Do you want to become a senior financial analyst? Do you wonder what this role offers?
If so, you’ve come to the right place. In the following points, we’ll cover the average pay for this role and how much you can expect to earn depending on your experience and skills. We’ll also explore how you can pursue a career in this field by acquiring the right qualifications.
What is the average Senior Financial Analyst salary in the US?
The average salary of a senior financial analyst in the US is $82,037 per annum. Pay for this role may start from $65,000 per annum and could go up to $111,000. The bonuses for this role could be as high as $13,000, while the commissions may go up to $31,000.
Such high median pay shows that there’s significant demand for senior financial analysts. Keep in mind that the average income denotes salaries for early-career professionals in the field with the others. Your pay can be significantly high depending on your skills and experience.
What does a Senior Financial Analyst do?
A senior financial analyst determines the statistical, economic, and financial risks, organizes solutions to enhance the progress of a project, and analyzes the accounting data. They are seasoned experts in financial analysis and manage a team of financial analysts. Sr. financial analysts are responsible for the productivity of their team. Their team members perform various technical tasks such as data collection, making projections and forecasts, organizing information, and creating reports and presentations.
Hence, they ensure that their team has the necessary resources and guidance. They also handle any conflicts arising within their team. They assign tasks, review reports, compile data, organize presentations for the company’s leadership, and determine the risks and rewards.
Sr. financial analysts also train their team members to enhance their current skills and develop new ones. They work in almost every industry and company of all sizes. So, their work environment can vary significantly. A senior financial analyst working in a startup would have a different schedule from one working in a large enterprise. However, in most cases, the standard workweek is the most common among these professionals. They might be tasked with general financial analyst responsibilities and creating financial models or making forecasts. Senior financial analysts are also responsible for reviewing the work done by their teams to ensure there aren’t any errors. The work hours of a senior financial analyst might also depend on the organization’s unique requirements (deadlines, urgent projects, etc.).
What factors affect the average Sr Financial Analyst Salary in the US?
The Sr. financial analyst salary ranges from $65k to $111k due to various factors. You can determine your expected salary provided you are aware of the factors affecting the average annual salary in this field. The most prominent of those factors are:
Here’s how each of them affects your salary as a senior financial analyst:
The most influential factor that determines how much you can earn in this sector is your professional experience. A senior financial analyst is a higher-level position and requires several years of experience to join the role. However, how much experience you have as a senior financial analyst can play a major role in determining your salary. Data shows that your pay increases steadily in this role as you gain further experience.
Low experience in the role results in lower pay as entry-level, and early-career professionals in this sector earn 13% and 6% less than the median, respectively. On the other hand, late-career and experienced senior financial analysts make 7% and 11% more, respectively.
A senior financial analyst with less than a year’s professional experience earns an average wage of $71k per annum (including bonuses, commissions, overtime). Similarly, those with one to four years of experience in this sector earn an average compensation of $77k per year, while those with five to nine years of experience make $84k per annum.
Senior financial analysts who have 10 to 19 years of experience can expect to make $88k per annum on average, and those with more than 20 years of experience earn $91k per year.
Keep in mind that with sufficient experience and expertise, you can also get promoted to senior roles such as Finance manager (average pay of $93k per annum) or Finance director (average pay of $113k per annum).
What skills you possess play a massive role in determining your pay as a senior financial analyst. The industry’s demands change constantly, and if you develop the required skills, you can easily bag high-paying roles in the sector. That’s why it’s vital to stay up to date with the latest market trends, as it can help you accelerate your career growth substantially.
The most popular skills among senior financial analysts in the US are financial modeling, financial reporting, Microsoft Excel, and financial analysis. Having these skills in your resume can help you become an in-demand candidate among recruiters.
The most beneficial skill to have as a senior financial analyst is a business strategy, as professionals with this skill in the field earn 15% more than the median. Another notable skill to have is familiarity with SAS (statistical analysis system), which offers 13% more than the average pay. Other skills that offer above-average income are:
- Business planning and control systems (13% more than the average)
- SAP2000 (8% more than the average)
- SAP business warehouse (8% more than the average)
- Earned value management (8% more than the average)
- Risk management (5% more than the average)
Pay for this role varies significantly from location to location. That’s because the cost of living is unique to every city. After all, every city has a specific financial climate and industry. Some cities offer higher salaries than others. Cities that offer the highest salaries to senior financial analysts include San Francisco (25.7% more than the average pay), Los Angeles (4.4% more than the average pay), and Seattle, Washington (10% more than the average pay).
On the other hand, some cities have lower salaries, such as Boston, Massachusetts (2% less than the average), Denver, Colorado (1% less than the average), and Atlanta, Georgia (3% less than the average).
How much you earn also depends greatly on the organization you work in. Senior financial analysts find employment in every industry due to the role’s unique nature and their high expertise in financial matters. It’s a highly in-demand profession, and every company requires the skills of a senior financial analyst to help them get ahead of their peers.
Organizations that offer high salaries to this role include Intel Corporation (average pay $93,909), Amazon.com Inc ($93,348 average pay), and Raytheon Co. ($85,795 average pay).
How to become a Senior Financial Analyst?
The role of a senior financial analyst is very delicate. It requires a unique combination of management skills and financial analytical skills to succeed in this profession. That’s why companies look for highly skilled candidates for this role. If you want to become a senior financial analyst, we recommend joining the Master’s Degree in Data Science program of the International University of Applied Sciences, Germany. They offer the degree course in partnership with upGrad and offer dual accreditation: Executive PG Program from IIIT Bangalore and Master Degree from IU, Germany.
upGrad has over 40,000 international learners spread across 85+ countries across the globe. Hence, joining this program will allow you to network internationally and receive 500+ hours of study material, 60+ case studies with ten electives to choose from.
The average Sr. financial analyst salary is significantly high, which shows a lot of demand for this role. If you want to pursue a career in this field and become a senior financial analyst, we recommend taking the course we shared above. It would help you develop the required skills and become a sought-after professional easily. So, be sure to check it out!