What is a Senior Financial Analyst? – Master of Accounting Degrees

A senior financial analyst is a respected individual within an organization. He performs a wide range of tasks that help keep the business in a healthy financial position. This profession requires high levels of skills in analyzing available data and determining financial risks. There are a lot of prospects for those who want to become senior financial analysts.

Roles and Responsibilities of Senior Financial Analysts

An individual who holds this position is required to determine the costs of operations by collecting data from various departments. He should identify the financial status of the organization by comparing actual results with forecasts. He must provide insights on how an organization can improve its financial status by monitoring variances and establishing a course of action. Others roles may include keeping financial information confidential, training employees on best financial practices, representing the organization in contracts, preparing financial reports and making entries into financial journals.

How to Become a Senior Financial Analyst

You should have at least a bachelor’s degree in accounting, finance, statistics, mathematics or engineering to become a financial analyst. A master’s degree in these academic fields is often preferred. You should pursue these courses from a recognized university or college in the United States or abroad. Complementing these courses with some computer skills can make you more marketable. You are also encouraged to enroll for an internship program for at least six months to gain experience while still in college.

Financial analysts who want to qualify for senior positions must have one or more certificates. Many organizations will not employ you if you don’t have the right certificates from the state and regulatory bodies. You can apply for a CFA, CPA, FRM, CFP or CCP certification to improve your employability. Most companies help their accountants obtain these licenses, so you don’t need to worry about them before you are employed.

You can also consider advancing your current career to a senior position by keeping up to date with the emerging trends in the industry and money markets. A good attitude is also imperative. You must show the management that you have the right temperament to handle such a senior position. In this case, great presentation skills, strategic thinking, strong understanding of financial trends and willingness to work long hours will be expected.

Salary and Job Outlook

Senior financial analysts earn an average salary of $80,310 per year. The highest-paid individual earns $97,584 while the lowest-paid gets $60,529. The pay for this profession depends on the level of experience. The employment rate is expected to grow by 12 percent in the next 10 years. This remarkable growth rate will be fueled by an increasing number of financial products and the need for in-depth knowledge of financial data.

The current expansion of financial companies in the United States presents a lot of opportunities for individuals who major in finance. You only need the right academic credentials, great attitude and hard work to become a respected senior financial analyst.