How to Become a Financial Analyst at a Bank
There are several methods that can be used to learn how to become a financial analyst at a bank. Financial analysts in the banking industry help people, investors, and companies make and invest money. They may also examine a business financial statements and make financial recommendations. Some analysts study mergers and acquisitions. In 2008, the average salary for a business analyst was $84,780 and there were 250,660 analysts employed. The highest paid analysts made up to $141,070 in 2008. Read on to learn more about how to become a financial analyst at a bank.
Things You’ll Need
- GED or High School Diploma
- Business College Degree
- Strong Math, Computer, and Writing Skills
- Excellent People Skills
Step 1 Business Training and Education
Learn how to become a financial analyst at a bank by graduating from college with a degree in business. Study courses in finance, business, accounting, marketing, or economics. Complete all the course work and graduate with at least a 2.0 grade point average. Keep in mind that some states may require licensing and certification to work as a bank analyst.
Step 2 Contact and Interview Bank Analysts
Contact several analysts to learn how they became a financial analyst at a bank. Prepare a list of twenty questions to ask bank analysts about their work. Try to interview ten or get information from them about what they do. Ask the financial specialists how they read financial statements and make fair conclusions. Take notes during the sessions and listen carefully. Get permission to use the analysts as a reference.
Step 3 Bank Analyst Job Outlook
Apply for jobs at banks to learn how to become a financial analyst at a bank. Contact banks to find out if financial analyst’s opportunities or programs are available. Keep in mind that some analysts start from lower level positions within the bank and then move up to become an analyst. Mail out resumes and a cover letters to banks that have job openings. The overall job outlook for bank analysts is expected to increase because businesses are always investing money.
Step 4 Bank Analyst Careers
Consider analyst career choices while learning how to become a financial analyst at a bank. Risk analysts try to avoid investment losses. Fund managers make quick selling and buying decisions based on market conditions. Portfolio managers are responsible for supervising a group of analysts. A ratings analyst will study the balance sheet, the cash flow statement, and other financial documents. Be prepared to use computer software programs to explain conclusions to upper management and investors.
Tips:
- Obtain a masters degree in business administration.
- Become certified by the Chartered Financial Analyst Institute.
- Improve writing and research financial skills.
Warnings:
- Financial Analysts work everyday of the week.
- Analysts are required to travel frequently.
- Be prepared to meet all report writing deadlines.
Reference:
CFA Institute, 506 Ray C. Hunt Drive, Charlottesville, VA
22903. Internet: http://www.cfainstitute.org
American Academy of Financial Management,
200 L&A; Road, Suite B, Metairie, LA 70001. Internet:
http://www.aafm.us
Resource:
Occupational Outlook Quarterly: “Financial analysts and personal financial advisors”
http://www.bls.gov/opub/ooq/2000/summer/art03.pdf
United States Bureau of Labor Statistics
http://www.bls.gov/ooh/ocos301.htm
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