Becoming a financial analyst can lead to a stable career with a good income

As Malaysia continues to grow economically, the demand for skilled financial analysts also increases, be it in banks, insurance agencies and wealth management firms. Their primary duties include gathering data, tracking market movements, recognising trends and offering recommendations to clients.

Financial analysts assess various large-scale investments across many industries, leading to big economic impacts.

Employers are constantly searching for financial analysts

 According to Jobstreet, there are currently over 1,000 open financial analyst positions in Malaysia. This vacuum of skilled professionals and the growing complexity of financial markets reflect the increasing need for skilled professionals to analyse data, assess risk, and provide strategic guidance to businesses and investors.

In an environment characterised by uncertainty and rapid change, financial analysts are crucial in providing accurate and timely analysis for guiding effective financial decision-making and ensuring the long-term success of organisations in the finance industry. They assist businesses and individuals in pinpointing potential investment prospects and evaluating the outcomes of their strategic choices to optimise profitability.

Through the analysis of data related to customer behaviour and economic climates, financial analysts assess the performance of various investments, including stocks and bonds, across different businesses. Additionally, they may also be responsible for ensuring organisational compliance with regulatory statutes.

According to a 2022 FMT article, financial analysts are one of the 8th highest-paying accounting jobs in Malaysia, typically earning RM7,200-RM9,300 monthly.

 Financial analysts take on a range of tasks and responsibilities, beginning with the meticulous collection and analysis of data.

Financial analysts also enjoy diverse avenues for upward career mobility, as outlined in a Noble Desktop article. They can advance their careers by acquiring additional certifications, expanding their skill sets, and demonstrating proficiency in handling complex financial analysis.

Responsibilities and duties of a financial analyst

The responsibilities and duties of a financial analyst encompass a diverse range of tasks aimed at providing comprehensive financial insights and strategic guidance to organisations.

In-depth variance analysis is conducted to identify emerging trends and potential issues, enabling proactive decision-making to address challenges effectively.

Analysts also provide invaluable financial guidance to management and stakeholders, ensuring corporate decisions align with organisational objectives. Evaluating investment opportunities is another key aspect of their role, where they assess risks and returns to make recommendations that optimise the organisation's financial portfolio.

In addition, financial analysts conduct cost-benefit research to identify opportunities for cost savings and efficiency improvements, contributing to overall financial health and profitability. They actively participate in budgeting and forecasting processes, leveraging their analytical skills to support accurate projections and resource allocation decisions.

Financial analysts closely collaborate with other departments to enhance financial performance.

Ensuring compliance with financial regulations and standards is also a critical responsibility, requiring meticulous attention to detail and a comprehensive understanding of relevant laws and regulations. Additionally, they also closely collaborate with other departments to enhance financial performance, fostering cross-functional partnerships and driving continuous improvement initiatives.

How do I become a financial analyst?

To become a financial analyst, you typically start by completing a bachelor's degree in finance. Universities that offer courses related to this field include, Multimedia University (MMU) and Universiti Tenaga Nasional (UNITEN). Subsequently, pursuing a master's degree in finance or a related discipline can provide advanced knowledge and enhance job prospects. Obtaining relevant certifications such as the Chartered Financial Analyst (CFA) designation can further demonstrate expertise and credibility in the field.

Alongside formal education, developing essential skills such as financial modelling, data analysis and a proficiency in financial software is crucial. Building a strong foundation in communication, critical thinking and problem-solving skills is also essential for success in this role.