Best Careers: Financial Analyst

The rundown:

Poring over financial earnings statements and scrutinizing companies to their core is how you'll spend much of your time as a financial analyst. You'll most likely be employed by an investment bank, insurance company, mutual fund, pension fund, or securities firm, and your job will be to gauge the performance, health, and value of companies in which the company may want to invest. Analysts generally develop expertise in a particular slice of the economy, be it an industry, country, or asset class such as bonds. You may work on the "buy side," for heavyweights such as hedge funds or universities with hefty endowments and plenty of money to invest, or the "sell side," advising a brokerage on whether to, in turn, tell its clients to buy, hold, or sell a stock.

[See a list of The 50 Best Careers.]

The outlook:

Employment of financial analysts is expected to grow by 20 percent between 2008 and 2018, much faster than the average for all professions, according to the Bureau of Labor Statistics. That means another 49,600 positions in addition to the 250,600 that existed in 2008. But competition for these jobs is still fierce, particularly for new analysts.

Money:

The paycheck is good. Median annual earnings—including bonuses, which can make up a large chunk of total earnings—were $73,670 in May 2009, according to the Bureau of Labor Statistics. The top earners pulled in more than $139,350.

Upward mobility:

You'll get a leg up by obtaining a certification such as chartered financial analyst or taking advanced courses in subjects related to your specialty. The ambitious—and, in most cases, talented—can look forward to taking on larger responsibilities and advancing to supervisory positions. The best of the best may become fund managers.

Activity level:

This is not a 9-to-5 job. Be prepared for your work days to run into the night. Analyzing companies requires wading through an avalanche of research, so you'll spend plenty of time in the office. But your job isn't entirely sedentary: Assessing a company's health often involves traveling to meet with management in person.

[See a list of the best business careers.]

Stress level:

Keeping abreast of industry trends and new regulations, dissecting multiple companies' financials, leafing through piles of research, and monitoring the economy can be overwhelming and require long hours.

Education and preparation:

A bachelor's degree is a must—preferably in finance, business administration, accounting, statistics, or economics—and many financial analysts pursue a master's degree in finance or business administration. A license may be required, but most are sponsored by an employer.

[Find online degree programs in business.]

Real advice from real people about landing a job as a financial adviser:

While numbers are a big part of the job, Karen Klugh of the American Financial Services Association urges aspiring analysts not to ignore business etiquette skills, in order to "become more polished." Young adults, she says, often focus so heavily on technology as a means of communication that they forget how to network and relate to people on a more personal, face-to-face level. She suggests classes and career workshops to boost those social skills.

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