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Financial Analyst - Career Profile |
Career OverviewThe financial analyst works closely with the business analyst and the financial and budget departments to help to determine the best possible investment decisions for the hospital or healthcare facility. The financial analyst works closely with the other business services professionals to guide the hospital or healthcare facility in all decisions relating to income potential or possible risks involved with decisions.
The financial analyst must have above average business analysis skills and should be very familiar and experienced in interpreting market analysis and investment options. They should have a strong background in financial matters and should be able to effectively explain financial perspectives to various individuals within the management teams or on the various boards or committees.
The financial analyst uses various stock and business analysis software, databases, market reports and other programs to watch for trends within the economy as a whole as well as specific information as it relates to hospital or healthcare facilities and investments. A financial analyst must have a keen eye for detail and should be able to process information from a variety of sources at the same time. Multitasking, effective communication skills and an ability to make decisions based on data and trends are critical to being a financial analyst.
Most financial analyst work either as full time employees of the hospital or healthcare facility or as consultants that simply monitor and report to various upper management positions when required. A financial analyst may work on-site or may work from a separate area and simply submit information via various computer programs and email.
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Career RequirementsThe minimum requirement for a financial analyst is a Bachelor's in accounting, finance, business management or statistics. Most financial analyst have a Masters in one of the above-mentioned fields and many, especially those working with hospitals or healthcare facilities have PhD’s in their respective fields.
Additional courses in risk assessment, financial planning and financial analysis are also strongly desired by most hospitals or healthcare facilities. A financial analyst will need to have a strong track record of successful financial planning for similar facilities and should have all appropriate credentials or licenses required by the state or federal agencies. Currently there is a voluntary certification for financial analysts, CFA or chartered financial analyst, which takes 3 years to obtain and requires extensive coursework and a series of three examinations.
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Job OutlookAs healthcare and hospitals strives to become more profitable and to make wise short and long term investments and financial decisions the demand for qualified financial analysts will increase at a rate faster than jobs in other parts of the economy.
Since a financial analyst must have experience those financial analyst with portfolios will be more likely to obtain contracts and jobs within the healthcare sector that those that do not. Certification and additional training in related fields will also prove to be an asset.
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Career TrackFinancial analysts may be eligible to move into senior positions within the hospital or healthcare facility including chief executive officer positions and chief financial officer roles. In addition many financial analysts work towards self-employment where they act as consultants to large hospitals and healthcare facilities throughout the world.
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CompensationFinancial analysts that are employed full time by hospitals or healthcare facilities usually earn between $60,000 and $85,000 per year, plus a bonus. The bonus is usually based on the earning the hospital makes based on the financial analysts reports and recommendations. These bonuses each add significantly to the overall salary, sometimes by as much as 30-50%.
A financial analyst that is hired on a consulting basis to a hospital or healthcare facility is usually paid on either a per report basis or an hourly basis, plus an addition bonus for earnings made based on the report. Private practice financial analysts can earn in excess of $200,000 per year.
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