Not everyone has a passion for numbers and calculating formulas, but if you are one of these rare people that constantly have numbers on your mind, then you should pursue a career that reflects this passion. Pursuing a career as a financial analyst can fully support this vocation and can branch out into many different options moving forward. The job of a financial analyst is to do just that: analyze finances. This means that their day-to-day tasks usually entail: scrutinizing financial models and reporting on the status by analyzing results and forecasts; using business data to determine the cost of operations and the inflows of currency; and all-around using data to form business strategies and forecast future finances in a company or portfolio.

What are the perks of the job?

The biggest perk from pursuing this career is the $57,969 salary (according to PayScale), which stands above the national average of $51,000 reported in 2017. If you have a passion for numbers, then the perks virtually demonstrate themselves. Companies in the financial field also often tend to offer more perks than companies in other fields, such as covering the costs of dinners if employees work past certain hours and holding more employee-engaging events like parties and conferences.

What are some of the setbacks?

However, it’s not all sunshine and rainbows. Being a financial analyst offers a stable nine-to-five workday, though many analysts often have to work long hours and even weekends to make sure that all of their work is done properly. But putting in the long hours usually doesn’t go unnoticed and if you work for a good company, they will likely reward you with a bonus, a significant pay raise, or a promotion. Another disadvantage to this career is that it can often be very stressful to meet deadlines and work with multiple clients on multiple deals. Essentially, the work of a financial analyst is never done.

How can I grow with this career?

The career of a financial analyst can be a pretty linear one, largely having you start off as a junior financial analyst before you are promoted to a senior financial analyst and managing director, team leader, vice president, president, etc. It largely depends on the hierarchy established by the company you end up working for, but it essentially promotes you into further roles where you take on more responsibility and can enjoy a higher salary.

That’s all great, but could I be hired for other careers?

Having a thorough understanding of finances and how they interact with corporate and business strategies can prepare you for a wealth of other career options, like being an investment banker, financial advisor, asset manager, equity research, corporate finance, risk management and commercial banking. This same understanding of finance can also equip you with the skills to begin your own business if you have a great idea and the drive to follow through on this pursuit.

Reference:

Monster.ca, “Financial Analyst Job Description”:

https://hiring.monster.com/hr/hr-best-practices/recruiting-hiring-advice/job-descriptions/financial-analyst-job-description.aspx

PayScale, “Financial Analyst Salary (Canada)”:

https://www.payscale.com/research/CA/Job=Financial_Analyst/Salary

Workopolis: “The Average Canadian Salaries by Industry and Region”: https://careers.workopolis.com/advice/how-much-money-are-we-earning-the-average-canadian-wages-right-now/