Learn the steps to become a Financial Analyst without necessarily needing a formal degree. Discover different routes, including internships, entry-level jobs, volunteering, and training programs, and see how networking, building a professional portfolio, and completing relevant projects can solidify your path into a finance career.
Key Insights:
- A bachelor's degree is common but not a formal requirement for becoming a Financial Analyst. Entry-level positions are open to candidates with relevant skills, even if their degree is in a different field or they have no degree at all.
- Financial Analysts perform various tasks that require a background in math, accounting, research, reporting, communication, critical thinking, and data analytics. They often work with large corporations or government agencies.
- Aspiring Financial Analysts can gain relevant knowledge and skills through in-person and online courses, bootcamps, and certificate programs. These provide much shorter study durations compared to traditional college programs.
- Building a professional portfolio is crucial for job applications. It should contain elements like a resume, transcripts, letters of recommendation, proof of skills, certificates or licenses, and visual overviews of managed or contributed projects.
- Hands-on training via projects is key to becoming a successful Financial Analyst. The achievements from these projects can also be included in the professional portfolio.
- Networking, in-person and online, is essential for learning about job openings, finding solutions to financial tasks or problems, and staying updated on relevant financial news and trends.
If you’re interested in becoming a Financial Analyst, you may wonder what qualifications you’ll need. While each employer will dictate their own requirements for job applicants, there are no formal industry requirements to apply for finance positions. Most Financial Analysts applying for entry-level positions have at least a bachelor’s degree before landing their first finance job. However, this isn’t necessarily needed for all jobs in financial analytics. If you have a degree in a field unrelated to finance or don’t have a college degree, it’s still possible to apply for entry-level Financial Analyst jobs. Read on to learn more about how you can become a Financial Analyst without a degree.
What is a Financial Analyst?
Financial Analysts study financial data and perform various research tasks to spot investment opportunities and analyze possible outcomes for business decisions. These professionals play an integral role in helping to create more informed investment strategies for their organization or its clients. To do so, Financial Analysts routinely perform tasks for their employer, such as studying current events and developments in the market, examining financial statements, and creating financial models that can anticipate future performance. They also may study macroeconomic trends or hone in on particular industries or sectors. Financial Analysts rely on their background in math, accounting, research, reporting, communication, critical thinking, and data analytics to perform these tasks.
Because of how valued they are by organizations, Financial Analysts often find employment with large corporations like insurance companies, security firms, investment banks, venture capital firms, or government agencies. They play an integral role in supporting an organization’s budgeting initiatives and writing financial status reports and recommendations. Their process often involves steps such as collecting data, organizing information, performing data analysis on these numbers, providing projections or forecasts, offering recommendations, creating Excel models, presenting their findings to organizational stakeholders, and writing reports or dashboards to convey suggestions. Depending on their professional focus, Financial Analysts do extensive research on their organization’s buy-side and sell-side financial data. They often focus on either credit markets or equity markets.
Can You Really Become a Financial Analyst Without a Degree?
Some professions, such as doctors and lawyers, have standard baseline requirements that job applicants must meet before applying for job openings. These positions expect candidates to have completed undergraduate and graduate studies. Careers in finance don’t have the same minimum standards. While most people applying for jobs in financial analytics have at least a bachelor’s degree in a math-heavy field, pursuing an entry-level position in finance with a degree in a different field or even with no degree is possible.
It’s common for aspiring Financial Analysts to have a bachelor of science degree in finance, economics, accounting, or a closely related field. However, you can still apply for Junior-Level Financial Analysts positions if you have a bachelor of art and choose to study a different field as an undergraduate. Some employers may even consider individuals who don’t have an undergraduate degree at all. If you can demonstrate that you have the skills needed to succeed as a Financial Analyst, you may be able to apply for internships or entry-level positions in this field. That’s why it’s important to communicate in your cover letter and resume any relevant technical and finance training you have, such as experience working with investments or portfolio management, Excel skills, SAP knowledge, and financial literacy. It’s also important to convey to employers that you know current market trends. If you are still struggling to get a junior-level position in finance, you may consider volunteering for a bank or financial firm to gain basic training that would be an asset to any organization.
Learning Methods to Become a Financial Analyst Without a Degree
Aspiring Financial Analysts can utilize a variety of learning methods to gain the necessary skills without pursuing a traditional degree. These methods offer flexibility and often focus on practical, industry-relevant knowledge, making them ideal for career changers or those looking to enhance their qualifications. Among these methods, certificate programs in financial analysis stand out as a structured and credible way to acquire industry skills.
Certificate Courses Teach Key Industry Skills
Certificate courses and training bootcamps in financial analysis offer a structured way to gain the skills needed for a career in finance. These programs generally cover vital areas such as financial statement analysis, corporate finance, investment analysis, and modeling. Participants of these certificate programs leave with the ability to demonstrate to potential employers that they have acquired essential knowledge and are committed to pursuing a career in financial analysis.
Looking at the benefits of financial analysis certificate classes, credibility is the most prominent. This is because employers recognize the value of formal education and often see a certificate as evidence of your proficiency in critical areas of finance. Additionally, certificate programs can be completed in a shorter time than degree programs, allowing you to gain relevant skills and enter the job market quicker than those who commit to a four-year program. Certificate classes also cover numerous topics in this condensed time, including learning how to interpret statements to evaluate a company's financial health. Some additional topics can include learning about capital structure, funding sources, and decision-making within a corporation, analyzing various investment opportunities, understanding risk and return, and developing and using economic models to predict future performance.
When selecting a certificate program, consider factors such as the type of curriculum, the institution's reputation, the format (live online or in-person), and the time commitment required. Also necessary to keep in mind are the instructors' qualifications and the resources available to students, such as career services and networking opportunities.
Live Online Finance Classes Provide Flexible and Interactive Education
Live online learning is an increasingly popular method for acquiring financial analysis skills due to its flexibility and interactive nature. This learning mode allows you to attend classes and participate in real-time discussions from the comfort of your home or office, making balancing work, life, and study commitments easier. These classes provide opportunities for real-time interaction with instructors and peers, allowing participants to ask questions, engage in discussions, and receive immediate feedback. Many live online courses feature experienced professionals who bring practical insights and industry knowledge to the classroom.
Live online courses typically include live lectures and Q&A sessions, interactive assignments and projects, collaborative learning opportunities, and recorded sessions for viewing later. This flexibility to reflect on content is crucial, as balancing work, life, and live online studies requires effective time management. Some additional ways to succeed in live online courses are to set a schedule, stay organized, create a study space, and seek support to help you succeed. Participate actively in class discussions, take notes, utilize all available resources, and stay connected with your instructors and classmates.
Free Seminars and Accessible Learning Opportunities
Free seminars are an excellent way to learn about financial analysis without incurring costs. These events are usually hosted by experts, professional organizations, and educational institutions. There are several ways to find free seminars and webinars in finance, including through professional organizations, educational institutions, and online platforms like LinkedIn. Some of the topics participants can expect to learn about during a free seminar include market trends and analysis, financial modeling and valuation, risk management, and career development.
Register early, prepare in advance, engage actively, and follow up after the event to get the most out of free seminars and webinars. Overall, attending an in-person event or completing a free workshop from home allows you to gain valuable knowledge and insights from industry specialists and connect with other finance professionals.
Consider the Challenges of Self-Directed Learning
Self-paced online classes and Massive Open Online Courses (MOOCs) offer an accessible way to learn financial analysis at your own pace. These courses are available from different types of educational providers and cover a wide range of topics. Online courses provide structured learning experiences that can be accessed from anywhere with an internet connection and may include video lectures, readings, quizzes, and assignments, allowing you to review content when it’s convenient.
If you opt for self-paced learning, don’t overlook format, duration, and student reviews. Self-paced learning has some advantages, such as flexibility and a large number of courses to choose from without limitations like strict schedules or physical location. However, it also requires strong self-discipline and motivation to stay on track.
Mentorship is Great for Personalized Guidance
Mentorship and individual coaching provide personalized guidance and support to help you navigate your career path and develop the skills needed to become a successful Financial Analyst. However, finding a mentor involves identifying experienced professionals who can provide guidance and support based on their own time in the field. Some ways to connect with like-minded professionals include attending industry events, joining professional organizations, and connecting with colleagues to find potential mentors. Approach potential mentors with a clear explanation of your goals and how you believe they can help you, and develop and maintain relationships with mentors through regular communication and genuine engagement.
There are several benefits to seeking out mentorship, including personalized guidance, skill development, and career advancement. This is because mentors can provide valuable advice only someone who’s worked in the field can provide, helping you navigate job opportunities and offering recommendations for further training. To maximize the benefits of mentorship, maintain open and honest communication with your mentor and actively seek out opportunities to learn and grow. To build a successful mentor-mentee relationship, it’s important to show appreciation for your mentor’s time and expertise, regularly meet with your mentor, stay committed to your learning and development goals, and provide feedback on how their guidance has helped you.
On-the-job Training Allows for Learning While Earning
While it’s not always possible to work while pursuing education, on-the-job training provides practical experience and the opportunity to learn financial analysis skills while working in a professional setting. For instance, entry-level positions in finance are a great way to gain hands-on experience and develop your skills. Look for roles such as junior Financial Analyst, financial planning assistant, and investment analyst trainee, which involve assisting senior analysts and learning about investment strategies.
Internships are another route that provides valuable on-the-job training opportunities. These programs typically involve working under the supervision of trained professionals, allowing you to gain practical experience while receiving guidance. To secure on-the-job training opportunities, research internships, apprenticeships, and entry-level positions, as well as tailor your application materials, leverage your professional network, and prepare thoroughly for interviews. Remember that on-the-job training should be integrated with your overall career development plan. Set goals for what you want to achieve in your current role and seek out additional learning opportunities, such as workshops, courses, and certifications, to complement your experience.
Blended Learning Combines Multiple Approaches
Blended learning integrates different learning methods to provide a comprehensive yet flexible educational experience. This approach allows you to tailor your learning to your unique needs and preferences. Generally, blended learning involves combining different approaches, including live online classes, in-person workshops, and self-study. This practice offers the flexibility of online learning with the benefits of hands-on and interactive experiences.
Pursuing a blended learning approach offers several advantages, including flexibility, comprehensive education, and personalization. It allows you to learn at your own pace and on your schedule, provides a well-rounded education by combining different learning methods, and tailors the learning experience to your individual needs and preferences. To create a personalized learning plan, assess your career goals and the skills you need to achieve them, choose a combination of learning methods that best suit your needs and preferences, develop a study schedule that balances different learning activities and fits into your routine, and regularly review your progress and adjust your learning plan as needed. Overall, by combining different learning methods, you can create a comprehensive experience that supplies you with the skills needed to succeed as a Financial Analyst.
Steps to Become a Financial Analyst Without a Degree
If you want to become a Financial Analyst, there isn’t one “correct” career path. Instead, you’ll need to acquire both hard and soft skills to work in this field. The following sections will discuss the steps you can take to pursue a career as a Financial Analyst:
Determine Your Path
The field of finance is broad and extends well beyond financial analytics. This is why you must decide on a focused path to help you reach your goal. Financial Analysts have a range of potential employers, such as real estate investment brokerages, local or regional banks, data-driven organizations, and insurance companies. Nearly any industry where decisions take place on how to spend money relies on Financial Analysts for their insights. Some individuals may explore a career as a Financial Planner, Securities Trader, Portfolio Manager, Actuary, or Quantitative Analyst. Deciding which field of finance you wish to explore can help you create a plan for reaching your goals.
More than 100 free financial modeling tutorials are also posted on the Noble Training Resources & Articles page. Those who want to learn more about finance or financial modeling concepts can read about subjects like stock movements, a liquid market, and the stock exchange, among others.
If you still aren’t sure which finance-related career path is for you, Noble Desktop’s free videos and articles can provide more information. If you’re interested in learning how to invest in the stock market, you can watch Noble’s Intro to Stock Market Investing. This resource contains an hour of content on investing topics such as stocks and bonds, the capital gains tax, and the risk-reward principle. Noble also offers short YouTube videos that provide introductory-level instruction on financial modeling. These videos are each a few minutes long and are a great way to learn about topics like Interest Rates and the Fed, Foreign Exchange, and Understanding Terminal Value.
Learn About Finance and Financial Analytics
Nearly all employers require Financial Analysts to have educational training in finance-related fields. For those interested in learning about financial analytics, a vast selection of in-person and live online courses, bootcamps, and certificates are offered by top educators like Udemy, Coursera, and Noble Desktop. Students in these courses receive expert instruction in finance topics. These classes are generally much shorter than college or university study. Some span days or weeks, whereas others take several months to complete.
Some individuals elect to study financial analytics in other learning formats. In-person and live online bootcamps and certificates are available from top educational providers like Noble Desktop, Coursera, and Udemy. In these classes, students receive expert instruction from those with real-world training in finance. Learning options like certificate programs also provide the added benefit of being much shorter in duration than traditional college study. Most span several weeks or months and teach relevant financial analytics skills and tools.
Noble Desktop currently has several classes devoted to financial analytics and financial modeling. Noble’s Financial Analyst Training Program NYC is available in person and live online. Those who enroll in this 30-hour course learn Excel skills that can help with financial modeling, like cash flow projection tools, Goal Seek, and shortcuts. Students also create their own three-statement financial model. Noble also has a FinTech Bootcamp and a Python for Finance Bootcamp, which provides instruction on collecting data from Python’s financial libraries.
Build a Professional Portfolio
Having a solid portfolio is an integral part of the job application process for Financial Analysts. The materials you select for your portfolio, as well as how you display them, can tell a story of your academic and professional experience. The goal of a portfolio is to tell a clear and engaging story that will catch an employer’s attention. The type of portfolio you design will likely depend on the job you’re interested in. However, most financial analytics portfolios contain common elements like a resume, transcripts, letters of recommendation, proof of skills, and certificates or licenses. They also have visual elements that illustrate your training, such as overviews of any projects you’ve managed or contributed to.
A strong professional portfolio provides you with an opportunity to showcase some of your best work in a manner that can let employers know what you hope to contribute to their organization. Professional portfolios offer a creative and engaging way to demonstrate your achievements and financial analytics skills, as well as training, and show that you can professionally present them. Individuals with a comprehensive portfolio stand apart from other applicants who may have similar credentials. Their portfolio serves as proof of the work they’ve completed, the lessons they’ve learned from this work, and the outcomes the organization achieved due to these efforts.
Complete Projects
Hands-on training is essential to becoming a successful Financial Analyst and progressing to more advanced positions in this field. One great way to acquire training is to complete projects for your organization. Working with other financial professionals as part of a team requires a range of hard and soft skills, like time management, clear communication, collaboration, and prioritizing. Completing projects not only helps your organization achieve important budgeting or financial goals but your contributions to these projects can also be included as part of your professional portfolio to demonstrate the impact you’ve made in your current position.
Make Industry Connections
Connecting with others who work in finance is another essential step on your path toward becoming a Financial Analyst. The more you can connect with other financial professionals, the more opportunities you’ll have to learn about job openings, find solutions to difficult financial tasks or problems, and stay current about relevant financial news and trends. Networking takes place in person as well as in other forms. It sometimes means connecting with learners who are studying with you in a certificate or bootcamp. It may also involve connecting with former coworkers, team leaders, or professors. Sometimes, networking opportunities are social gatherings like co*cktail receptions, where Financial Analysts can meet and connect with others in attendance.
In addition to in-person networking events, you can also make industry connections online. Many blogs and online community forums are available, such as Financial Mentor and The Reformed Broker, that provide resources on finance and other related topics like economics, politics, and market trends. These sites provide a platform to connect with other finance professionals, discover job opportunities, and stay on top of industry trends. Financial Analyst Insider is another resource for aspiring finance professionals and Accountants. Content is available on topics like budgeting, cryptocurrency, loans, and investing.
Begin Searching for Jobs
After you’ve spent time learning about financial analytics, decided which career path is for you, compiled a professional portfolio, and networked with others in your field, the next step is to begin applying for jobs. Many great resources are available for aspiring Financial Analysts. Sites like Indeed, Glassdoor, ZipRecruiter, and LinkedIn have helped many professionals find competitive jobs in finance. In addition, sites like the Association for Financial Professionals, Google Jobs, Financial Jobs Web, eFinancialCareers, and CPA Career Center are available. These resources offer more job opportunities, specifically for those with a background in finance.
Learn the Skills to Become a Financial Analyst at Noble Desktop
Noble Desktop, an educational provider located in New York City, offers a range of classes devoted to financial modeling and analysis. Financial Modeling Bootcamp is a hands-on, 18-hour course that teaches students fundamental financial concepts, such as corporate valuation, accounting, and finance. Participants in this small class create their own discounted cash flow using Microsoft Excel. Over three days, expert instructors also help students develop a comprehensive financial model for an actual company. As a prerequisite to this bootcamp, students should have intermediate Excel proficiency.
Noble also has a Financial Analyst Training Program that provides expert instruction on timely corporate and financial concepts, such as making a full valuation model. Those enrolled in this intensive program receive instruction on fundamental Excel skills, such as shortcuts and PivotTables. This 30-hour program also covers advanced Excel techniques, like Goal Seek and cash flow projection tools. All learners also receive instruction on creating a three-statement financial model for a public restaurant company.
In addition to the Financial Modeling Bootcamp and Financial Analyst Training Program, Noble Desktop also has in-person and live online financial modeling training courses. The Excel Bootcamp offers 18 hours of instruction on core business Excel skills like working with VLOOKUP, INDEX, MATCH, and What-If Analysis for Goal Seek. FinTech courses are also available, like Algorithmic Trading with Python, Python for Data Science Bootcamp, and FinTech Bootcamp. This course provides students with hands-on training from expert instructors in FinTech skills like working with Python and SQL for data analysis, creating machine learning models, and working with different data types like integers, floats, and strings. All students have the option of a free course retake for up to one year, as well as one-on-one mentoring.
