- Study economic and business trends
- Prepare plans of action for investments
- Evaluate current and historical financial data
- Work at large financial institutions
- Mostly work in offices but often travel to visit companies or potential investors
- Can face long work hours
- Either on the phone or in meetings majority of the day
- Communication skills
- Decision making skills
- General computer proficiency
Educational/ Employment Requirements
Most university programs for Economics, Commerce or Business Administration typically require the following courses for individuals to take in high school:
- MCV4U or MDM4U
- Any 3 U or M courses
- A bachelor's degree in commerce, business administration or economics
- Master's in Business Administration (MBA) often required by employers
- The Chartered Financial Analyst (CFA) designation may be required.
Factors That Influence Wage Rate
A financial analyst's wage can vary based on the location they work in. Different cities typically pay the same job a different rate. This is due to the demand of the occupation and the cost of living. For an example, when working in British Columbia, the wages are expected to be higher as the cost of living is rather expense. However, if you were to work in the west coast near provinces such as Nova Scotia or New Brunswick, the wages are lower.
Experience heavily influences an what an individual will earn per hour or annually. Having the experience with working with big firms or for many years will show to employers that you have great insight into the occupation and will give you a position which may grant you authority over others. A higher position in a company will lead to an individual receiving a higher wage. Also, the basic skills a financial analyst has will further excel the business as they have been in this field for several years
An individual with an MBA and is a CFA are more likely to have an increase in pay compared to other individuals pursuing a career in the same profession without one. This is due to their advancement in the field and their knowledge. Big firms and companies require these credentials as they have more knowledge and familiarity in the financial sector. Having at least a bachelors in commerce, economics or business administration is important as employers recruit employees with a certified education as it proves they have intellectual skills.
Should People Pursue This Profession as a Career?
Should Union Representation Occur for this Profession?
- Health care benefits such as dental and physiotherapy
- Job Security- Big firms typically possess workers who are financial analysts. They usually guarantee employees job security as they prefer having individuals who have worked for their company long enough rather than hiring someone for a few months and then letting them go
- Opportunities for advancement
- Can work in a variety of industries
- High stress levels as they have deadlines to meet and the smallest error could cost them their job
- May need to attend post secondary longer to earn an MBA as many firms and companies require it
- Work long hours outside of the office to complete assignments and meet deadlines
Union representation should not occur for this profession. Although they work long hours, may require a credentials such as a MBA or a CFA or work long hours, they are treated fairly and have many advantages. This includes opportunities for advancement, an increase in pay with an increase in experience, flexibility to work in various industries, health care benefits, and most importantly, job security. Job security is primarily the reason why i believe union representation doesn't not need to occur. This helps employees feel safe and not have to worry about being unemployed. Furthermore, having health care benefits helps many individuals if they are on a budget as this gives allows them to spend less money on necessities.
Bouw, Brenda. "I Want to Be a Financial Analyst. What Will My Salary Be?" The Globe and Mail. N.p., 28 Aug. 2013. Web. 28 Dec. 2016.
"Financial Analyst Work Conditions." Financial Analyst Work Conditions. N.p., n.d. Web. 12 Jan. 2017. <http://work.chron.com/financial-analyst-work-conditions-16062.html>.
"Summary." U.S. Bureau of Labor Statistics. U.S. Bureau of Labor Statistics, n.d. Web. 12 Jan. 2017. <https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm>.