Becoming a financial analyst in Sri Lanka requires a combination of education, practical experience, and professional certifications etc. Becoming a financial analyst is needed not only accounting or financial knowledge but also statistics based analytical skills, computer science knowledge and familiarity in conducting relevant researches.
Complete Education
Complete Basic Education- As the initial step of any professional path, firstly you have to successfully complete the exams such as G.C.E. (O/L) and G.C.E. (A/L) as, they are needed to either get a job or pursue higher education in Sri Lanka.
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Earn a Degree
The elementary step of becoming a financial analyst is to obtain a degree in a relevant field such as finance, economics, accounting, business administration or statistics.
Here are some of the universities and degree programs which pave the way for one’s dream of becoming a financial analyst.
- University of Colombo – BSc. (Hons) Financial Mathematics
- BSc. (Hons) Finance and Insurance Mathematics
- BSc. (Hons) Applied Statistics
- Bachelor of Business Administration
University of Sri Jayawardenepura- BSc. (Hons) Mathematics
- (Hons) Applied Mathematics
- (Hons) Statistics
- (Hons) Computer Science
- (Hons) Business Administration
- (Hons) Finance
- (Hons) Business Information System
University of Kelaniya – BSc. (Hons) Business Technology
- BSc. (Hons) Financial Management
- SLITT – BAA (Hons) Business Management
Develop Analytical and Mathematical Skills– Large data volumes are handled in financial analysis, thus having excellent analytical, problem-solving, and mathematical skills is crucial. Economics, statistics, and mathematics courses will aid in laying a strong foundation.
Follow Professional Certifications
While a degree is important, certifications add credibility to your skill set and improve your employability.
CIMA or ACCA- Additional certifications that can strengthen your proficiency in management accounting and finance are the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA).
Chartered Accountant (CA) or Certified Public Accountant (CPA)-These credentials are important, particularly if you want to work in accounting or financial auditing in addition to financial analysis. Programs in chartered accounting are provided by CA Sri Lanka.
Financial Risk Manager (FRM)- Consider earning the FRM certification if you’re interested in a career in risk management. Those who want to focus on financial risk analysis would benefit greatly from having this qualification.
Obtain Practical Experience
Internships
While pursuing your studies, look for internships with investment firms, banks, financial institutions, or corporate finance divisions of businesses. During your time in college, gaining real-world experience might help you stand out from the competition when applying for jobs.
Jobs at Entry Level
After graduating from college, apply for jobs in accounting or finance departments, or as a junior financial analyst or assistant analyst. These jobs assist you in developing the essential abilities, including report preparation, financial statement analysis, and market trend analysis.
Networking
Attend industry events in Sri Lanka and participate in professional networks. Making connections with people in the business can help you learn about career opportunities and receive mentoring from seasoned analysts.
Develop Key Skills
Financial Modeling
Develop your financial modeling skills to project cash flows, profitability, and sales. It is essential to be proficient with Excel and other financial tools too.
Data Analysis
Have experience with financial data and use statistical techniques to make inferences.
Reporting and Presentation
Reports are frequently written by analysts, who then deliver their results to clients or management. It is essential to possess strong written and vocal communication abilities.
Decision
Making and Problem-Solving- Financial analysts are required to evaluate intricate financial data and offer suggestions in light of their findings.
Attention to Detail- Paying close attention to detail is essential to avoiding mistakes that could result in making poor financial judgments since financial analysis requires a high degree of precision.
Specialize in a Sector
There are many different fields in which financial analysts can focus, including corporate finance, investment banking, portfolio management, equities research, and risk management. Early in your career, identifying a suitable position will help you concentrate your knowledge and expertise. Here are some examples;
Equity Research- In order to help with investing decisions, an equity research analyst would primarily analyze stocks, bonds, and other securities.
Credit Analyst– They are experts at determining a person’s or company’s creditworthiness.
Corporate Financial Analyst- Working in companies, assisting with mergers, acquisitions, budgeting, and capital management.
Apply for Financial Analyst Jobs
Private Sector Jobs- Financial analysts are employed by numerous banks, insurance companies, investment firms, and major organizations in Sri Lanka. Financial analysts can get employment with organizations like MAS Holdings, Hatton National Bank, John Keells Holdings, and Commercial Bank of Ceylon.
Government Sector Jobs
Financial analysts work for the Central Bank of Sri Lanka and other governmental organizations. They concentrate on risk management, policy research, and macroeconomic data analysis.
Businesses- Working with developing businesses that require financial knowledge to efficiently manage their financial resources is another option.
Move Up the Professional Ladder
You can pursue advanced roles such as Chief Financial Officer (CFO), Investment Banker, Portfolio Manager, or advanced Financial Analyst after accumulating a few years of experience. Your job possibilities will improve with more experience and advanced credentials (such passing all CFA levels), and you can look into leadership positions in the finance industry.
In summary, In order to become a financial analyst in Sri Lanka, one must possess a combination of academic credentials, professional certifications, and practical experience. Through the pursuit of a degree that is pertinent to the field, the acquisition of certifications like as CFA or CIMA, and the acquisition of practical experience through internships or entry-level jobs, you will cultivate the foundation for a successful career. Staying updated on financial trends and continuously improving your skills will allow you to grow and thrive in the competitive world of finance.