How to Become a Financial Analyst?

The Financial Analyst position is the entry-level position within most areas of finance. It’s where you begin your career and start learning about the industry. One way or another, most people who are in finance, or have pursued careers in finance have started out as a financial analyst in some capacity.

A lot of what you’ll need, experience or education will depend on the field or industry you’re trying to break into within finance. Some areas of finance that are offering financial analyst roles require different levels of experience, expertise, education, and backgrounds. There are a lot of different ways to secure a position as a financial analyst and become a full-time financial analyst, here are a few…

Obtain an Internship in Finance

A lot of positions nowadays go through the company’s intern programs. They like to get a feel or get to know the candidates out there and feel more comfortable hiring people they already know. Once you get a position in finance, then it’s on to you to produce a high quality of work and make them invite you back. Your end goal is to get a full-time position, and the way to do it is by proving to the company you’re interning for that you’ll be a great, productive, likable financial analyst.

Attend Career Fairs

The thing everyone dreads, going to a career fair where everyone and their mother is competing and looking for the same positions. But there are company’s there who are looking to hire people and have open positions. Just attending a career fair is one step, the next step is how do you stand out. Try and think of a unique story or something you might have in common with people from the company. Use small talk, or group conversations to learn more about them, and try in any way to relate to them, or to start a conversation based upon a shared interest, or something in common.

Reach Out to People You Know

This is probably the best and most powerful way to get a financial analyst position. Every company is going to give more of a consideration to people who know their other employees or have some connection to the firm. By knowing someone or having a connection to a company that is offering a position is worth its weight in gold. Being referred to a company or getting in touch with someone at a company you might want to work for, and having a pre-existing relationship is one of the best and most effective ways to get a financial analyst position.

Set Up Information Interviews

This requires a bit of cold outreach, to people you’d like to speak with regarding their path, the company they work, or the position they have. Every relationship has to start somewhere, and if you reach out to people to have a cup of coffee or to have a 10-15-minute phone call can go a long way. Odds are fewer people are doing this than the number of people who are applying for the open positions. And if you’re able to strike up a relationship by having this person mentor you or give you advice on your path, and your journey that’s a win win.

One thing we’d like to point out is when you have or set up informational interviews, you don’t want to ask them for a job the first time you speak. You want to build a relationship with them by asking them their advice, or seeing what they think about an interview you might have or an assignment that involves the field they work in.

Networking

Building your own personal network is a great way to find a position or meet someone who’s close to a financial analyst position. The great saying around networking is, that it’s not what you know, it’s who you know. The more people you meet and build relationships with, the more opportunities will become available to you. Companies and industries are a lot about the people within them, and meeting as many as you can, in the industry you want to work in is a good idea.

It’s a bit tricky to discuss getting a job with people or trying to convert a relationship into a job, but if you let them know you’re in the market looking for a position you never know where the conversation might go. It’s scary and risky because you also don’t know what might happen to the relationship after it, but if it goes in a negative direction, it wasn’t worth having or going to be good for you anyways.

Take the chance and make the move to discuss your job search.

Go on Interviews

Any financial analyst positions you’re trying to get is going to require some type of interview. Every company is going to want to speak with the people they might hire or to potential candidates. It’s part of the recruiting process and is a great way for you to separate yourself from the pack. If you’re able to relate to the interviewers or prove that you know your stuff, you’ll be setting yourself way ahead of the pack.

The interview is probably the most crucial part of the recruiting process and has the ability to get you the position if it goes well, and you do a good job. Also, you never know if someone you interview with refers you to another company or for another position within the same company.

Figure Out a Unique Angle

This one requires some thinking and creativity. Odds are every financial analyst position is going to have hundreds or even thousands of candidates. You have to try and find a way to separate yourself besides your Resume. This could mean creating an artistic map that takes the place of your resume, a video that showcases who you are and the skills you have, or a portfolio of work you’ve completed.

Pitching that interesting idea, you have for the company, or find a problem they need solving that they aren’t aware of, is also something that could catch the eye of the company and give you an edge.

Either way, separating yourself is something that you’re going to have to do in the recruiting process, and will require a level of creativity and courage. Taking the chance and having the courage to be different is a good thing and can give you the edge you need to get the financial analyst position you’re recruiting for (get ready for some butterflies).

Major in Business, Finance, Economics, or Math

Finance companies want to see some type or level of interest in the field you’re trying to get into. The coursework you choose in college or university shows what you’re interested in on a level. The major you choose indicates you see value in the degree, or you’d like to do something with that degree, or in a similar or translateable field.

The major you choose determines a lot of the classes you take, the topics you learn, and the skills you were to get familiar with. You’ll also be spending a lot of time, and energy completing the major’s coursework, which will require some level of interest or desire.

If a company sees that you have knowledge of finance through IRR’s, NPV’s, and PV, odds are they are going to know you’ve taken an interest in finance. You are trying to become a financial analyst, and one of the things that come before it is an interest in the financial industry, or the desire to build a career in finance.

Take Up Extracurriculars

This is a great one, as you never know who you might meet, or if a person you’re interviewing with did the same thing or is interested in it. A few great ones are the financial clubs, or investment clubs at your school, but also any hobbies or foundations you might be involved in. The more you do, and the more people you meet the higher the likelihood you find someone who might know someone in finance or refer you for an open position. These are also great to put on your resume and to discuss in an interview.

Another great extracurricular activity is case competitions. These put you to work in the field, or industry you’re looking to get into and allow you to compete, learn, and gain experience on a real-life deal. It allows you to get your hands dirty, and take a deep dive into a real-life case or deal. There’s also usually networking or events that are involved with these case studies which is another great way to meet people and get out there.

Mentors or Professors

If you have someone you look up to or go to for advice whether its personal, professional, or academic, they might be someone who can help you find a financial analyst position. Odds are professors, and older people have established networks that range far and wide, most likely touching the financial industry. The key is to build up a meaningful relationship with them, whether they see value or potential in you, and would like to play a part in your success, or want to help you out.

Professors are a great way to get connected to companies and financial analyst positions. Especially the finance, and business professors. If they’ve been at the school for a long time, they’ve probably had former students who are financial analysts or at companies who are looking for financial analysts. At the end of the day, they are there to teach and educate students. If they can help you, and they believe in you, hopefully, they will.

Search Job Boards

A great way to find open financial analyst positions is through job boards. A lot of niches have their own individual websites or job posting sites where you can find open opportunities. Most will ask for you to upload your Resume, or to fill out an application form. Companies will screen your resume and see if you’re someone who has the background or experience, they’re looking for. There are going to be a lot of candidates and applicants for these positions, so it’s best to apply for a lot of jobs through these job boards or to try and find a way to stand out among all the applicants.

Stay Up to Date on The Market/Current Events

Every person you’re going to be interacting with in finance is going to have their pulse on the market and watching it daily. Odds are they are going to be watching the yield curve, the different earnings reports, GDP numbers, and the sentiment of the market. It’s great for you as a candidate for a finance position to be able to hold your own in a financial conversation that’s based around the market, the direction of the market, or the current state of the market.

Being able to have a viewpoint or discuss a particular narrative is an incredibly useful thing to have in your pocket. A lot of times in interviews you’ll be asked to pitch an investment or be asked to hear your forecast on the market or the direction you believe it’s going. It’s a good idea to stay informed about the market and up to date about what’s going on.

HR Departments

A lot of hiring goes through companies HR departments’. Often times they’ll be asked to find candidates or bring in candidates for interviews. It’s a good idea to keep in touch or to try and start building relationships with the HR people at the company you want to work for. They know which teams or areas of the company are looking for new people. They sometimes have a say in candidates hiring and are the ones conducting the preliminary screening interviews.

Crush Your Interviews

The interview is a big part of any companies hiring process, probably the biggest part. A lot of times, all you really need to do is to get to the interview, then it’s a whole new game. Once you step in the door and are in a room with the people who have a say in hiring you, you’ve made it to the next step. If you’re able to impress them and show them you’re capable of performing the tasks and responsibilities of the position, then you’ve moved into consideration.

It’s also important that they like you. You don’t want to just be bragging and showing off what you know or what you’ve done. These people are also going to be working with you, seeing you on a day to day basis, and having to be around you for a good chunk of time. Part of the hiring process will be predicated around how well you would fit in the company, and if you would be comfortable in the company’s culture.

Conclusion

Getting a financial analyst position is going to require some level of time, commitment, and energy. What a financial analyst does, depends on the industry or niche you’re looking to get into. There are a lot of applicants for all of these positions, and you have to figure out a way to stand out or separate yourself from the pack. Some of the ideas or suggestions above most people aren’t doing or are overlooking.

If you want something that not many people have, you’re going to have to do something that not many people do. Embrace the process and keep fighting, it took us over 100 interviews to get our financial analyst position.

Just to set the stage, even if you do all of these, or some of these, you still aren’t guaranteed or promised a position. You never know who you’re competing against and whether they have close ties to the company. Every company and every situation chooses candidates for different reasons. Sometimes you’ll understand why you didn’t get a position, sometimes you won’t, it’s just the nature of the recruiting process.

These are some good ideas to put yourself in the best situation possible to secure a financial analyst position. That’s all you really can do, and that’s in your control.