Locally, a Financial Analyst’s entry level salary ranges from P14,000 - P30,000 per month and may even go up to P33,000 per month for those highly-trained and experienced. In the US, the median monthly pay is around US $4,759.
Basic Educational Requirement
A bachelor’s or graduate degree is required for a Financial Analyst and is strongly preferred for personal financial advisor. Most companies requires financial analysts to have at least a bachelor’s degree in finance, business administration, accounting, statistics, or economics. Coursework in statistics, economics and business is required, and knowledge of accounting policies and procedures, corporate budgeting, and financial analysis methods is recommended. A master’s degree in finance or business administration is also desirable. Also useful are advanced courses in options pricing or bond valuation and knowledge of risk management.
Cost of Education *
A four-year business course costs around P20,000 to P45,000 per semester in a private institution while in a government-owned school, the tuition fee is only around P3,500 per semester.
Growth in the industry will create many new positions, but there are still far more people who would like to enter the occupation. For those aspiring for Financial Analyst jobs, a strong academic background is absolutely essential. Good grades in courses such as finance, accounting, and economics are very important to employers. An MBA is helpful in maintaining employment.
Financial Analyst may be employed in the following industries: Wholesale and Retail Trade, Repair of Motor Vehicles, Motorcycles and Personal and Household Goods; Hotels and Restaurants; Transport, Storage and Communication; Financial Intermediation; Real Estate, Renting and Business Activities; and Public Administration and Defense, Compulsory Social Security.
Prospects for Career Advancement
Financial Analysts advance by moving into positions where they are responsible for larger or more important products. They may also supervise teams of financial analysts. Eventually, they may become portfolio managers or fund managers, or fund managers, directing the investment portfolios or funds of their companies.
Nature of Work
A Financial Analyst provides analysis and guidance to businesses and individuals in making investment decisions. He/she gathers financial information, analyze it, and makes recommendations.
- Assesses the economic performance of companies and industries for firms and institutions with money to invest;
- Reads company financial statements and analyzes commodity prices, sales, costs, expenses, and tax rates in order to determine a company’s value and project its future earnings;
- Evaluates the ability of companies or governments that issue bonds to repay their debts; and
- Performs budget, cost, and credit analysis.
Skills and Competencies
- Strong math, analytical, and problem-solving skills;
- Good communication skills both orally and written;
- Detail-oriented, motivated to seek out obscure information, and familiar with the workings of the economy, tax laws, and money markets;
- Computer literate;
- Ability to work with spreadsheets and statistical packages; and
- Ability to present financial concepts to clients in easy-to-understand language.
Physical Attributes and Characteristics
- Able to interact casually with people from many different backgrounds;
- Self-confidence, maturity, and the ability to work independently; and
- Polished and refined.
* Based on tuition fee rates for school year 2010-2011.