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Career Information
Financial Analysts & Personal Accountants: Career, Salary and Education Information
Career Profile: What do Financial Analyst & Personal Account do?
Financial analysts and personal accountants work to interpret complicated financial information, providing guidance to individuals and businesses that need a solid financial plan. Analysts generally specialize in a particular area of expertise, such as a region, specific industry, or product. Personal accountants scale down their expertise to the individual level. Estate planning, college education funding, and tax advice are all within the scope of a personal financial advisor.
Financial analysts and personal accountants should be able to work well in teams, be a critical thinker, and have a facility with numbers and the financial insight to interpret data in ways that can be easily understood.
A Day in the Life of Financial Analysts & Personal Accountants
An ordinary work day for financial analysts and personal accountants can include working in a standard office or branching out to work from home, traveling to meet investors and potential clients, or scheduling weekend meetings.
Personal accountants often teach evening classes or seminars in the hopes of bringing in more business and broadening their client base. Personal accountants working in financial institutions are more likely to work a traditional 40-hour week, although they can provide off-hour and weekend access to high-profile clients.
Financial Analysts & Personal Accountants Training and Education
Education is an important component for financial analysts and personal financial accountants. A bachelor's degree in finance, business administration, accounting, economics, or statistics is recommended, and some competitive careers can require a master's degree or certification. Typical coursework for financial analysts and personal accountants includes accounting fundamentals, business valuation, international financial management, and concepts of financial reporting.
Financial analyst can apply for the Chartered Financial Analyst (CFA) certification, personal financial advisors can apply for the Certified Financial Planner (CFP) credential, and personal accountants can seek a Certified Public Accountant (CPA) certification.
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Employment & Outlook for Financial Analysts & Personal Accountants
A growing retired population with increased investment potential is expected to create substantial growth for financial analysts and personal financial accountants. The Bureau of Labor Statistics (BLS) predicts a 37 percent increase in overall employment through 2016 for these specialized financial workers, or 544,000 new jobs total.
Despite rosy growth projections, competition for these positions is expected to be keen and limited to those with formal training. A strong education background is essential and an MBA or formal certification is recommended. Strong selling and communication skills are also important, particularly for those considering self-employment.
Financial Analysts & Personal Accountants Salary
Financial analysts saw mean annual earnings of $81,700 in 2007, according to the BLS. That same year, personal financial advisors earned $89,220. Financial investment and management industries had high levels of employment for both occupations, as did securities and commodity contracts intermediation, and brokerages. New York was the top-paying state for both occupations, with workers earning mean wages over six figures.
Sources
Bureau of Labor Statistics, Financial Analysts and Personal Financial Advisors
NC State College of Management
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