Business Analyst, Finance/Banking Salary
A substantial slice of final earnings for Finance & Banking Business Analysts (roughly one-half) arrives through commissions. Median overall income in this area is approximately $62K. In the world of Finance & Banking Business Analysts, overall income ranges from $41K near the bottom to $101K at the top; this can include more than $15K from bonuses and more than $11K from profit sharing in exceptional cases. While the company and years of experience impact pay for this group, geographic location is the most influential factor. Most Finance & Banking Business Analysts like their work and job satisfaction is high. Women are just slightly outnumbered, with male Finance & Banking Business Analysts making up 59 percent of survey respondents. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. This report is based on responses to the PayScale salary survey.
Job Description for Business Analyst, Finance/Banking
A business analyst is someone who scrutinizes the financial aspects of the business and determines if there are any changes that could be made to make the business more successful. A successful analyst needs a detailed mind that is able to analyze data and come to conclusions based on this data. Based on these conclusions the analyst makes recommendations and changes to improve the business.Read More...
A business analyst requires essentially two overarching goals. One is to be able to gather, analyze and interpret data in areas such as budgets, financial planning and forecasting, and cash flow projections. Secondly, the business analyst must be able to coordinate, organize and direct organizations of projects and processes related to the financial sector of business. They must develop and implement goals and procedures based off of the data that they analyze.
A business analyst will often require a bachelor's degree in accounting, finance or information technologies. They may also have a technical background as a programmer or computer engineer. A successful business analyst must have this background as they draw upon this as the means to be able to interpret the data. However, they must also be able to work with people within the business to design feasible and obtainable goals to improve the business. Thus, they must not only be able to identify the problem but also come up with the solution to fix it.
A business analyst is a job that requires attention to detail and an innovative mind to fix problems. It is mentally stimulating and very fulfilling when they lead the business into the green!
Business Analyst, Finance/Banking Tasks
- Coordinate, organize and direct organization of projects and processes related to the financial sector of the business.
- Develop and implement goals and procedures related to management of financial aspects of the business.
- Gather, analyze and interpret data in areas such as budgets, financial planning and forecasting, cash flow projections, etc.
Common Career Paths for Business Analyst, Finance/Banking
Finance & Banking Business Analysts' salaries may rise greatly for those who assume a higher-end position such as a Management Consultant. The average Management Consultant brings home $93K per year. Finance & Banking Business Analysts typically move into roles as Senior Financial Analysts or Senior Business Analysts, and those positions pay $14K more and $23K more, respectively.
Business Analyst, Finance/Banking Job Listings
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Popular Employer Salaries for Business Analyst, Finance/Banking
Finance & Banking Business Analysts fill the offices of leading firms J.P. Morgan Chase & Co. (JPMCC), U.S. Bank, Bank of America Corp. (BOFA), The PNC Financial Services Group, Inc., and Capital One Financial Corp. Employees of Capital One Financial Corp can expect to make the most, with the company offering a median salary of $79K; however, pay is widely dispersed from bottom to top, ranging from $50K to $103K. Other big spenders include The Bank of New York Mellon Corporation (BNY Mellon), Bank of America Corp. (BOFA), and Chase Bank, top-paying firms where Finance & Banking Business Analysts see paychecks nearing $75K, $74K, or $64K.
U.S. Bank, The Northern Trust Company and Citibank are three other employers with a reputation for below-average pay, showing salaries around $52K, $55K, and $59K.
Popular Skills for Business Analyst, Finance/Banking
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in SAS, Process Improvement, SQL, and Financial Modeling are correlated to pay that is above average, with boosts between 10 percent and 20 percent. At the other end of the pay range are skills like Windows Operating System General Use, Document Review and Distribution, and Microsoft Word. Most people skilled in Data Analysis are similarly competent in Financial Analysis and Microsoft Office. Most people skilled in Microsoft Excel are similarly competent in Microsoft Office and Financial Analysis.
Pay by Experience Level for Business Analyst, Finance/Banking
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Finance & Banking Business Analysts do not generally earn higher incomes from more experience in the field. The average worker who claims fewer than five years of experience earns around $58K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $71K. People with 10 to 20 years of experience make an average of about $79K in this role. Finance & Banking Business Analysts with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $82K.
Pay Difference by Location
For Finance & Banking Business Analysts, busy New York offers a higher-than-average pay rate, 32 percent above the national average. Finance & Banking Business Analysts will also find cushy salaries in San Francisco (+29 percent), Houston (+19 percent), Seattle (+14 percent), and Washington (+10 percent). Location is a huge contributor to overall pay, with Finance & Banking Business Analysts in Buffalo earning a whopping 29 percent below the national average. Below-median salaries also turn up in Pittsburgh and Atlanta (15 percent lower and 11 percent lower, respectively).
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Key Stats for Business Analyst, Finance/Banking
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