Q: How much does a financial analyst make starting out?

A Financial Analyst starts off making $60,203 annually. However, the range typically falls between $54,703 and $66,403. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.

Q: Do financial analysts get paid well?

Yes, financial analysts get paid well . The median salary for a financial analyst in 2020 is $83,660, with entry-level salaries starting at $55,500 (including bonuses /commissions). The best-paid 25% made $109,330 that year, while the lowest-paid 25% made $61,850. Financial analysts tend to earn the most in large financial hubs, such as New York City or San Francisco. Bridgeport, Connecticut, is also a lucrative destination for analysts.

Question 1

What are 8 types of analysts?

Accepted Answer

While being an analyst is often thought of as a single occupation, there are actually several different types of analysts with their own skills and specialties. Below are 8 types of analysts:

Analyst
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Average Analyst Salary: $70,668
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Associate Analyst
An associate analyst is a professional who is responsible for the research and investigation for a specific business process and department to help the senior staff make further decisions. Associate analysts must use their analytical skills to understand how the collected data can affect business decisions, then prepare reports that detail findings and recommend solutions. They must assist in developing new business models that can generate profits while reducing costs. Associate analysts can work in various industries ranging from finance and operations to information technology (IT) and marketing.
Average Associate Analyst Salary: $68,428
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Staff Analyst
Staff Analysts are employees who oversee the activities related to the employees. They monitor the performance of the employees and assess whether particular employees suit the role they have. They also assess the current roles in the company to see if those roles are really needed. Staff Analysts ensure that the manpower allocation in the company is efficient. They analyze staff-related data to check whether there are more areas for improvement. Staff Analysts may also be assigned to come up with projects related to improving productivity.
Average Staff Analyst Salary: $85,736
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Product Analyst
A product analyst job utilizes data analysis software and notates trends in market research. Primarily, analysts project the costs of product development and marketing. They think of the possibilities for profit and sales and monitor the performance of products on the market to come up with a better product. Their responsibilities include company product evaluation, product understanding, and product rating reviews. Familiarity with Microsoft Office Suite, strong communication skills, and proficiency in database software is necessary for this job.
Average Product Analyst Salary: $74,440
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Control Analyst
A control analyst is a professional who is responsible for identifying weaknesses in the work process of an organization and implement methods to minimize risks. Control analysts are required to supervise the process for incident reports and provide technical guidance to their personnel. They must prepare monthly general ledger account analysis and balance sheets reconciliations that are according to the generally accepted accounting principles (GAAP). Control analysts should also assist with the organization's ISO audit procedures and findings.
Average Control Analyst Salary: $69,169
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Resource Analyst
A resource analyst is responsible for conducting data and statistical analysis, analyzing trends research, and identifying cost-reduction opportunities that would generate revenues and increase profits. Resource analysts evaluate budgeting and financial transactions and implement strategical methodologies to improve business operations, project management, and customer relationships. They also monitor the resource management of the business by coordinating with third-party providers and the senior management to facilitate operational concerns and requests for collaborative partnerships with the clients.
Average Resource Analyst Salary: $64,403
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Business Analyst Associate
A business analyst associate job supports collaborating with financial reporting and developing strategies and initiatives that optimize costs and improve internal and external reporting. They work closely with business analysts to help make improvements in streamlining reports and review the process requirements by constantly communicating with the clients or end-users. The role should also call for a solid understanding of regulatory and requirements in reporting as well as experience in forecasting, budgeting, and financial analysis shared with a comprehensive understanding of key performance indicators.
Average Business Analyst Associate Salary: $64,000
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Assistant Analyst
The duties of an assistant analyst depend on one's line of work or industry of employment. Their responsibilities typically include conducting extensive research and analysis to gather insights and performing support tasks such as preparing and processing documents, coordinating with different departments to gather data, answering calls and correspondence, liaising with external parties, and participating in developing plans. Furthermore, as an assistant analyst, it is essential to recommend solutions to optimize business procedures, all while adhering to the company or organization's policies and regulations.
Average Assistant Analyst Salary: $52,391
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Question 2

What degree is best for a financial analyst?

Accepted Answer

The degree that is best for a financial analyst is a bachelor's degree in economics or something business-related. A bachelor's degree is enough to get you started in an entry-level financial analyst role, but a master's in finance or business administration may help you earn more and advance into more senior roles.

Question 3

What should I study to become a financial analyst?

Accepted Answer

A financial analyst should study a mixture of subjects related to accounting, statistics, and economics.

Most financial analysts work to collect, monitor, and evaluate information to make forecasts and recommendations relevant to their sector (e.g., banking, insurance, government). Financial analysts leverage strong accounting and compliance backgrounds to explore historical financial data, predict future results and drive process and policy improvements.

Question 4

How much does a financial analyst make starting out?

Accepted Answer

A Financial Analyst starts off making $60,203 annually. However, the range typically falls between $54,703 and $66,403. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession.

Question 5

Do financial analysts get paid well?

Accepted Answer

Yes, financial analysts get paid well. The median salary for a financial analyst in 2020 is $83,660, with entry-level salaries starting at $55,500 (including bonuses /commissions).

The best-paid 25% made $109,330 that year, while the lowest-paid 25% made $61,850. Financial analysts tend to earn the most in large financial hubs, such as New York City or San Francisco. Bridgeport, Connecticut, is also a lucrative destination for analysts.

Question 6

What does a financial program analyst do?

Accepted Answer

A financial program analyst does focused data monitoring and collection to identify opportunities and obstacles for the company. Through analysis, predictions can be made to advance the company's goals.

Frequently asked questions about program finance analysts

Questions about becoming a program finance analyst

What are 8 types of analysts?

What degree is best for a financial analyst?

What should I study to become a financial analyst?

Questions about program finance analyst salaries

How much does a financial analyst make starting out?

Questions about program finance analyst jobs

Do financial analysts get paid well?

Questions about program finance analyst resume

What does a financial program analyst do?