Reading Time: 10 minutes
Posted On: January 8, 2018 by Henry R. Steele

The following article discusses the career path of Financial Analyst. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Financial Analysts.

Job Duties

Businesses and corporations usually have to report to their owners and shareholders on how they have earned their income and how this leads to greater company wealth. Financial analysts are responsible for conducting studies on microeconomic factors, demographics, and marketplace trends, and then using the information to drive investments. They also advise companies on concerning areas such as splitting stock and issuing bonds.

See also 8 Best Entry Level Business & Analyst Jobs

Their main role is to have a full understanding of where all the different resources have been invested, and how to ensure that the financial outlay is viable and secure for the future. They understand, therefore, the impact of current investments on the business, and also what the impact of this is on both long and short-term growth. Financial analysts report on current financial positions and recommend ways to move forward. For instance, they will advise on the viability of an expansion, acquisition, or merger, or they can provide advice on whether or not issuing bonds may cover various capital improvements. Lastly, they help to keep companies afloat when there is an economic downturn.

Other job duties of a financial analyst include:

  • Conducting financial analyses for each element of the business
  • Creating detailed budget reports and monthly forecasts
  • Helping create financial analysis schedules on a weekly, monthly, quarterly, and yearly basis and to determine how these vary compared to the actual budget

Where We Work

According to the U.S. Bureau of Labor Statistics, there were 296,100 financial analysts in 2016. The largest employers of these professionals were:

  • Securities, commodity contracts, and other financial investments and related activities: 24%
  • Professional, scientific, and technical services: 14%
  • Credit intermediation and related activities: 13%
  • Management of companies and enterprises: 12%
  • Insurance carriers and related activities: 7%

How to Become

A financial analyst is expected to hold a bachelor’s degree in finance or related field, such as business, as a minimum. However, many also complete further education. Furthermore, work experience and proven success are of key importance.

Education Requirements

A bachelor’s degree is generally the minimum requirement. While a bachelor’s in finance is recommended, fields such as mathematics, statistics, economics, and accounting are also suitable. Licenses and certifications are also available and sometimes required by employers.

The main licensing body for the securities industry is the Financial Industry Regulatory Authority (FINRA). If financial analysts wish to sell financial products, they will need to be licensed. To receive this license, employer sponsorship is required. This means that financial analysts are not expected to be already licensed when they start a job.

Certification is usually recommended depending on the position. The Certified Financial Analyst (CFA), offered by the CFA Institute, is very popular. To obtain CFA certification, a financial analyst must hold a bachelor’s degree, have four years of relevant professional experience, and pass three different examinations. They can also obtain further certification in specialty fields. Doing so will also greatly improve their advancement prospects.

Traits & Qualities

The most effective financial analysts have the following traits to some degree or other:

  • Excellent analytical skills
  • Great communication skills, both verbal and written, particularly in relation to report writing and holding presentations
  • Computer skills, focusing also on financial analysis software
  • Strong decision making skills
  • Detail oriented
  • Excellent mathematical skills

Minimum Education

Bachelor’s Degree

National Salary

The national average salary estimate for Financial Analyst was $66,611. This number is estimated from over 5,491,424 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $34.69 and monthly of $5,551.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$21,000

$137,000

Salary Distribution

Salary by State

The following section lists Financial Analyst salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, DC had the largest quoted salary of $80,624 while North Dakota had the smallest quoted salary of $41,824.

Alabama Idaho Mississippi Pennsylvania
Arkansas Illinois North Carolina Rhode Island
Arizona Indiana North Dakota South Carolina
California Kansas Nebraska South Dakota
Colorado Kentucky New Hampshire Tennessee
Connecticut Louisiana New Jersey Texas
DC Massachusetts New Mexico Utah
Delaware Maryland Nevada Virginia
Florida Maine New York Vermont
Georgia Michigan Ohio Washington
Hawaii Minnesota Oklahoma Wisconsin
Iowa Missouri Oregon Wyoming
Alabama$65,287 Rank: 19th
The average salary ranks 19th among states in the country. There were also job openings from employers like Austin Allen Company, A-Line Staffing, ITAC Solutions, LLC, and Philips Recruiting Services.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$27,000

$119,000

Salary Distribution
Arkansas$47,275 Rank: 45th
The average salary ranks 45th among states in the country. There were also job openings from employers like William W. Professional Staffing, Robert Half Finance & Accounting, Windstream Communications, and Arkansas Department Of Human Services.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$14,000

$100,000

Salary Distribution
Arizona$61,626 Rank: 26th
The average salary ranks 26th among states in the country. There were also job openings from employers like City of Surprise, AZ, Paragon Professional Solutions, Independent Recruiting Consultant – Small Business Consulting Group, and ISS Facility Services.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$24,000

$116,000

Salary Distribution
California$73,165 Rank: 4th
The average salary ranks 4th among states in the country. There were also job openings from employers like Autodesk, Applied Materials, Cisco, and Experian.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$24,000

$147,000

Salary Distribution
Colorado$63,053 Rank: 24th
The average salary ranks 24th among states in the country. There were also job openings from employers like Trimble & Associates Inc, Bradsby Group, City and County of Denver, and HCSG.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$125,000

Salary Distribution
Connecticut$73,459 Rank: 2nd
The average salary ranks 2nd among states in the country. There were also job openings from employers like Cigna, GE Corporate, Aerospace, and Kforce Finance and Accounting.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$25,000

$146,000

Salary Distribution
DC$80,624 Rank: 1st
The average salary ranks 1st among states in the country. There were also job openings from employers like Department Of Housing And Urban Development, Department of Homeland Security, U.S. Securities & Exchange Commission, and U.S. Securities and Exchange Commission.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$23,000

$172,000

Salary Distribution
Delaware$45,676 Rank: 47th
The average salary ranks 47th among states in the country. There were also job openings from employers like Bank Of America, JPMorgan Chase, On-Board Services, and Network. Wilmington.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$7.25

$52.10

Salary Distribution
Florida$60,515 Rank: 31st
The average salary ranks 31st among states in the country. There were also job openings from employers like Washington Frank, ESPIRITO SANTO BANK, Lockheed Martin, and U.S. Navy.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$118,000

Salary Distribution
Georgia$63,554 Rank: 22nd
The average salary ranks 22nd among states in the country. There were also job openings from employers like The Royak Group Inc., KF Resources, AT&T Mobility, and AT&T.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$21,000

$128,000

Salary Distribution
Hawaii$65,695 Rank: 16th
The average salary ranks 16th among states in the country. There were also job openings from employers like Federal Government Jobs, U.S. Navy, U.S. Army, and Robert Half Finance & Accounting.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$20,000

$137,000

Salary Distribution
Iowa$49,756 Rank: 44th
The average salary ranks 44th among states in the country. There were also job openings from employers like US General Services Administration, American Technology Consulting LLC, Robert Half Technology, and Aureus Group.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$14,000

$107,000

Salary Distribution
Idaho$56,937 Rank: 40th
The average salary ranks 40th among states in the country. There were also job openings from employers like IDAHO DEPT. OF LABOR.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$18,000

$116,000

Salary Distribution
Illinois$67,259 Rank: 11th
The average salary ranks 11th among states in the country. There were also job openings from employers like Nigel Frank International, CyberCoders, Exelon, and US General Services Administration.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$21,000

$138,000

Salary Distribution
Indiana$61,578 Rank: 28th
The average salary ranks 28th among states in the country. There were also job openings from employers like CyberCoders, Defense Finance and Accounting Service, United States Department Of Defense, and U.S. Army.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$23,000

$118,000

Salary Distribution
Kansas$54,513 Rank: 42nd
The average salary ranks 42nd among states in the country. There were also job openings from employers like Nigel Frank International, Bell & Associates, Inc., Robert Half Finance & Accounting, and Morgan Hunter Companies.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$18,000

$109,000

Salary Distribution
Kentucky$62,908 Rank: 25th
The average salary ranks 25th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Angel Group, Vaco, LLC, and Robert Half Management Resources.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$23,000

$121,000

Salary Distribution
Louisiana$59,094 Rank: 33rd
The average salary ranks 33rd among states in the country. There were also job openings from employers like Entergy, Personnel Consulting Group, Postlethwaite & Netterville, and Robert Half Finance & Accounting.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$113,000

Salary Distribution
Massachusetts$65,863 Rank: 13th
The average salary ranks 13th among states in the country. There were also job openings from employers like Huxley Associates, Liberty Mutual, State Street, and Washington Frank.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$21,000

$134,000

Salary Distribution
Maryland$64,185 Rank: 20th
The average salary ranks 20th among states in the country. There were also job openings from employers like Federal Government Jobs, Green Key Resources, HDR, and Latitude Inc.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$128,000

Salary Distribution
Maine$47,078 Rank: 46th
The average salary ranks 46th among states in the country. There were also job openings from employers like Springborn Staffing, Robert Half Finance & Accounting, Adecco, and Manpower.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$7.25

$52.60

Salary Distribution
Michigan$65,716 Rank: 14th
The average salary ranks 14th among states in the country. There were also job openings from employers like General Motors, Epitec, Inc., Endevis, and UHY LLP.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$131,000

Salary Distribution
Minnesota$67,806 Rank: 9th
The average salary ranks 9th among states in the country. There were also job openings from employers like Ecolab, University of Minnesota, Opportunity for advancement, and Metropolitan Council.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$24,000

$132,000

Salary Distribution
Missouri$57,016 Rank: 39th
The average salary ranks 39th among states in the country. There were also job openings from employers like Accounting Career Network, Accelerate Financial Staffing, Parker + Lynch, and Burchard & Associates, Inc..

  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .
  • .

$14,000

$133,000

Salary Distribution
Mississippi$57,579 Rank: 38th
The average salary ranks 38th among states in the country. There were also job openings from employers like Federal Government Jobs, Robert Half Finance & Accounting, and Primerica.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$17,000

$120,000

Salary Distribution
North Carolina$67,341 Rank: 10th
The average salary ranks 10th among states in the country. There were also job openings from employers like Red Hat, Northstar Staffing Solutions, U.S. Army, and Cisco.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$23,000

$133,000

Salary Distribution
North Dakota$41,824 Rank: 48th
The average salary ranks 48th among states in the country. There were also job openings from employers like COUNTRY Financial and Adecco.

  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .
  • .

$14,000

$91,000

Salary Distribution
Nebraska$61,593 Rank: 27th
The average salary ranks 27th among states in the country. There were also job openings from employers like Cloud ERP, LLC, Robert Half Finance & Accounting, Aureus Group, and Hemphill Staffing Solutions.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$27,000

$110,000

Salary Distribution
New Hampshire$67,872 Rank: 8th
The average salary ranks 8th among states in the country. There were also job openings from employers like KBW Financial Staffing & Recruiting, Kforce Finance and Accounting, KBW Financial, and Robert Half Finance & Accounting.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$29,000

$122,000

Salary Distribution
New Jersey$68,270 Rank: 7th
The average salary ranks 7th among states in the country. There were also job openings from employers like Bristol-Myers Squibb, Johnson & Johnson, Execu|Search, and Perennial Resources International.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$29,000

$123,000

Salary Distribution
New Mexico$57,771 Rank: 37th
The average salary ranks 37th among states in the country. There were also job openings from employers like Department of the Interior, Los Alamos National Laboratory, U.S. Air Force, and Employers Pro Advantage.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$16,000

$125,000

Salary Distribution
Nevada$61,526 Rank: 29th
The average salary ranks 29th among states in the country. There were also job openings from employers like City of North Las Vegas, CyberCoders, FARHEAP SOLUTIONS, and Robert Half Finance & Accounting.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$14,000

$141,000

Salary Distribution
New York$73,212 Rank: 3rd
The average salary ranks 3rd among states in the country. There were also job openings from employers like UBS, Goldman Sachs, EY, and Bank of America Merrill Lynch.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$18,000

$164,000

Salary Distribution
Ohio$63,802 Rank: 21st
The average salary ranks 21st among states in the country. There were also job openings from employers like CyberCoders, Nigel Frank International, Career Brokers, Inc., and Creative Financial Staffing.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$25,000

$120,000

Salary Distribution
Oklahoma$60,593 Rank: 30th
The average salary ranks 30th among states in the country. There were also job openings from employers like Rowland Group, The, Robert Half, Northrop Grumman, and Fuse3 Solutions.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$24,000

$113,000

Salary Distribution
Oregon$65,661 Rank: 17th
The average salary ranks 17th among states in the country. There were also job openings from employers like Nigel Frank International, Stephen James Associates, Inc., Bonneville Power Administration, and VanderHouwen.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$21,000

$135,000

Salary Distribution
Pennsylvania$63,234 Rank: 23rd
The average salary ranks 23rd among states in the country. There were also job openings from employers like Exelon, UPMC, Laurus Group, and Kforce Finance and Accounting.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$20,000

$130,000

Salary Distribution
Rhode Island$65,702 Rank: 15th
The average salary ranks 15th among states in the country. There were also job openings from employers like Rite-Solutions, Inc., Kforce Finance and Accounting, Michael Page, and Complete Staffing Solutions.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$17,000

$144,000

Salary Distribution
South Carolina$65,287 Rank: 18th
The average salary ranks 18th among states in the country. There were also job openings from employers like AccountSource, Inc., Phillips Staffing, AppleOne, and SC Career Search.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$21,000

$133,000

Salary Distribution
South Dakota$58,369 Rank: 36th
The average salary ranks 36th among states in the country. There were also job openings from employers like Executive Recruiting Services, Inc., ERC-Executive Recruiting Consultants, and Black Hills Corporation.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$25,000

$104,000

Salary Distribution
Tennessee$60,174 Rank: 32nd
The average salary ranks 32nd among states in the country. There were also job openings from employers like FNP, Austin Allen Company, Real VA Docs, and Rosa’s Recruitment Agency.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$24,000

$111,000

Salary Distribution
Texas$69,610 Rank: 6th
The average salary ranks 6th among states in the country. There were also job openings from employers like Technology Recruiting Solutions,Inc., XO Communications, Chevron, and FMC Corporation.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$25,000

$136,000

Salary Distribution
Utah$55,974 Rank: 41st
The average salary ranks 41st among states in the country. There were also job openings from employers like U.S. Air Force, Robert Half Finance & Accounting, Conner Recruiting, and CyberCoders.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$19,000

$111,000

Salary Distribution
Virginia$70,380 Rank: 5th
The average salary ranks 5th among states in the country. There were also job openings from employers like Arlington Public Schools, U.S. Marine Corps, United States Department Of Defense, and Creative Financial Staffing.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$145,000

Salary Distribution
Vermont$58,933 Rank: 34th
The average salary ranks 34th among states in the country. There were also job openings from employers like CyberCoders, Robert Half Finance & Accounting, Saicon Consultants P Ltd, and State of Vermont.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$28,000

$101,000

Salary Distribution
Washington$67,055 Rank: 12th
The average salary ranks 12th among states in the country. There were also job openings from employers like Microsoft, Aerotek, Tacoma Public Schools, and Nigel Frank International.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$134,000

Salary Distribution
Wisconsin$58,896 Rank: 35th
The average salary ranks 35th among states in the country. There were also job openings from employers like Nigel Frank International, CyberCoders, Buckingham Search, and MMS Group.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$22,000

$114,000

Salary Distribution
Wyoming$51,573 Rank: 43rd
The average salary ranks 43rd among states in the country. There were also job openings from employers like Black Hills Corporation.

  • .
  • .
  • .
  • Most Reported
  • .
  • .
  • .
  • .
  • .
  • .

$15,000

$109,000

Salary Distribution

Top 20 National Employers

According to Indeed.com, the following states had employers looking to hire a Financial Analyst. The quoted salary figure represents the average salary from all job postings by this employer.

Employer Name Location Average Salary

Learn More

Related Careers

Career Name Average Salary
Henry R. Steele
Henry R. Steele
Managing Editor
Henry is Managing Editor of BusinessStudent.com. He is a seasoned business professional who regularly consults with local business's throughout Southern California. Henry pursued his undergrad in Business and Economics at the University of San Diego and gained valuable life changing experience through a unique internship upon graduation.Follow on Twitter.com

As Seen On

BusinessStudent.com provides students of business with the opportunities to get ahead in their career.

“It doesn't matter how many times you have failed, you only have to be right once.” - Mark Cuban