Entry-Level Salary for Financial Analysts
December 5, 2023 by JoyAnswer.org, Category : Careers
What is the entry level salary for a financial analyst? Learn about the typical starting salary for entry-level financial analysts. This article provides insights into the average compensation new financial analysts can expect at the beginning of their careers.
What is the entry level salary for a financial analyst?
The entry-level salary for a financial analyst can vary based on factors such as location, industry, company size, and the candidate's education and experience. Generally, entry-level financial analysts with a bachelor's degree can expect a starting salary in the range of $50,000 to $70,000 per year.
Here are a few factors that may influence the entry-level salary for financial analysts:
Education:
- A candidate with a bachelor's degree in finance, accounting, economics, or a related field is typically eligible for entry-level financial analyst positions. Some employers may prefer candidates with a master's degree (such as an MBA), which could potentially lead to a higher starting salary.
Experience:
- Relevant internships or work experience in finance or a related field can positively impact the starting salary. Candidates with internship experience or exposure to financial analysis tasks may be considered more valuable to employers.
Location:
- Salaries often vary based on the cost of living in a particular location. Cities with a higher cost of living, such as New York City or San Francisco, may offer higher entry-level salaries to compensate for the increased living expenses.
Industry:
- The industry in which a financial analyst works can also influence salary levels. For example, financial analysts in industries such as investment banking or technology may receive higher salaries compared to those in non-profit organizations or government.
Certifications:
- Obtaining relevant certifications, such as the Chartered Financial Analyst (CFA) designation, can enhance a candidate's marketability and potentially lead to a higher starting salary. However, these certifications often require additional time and effort to earn.
Negotiation Skills:
- Entry-level professionals may have some room for negotiation when it comes to salary. However, the extent of negotiation can depend on factors such as the company's policies, the candidate's qualifications, and the overall job market conditions.
It's important for candidates to research industry standards, understand the average salaries for financial analysts in their location and industry, and be prepared to discuss compensation during the job application and interview process. Keep in mind that salary information can change over time, so it's advisable to check with recent sources or industry reports for the most up-to-date figures.
What is the standard starting salary for an entry-level financial analyst?
The average starting salary for an entry-level financial analyst in the United States is $65,403 as of November 2023, but the range typically falls between $59,503 and $72,303. This range can vary depending on a number of factors, including the company, the industry, the location, and the candidate's experience and education.
Here is a breakdown of the starting salary range for entry-level financial analysts by company size:
- Small companies (fewer than 100 employees): $47,500 to $65,000
- Medium-sized companies (100 to 999 employees): $54,000 to $70,000
- Large companies (1,000 or more employees): $59,000 to $75,000
Here is a breakdown of the starting salary range for entry-level financial analysts by industry:
- Finance: $63,000 to $77,000
- Consulting: $65,000 to $80,000
- Technology: $60,000 to $75,000
- Manufacturing: $55,000 to $68,000
- Healthcare: $53,000 to $65,000
Here is a breakdown of the starting salary range for entry-level financial analysts by location:
- New York City: $75,000 to $90,000
- San Francisco: $70,000 to $90,000
- Chicago: $62,000 to $80,000
- Los Angeles: $60,000 to $75,000
- Dallas: $56,000 to $70,000
The following table shows the average starting salaries for entry-level financial analysts in different states.
| State | Average Starting Salary |
|---|---|
| New York | $77,500 |
| California | $73,000 |
| Illinois | $65,000 |
| Texas | $63,000 |
| Ohio | $59,500 |
Here is a list of the top ten companies that pay the most for entry-level financial analysts:
- Goldman Sachs: $85,000 - $100,000
- Morgan Stanley: $82,000 - $95,000
- J.P. Morgan Chase: $80,000 - $90,000
- Bank of America Merrill Lynch: $78,000 - $90,000
- Credit Suisse: $75,000 - $85,000
- Barclays: $73,000 - $85,000
- UBS: $72,000 - $85,000
- Citigroup: $70,000 - $85,000
- Wells Fargo: $70,000 - $85,000
- Deloitte: $68,000 - $80,000
It is important to note that these are just averages, and the actual salary you will be offered will depend on your specific qualifications and experience. However, this information should give you a general idea of what to expect when you are negotiating your salary for an entry-level financial analyst position.
I hope this information is helpful. Please let me know if you have any other questions.
