Looking to become a financial analyst (employment, apply, degrees, real estate)

[3Ds Mommy]

Hello,

I am currently looking to become a financial analyst but don't know what would be the best way to present myself to an employer. I graduated with a Bachelor of Science in Business Administration in 2007 and my major was in marketing. I've been working in sales and customer service jobs and most recently at a mortgage company as a loan processor/analyst for the past 2 years where I just got laid off. I'm wondering if I should take some more courses in finance to be considered a candidate for employment or something else. Any advice?

[BostonAccountant]

You would most likely need to start in another entry-level position. I work at a Fortune 100 company and most Financial Analyst positions are filled by professionals with 2 to 4 years of finance/accounting experience. I see positions such as marketing analyst on job boards, I do not think they are related.

If your only goal is to become a FA, you could consider getting a masters in Finance or Accounting. I would caution against that until you get a full-time finance/accounting role, most corporations place a premium on experience over degrees.

You are fighting an uphill battle because of your degree choice, the best way to go about getting that first job in Finance would be through relatives and friends.

What city do you live in?

[3Ds Mommy]

Thanks, I considered getting my masters but that would be my last resort because of the cost. I live in St. Louis but I've also been looking for jobs in Nashville. I have noticed that the majority if not all of the positions require at least 2 years exp, even the "entry" level or Analyst I positions. What other job titles would lead to a financial analyst position?

[Hemlock140]

We recently filled an opening in our Finance Department. The requirements included an MBA, and 5 years experience, at least 2 of which were in a commercial/industrial real estate setting. Our current opening for Senior Accountant requires:

Combination of education and experience demonstrating knowledge, skills and abilities equivalent to:
Bachelor’s degree in Accounting or Business with an emphasis in Accounting. Six (6) years of progressive experience working in a general accounting environment. Six (6) years of experience working with complex financial software. Three (3) years of experience working in an accounting function within the specialized area of responsibility. One (1) to three (3) years of experience in a lead or supervisory role. All candidates must have an active Certified Public Accountant License.

PREFERRED QUALIFICATIONS:
MBA. Expertise with PeopleSoft systems including set-up, reporting and running complex queries.

[BostonAccountant]

Originally Posted by 3Ds Mommy

Thanks, I considered getting my masters but that would be my last resort because of the cost. I live in St. Louis but I've also been looking for jobs in Nashville. I have noticed that the majority if not all of the positions require at least 2 years exp, even the "entry" level or Analyst I positions. What other job titles would lead to a financial analyst position?

Entry-level positions vary depending on the industry. I graduated this past May and was lucky to get into a Financial Management Rotational Program developed to out-place us as Senior FA's.

The first thing of importance is knowing that for most major corporations the Finance department includes Accounting and Finance functions. Here roles like payroll, AP and AR are not considered accounting.

The easiest way to becoming an FA is through either a rotational program, which just about every F500 has developed, or a Associate Accountant role. You would start here and then work your way up. In my particular company most finance personnel change positions pretty frequently (in a good way).

Hemlock accurately touched on your biggest problem, as I did in the first post. A BA degree with a marketing focus is almost a non-starter due to plethora of accounting and finance degree holders. It's the same degree you possess just focussed on developing skills directly related to finance. I have co-workers who started as FA's with a straight BA degree, so it can be done.

I live in Massachusetts and do not know anything about your particular market. The masters would be a great option but only after you secured an entry-level accounting role. Todays Financial Analyst is really just a seasoned accountant. That is in corporate finance departments. If you looking at Investment firms or high finance it could be a lot different.

If you have prior business experience at all you can still apply to jobs "requiring experience", the experience they are talking about involves working with computer systems, you may know how to do that without actual accounting/finance experience. The requirement can also be met by working an internship.

The most important thing is leveraging your network, most post-college positions are secured through existing contacts in the industry. If your can afford it taking some accounting/finance classes would not hurt, but with a business degree you have already covered the most important basics. All of the other knowledge you would need for a particular role would be industry specific.