MANILA, Philippines - Wanted: financial analysts.
The Department of Labor and Employment (DOLE) yesterday reported a high demand for financial analysts, but few students seem interested to pursue such profession.
“Growth in the financial services industry will create many new positions for financial analysts, but there are still far more people who would like to enter the occupation,” Labor Secretary Rosalinda Baldoz disclosed.
Based on findings of “Project Jobsfit: DOLE 2020 Vision”, Baldoz said the labor market points to financial analysts as one of the occupations in the financial services sector that has the highest potential of absorbing the most number of workers in the next five to 10 years.
Baldoz then called on graduating high school students to consider taking up a degree in finance, business administration, accounting, statistics or economics to equip them with the necessary skills to become financial analysts.
The labor chief noted that most companies require financial analysts to have at least a bachelor’s degree in finance, business administration, accounting, statistics, or economics which provide them the required knowledge of accounting policies and procedures, corporate budgeting, and financial analysis methods.
A financial analyst provides analysis and guidance to businesses and individuals in making investment decisions. They also gather financial information, analyze it, and makes recommendations.
Financial analysts also perform tasks, including assessing the economic performance of companies and industries for firms and institutions with money to invest; reading company financial statements and analyzing commodity prices, sales, costs, expenses, and tax rates in order to determine a company’s value and project its future earnings; evaluating the ability of companies or governments that issue bonds to repay their debts; and performing budget, cost, and credit analysis.
According to Baldoz, a financial analyst needs to have skills and competencies that demonstrate strong mathematics, analytical, and problem-solving skills; good oral and written communication skills; orientation to detail, motivated to seek out obscure information, and familiar with the workings of the economy, tax laws, and money markets; computer literacy; ability to work with spreadsheets and statistical packages; and ability to present financial concepts to clients in easy-to-understand language.
“A financial analyst must also be able to interact casually with people from many different backgrounds; demonstrate self-confidence, maturity, and the ability to work independently; and polished and refined,” Baldoz said.
For those aspiring for financial analyst jobs Baldoz said, a strong academic
background, good grades in courses such as finance, accounting, and economics are very necessary while masteral degree would be helpful.
Baldoz said a financial analyst may be employed in wholesale and retail trade, repair of motor vehicles, motorcycles and personal and household goods; hotels and restaurants; transport, storage and communication; financial intermediation; real estate, renting and business activities; and public administration and defense, and compulsory social security.
Financial analysts may eventually become portfolio managers or fund managers who direct the investment portfolios or funds of their companies, Baldoz said.
Locally, a financial analyst’s entry level salary ranges from P14,000 to P30,000 per month and may even go up to P33,000 per month for those highly-trained and experienced. In the US, the median monthly pay is around $4,759.