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The differences between finance analysts and tax analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a finance analyst, becoming a tax analyst takes usually requires 1-2 years. Additionally, a finance analyst has an average salary of $69,887, which is higher than the $61,745 average annual salary of a tax analyst.
The top three skills for a finance analyst include financial analysis, financial models and financial data. The most important skills for a tax analyst are tax audits, reconciliations, and tax compliance.
| Finance Analyst | Tax Analyst | |
| Yearly salary | $69,887 | $61,745 |
| Hourly rate | $33.60 | $29.69 |
| Growth rate | 9% | -7% |
| Number of jobs | 138,600 | 56,223 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 70% |
| Average age | 40 | 48 |
| Years of experience | 4 | 2 |
A finance analyst is responsible for evaluating a company's financial data and historical reports to assess investment opportunities and provide accurate financial statements in support of business strategies and company performance prediction. A financial analyst's duties also include suggesting recommendations to boost operations efficiency and grow revenues, researching the current market performance and economic trends to adjust budget goals as needed, and managing client portfolios. Finance analysts must have excellent critical and analytical thinking skills to identify the best actions for the company's profitability.
A tax analyst specializes in managing and filing tax forms and tax returns, all while devising strategies to reduce tax payments legally. A tax analyst may work as a member of a company or independently. Moreover, in a company setting, the responsibilities of a tax analyst revolve around coordinating with different departments to obtain all necessary documentation and financial information, maintaining accurate and extensive records of all transactions, and resolving any issues or concerns. Furthermore, it is essential to remain updated with all the tax laws, all while adhering to the policies and regulations of the company.
Finance analysts and tax analysts have different pay scales, as shown below.
| Finance Analyst | Tax Analyst | |
| Average salary | $69,887 | $61,745 |
| Salary range | Between $46,000 And $104,000 | Between $43,000 And $87,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Connecticut | Maine |
| Best paying company | The Citadel | Meta |
| Best paying industry | Finance | Technology |
There are a few differences between a finance analyst and a tax analyst in terms of educational background:
| Finance Analyst | Tax Analyst | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 70% |
| Most common major | Business | Accounting |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between finance analysts' and tax analysts' demographics:
| Finance Analyst | Tax Analyst | |
| Average age | 40 | 48 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 42.9% Female, 57.1% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 13.1% Unknown, 3.4% Hispanic or Latino, 15.6% Asian, 11.1% White, 56.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 7% | 8% |