Bus642 Week 5 Discussion 1
Business and Management
Submitted By smileyone22
I aspire to be a Senior Financial Analyst within the next 5 years. My goal for the survey is to see if I can meet the requirement to become a Senior Financial Analyst. Becoming a Senior Financial Analyst make me happy? I sent an email survey to 17 senior financial analysts within my current company. The data collected will confirm if I should continue seeking the position of a Senior Financial Analyst.
Seventeen Senior Financial Analysts were given an e-mailed survey to complete which will show what is required for a Senior Financial Analyst position. The questions that were asked are as follows:
1. What is the highest educational requirement needed for a Senior Financial Analyst? A) Bachelors; B) Masters, C) Doctorate, or D) Certificate/License
2. How many years of experience are needed to become a Senior Financial Analyst? A) Less than 5 years; B) 5 years; or C) more than 5 years
3. How many hours do you work each week as a Senior Financial Analyst? A) Less than 40 hours per week, B) 40 hours per week; or C) More than 40 hours per week.
4. Due to the level of responsibilities for a Senior Financial Analyst, are you happy with your annual compensation? A) Yes or B) No
5. Are you satisfied being a Senior Financial Analyst? A) Yes, o B) No
Out of the 17 emailed surveys, I received responses from 13. The results to the questions are below in Table 1:
Highest Level of Edu Bachelor Masters Doctorate Certificate/License 3 8 2 0
Years of Experience Less than 5 years 5 years More than 5 years 0 9 4
Hours Worked Less than 40 per week 40 per week More than 40 per week 0 3 10
Compensation Yes No 7 6
Job Satisfaction Yes No 9 4
The survey data provided in the table above will be used in syntactical content which is described as any words, phrases, sentences or paragraphs; word are the smallest and most reliable data units to be analyzed (Cooper & Schindler, 2011). Based on the 13 responses, I conclude that once I obtain my master’s degree that I will be qualified to perform the requirements for a Senior Financial Analyst. I meet the requirements for experience because I have 9 years working in finance. However, it also appears that I would have to work more than 40 hours per week as a standard. Approximate 50% are happy with their compensation and job satisfaction.
Secondary data research was gathered from Career Infonet regarding compensation for Financial Analysts in the United States and in South Carolina. The data is provided in Table 2.
Location Pay Period 2012 10% 25% Median 75% 90%
United States Hourly $22.66 $28.35 $37.00 $49.72 $71.36 Yearly $47,100 $59,000 $77,000 $103,400 $148,400
South Carolina Hourly $18.54 $22.98 $29.35 $37.46 $47.14 Yearly $38,600 $47,800 $61,000 $77,900 $98,100
State and National Wages from Career Infonet.
Analyzing the compensation data by location helps me decide that I have an opportunity to grown in my career from a financial analyst to a senior financial analyst. I will be better compensate after obtaining my master’s degree . It will help elevate my compensation to be within the 50% to 75% range. The national average median salary for a Financial Analyst is $77,000 annually. In the state of South Carolina, the median annual salary is $61,000 (“Occupation Profile”, 2013). This also tells me that South Carolina is below the national average. Further research needs to be done to find out why SC is 21% less than the national average. Is it because there are not may financial analyst job available in South Carolina? What state can provide a better opportunity for a financial analyst position?
Further research provided by the U.S. Bureau of Labor Statistics state and national trends of financial analyst positions are provided in Table 3.
Location 2012 2022 Percent Change Job Openings
United States 253,000 292,400 16% 100,900
South Carolina 920 1130 23% 40
U.S Bureau of Labor Statistics, Financial Analyst.
The data in Figure 3 states that in 2012 there were 253,000 Financial Analysts employed nationally. It is also projecting for the year 2022 an increase in jobs to 292,400. The projection shows a 16% growth in that field. However, the research also shows that South Carolina there is not many openings available. Therefore, the assumption is that a higher degree and experience will be advantageous when going on an interview. There will be more competition is trying to find a Senior Financial Analyst position in South Carolina. Further research would need to be analyzed to see what state would be best for a Financial Analyst. A quick review from the Bureau of Labor Statistics shows that Washington, DC and New York are amongst the top states for a financial analyst.
In conclusion, I do feel that with the data provided by the 13 Senior Financial Analysts that I will continue to pursue that level in my career. I will be a Senior Financial Analyst within the next five years.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2014-15 Edition, Financial Analysts, on the Internet at http://www.bls.gov/ooh/business-and-financial/financial-analysts.htm (visited February 20, 2014).
Cooper, D. R., & Schindler, P. S. (2011). Business research methods (11th ed.). New York: McGraw-Hill Irwin. ISBN: 9780073373706
Occupation Profile, America’s Career InfoNet. Retrieved on February 19, 2014 from http://www.careerinfonet.org/occ_rep.asp