Financial data analysts are professionals who create financial reports and gather investment data to help guide financial investment decisions. They generally use statistical methods to compile a large and wide variety of information. A financial data analyst is another high-paying job that offers a large sum of money. Let us know about “Salaries For Financial Data Analyst”
Data analysts are paid an average of $658 per year and $2000 as a bonus. This normally differs from region to region depending on the job profile experience and the educational background of the professional. States such as Charlotte and Houston have the highest data analysts package in the United States.
The Salary Of A Financial Data Analyst
The average median salary paid to a financial data analyst is $78232 p.a. The additional compensation paid on average is $44032. The total annual compensation paid to a data analyst is $122534. The average annual salary paid to a female data analyst is $76935 and for a male is $82419.
The Salary Of A Financial Data Analyst Based On Experience Level
In corporate life, it is seen that people with more experience have a higher compensation package than entry-level employees or freshers.
- Data analysts with less than 1 year of experience or a fresher generally get a pay package of $71290 annually.
- 1 to 3 years—employees with an experience level of between 1 to 3 years get their compensation of $75387 p.a.
- A data analyst with 3 to 5 years of experience level in their field gets an annual compensation of $84527.
- 5 to 7 years: these are experienced professionals with more than 5 years of experience, and they typically earn $91899 per year.
- Data analysts with more than 7 years of experience are considered very experienced in the field, so they get the highest compensation package of $104639 annually.
Cities With The Highest Pay For Financial Data Analysts
- Charlotte, North Carolina: This city pays the highest to its financial data analysts and is ranked number 1 with a compensation package of $99935 annually.
- Houston-the financial data analyst in this city gets an annual compensation of $85400 p.a.A data analyst in the city gets a salary of $78501 annually.
- Washington DC-data analyst in the city paid $78195 p.a.
- Dallas-This City pays $76547 annually to its financial data analyst.
Companies That Pay The Most For Financial Data Analysts
- Apple-Apple pays an annual salary of $137,744 to its data analyst.
- EY-data analysts in this company generally get a pay package of $128038 annually.
- Oracle-Oracle pays an annual compensation of $114543 to its data analyst.
- The US Department of Homeland Security reports that the salary of a data analyst generally starts at $113,160 annually.
- Stanford University-Stanford page and an annual salary of $105421 to its data analyst.
- Raytheon-the annual salary of data analysis starts at $104947.
- Boeing-Boeing pays annual compensation of $96076 to its financial data analyst.
Required Skills
- Accounting skills: these are the basic counting skills that every financial analyst needs to know and be aware of. It includes knowledge of accounting principles, basic accounting terms, budget analysis, cash flow analysis, preparation, etc.
- Interpersonal Skills: Apart from all the academic qualifications and extra certificates, a financial analyst is also required to have soft skills that will help communicate while collaborating with the team members during project work.
- Communication skills are one of the most important skills that every working professional requires. It means being direct while sending emails to communicate with potential investors about important financial decisions.
- Problem-solving skills—financial analysts must also be great problem solvers. They need to be quick in making decisions and finding a solution to the company’s debt problems. Similarly, an analyst with very good problem-solving skills attracts the attention of investors with their ability to give creative solutions.
- Technical skills: Companies nowadays use various types of software, and financial analysts must be familiar with that software to work efficiently. Software programs like SAP SQL Quickbook Hyperion can be highly beneficial in a particular field
- Financial literacy skills: a financial data analyst also needs to be fully aware of the financial terms and situations. We need to know current investment rates, investment in the market, and other events that will help in proper decision-making.
Financial Data Analyst’s Role
- Preparation of financial reports for the managers so they can use them as a summary report compiling data on the prices of securities such as mutual funds, bonds, and stocks from various companies to make sound financial decisions
- responsible for collecting financial information from other divisions or branches of the company.
- Preparation of a new financial trends report compilation of analytical reports for other company employees
Education Qualification
- A Bachelor’s degree is preferable in finance, accounting, or statistics.
- In this industry, a master’s degree is also preferred.
- An MBA from a reputed university also gets you hired as a senior data analyst in big companies.
- If you are not an economics or MBA student, then you can appear for the series 63 or series 7 exam conducted by the CFA program.
- The Series 7 exam will require sponsorship from a member of FINRA or a regulatory institute.
- The CFA exam is also preferred, but it is very technical and appearing for it is completely at the option of the student.
Conclusion
A career as a successful financial data analyst requires a lot of hard work and preparation. I am among the highest-paid professionals in the corporate industry with an average salary of $65688 per year. It varies from industry to industry and depends on the job profile location, skills, educational background, experience level, and gender diversity as well. A person with more experience generally gets a higher pay package as compared to mediocre or entry-level workers. A bachelor’s degree or a master’s degree is generally preferred and you can start working as a financial data analyst in the company, but you have to obtain a specific license, which varies from employer to employer. Overall, it is a great job profile and has the potential to offer you a huge sum, but it requires a lot of energy and long hours of work.
FAQs
1. Which are the top three skills that are most demanded in a financial data analyst job profile?
Answer: The top 3 most demanded skills are
Problem-solving skills communication skills accounting or financial skills
2. Is a financial analyst’s job very stressful?
Answer: Financial data analyst jobs are very stressful and require very long hours and lots of hard work, which is compensated by the high salary package.
