Studying data has become a common career option among the new generation. Financial analysis by analysing the financial data is an important job as it covers some of the most important things. The financial analysts keep track and manage the company’s financial plans. They are responsible for formulating the financial plans and trying to implement them in the best way possible. The financial managers or the financial analysts prepare the financial plans and manage them. Their jobs are really important for a company to work properly. These things are the very backbone of the company as the keeping of employees in the fold, depends bulkily on these things.
What is a career in the field of financial analysis?
The financial analyst career path is quite interesting and is a path of huge responsibility. They are responsible for the entire handling of the company’s financial assets as well as plans. They need to be very mindful of each and every intricacy involved so that the plans formulated and implemented are working out properly and helping the company flourish and prosper. If you choose the financial analyst career path as your own, you must keep in mind that you would require to work very hard and keep communicating, managing, and planning your domain.
The responsibilities of a financial manager and financial analyst
- The financial analysts analyse the data collected and help the company to maximise the profit in every way possible.
- The financial managers manage the financial transactions and functions of the company.
- The difference between their jobs is that one does the analysis of the financial matters (financial analyst), and the other manages the financial operations of the company (financial manager).
- They both need to be excellent communicators, as they have to represent the company on various platforms and sometimes have to convince the client to do what the company requests them to do.
- They must be good decision-makers, as they very frequently have to make big decisions on the behalf of the company they work for. Their decision affects the entire company and all of its aspects.
- Therefore, their decisions must be apt and beneficial for the company. The decision-making ability of a financial analyst should be apt, after analysing all the aspects of the company.
- Whereas the decision-making by the financial managers is regarding the management of the company funds and where to invest them for better results.
- They have to analyse the market trends to keep up with the times and formulate plans accordingly.
- They have to review the monthly financial reports of the company and plan to expand the company further.
- The supervision of the employees of the company is their job.
The qualifications needed for the financial analyst career path
- For an entry-level financial analyst post, one must at least have a bachelor’s degree in a course.
- The bachelor’s degree pursued by the job applicant must be in any respectable course. This is the minimum educational qualification that is required as one of the financial analyst qualifications.
- The companies prefer job applicants with a master’s degree in any particular course.
- A bachelor’s degree in any of the business, accounting, or financial subjects is given weightage. Although, a bachelor’s degree in any of the acceptable and recognized subjects is accepted.
- Besides just the qualifications, your skills matter too. A qualification may get you a job, but your skills are the ones that help you to maintain it. One must know how to use the various sites and applications the job requires.
- Besides these skills, the financial managers must have excellent communication skills as their job demands it.
The difference between a financial analyst and a financial manager
- A financial manager is solely responsible for the financial direction of a company or an organisation, whereas a financial analyst analyses the financial data and formulates the plans for the company accordingly.
- A major difference between a financial analyst and a financial manager is that the analysts’ major work is to analyse the financial data and work more like data analysts. In contrast, the managers manage the entire financial governance of the company.
- They both are important to the companies and organisations irrespective of their differences. They are paid quite well and their job requires them to work incessantly and not compromise the quality of their work.
- Out of the two jobs, the post of financial manager requires experience for better performance. The financial analysts may or may not have experience.
- If someone applies for the post of financial manager, he is given priority due to an experienced background.
Conclusion
Financial analysts and financial managers are the backbones of any company or an organisation as all the monetary governance lies in their hands. The company works on its guidance in financial matters. They also have to handle all the employees and look after the entire monetary planning of the company. It is a brilliant career option for young people who have an interest in financial management and accounting. If someone wants to explore this site, that person as well may consider this position. They are paid adequately and well, which also attracts the people to this job.
