or job openings, and serve as a reference or recommendation.

Try to build your network by attending in-person events at colleges or local conferences. You can also use social media to join finance groups, allowing you to connect with financial analysts worldwide. Consider preparing for these conversations by thinking of specific questions or asking a professional to be your mentor.

You should also make sure that you stay up-to-date on current industry trends. Try watching the news or consulting industry journals. This information can help you in your networking and make you appear more knowledgeable when interviewing for financial analyst positions.

It is also important to understand new accounting techniques and become familiar with bookkeeping software. You can also work on these techniques and within these software systems to develop your skills independently. Trade simulators are another great way to develop your skills and create a mock portfolio.