Financial Planning Analyst Salary
For Financial Planning Analysts, yearly average wages total $61K annually. Total incomes of Financial Planning Analysts incorporate potential for, in a few cases, more than $10K from bonuses and close to $3K from profit sharing; these performance components cause packages to range between $45K and $86K. Geographic location is the main element affecting pay for this group — the specific employer and tenure are driving factors as well. Job satisfaction is reported as high by the vast majority of workers. Men account for the majority of Financial Planning Analysts who responded to the questionnaire — 67 percent to be exact. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The data for this snapshot was collected from individuals who took PayScale's salary survey.
Job Description for Financial Planning Analyst
The people who study potential areas for investment (such as technology, utilities, real estate, and many others) and attempt to forecast how strong those markets will be going forward are financial planning analysts. Financial planning analysts look at industry data from the market sector to which they are assigned and attempt to forecast trends. They also look at any legislation, regulations, or court cases that might affect their respective field of analysis. The analyst also looks at the economy in general and attempts to help other members of a financial institution's planning and investment team best invest the firm's money and determine how to advise clients. Financial planning analysts typically work in an office environment in banks or investment houses, normally during regular business hours.Read More...
Analysts in this occupation typically have at least a bachelor's degree in finance, business, or a related field. They also need related experience as well. A financial planning analyst must be able to examine data and extrapolate useful information to form recommendations and reports to be used by advisers and investors in the firm. As such, many financial planning analysts have a graduate-level degree in business management or finance.
Financial Planning Analyst Tasks
- Create financial strategies for customers in line with their desires and resources.
- Manage client relationships and grow customer base.
- Assess trends in client and market behavior and modify strategies to optimize financial growth.
- Manage portfolios and update customers on current or future developments.
Common Career Paths for Financial Planning Analyst
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Popular Skills for Financial Planning Analyst
Survey results imply that Financial Planning Analysts deploy a deep pool of skills on the job. Most notably, skills in Budget Management, Financial Reporting, Forecasting, and Financial Modeling are correlated to pay that is above average. At the other end of the pay range are skills like Valuation, Cash Flow Management, and Process Improvement. Most people who know Financial Analysis also know Microsoft Excel.
Pay Difference by Location
Atlanta offers some of the highest pay in the country for Financial Planning Analysts, 27 percent above the national average. Financial Planning Analysts can also look forward to large paychecks in cities like Seattle (+25 percent), Houston (+17 percent), New York (+8 percent), and Chicago (+6 percent). Pittsburgh is home to the smallest salaries in the field, lagging the national average by 18 percent. Not at the bottom but still paying below the median are employers in St. Louis and Los Angeles (10 percent lower and 6 percent lower, respectively).
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