Looking for a financial analyst? Join the club. Labor market analysis provider Burning Glass lists financial analyst as a high-demand position nationwide, with more than 56,000 open positions posted in the past year, and an average of 34 days to fill an open role. Quality financial analysts are in the unique (and crucial) position to generate significant value and revenue for both your company and clients, so it can be detrimental to go without them for long.
But what's the best way to ensure you find a quality financial analyst as quickly as possible? Glad you asked, we've got some tips for you.
Stick to this checklist and you'll be on your way to a super (and speedy) hire:1. ensure your hiring process is efficient 2. know what a competitive salary is for the position competitive 3. determine the must-have skills for financial analysts 4. write an appealing and effective job description 5. understand industry and position-specific hiring trends 6. identify the best recruiting method for sourcing talent
Want some help working through the list? Keep reading for insight into each of the steps.
1. speed up your hiring process
Financial analysts chart out the best course to profitability, showcase a company's health from a financial perspective and provide data and insight needed for business managers to make key decisions. In this sense, every day an analyst position stays open is a day without a profit navigator, so it's important to fill the position without delay.
And while you don't want to be hasty, you do want to be efficient. Use this diagram to help determine where you can make your hiring process more time-effective.
2. develop a competitive compensation package
Opportunities for cash and stock bonuses are valuable in this position, but a competitive salary is the foundation of a strong offer. Take a look at Randstad's 2019 Salary Guide to ensure the figure you're prepared to pay stacks up against the rest. Here are the nationwide salary averages for financial analysts, broken down by level of experience:
$67,070 – $80,428
$76,456 – $91,684
$86,875 – $104,178
Averages provide a good starting point, but because a good pay rate is relative based on location, it would be prudent to use our salary calculator as well, which provides up-to-date data on compensation for financial analysts in your specific area.
3. identify the top skills for financial analysts
Before you can write an effective job description, you need to know who you're trying to attract. So, what does a great financial analyst candidate look like? It depends: A small company may require a well-rounded analyst with no particular specialty, while a large organization may be on the hunt for a financial analyst with years of experience in financial modeling for a specific industry. Get business managers, hiring managers and other necessary parties to agree on the skills and experience that make a good candidate for your specific needs.
Sort these skills and experience into two categories: "essential" — basic things like CPA certification, economics expertise and good communication and research skills — and "ideal" — such as variance analysis or account reconciliation. This simple approach will help you quickly assess which candidates rise to the top. To get you started, here are the skills most requested of financial analysts:
4. write an eye-catching job description
An engaging job description is an effective job description. Remember these three pointers in order to write descriptions that draw candidates in and excite them to apply.
You can find more writing tips and insights in our guide to writing highly effective job descriptions.
5. brush up on the latest industry trends
You're not hiring in a vacuum, so knowing how trends in the accounting and finance industry will impact the quality and quantity of your hires can only strengthen your recruitment.
Here are a few trends to pay attention to immediately:
Financial analysts currently have an unemployment rate of 2.1 percent — well below the national average! — making competition for analysts especially urgent.
The projected growth of demand for the position is 10.8 percent over the next 10 years.
An increase in available financial products and need for expert understanding of specific geographic regions are driving factors for the forecasted growth.
To get a deeper understanding of accounting and finance industry hiring trends, read through our 2019 trends guide.
6. choose your channels to find candidates
There are myriad ways an employer can go about finding candidates for open positions, but all options are not equal in merit. This is especially true when it comes to hiring for a financial analyst. Financial analysts work on high-level projects with top leadership and highly sensitive information, so you need someone whom you can trust completely.
Working with a professional staffing firm that prescreens and vets all candidates in their talent pool is a great way to mitigate the risk of hiring a bad apple. And having access to qualified analysts in one central location can improve the efficiency of your hiring process by letting you see more qualified candidates faster.
Sounds good, right? We have accounting and finance industry experts ready to discuss your financial analyst needs today.
But if you'd rather peruse a bit first, check out the high-quality candidates we have waiting for you in our Find Employees portal.