The Salary of a Senior Research Financial Analyst
Financial research analyst careers are one of the top 50 careers to pursue, according to CNN Money's 2009 "Best Jobs in America" list. Financial research analysts work in both the private and public sectors, conducting quantitative analyses to determine the financial well-being and future of companies. Those who they work for use this information to make investment decisions. According to the Bureau of Labor Statistics, there were more than 220,000 financial analysts employed in the United States in 2010. Salaries for senior research analysts tend to be toward the top end of the pay scale.
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Pay Scale
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The average salary for all financial analysts nationwide was $86,040 per year in 2010, according to the Bureau of Labor Statistics. However, this salary reflects the money earned by those with all levels of experience and not just those who work as senior research analysts. Those that have significant experience in the field generally make above the median salary in the field, which was $74,350, according to the bureau. The upper 25 percent of all financial research analysts made more than $74,350 per year, while the upper 10 percent made salaries in excess of $141,700.
Industries
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Financial analysts earn salaries commensurate with the industry in which they work. According to the BLS, the highest-paying industry in which a financial analyst can work is the financial investment sector, where analysts made salaries of $112,640 per year in 2010. Those working in the management sector for various corporations and enterprises made an average salary of $80,780 per year, while those in the insurance field made an average of $77,320. Senior financial analysts can generally expect to make more than the average salary in the field in which they work.
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Location
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Senior financial analysts will also typically make above-average pay for the geographic location in which they are employed. However, an examination of the salaries for these financial researchers can provide a guide as to how much the senior analyst can generally earn at a minimum. According to the BLS, those employed in the states of New York, Connecticut, California and Oregon were the top-paid financial analysts and earned average salaries in excess of $94,000 per year in 2010. At the top of the pay scale were those in New York, who made an average of nearly $109,000 on an annual basis. Texas, Massachusetts and Illinois were among the states with the largest number of financial analysts, besides California and New York. Analysts in these states averaged between $80,000 and $90,000 per year.
Job Outlook
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The job forecast for those working in the financial research analysis field appears favorable, based on Bureau of Labor Statistics projections for 2008 to 2018. The bureau indicates that it expects 20 percent job growth for financial analysts during this period of time. Two factors play a role in this projected job growth. First, the bureau notes that increased complexity of global markets calls for additional expertise from financial analysts in order for businesses and corporations to be successful and competitive. Secondly, the increasingly large sum of assets under control by each company makes it necessary for them to rely on expert projections and analysis.
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References
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