As the financial services industry continues to expand, the demand for financial analysts is increasing. According to the Bureau of Labor Statistics, the field is expected to add 31,000 new jobs between 2021 and 2031. Typically, the field grows along with the country’s economic activity, as new markets and businesses emerge. However, factors such as population growth, the cost of living, and emerging markets can also affect job growth.
Entry-level financial analyst jobs may require up to 50 hours a week with minimal flexibility. Most entry-level financial analyst jobs involve completing financial reports in order to meet deadlines for business deals. They may also be required to prepare reports for board meetings. This type of job is highly respected and can lead to performance-based compensation. However, it can also carry a high level of stress, as financial analysts are often faced with tight deadlines.
The United States Bureau of Labor Statistics provides information about financial analyst salaries. As of 2021, the median annual salary for a financial analyst in New York is $131,690, which is higher than the national average. According to Projections Central, there are approximately 5,670 new positions for financial analysts between 2020 and 2030. The highest-paying industries include the information services sector and the securities industry.
A financial analyst salary in the United States can range from $54,000 to $125,000 per year. This equates to $26 to $60 per hour. In New York, NY, an entry-level finance analyst salary is $82,800, which is just over $40 an hour. Anything over this is considered a “good” salary. However, the majority of New Yorkers earn much less than $82,800. That means that the average salary for this job in New York is nearly 50% higher than the median income in the city.
In the District of Columbia, a financial analyst can earn up to $106,490. The next highest-paying state is Connecticut, where analysts earn up to $102,610 on average. Depending on their level of experience, the salary for this job can rise significantly. By the year 2028, financial analyst salaries are expected to rise by six percent.
According to the U.S. Bureau of Labor Statistics, the average financial analyst makes about $81,590 per year, with the lowest 10 percent earning around $47,000. However, this is closer to the starting salary range for this role. For instance, according to Robert Half Finance & Accounting, a one-year-old analyst will start on an average salary of $53,250, with the median salary rising to $69,250 for those with three or more years of experience.