A financial analyst gathers all information, writes reports and assembles spreadsheets, and reviews all the non-legal pertinent data about prospective deals.
In easy words, a financial analyst examines financial data in a company and also helps the companies to make a new business decision. Their analysis is meant to inform about the investing decisions of an organization.
Advantages and Disadvantages of Being a Financial Analyst
|ADVANTAGES OF BEING A FINANCIAL ANALYST||DISADVANTAGES OF BEING A FINANCIAL ANALYST|
|1. Financial analysts can make a decent amount of money||1. Financial analysts often work long hours|
|2. Financial analysts can afford proper health insurance||2. Financial analysts have a poor work-life balance|
|3. Financial analysts have decent job prospects||3. Financial analysts may have to work on weekends|
|4. Good promotion opportunities for financial analysts||4. Working as a financial analyst can be stressful|
|5. Financial analysts can work for many different companies||5. Hard to start your own business as a financial analyst|
|6. Financial analysts can avoid physical work||6. Sleeping problems can be annoying|
|7. Financial analysts can work indoors||7. Lack of creativity can be frustrating|
Advantages of Being a Financial Analyst
A financial analyst can make a decent amount of money
Being a financial analyst, you can make a good amount of money. Your starting salary will be nicer than any other people who are indifferent to job posts.
As a good financial analyst, you can make double your first salary within a decade.
You can have a decent lifestyle and also you can afford many expensive and luxurious things which you want to and can have a rather easy time as you will be able to cover your bills easily.
A financial analyst can afford proper health insurance
Because of your high income, you will be able to afford proper health insurance. While many people out there do not have this kind of insurance at all.
So, in case of a medical emergency, they cannot get a good kind of treatment even. While on the other hand, you can afford the best medical treatment. Thanks to your high salary.
A financial analyst has decent job prospects
Another advantage of being a financial analyst is that you will have a decent job prospect. People with good financial education are always needed in a company, you can say those people are the backbone of an organization.
With a good financial plan, you can compete in a fierce global market. This means you do not have to worry about losing your job.
As many other people have to worry about losing their job with the passing of time. On the other hand, you can be stress-free on this matter of losing your job easily.
Good promotion opportunities for financial analysts
As a financial analyst, you have pretty good promotion opportunities. As we already discussed, your salary can double within a decade.
This means if you are good at what you are doing you can easily get a promotion to be a financial analyst in a company.
You will be able to meet with different types of people from different departments and they will be the ones who will try to promote you into leading roles.
A financial analyst can work for many different companies
Being a financial analyst, you can also work for many different companies. Corporations in many industries always search for people with strong financial backgrounds.
If you are good at your work then you will be in demand for almost every company as a post of financial analyst. Even the banking sector offers you a better work-life and more leisure in general.
A financial analyst can avoid physical work
Working as a financial analyst you can avoid physical work, but you will be facing mentally demanding situations. While some people on another job may have to work physically under the naked sky in cold winter or hot summer.
But on the other hand, you can enjoy your working environment in any season, as you have to work indoors in an office and you will have a much lower risk of suffering from physical health problems in your old age or future.
A financial analyst can work indoors
As we discussed, you can work indoors and also might have luxury or working conditions. While others have to work in the cold winter or hot summer, but you do not have to worry about working outdoors as there will be an office for you.
Disadvantages of Being Financial Analyst
Financial analyst often works long hours
There are some disadvantages of being a financial analyst, and one of them is that you often have to work for long hours.
If you are in the banking industry then you may often work much longer compared to the other people out there in other job positions. Hence, you may have to work for more than 60 hours in a workweek.
A financial analyst has poor work-life balance
As we discussed, you might have long working hours, and for that reason, you might have a poor work-life balance in the post of financial analyst. You may not have enough time for your families, friends, or your favorite persons.
The financial analyst may have to work on weekends
It is not only about long working hours or extra working shifts, but also you may have to work on weekends.
Surely, not on every weekend, maximum weekends you will get off, but on a few, you may have to do some office work. This will prevent you from spending time with your families or friends or you may not take out time for yourself.
Working as a financial analyst can be stressful
Being a financial analyst, you should also not underestimate the stress you have to take in this post.
You will not get enough time to finish your work as you can make some sense about the extra-long hours discussed before. You have to always be on time otherwise there will be no value for you in this post.
In turn, you may do quite a bad result and for this, you may get fired from your office. So, if you can take that kind of stress then only you should go for this career. Otherwise, it can cause serious problems in your brain in the future.
Hard to start your own business as a financial analyst
If you are a person who has planned to be self-employed then the career of being a financial analyst is not for you. Competing in this field as a newcomer is almost impossible as some big companies share the market.
Sleeping problems can be annoying
Due to high stress or pressure of workload, you might also get sleeping problems in the future.
In fact, many financial analysts are not able to free from work and also think about the mistakes they have done in their work during the night time so for this reason, it is difficult for them to sleep at night and which is a serious problem for their health.
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