How To Become a Financial Analyst Without a Degree

You're interested in a finance career, but you don't have a degree in the field. Perhaps you don't have a degree at all. You might be wondering if it's possible to become a financial analyst even if you haven't been to college.

Most financial analysts hold at least a bachelor's degree in finance, but it's possible to get started in this career path with only a high school diploma or GED. You can start a career in finance without a degree by gaining work experience, building your skill set, and pursuing certifications to help you land your first entry-level position.

Keep reading to learn more about becoming a financial analyst.

Can You Be a Financial Analyst Without a Degree?

Financial analysis requires specific skills and knowledge in data, forecasting, and investment banking. Financial analysts typically learn these fundamentals in a bachelor's or master's degree program, but they can also learn in nontraditional ways.

If you don't have a finance degree, you can still pursue a career as a financial analyst. You may have to work harder to convince potential employers that you're the right one for the job, but it's not impossible.

Consider pursuing more entry-level finance jobs, like working as a bank teller, as you build your resume. You can learn specific skills when you enroll in financial bootcamps or complete internships.

When you pursue certifications, you usually have to complete associated training programs. These opportunities can help you learn what you need to know to pursue a financial analyst job.

Steps To Becoming a Financial Analyst Without a Degree

If you're ready to look for financial analyst positions or pursue related fields, read on. Below, we'll discuss the steps you can take to accomplish your goals.

1. Develop Relevant Skills

Before you look for a financial analyst job, you must ensure you have the right skill set for the role. In addition to soft skills (e.g., decision-making and communication), some important technical skills to develop include the following.

Excel Proficiency

Financial analysts rely on spreadsheets for various tasks, such as cash flow projection and financial modeling. Having a strong understanding of how to use Excel and other spreadsheets is a baseline skill for this job.

Data Analysis

As a financial analyst, much of your job will involve analyzing data to improve profitability, reduce losses, and determine investment opportunities. For this reason, strong data analytics skills are essential. Becoming a financial analyst is a great career path for someone with a background in computer science or data science.

Financial Modeling

Financial modeling involves analyzing market trends and projecting future trends. This essential skill is a big part of any financial analyst's job description, as employers use these trends and projections for financial planning.

2. Pursue Certifications

To help you get a job in the finance industry, consider getting certified. Completing any of the following certificate programs will provide you with valuable credentials to help you chase your career goals.

Chartered Financial Analyst (CFA)

This certification comes through the CFA Institute and is one of the most distinctive credentials you can pursue as a financial professional. It consists of a training program and a three-part exam. To be eligible for this certification, candidates must have a bachelor's degree, be working toward a degree, or have 4,000 hours of work experience acquired over three years.

Financial Risk Manager (FRM)

The Financial Risk Manager (FRM) certification is available from the Global Association of Risk Professionals (GARP). This top-level certification and training program includes a two-part exam and is often viewed as equivalent to holding a master's degree. In addition to passing the exam, candidates must demonstrate at least two years of experience in a relevant field.

3. Take Online Courses

You can learn about portfolio management, budgeting, bookkeeping, and completing financial statements on your own by taking online financial analysis courses. Many schools and large companies offer these courses through platforms, such as Coursera and Udemy.

Many online courses are self-paced, allowing you to study on your own schedule. They may be available for free or for a small fee and generally take a few weeks to a few months of dedicated study to complete.

4. Seek Internships

Once you have developed basic financial skills and completed certifications or online training courses, the next step is to look for internship opportunities. Internships can help you perfect your skills, gain hands-on experience, and make valuable connections in the finance industry.

Check with local companies that provide financial services, like insurance companies and corporate finance providers. If you can't find financial analyst internships, look for related opportunities with financial planners, financial advisors, or CPAs.

5. Network With Finance Professionals

Having a professional network in the finance industry is almost as important as having the proper skills for the job. Your connections can provide you with support and resources, answer questions you may have, and even help you find jobs.

You can network with others through certification programs, by attending financial seminars or bootcamps, and by developing good working relationships with those you meet through internships.

6. Build a Strong Portfolio

Finally, having a strong portfolio can mean the difference between landing a job and getting rejected. Your portfolio should provide a snapshot of your skills and credentials, succinctly demonstrating your potential as a financial analyst.

When preparing your portfolio, include any training programs you've completed, certificates you've earned, and letters of recommendation you've received. You should also include a resume and information about any relevant work-related projects you've managed or accolades you've received.

What Does a Financial Analyst Do?

A financial analyst specializes in monitoring financial data and using it to interpret the finance industry. They use their expertise to highlight investment opportunities, predict market trends, and provide financial guidance.

Financial analysts commonly work for investment banks, security firms, government agencies, and insurance companies, but they may work for other businesses as well. They must have a strong background in accounting, mathematics, data analytics, research, critical thinking, and reporting to succeed in this role.

Some specific job duties financial analysts perform include:

• collecting and organizing data
• conducting data analysis and market research
• creating Excel models and financial forecasts
• presenting their findings to company stakeholders
• writing reports

What Is the Job Outlook for Financial Analysts?

Financial analysts have a promising job outlook, as the profession is expected to grow faster than the average rate. According to the U.S. Bureau of Labor Statistics (BLS), the number of financial analyst jobs is projected to increase by 8% by 2032.

Additionally, the BLS projects that 29,000 new financial analyst jobs will become available by 2032. Given these figures, the profession seems stable and growing, which provides a solid amount of job security for anyone who enters the industry.