Employment of financial analysts is expected to grow much faster than the average for all occupations. However, keen competition will continue for these well-paid jobs, especially for new entrants.
As the level of investment increases, overall employment of financial analysts is expected to increase by 20 percent during the 2008–18 decade, which is much faster than the average for all occupations. Primary factors for this growth are increasing complexity and global diversification of investments and growth in the overall amount of assets under management. As the number and type of mutual and hedge funds and the amount of assets invested in these funds increase, companies will need more financial analysts to research and recommend investments. As the international investment increases, companies will need more analysts to cover the global range of investment options.
Despite employment growth, keen competition is expected for these high-paying jobs. Growth in financial services will create new positions, but there are still far more people who would like to enter the occupation. For those aspiring to financial analyst jobs, a strong academic background, including courses such as finance, accounting, and economics, is essential. Certifications and graduate degrees, such as a CFA certification or a master's degree in business or finance, significantly improve an applicant's prospects.
Financial analysts held 250,600 jobs in 2008. Many financial analysts work at large financial institutions based in New York City or other major financial centers. About 47 percent of financial analysts worked in the finance and insurance industries, including securities and commodity brokers, banks and credit institutions, and insurance carriers. Others worked throughout private industry and government.
Job Zone 4 - Preparation needed
A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant needs four years of college and several years of accounting work to be considered qualified.
Most of these occupations require a four-year bachelor's degree, but some do not.
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Accountants, chefs and head cooks, computer programmers, historians, and police detectives.
These occupations often involve coordinating, supervising, managing, and/or training others.
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For general information on securities industry employment, contact:
- Financial Industry Regulatory Authority (FINRA), 1735 K St. NW. Washington, DC 20006. Internet: http://www.finra.org
- Securities Industry and Financial Markets Association, 120 Broadway, 35th Floor, New York, NY 10271. Internet: http://www.sifma.org
For information on financial analyst careers and training, contact:
- American Academy of Financial Management, 200 L&A Rd., Suite B, Metairie, LA 70001. Internet: http://www.aafm.us
For information on financial analyst careers and CFA certification, contact:
For additional career information, see the Occupational Outlook Quarterly article "Financial analysts and personal financial advisors" online at http://www.bls.gov/opub/ooq/2000/summer/art03.pdf and in print at many libraries and career centers.
Sources: O*Net data version 12.0
Occupational Outlook Handbook
Department of Labor
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