Prospects for employment as a financial analyst
Companies depend on seasoned financial analysts to promote the development of their businesses by seeing patterns in the companies' financial data and assisting senior management in making choices based on that data. It is necessary for a financial analyst to make more regular and concrete contributions across departments in order to keep up with the trend toward a finance function that is more strategic and data-informed.
Because of this, there is a greater demand than there is supply for financial analysts in the UK who are proficient in financial modeling, financial planning, and data analysis. In particular, employers are looking for candidates who have previous experience utilizing popular tools such as QlikView and SAS. Staying current and honing one's abilities with the help of modern technology are two things that financial analysts will need to do in order to take advantage of the robust employment growth that is expected in the future.
It should come as no surprise that the essential computational work underlying mandatory financial analysis duties is being delegated to technology solutions. Larger data sets are now available for analysis, insight, reporting, and forecasting as a result of the increasing number of commercial transactions that are taking place via technology.
The most effective financial analysts are going to be those that are able to deliver valuable insights using the plethora of fresh information that is now available. Adding value to the firm may also consist of being able to share insights and expertise with other teams and stakeholders in a manner that is both understandable and applicable to their work.
Opportunities for salaries in financial analysis
The wage range for a financial analyst in the United Kingdom may vary anywhere from £54,000 to £78,750 annually. This is mostly determined by the individual's specific skill set, location, and amount of experience.
Financial analysts located in London may earn incomes ranging anywhere from £62,100 to £90,563 per year, making them the best paid professionals in the UK. This should not come as a surprise given that London serves as the financial center of the United Kingdom. In addition to this, companies are becoming increasingly dependent on financial data for the purpose of making effective business decisions, and an increasing number of employers are wanting to develop their in-house resource.
In recent years, employment opportunities have increased significantly in the financial sectors of Manchester and Edinburgh, the latter of which is also a leading worldwide hub for fund management. There, annual salaries might go as high as £72,800 or £77,500, depending on the position.
This year, Birmingham has been listed as having the third biggest financial sector located in the UK, and financial analysts working there may aspire to make up to £72,800 with the proper degree of experience and technical proficiency with the right combination of those two factors.
It is important for financial analysts to work on improving their financial modeling abilities in order to move up to better income bands. The quickest way to an increase in income is to get specialized certifications, such as those offered by the ACA, ACCA, or CIMA. Another option is to receive training in the most recent data analysis tools.