Analyzing Career Paths: How to Become a Financial Analyst ManagerAnalyzing Career Paths: How to Become a Financial Analyst ManagerAnalyzing Career Paths: How to Become a Financial Analyst Manager
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Blending their knack for finance with their enjoyment of collecting and interpreting data, financial analyst managers are key contributors to the financial sector. At the heart of what a financial analyst manager does is a combination of financial planning, analysis, and projection. They perform these vital tasks by looking deep into data and guiding both individuals and companies toward the best decisions for their goals based on the numbers.
Financial analyst managers work at large financial institutions, major corporations, consultancies, banks, and insurance companies. Business stakeholders and investors planning for the future often enlist the help of these data experts to make informed decisions.
Interested in applying your talent for data analysis by guiding businesses and individuals to financial success? Read on to find out more about how to become a financial analyst manager.
What does a financial analyst manager do?
What financial analyst managers do can vary depending on where they work and any specialties they might acquire during their education, such as personal investment or corporate planning. Despite some potential differences in job duties, these managers often spend their days meeting with clients to discuss their unique financial goals, determining a company’s value based on its holdings and financial statements, and recommending investments and portfolios for individuals based on their budgets and situations.
Financial analyst managers also spend a significant amount of time researching the history of the market to anticipate what may be to come. Through the careful study of past trends and by drawing conclusions about political, social, and economic events that have created ripple effects in the economy, financial analyst managers can make projections about what might happen in the future.
To communicate their predictions to clients and stakeholders, financial analyst managers often create charts, graphs, and reports that visualize trends. They also keep careful track of their clients’ investments to gain more information about how these stocks fare in the economic climate, as well as to guide clients on when to buy or sell. This work has a real impact on the people financial analyst managers serve. With the right analytical, accounting, budgeting, research, and communication skills, not only do financial analyst managers help their clients succeed in their goals — such as retirement, buying a major asset, or starting a new business or product line — but they also find success in their work.
What do financial analyst managers do? In short, they help businesses and individuals make the best decisions for their financial goals. Their careful study and consideration of historical and contemporary data can provide their clients with a degree of confidence when investing and making financial decisions. Financial analyst managers help others make better decisions so their clients are more likely to come out on top.
Steps to become a financial analyst manager
What financial analyst managers do requires careful planning, organization, research, and data analysis. While there are different approaches when it comes to how to become a financial analyst manager, candidates must gain some essential skills and experiences along the way.
Get a bachelor’s degree
Becoming a financial analyst manager begins with declaring a major during undergraduate study. Typically, those interested in working in this field study finance, accounting, economics, or even business administration. During this time, students come to understand the basics of economic structures and how to work with numbers for the purposes of financial planning, investing, and making economic predictions. They also gain skills in communication, teamwork, and decision-making.
Continue your education
Many professionals aspiring to become financial analyst managers go on to earn a master’s degree. A online Master’s in Data Science from an accredited school such as Maryville University allows students to deepen their core competencies. By honing skills such as leadership and advanced mathematics and developing a firmer grasp of economics and finance, students can pursue more job opportunities upon graduation.
Courses in math modeling, forecasting principles, probability, and corporate finance all serve master’s students in the development of the skills they will put to work almost daily as financial analyst managers. Maryville’s master’s program offers a course wherein students develop a capstone project. During this course, each student has the opportunity to identify areas of interest and apply their data science skills to a real-world project. From research and development to execution and launch, students use their analytical skills to produce a results-driven business project.
Put your skills to work
Many financial analyst managers complete internships during undergraduate and graduate study or develop their understanding of how to apply concepts to the real world through entry-level work. Then, to start their careers, many future financial analyst managers begin as financial analysts or accountants. Regardless of how a candidate pursues real-world work, this is a vital step toward improving one’s resume.
In addition to a nuanced understanding of financial analysis, real-world experience gives those in this position insight into managerial tactics, and helps develop communication skills. These experiences are important for those who wish to step into a leadership position like financial analyst manager. In addition to a salary increase, this position offers the opportunity to create a positive work environment for junior team members and to develop policies and protocols that foster company-wide success.
Financial analyst manager salary
The extent and depth of work financial analyst managers do can be demanding. The role requires a high level of commitment to clients, as well as careful study of economic trends, data analysis, and clear communication.
For their advanced understanding of data and economics, the average financial analyst manager salary is $92,600, according to PayScale. Financial analyst manager salary levels can vary, however, depending on the individual’s industry, geographic location, and experience level.
Employment outlook for financial analyst managers
The need for financial analysis specialists is growing in the United States. The U.S. Bureau of Labor Statistics (BLS) projects employment in financial management roles will grow at a rate of 16% between 2018 and 2028. This increase is above the national average of 5% for all professions.
In addition, the BLS anticipates 6% job growth for financial analysts from 2018 to 2028. Given the growth opportunities in financial analysis, financial analyst managers and the advanced skills they bring to individual and corporate clients will likely remain in demand in the coming years.
Learn more about becoming a financial analyst manager
Financial analyst managers are valuable leaders in their field. The insight they glean from historic trends and large sets of data can guide their clients to make the best decisions for their unique situations. For this reason, the advice they provide has a real impact on the people they serve.