How do I become a Financial Analyst if I have no background in Finance?

Answer 1

Yes you can be a financial analyst without a background in finance. Here's how in four steps.

VISION. "Financial analyst" is a broad title, which encompasses lots of different roles. You have something in mind specific, like being a stock analyst. Or you may be saying something very general like "I like working with money". "Financial analyst" come in many different flavors - from stock analyst, strategists, accounting data miners, budget analysts, macro-economists, credit analysts, cost accountants, personal financial planners and even data entry people. You need to find out what roles are available, what the life/work style is like and then try and move toward the ones you like.

EDUCATION. You don't need a formal education in finance to be a financial analyst. Many stock analysts that I have worked with over the course of my career did not study "finance" in university. They did, however, learn accounting and finance on the side. They made sure that they learned it, either through going to supplemental classes or learning it themselves. In fact, many companies purposely hire people without accounting/finance backgrounds to get a new perspective. While I had an accounting and finance background, I couldn't have looked after the medical stocks as well as the guy who had a background in medical device sales. He had a perspective that I could never get as an outsider, but yet he could gain the accounting and finance education that I learned in school. In other words, take classes. You don't even need a fancy named school. Accounting and finance is the same if you go to a "good" school or the local community college.

EXPERIENCE. It's very difficult to just walk into a job and become the role you want to be in. Everybody has to "cut their teeth". Just as you can't start flying planes right away, nobody took "plane flying" as their major in college (unless you went to the airforce academy), but yet there are lots of pilots. You need to get a job in finance as a grunt. I started as green accountant right out of college then moved to being a green research assistant. You then move up the ladder as you learn more. Don't worry, experice just happens. The simplistic answer is "start at the beginning and work your way up".

DESIRE. You have to want to be in finance. Finance is perceived to be a desirable job and there are lots of people who want to do the job. You are going to have lots of competition, with lots of people who are very very aggressive. It's just like being a lawyer. How many lawyers say they are happy versus say they hate their job? Careful what you ask for as you just might get it. In other words, find your goal and go for it, but make sure you know what your goal is before setting off for it. Bumbling along is generally not a good policy.

Yes you can do it! Good luck! E-mail me if you need more help.

Answer 2

Why would you WANT to be a financial analyst if you have no background in finance? How do you even know what a financial analyst does if you have no background in finance? You can't become one until you have some experience in finance and to do this you need to get a degree in accounting, economics, etc. and maybe go on to graduate school. Then you get a job doing mundane financial things, making good decisions, etc. and move up the ladder. After a few years of good work you can probably get a shot at it.

Think of your question another way: Suppose you called up the hiring people at United Airlines and said you'd like to fly one of the planes but have no background as a pilot. Would YOU like to be a passenger in one of their planes if they hired pilots without any background in flying?

Answer 3

If you are going to be a Financial Analyst you will need to go to college. However if you do have a common knowledge of money then you can always be a Financial Planner. To be a Financial Advisor or Financial Planner you can study up on all of the aspects of finance. Now you will need a good general knowledge of credit, credit card companies and investment opps. Now you will make the most money dealing with people that want to repair their credit. But in both of those fields you can make a really good income working from home.

Answer 4

Not sure I can help with specific course, but as someone who works in FX and been on Wall Street for 15 years, the more math you know these days, the better. Also consider trying to get your CFA once you finish undergraduate school. Its very difficult, but held in very high regard.