Every month, Walters People highlights a job that is in high demand on the Belgian job market.
This month, we talk about the daily life of a Financial Analyst and what to expect in terms of salary.
What are the main tasks of a Financial Analyst?
As the job title reveals, a financial analyst oversees the financial situation of the company he works for. To do so, he collects all financial data and carries out comparative analyses of these data. A Financial Analyst will look at the balance sheet, costs, turn-over, budgets etc. By this extensive analysis he will also determine reporting needs of the company and look where the existing processes can be improved. Based on those analyses, he makes the organisation's financial situation understandable for everyone allowing management to make long-term decisions regarding company strategy and investment opportunities.
What are the skills needed to be a successful Financial Analyst?
Financial Analysts must have an excellent analytical and critical mindset. They must be able to think out of the box and be creative. Because of the evolution of the job, strong communication skills are essential as well. A Financial Analyst isn’t a ‘standalone’ job but requires a real team player attitude in the finance department.
Now more than ever, Financial Analysts need to be in close contact with management and other departments in the company so they need to make sure everyone understands the financial situation and the effect it can have on their business.
Is there a high demand for Financial Analysts nowadays?
Yes, according to Jobfeed, there is a 28% increase in the number of Financial Analyst vacancies between the first half of 2019 and the second half. This strong demand is partly linked to the economic growth in 2019, which makes companies confident to hire new staff. Secondly, Financial Analysts remain an important role in organisations, so there will always be a need for such professionals.
The demand for Financial Analyst is the highest in Brussels, followed by Antwerp and Flemish Brabant, where majority of organisations in Belgium are situated.
What is the average salary of a Financial Analyst?
As published in our latest Salary Survey, a Junior Financial Analyst with up to 3 years of experience can expect a gross monthly salary of 2400-3000 EUR. Professionals with 3 to 6 years of experience can count on 2800-3700 EUR gross per month, while a Senior Financial Analyst with +6 years of experience may expect 3500-4900 EUR gross per month. In most organisations, extra-legal advantages like lunch vouchers, laptop, insurance or a company car are added to this gross monthly salary.
In 2020, Walters People expect the salary of a Financial Analyst will slightly increase compared to last year. The main reason for this is the ongoing talent shortage. Finance professionals are aware of the situation and are therefore in a good position to negotiate their salary upwards when changing jobs. In addition, the job content of a Financial Analyst has evolved a lot in the past years, making it more challenging and requiring more responsibility, which also leads to salary increases.