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Job Description And Average Salary Of Financial Analyst In Nigeria

Salary Of Financial Analyst In Nigeria

 A Financial analyst job is an awesome entry-level finance job the role offers pretty good pay. Are you a fresh graduate of a finance discipline, you can consider taking up available financial analyst jobs near you? This post will take a look at the job description and average salary of financial analysts jobs in Nigeria.

Who Is A Financial Analyst?

A financial analyst’s job is to help organizations and groups maximize their financial resources. They offer direction and recommendations regarding how much they ought to put toward equities or bonds. They evaluate which assets will yield the best return relative to their value. A financial analyst creates financial projections and offers management teams or other stakeholders who require financial insight recommendations based on their findings.

To uncover and forecast investment opportunities in the market, a financial analyst must constantly adapt and learn. They create strong financial plans for a business using data from the past and the present, making adjustments as needed in response to shifting circumstances or new knowledge. So that they may offer wise advice, they must keep up with the most recent financial developments.

Depending on the sector or company, a Financial Analyst may work with different people. Finance Analysts, for instance, can collaborate with firm owners, department managers, and financial managers.

Financial analysts analyze economic trends, recent business news, and the company’s overall business plan to give corporations and people knowledgeable advice on business investment decisions. Based on their industry expertise, analyses of market trends, business news, and the company’s financial status, financial analysts assist companies in making business or investment decisions.

Financial analysts may work for businesses as well as for institutions like banks and investment firms. Financial, economic, accounting, or statistics degrees are frequently held by financial analysts.

Different Types Of Financial Analysts

Buy-side analysts and sell-side analysts are two subcategories of financial analysts.

Buy-side analysts: They come up with investment strategies for businesses that buy securities and other financial assets. 

Mutual funds, hedge funds, insurance firms, independent money managers, and nonprofit organizations are some of these businesses they deal with.

Sell-side analysts: They act as financial services sales representatives that sell stocks, bonds, and other investments that need assistance and direction.

Career Paths For Financial Analysts

Portfolio managers: They help to identify the finest investment options and choices for a company’s business portfolio, research the market’s present condition, and collaborate with other financial experts. 

They can more accurately forecast the direction of the market thanks to their in-depth knowledge of current business trends. 

Portfolio managers use this information to help people and corporations make informed investment decisions.

Fund managers:  They mainly work with mutual funds or hedge funds. To assist in making wise judgments, they stay informed on the fund’s general objectives as well as current market conditions.

Rating analysts: To provide informed advice on how a company should go, they study and analyze the market as well as the firm’s financial capabilities and strategies.

Risk analysts:  They help businesses assess the level of risk in potential investment decisions by combining their business and financial skills. 

Risk analysts help track and reduce a company’s financial loss and offer recommendations based on the results of their investigation. Assessing and reporting asset losses, remaining up to date on market trends, and gathering and evaluating data are frequently the responsibilities of risk analysts.

Senior roles include: 

Senior financial analysts:  They may direct a team of analysts and control bigger financial analysis initiatives to support an organization’s leadership team.

Finance managers: They are in charge of a company’s financial stability. They create plans for their organization’s long-term financial objectives.

Below are executive-level positions:

Finance directors:  They utilize the expertise they have gathered over their career in financial analysis to assist in managing all financial activities inside a company.

Chief financial officer: The business strategy, direction, and financial activities of the organization are managed by the chief financial officer, this is the highest executive financial position.

Qualities Of A Good Financial Analyst

Because they frequently discuss complex financial issues with individuals from many various levels of a company, excellent financial analysts have exceptional communication skills.

Job Brief Of A Financial Analyst

 Financial Analysts are being hired to deliver precise and factual information on the profitability, solvency, stability, and liquidity of the organization. To assist the business in making informed decisions, you will conduct research, evaluate financial data, prepare reports, and keep track of financial activity.

Job Description Of A Financial Analyst

  • Consolidate and analyze financial data (budgets, income statement forecasts, etc) taking into account the company’s goals and financial standing
  • Provide creative alternatives and recommendations to reduce costs and improve financial performance
  • Assemble and summarize data to structure sophisticated reports on financial status and risks
  • Develop financial models, conduct benchmarking and process analysis
  • Conduct business studies on past, future, and comparative performance and develop forecast models
  • Identify trends, advise the company and recommend actions to a senior financial analyst based on sound analysis
  • Track and determine financial status by analyzing actual results in comparison with forecasts
  • Reconcile transactions by comparing and correcting data
  • Gain and update job knowledge to remain informed about novelty in the field
  • Consult with management to guide and influence long-term and strategic decision-making within the broadest scope
  • Drive process improvement and policy development initiatives that impact the function

Requirements And Skills For A Financial Analyst Job

  • Proven working experience as a Finance Analyst
  • Proficient in spreadsheets, databases, MS Office, and financial software applications
  • Hands-on experience with statistical analysis and statistical packages
  • Outstanding presentation, reporting, and communication skills
  • Proven knowledge of financial forecasting and diagnosis, corporate finance, and information analysis
  • Well-informed in current financial subjects, accounting, tax laws, money market, and business environments
  • BS degree in Finance, Economics, or related field

Average Salary Of A Financial Analyst In Nigeria

Based on salary estimates from 44 individuals that work as financial analysts, the average monthly salary for Financial Analysts in Nigeria is 228,000 Naira. Entry-level financial analysts earn up to 215,000 Naira while mid-level financial analyst earns around 232,000 Naira. A senior-level financial analyst earns up to 504,000 Naira per month. 

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