Senior Financial Analyst Career and Salary Profile
The senior financial analyst is critical to the profitability and financial stability of mid- to large-size companies in nearly every industry. This role can also be a stepping stone to higher-level positions, such as chief financial officer (CFO), director of finance or financial controller. Accounting professionals with a desire to advance their careers to the next level can compete for senior financial analyst jobs by enrolling in an MBA program with a specialization in Accounting and Finance.
Job Outlook
According to the U.S. Bureau of Labor Statistics (BLS), employment of financial analysts will grow much faster than other occupations. Job growth will occur as investments become more complex and globally-focused. Competition for these high-paying positions will be strong; those with advanced degrees and experience should have the best prospects.
Senior Financial Analyst Job Duties
Senior financial analysts are responsible for a variety of duties, typically determined by the industry and size of the business. For example, a senior financial analyst in a manufacturing firm may be required to provide financial forecasting reports and recommend cost reductions. A service provider may require its senior financial analyst to ensure compliance with GAAP and regulatory requirements, and oversee mergers and acquisition activities related to audits and finance. A real estate development company’s senior financial analyst could be responsible for preparing analytics and financial models relating to prospective lease activity.
Depending on the company, senior financial analysts may supervise and help develop other finance staff members. They may also oversee reporting, data management and monitoring of financial software, and they may serve as managers on special projects. Additional responsibilities could include analyzing and comparing portfolio holdings, property projections and variances.
Preparing reports, such as ad hoc analyses for all levels of an organization is another important aspect of the senior financial analyst position. Auditing activities, both interim and annual external audits, typically fall under the senior financial analyst’s scope of duties.
Senior financial analysts typically work in offices. Depending on the employer, travel could be required. Working hours are generally the standard 40-hour week, but overtime could be required during special projects, quarterly reporting or tax filing deadlines.
Salary Potential for Senior Financial Analysts
According to national salary data on PayScale.com, as of December 2010, senior financial analysts had a median total income of about $74,806 per year, with those in the 25th to 75th percentile earning between $63,209 and $86,404 in total pay.
PayScale.com data also indicated that senior financial analysts with a master’s degree can earn significantly more than those with only a bachelor’s degree. In fact, based on 75th percentile salary figures, graduates with MBA earned $83,997 per year, while those with a BS in Finance earned $75,606 per year – a differential of over 11%.
The BLS data from May 2009, indicates even higher potential salary levels for financial analysts. The top 10% of experienced professionals in this occupation category are reported to earn around $139,350 annually, while the average salary is reported to be $85,240. Those in the middle 50% earn between $55,640 and $98,920. Salary levels are typically commensurate with education, professional credentials and experience.
The data shows senior financial analysts with solid experience and advanced education are rewarded with top salaries.
Education and Training
Successful candidates for most senior financial analysts will hold at least a bachelor’s degree. Because these positions are highly desirable, leading firms typically prefer to hire those with an MBA and prior financial analysis experience.
Professionals who are ready to accelerate their careers and pursue a senior financial analyst position can strengthen their knowledge and boost their ability to compete for top jobs by enrolling in an MBA program with a specialization in Accounting and Finance. Coursework typically includes financial management, strategic cost management, financial management policy, and managerial accounting.
Employers can be confident that professionals who have earned an MBA with a specialization in Accounting and Finance are able to:
- Apply modern theories of leadership, management and negotiation to solve real-world business challenges.
- Analyze accounting data to reach managerial and organizational goals.
- Use financial, statistical and economic data to assess and manage risk.
- Integrate financial, personnel and operations initiatives to lead with success.
- Leverage advanced knowledge and skills to succeed as a senior financial analyst.
Is a Senior Financial Analyst Career a Good Fit for You?
Top employers look for senior financial analysts with solid organizational skills and a demonstrated financial and analytical ability. In addition, they prefer team-oriented, motivated and collaborative individuals. If you possess these skills, as well as excellent communication and interpersonal abilities, then a senior financial analyst career could be a great fit for you. Distinguish yourself from the crowd – earn an MBA with a specialization in Accounting and Finance. It could be the key to launching your successful and rewarding senior financial analyst career.
