Does managing finances or accounting the financial data interest you? If yes, then being a financial analyst is just the right career path for you. In fact, being a senior financial analyst is the 7th best paid finance job in the UK as per Indeed.com. Overall employment of financial analyst jobs in the UK is projected to grow 9% from 2021 to 2031, faster than the average for all occupations.
Financial analysts in the UK typically work for banks, investment firms, corporations, or government agencies. This involves collaborating with senior executives on the development of new company policies, organizing a company’s budget and helping complete transactions like mergers and acquisitions.
This article covers financial analyst salary in the UK, and the different positions in a career as a financial analyst. We will also explore the cities of the UK that will offer you a high salary and the possible career paths you can explore as a Financial Analyst.
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Financial Analyst Salary in UK
On average, about 32,000 openings for financial analysts are projected each year till 2031. This testifies to the fact that financial analysts enjoy upward career growth in terms of salary as they gain experience.
According to Payscale’s salary information, the average base salary for a financial analyst is £34,247 per annum (including tips, bonus, and overtime pay) and it is considered one of the best-paying finance jobs.
The salary of a financial analyst increases depending upon various factors like education and qualification, geographical location, performance and skills, company size and reputation and most importantly experience.
- An entry-level financial analyst with less than 1 year of experience can expect to earn an average total compensation) of £27,946/year.
- An early career financial analyst with 1-4 years of experience earns an average total compensation of £33,441/year.
- A mid-career financial analyst with 5-9 years of experience earns an average total compensation of £40,266/year.
- A senior financial analyst’s salary in the UK is £41,573/year on average. The analyst comes with an experience of 10-19 years
- Financial analysts in their late career (20 years and higher) earn an average total compensation of £39,565.
5 Best Paying Cities for Financial Analyst Jobs in UK
The cities that pay the highest salary in the financial analyst profession are listed below:
|City||Annual Average Salary of Financial Analysts*|
|London||The average salary for a Financial Analyst is £46,064 with an hourly rate of £28.97|
|Bracknell||The average salary is £41,638 with an hourly rate of £26.19|
|Portsmouth||The average salary is £39,782 with an hourly rate of £25.02|
|Reading||The average salary is £38,921 with an hourly rate of £24.48|
|Manchester||The average salary is £37,732 with an hourly rate of £23.73|
*Indicative salary as per job listings
Comparison Between Average Financial Analyst Salary in UK and India
According to Indeed’s salary information, a financial analyst in India makes an average annual salary of INR 4.5 lakh. When compared to £34,247 (INR 34 lakh) the average annual salary of a chartered financial analyst in the UK, an analyst in India earns almost one-eighth of the amount.
However, it must be noted that this difference in salary comes along with a gamut of factors such as the difference in development, GDP of both countries, cost of living, labor market demand and supplies and many more.
Keeping all these factors in mind, the job prospects for financial analysts in the UK are very bright in terms of opportunities and salary. Various companies in the UK are always on the lookout for best candidates from the finance background to streamline their accounts and finances.
Interested to Study In the UK? Apply for Free Counseling
While the finance industry isn’t always known for relaxing hours and stress-free work environments, putting in your time as a financial analyst in a good company in the UK can help you advance through the ranks. Companies like Deloitte, Ernst & Young (EY), KPMG PricewaterhouseCoopers (PwC) and many more hire the best of talented and skilled candidates from finance.
So, if you are looking to pursue a career as a financial analyst in UK, you must go for it keeping in mind the lucrative salary and numerous job opportunities.
Frequently Asked Questions
How can financial analysts increase their salary?
Financial analysts have various ways to increase their salaries which are listed as follows:
Employer switch: Take into account a career change to a different company that will pay more for your skills.
Education Level: A financial analyst in the UK is likely to get an increment and be promoted if he obtains advanced degrees.
Experience in management: If you are a financial analyst who supervises less experienced financial analysts, this experience may boost your chance of earning more.
Is data analysis a good career?
Data analysis is an excellent career with many specializations and opportunities for advancement. Your work prospects and pay are favorable given the rising need for data analysis.
What are the most preferred skills for a data analyst?
The most preferred skills for a data analyst are mentioned below:
7.SAP Financial Accounting and 8.Controlling (SAP FICO)