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10 December,2021 | By Brainwonders
Finance is a lucrative sector with high wages and bonuses for a variety of positions. Because of the demand from an increasing number of financial players in the market, employees in the industry earn high annual salaries. With increasing globalization, finance professionals are in higher demand than ever before. How can you become a financial analyst is the most sought after question now. The primary responsibility of a financial analyst includes analysing a company's financial performance against a plan and market conditions to generate projections to make strategic decisions. Financial analysts can work at all levels of a company, from junior to senior, and it's a niche that often leads to other changes. It might be difficult to enter into the financial services industry because it is very competitive. If you're considering a career as a financial analyst, keep reading to learn more about how can you become a financial analyst with no experience.
Financial analysts, also known as investment analysts, are experts that gather, monitor and assess data in order to offer sector-specific projections and recommendations. Those who work as financial analysts are frequently engaged by firms such as:
Top 5 Skills to Become a Financial Analyst :
Before knowing how can you become a financial analyst, let us first check whether you have the top 5 skills that are required.
1. Critical thinking: To become a financial analyst it is very important to have critical thinking as they deal with a huge amount of data.
2. Ability to make a decision: The finance business is constantly changing, which means financial analysts must keep up with the changes and stay updated at all times. Which needs to make quick decisions. They should be able to make sound decisions on the spot in order to keep his or her customer ahead of the game.
3. Research: Research is another important part of a financial analyst’s day to day life. Because there will be no scope for analysis unless the correct data is searched utilising adequate research abilities.
4. Attention to detail: Attention to detail is beyond numbers. It also includes formatting and writing style. This is particularly crucial for people that have highly stringent format requirements.
5. Analytical Skills: Analytical skills are also expected of financial analysts. These tools aid in the analysis of data, data comparison, and client presentations.
Recommended Read: What is Career Guidance and its Advantages?
Role of career counselling in becoming a financial analyst:
Career counselling helps people figure out what career path is best for them. To know how can you become a financial analyst Individuals can obtain career counselling from professional counsellors who use carefully constructed assessment instruments to provide expert advice on their potentials, aptitudes, motivations, abilities, and deficiencies. Brainwonders career counsellors can assist with people who have a variety of inquiries about the many career pathways like a financial analyst. Various aptitude and interest tests can be used to determine an individual's skills and abilities, and then provide career counselling to assist them in selecting an acceptable career.
How can you become a Financial Analyst:
Route 1: A student can complete 12 science (Commerce). Then finish B.Com in Finance. Further students can take the Chartered Financial Analyst test (CFA) to become financial analysts.
Route2: A student can complete 12 science (Commerce). Then finish BBA in Finance. Further you students can take the Chartered Financial Analyst test (CFA). MBA finance can also help to become a financial analyst.
Route 3: A student can complete 12 science (Commerce), complete CA and take CFA (Chartered Financial Analyst test).
How can you become a Financial Analyst with no prior experience:
1. Make the most of your networking opportunities:
What you know rather than what you know is important when it comes to considering how can you become a financial analyst. As a result, when it comes to getting into the sector, networking is at the top of the list. Starting with people you already know and asking them to introduce you to people at firms where you want to work is the most successful approach to networking. You might also use LinkedIn to make new connections. Try to look for information on how people have become financial analysts with no experience.
2. Know the current events:
Always make sure that you are up to date on industry news. You will need to be able to engage in fascinating conversations about what's going on in the industry when you are networking with the industry people. Getting your news from a variety of sources can make it less of work (and offer you a more complete picture of what is happening).
3. Be aware of financial institution trends.
Knowing about current financial trends might help you have a more engaging conversation with industry professionals, such as network contacts or recruiting managers. This might also help you prepare for queries on how you stay current with industry news during an interview as a financial analyst.
4. Create and maintain a personal finance blog.
Running a finance blog will allow you to share your investment ideas with the rest of the globe. Publishing useful finance content on your blog will allow you to demonstrate your financial knowledge and network with possible employers. When it comes to writing financial articles, having appropriate finance and investment expertise will provide you with an advantage.
5. Make the most of your university's career centre.
Your university's career centre can help you secure a summer internship at many good investment banks, putting you on the fast track to a lucrative full-time job in the field. Most investing firms choose their new full-time workers from their summer interns, so make every effort to be one of them.
6. Use a trading simulator to learn how to trade.
Practising using trading simulators will immerse you in the finance business. Students can use this experience to impress future employers with their trading skills.
7. Try to assist a financial mentor.
To build your network and obtain useful insight into the career path, find an experienced financial professional, especially one who works in the role or specialisation you are interested in. They can provide comments on your objectives, assist you in determining how to advance, and even make recommendations for opportunities. Be an excellent mentee in order for your professional mentorship to operate properly. Put your mentor's recommendations into practice by taking advantage of the chances they propose.
8. Demonstrate your professional goals.
Make a point of stating what you intend to gain from a role. In the following five years, you could aim to improve certain abilities or rise into a leadership position. In your resume, cover letter, or during the interview, mention your goals as part of your summary statement. When employers know what you want to do with your career, they can better assist you in finding a position within their organisation that will allow you to achieve your goals via hard work and determination.
9. Emphasize the ways in which you are a one-of-a-kind candidate.
When you do not have much experience in the financial industry, it is crucial to concentrate on the talents, traits, and information you've acquired in other roles or experiences that make you the greatest candidate for the job. If you worked in marketing previously and are seeking to be a financial analyst, for example, you could emphasise your ability to communicate simply and creatively with data.
10. Internships provide valuable experience.
Most financial firms provide summer internships to students, with many of them leading to full-time employment opportunities. An internship like this can help the candidate get a better understanding of the sector. Such changes can be found by contacting the right career counsellors.
A career as a financial analyst necessitates planning and dedication. A financial analyst has the ability to provide genuine satisfaction that comes from being a vital part of the finance environment and if you also seek the career of a financial analyst, the right career guidance always helps you.
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