Financial Analyst
Financial analysts build the forecasts and models a business uses to decide where its money goes.
- Median salary*
- $109,200
4.1%vs last year, before tax
- People employed
- 128,400
1.3%vs last year
- Projected growth*
- +12.4%
to 2035
- AI exposure*
- Moderate
- automation risk
- Average hours*
- 42/wk
+2h vs all jobs
- Shortage status*
- Not in shortage
national
Most financial analysts sit inside a finance team, reporting to a finance manager or a head of FP&A, and spend their time on models and forecasts rather than the historical bookkeeping a management accountant handles. The two roles overlap and are often confused, but an analyst is more interested in what should happen next than in closing the books on what already has. The work turns up in professional services, banking and insurance, and the finance function of larger corporates, and the title covers everything from investment research to internal budgeting.
How much do financial analysts earn?
The median full-time salary for a financial analyst is $109,200 per annum, before tax, up $22,900 since 2018.
Pay depends heavily on the sector and the size of the employer, since a bank, an insurer, a manufacturer and a government agency each set their bands differently. Professional certification such as CA or CPA, along with a few years of experience, is what usually moves an analyst into a higher band, and in banking and investment roles a bonus sits on top of base salary. Most head-office finance teams are in the capital cities, so where you are willing to work shapes the options open to you.
What does a financial analyst do day to day?
The list below is what fills most weeks; the exact mix shifts with seniority and whatever stage the current work is at.
- Pulling and reconciling numbers from finance systems to build the models the business actually decides on
- Chasing down why a business unit missed or beat budget, and explaining the drivers in plain terms
- Stress-testing pricing and investment cases before they go to a decision-maker
- Building the packs and slides that go in front of management and the board
- Fielding last-minute questions from business units during planning and reporting cycles
What skills do financial analysts need?
Employers look for financial analysis and modelling, budgeting and forecasting, data analysis, backed by Excel fluency and strong presenting and data storytelling.
Specialist skills
- Financial analysis and modelling
- Budgeting and forecasting
- Data analysis
Software and tools
- Excel
- Power BI
- SQL
- Anaplan
General skills
- Presenting and data storytelling
- Problem solving
- Stakeholder management
Is the job growing?
About 128,400 people work as financial analysts in Australia, and employment is projected to grow 12.4% over the decade to 2035. That's healthy, above-average growth, and the role should stay in solid demand.
How do you become a financial analyst?
Here's the path most financial analysts take, step by step.
- 1Get a degree in finance, accounting or commerce
A bachelor degree is the usual entry point, and choosing a program accredited by CPA Australia or CA ANZ keeps the professional certification route open. It takes three years full time, and an internship, a university investment fund or a part-time role in a finance team is where most students get their first real modelling practice.
- 2Start in an entry-level analyst or graduate role
Banks, insurers, large corporates and government agencies run graduate programs, and plenty of analysts start as an assistant accountant or management accountant and move across. Any role that puts you inside a finance team and close to a budget teaches the systems and the reporting calendar you will work with later.
- 3Build the technical toolkit
Employers expect strong Excel and usually one of Power BI, SQL or a planning tool such as Anaplan. Short courses cover the basics, but the fluency that matters comes from using them on live data, so look for roles that let you build and maintain something rather than just refresh it.
- 4Add professional certification
The CA and CPA programs combine further study with mentored practical experience, and 26% of people working as financial analysts hold a postgraduate qualification, which for many is one of those programs or a master's in finance. Certification is not always required for an analyst title, but it opens finance manager and controller roles later.
- 5Specialise once you know what you like
Analysts tend to settle into commercial finance, pricing, investment research or a particular industry such as health or manufacturing. Specialising is what makes you the obvious choice for senior analyst and finance business partner roles, because you bring the sector context as well as the model.
Ready to apply as a financial analyst?
Whether you're working toward becoming a financial analyst or already are one and want a hand with the next step (sharpening your resume for ATS screening, tightening your cover letter, or knowing what you'll actually be asked at interview), here are examples grounded in this specific role, not generic templates.
What jobs can a financial analyst move to?
Moving into Private Equity Associate typically comes with the biggest pay rise, worth $39,000 a year more on average.
| Move to | Typical pay change | Overlap | Retraining |
|---|---|---|---|
| Private Equity Associate Financial analysts bring valuation, modelling and reporting skills to private equity, though deal execution experience and a short course are needed. | +$39,000 | 47% | short course |
| Cost Controller Financial analysts bring budgeting, forecasting and variance analysis to cost control, with a short course covering project cost systems. | +$800 | 53% | short course |
| Management Accountant Financial analysts bring budgeting, forecasting and variance analysis into management accounting, and both roles share the same accounting degree base. | −$5,000 | 73% | minimal |
| Revenue Manager Financial analysts bring forecasting, pricing and performance analysis to revenue management, so the move needs little retraining beyond industry context. | −$30,200 | 69% | minimal |
| Pricing Analyst Financial analysts already model costs, margins and demand, so pricing analysis is a close step with a short course in pricing methods. | −$30,200 | 58% | short course |
Moves are chosen from Jobs and Skills Australia's Data on Occupation Mobility, which follows income tax records between 2011-12 and 2020-21, together with entry requirements and skill overlap. A known move is one people were seen making in that data. Pay change compares median full-time pay for the two roles.
Who works as a financial analyst?
The typical financial analyst is 40 years old; 54% are women, 78% work full-time, and full-timers average 42 hours a week.
- 40
- Median age
- 54%
- Female share
- 78%
- Full-time
- +2h
- vs all-jobs avg
What's it like being a financial analyst?
The rhythm follows the reporting calendar: a hard push at month end, a heavier one through budget season, and quieter stretches in between for project work. Much of the skill sits in the conversation as well as the spreadsheet, because you have to sit with a business unit, question their assumptions and then defend your numbers to the people who own the budget. It suits someone who likes being close to decisions without owning them, and who is comfortable being the person who asks the awkward question.
What people like
- Your models reach real decisions. A forecast or pricing model you build can change what the business spends or charges, which is more visible than a lot of back-office finance work.
- The problems keep changing. One month it is a cost review, the next a capital case or a new product, so you are not repeating the same task indefinitely.
- The skills travel. Modelling, forecasting and variance analysis are wanted in banking, health, manufacturing and government, so you can change industries without retraining.
- Early exposure to senior people. Analysts often present to finance managers and executives within a few years, which builds a useful network and shows you how decisions really get made.
What people find hard
- The reporting calendar owns your month. Month end and budget season fall close together, and a late change from the business can mean reworking a model the night before a deadline.
- You often deliver bad news. Explaining that a unit has overspent, or that a business case does not stack up, puts you on the other side of a difficult conversation.
- The data is rarely clean. A large part of the job is chasing figures from systems and people who record them differently, and the interesting analysis waits until that is sorted.
- Every assumption gets challenged. The numbers you present will be pulled apart in meetings, so you need to be able to explain how you got there without taking the questioning personally.
Based on our synthesis of professional-body surveys and public accounts of the role, not first-person verified reviews.
Which industries employ financial analysts?
Professional, Scientific and Technical Services employs the largest share of financial analysts, followed by Financial and Insurance Services.
Top employing industries
- 1Professional, Scientific and Technical Services
- 2Financial and Insurance Services
- 3Manufacturing
- 4Public Administration and Safety
- 5Health Care and Social Assistance
Ranked by employment share; the source doesn't publish an exact percentage per industry.
| Bachelor degree | 52% | |
|---|---|---|
| Postgraduate | 26% | |
| Diploma / Advanced Diploma | 13% | |
| Other | 9% |
Will AI replace financial analysts?
Financial analysis sits in the moderate range: the number-crunching half of the job is exposed to automation, while the interpretation and the relationships around it are not. Software now extracts and reconciles data, and planning platforms such as Anaplan produce a first-pass forecast from history, which changes how an analyst spends the day without removing the role. The value shifts towards judgement, questioning the assumptions behind a number and explaining what it means to the people who own the budget.
Share of typical working time by exposure level
- Pulling and reconciling data from finance systemsExtraction and matching are largely automated now, so the work shifts to checking what the pipeline produced and investigating anything that fails to reconcile.30%high
- Building and updating forecast modelsPlanning tools generate a baseline from historical trends, but the analyst still decides which drivers matter and how to treat a one-off event such as a plant closure.30%moderate
- Writing the commentary that explains variancesDrafting tools can produce a first pass from the numbers, but working out which of several possible causes actually moved the result is the part managers rely on.25%moderate
- Meeting business units to test assumptions and agree the planThis is a live negotiation about what a team expects to spend or earn, and it depends on reading the room and pushing back on a number you do not believe.15%low
Common questions about becoming a financial analyst
Straight answers to the questions people ask most.
How much do financial analysts earn?
Financial analysts earn a median of $109,200 per year before tax. That is the midpoint for full-time workers, so pay sits either side of it, and sector, employer size and professional certification are what move you up or down from there.
How do you become a financial analyst?
The usual route is a degree in finance, accounting or commerce followed by an entry-level analyst or graduate role inside a finance team. Professional certification such as CA or CPA strengthens your position later, and practical modelling experience in Excel, Power BI or a planning tool is what most employers screen for.
Are financial analysts in demand?
Financial analysts are currently not in shortage. Employment is projected to grow 12.4% over the decade to 2035, with about 128,400 people working in the role around the country. Hiring is concentrated in banking, insurance, professional services and the finance teams of large employers, so those are the places to watch.
Will AI replace financial analysts?
The role sits in the moderate range: the data work is heavily exposed, while the judgement and the relationships around it are not. Software now pulls, cleans and reconciles numbers quickly, and planning tools generate a first-pass forecast from history, which shifts analyst time towards checking assumptions and explaining what the result means. The parts that stay human are the conversations with business units and the call about what a one-off event means for next year.
What can a financial analyst move into?
Cost Controller uses the same budgeting and variance analysis, with pay at $800 more and a short course covering project cost systems. Pricing Analyst and Revenue Manager draw on the same forecasting and margin modelling, with pay at $30,200 less and $30,200 less. Private Equity Associate pays $39,000 more but needs deal execution experience first.
What is the difference between a financial analyst and a management accountant?
A management accountant owns the monthly close, the cost centre reports and the accuracy of what has already happened. A financial analyst looks forward, building the budget, the forecast and the business case, and testing how the numbers would change under different assumptions. The two sit in the same team, and people move between them.
Related roles
- Management Accountant
- Revenue Manager
- Pricing Analyst
- Cost Controller
- Private Equity Associate
- Management Accountant
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