The economy of India is growing day by day, and financial analysts are playing an important role in this growth. Understanding the salary structure for financial analysts is important as the demand for this role is rising. In case you are a fresh graduate considering a career in finance or a corporate employee aiming to advance your career, knowing all the information about the financial analyst job can help you make a wise decision.
The financial analyst salary for freshers ranges from ₹3 – ₹7 LPA on average, depending on industry type, experience level, and area.
In this blog, you will get detailed information on the financial analysts’ salaries in India, the factors influencing pay, skills required for financial analyst, top-paying cities, and growth opportunities.
Table of Contents
What is a Financial Analyst?
Financial analysts are individuals who review financial statements, build financial models, and provide insights that help firms make decisions strategically. So, what do financial analysts do? Depending on the role and position, analysts can track macroeconomic and microeconomic trends, economic conditions, and based on their analysis, they suggest potential investment strategies, M&A plans, and other plans.
The role requires strong problem-solving and mathematical skills. Large corporations, including investment banks, insurance companies, mutual funds, securities firms, private equity groups, and government agencies, etc., hire financial analysts.
Key Responsibilities of Financial Analysts
- Conducting calculations of variance
- Assisting in the budgeting process
- Offering consultation on investment opportunities
- Forecasting future financial performance
- Examining and reviewing past and present financial data
Average Financial Analyst Salary in India by Experience Level
One of the major factors that affects a financial analyst’s salary in India is the experience level. Individuals with more experience earn higher salaries compared to those who do not have much experience.
The following table shows the financial analyst salaries based on years of experience.
| Experience Level | Average Annual Salary (INR) | Role Highlights |
|---|---|---|
| Entry-Level (0–2 Years) | ₹3 – ₹6 LPA | As a fresher, individuals get junior analyst roles in banks, startups, KPOs, or fintechs. One must have strong MS Excel skills. |
| Early Career (2–5 Years) | ₹6 – ₹12 LPA | After working for a couple of years, an individual gets promoted from junior level to senior analyst or associate roles. Certifications like CFA Level 1 – 2, or learning Power BI and Tableau, and financial modeling can improve opportunities. |
| Mid-Level (5–10 Years) | ₹12 – ₹25 LPA | Individuals get assistant manager or team lead roles. Sector-specific experience becomes important. |
| Senior-Level (10–15 Years) | ₹25 – ₹45 LPA | After working for almost a decade, an individual gets roles as a Manager, Vice President, or Director-level roles in investment banks, MNCs, large Indian corporates, or consulting firms. |
| Executive-Level (15+ Years) | ₹50 LPA – ₹1 Cr. | Top-level positions such as Head of Finance, CFO, or Partner in investment and advisory firms. Individuals get compensation that includes ESOPs, long-term incentives, and variable bonuses. |
Note: The financial analyst salary can differ, depending on your work location, industry, role, what certifications you hold, and your overall performance. The above-mentioned salaries are average figures as per current market trends.
Growth in Salary with Experience
Financial analysts in India get a stable salary growth as they advance in their careers. From entry-level to senior-level job positions, professionals receive a moderate hike in their salary as they continue to gain experience. But with salary growth, their responsibilities also increase, along with more in-depth knowledge about market conditions and trends, and stronger analytical skills. Additionally, professional certifications and specialization in high-growth sectors like an MBA, CFA can help you increase your earning potential.
Key Factors Influencing Financial Analyst Salary
Several factors influence a financial analyst’s salary in India, including education, experience, company type, and size. Here is the breakdown of some:
1. Educational Qualification
For an aspiring financial analyst in India having a strong educational qualification is really important. The typical financial analyst qualifications include having a degree from a top-tier institution or having relevant certifications. Having a Chartered Financial Analyst (CFA) certificate or a Master of Business Administration (MBA) degree is a plus. The professionals who hold such a certificate or degree earn much higher salaries because companies value these qualifications.
2. Level of Experience
The strongest factor that affects salary growth in a financial analyst role is experience. Entry-level analysts earn less because they just recently graduated or might not have relevant work experience, whereas senior-level analysts and executives earn more due to their expertise.
3. Industry and Sector of Employment
Financial analyst salaries in India vary significantly across different industries. Analysts working in sectors such as investment banking, private equity, and consulting generally get paid higher salaries compared to those in non-profit organizations (NPOs) or manufacturing.
4. Location
The city you are working in plays an important role in what your salary will be. Financial analysts in tier-1 cities like Mumbai, Delhi, and Bangalore get higher salaries due to the higher cost of living and the presence of major financial institutions and corporations. On the other hand, salaries in tier 2 or 3 cities or rural areas may be comparatively lower, but can be compensated by a lower cost of living.
5. Company Size and Financial Health
Typically, large corporations and financially stable companies offer higher salaries and better perks and benefits compared to smaller ones, making them a go to choice for analysts. These multinational companies have the best resources to attract and keep top talent by offering competitive compensation packages, salary hikes, bonuses, and other incentives.
6. Job Role and Responsibilities
The primary role of a financial analyst is to analyse company performance, market fluctuations, volatility index, and economic trends, to guide the company in making fact-based investment and financial decisions in the future. Analysts with broader responsibilities, such as portfolio management or a client advisory role, earn more.
7. Skills and Technical Expertise
You must possess certain skills to become a financial analyst in India. Proficiency in data analysis tools (SQL, Excel, Python), financial modeling, and advanced analytics can lead to higher salaries. Strong communication, analytical, and problem-solving skills are also important.
Financial Analyst Salaries in Major Indian Cities
Many cities offer financial analyst job opportunities frequently in India. Here is the salary structure of top-tier cities:
1. City of Dreams – Mumbai
Mumbai, often known as the city of dreams it offers individuals a lot of opportunities. Businesses and companies in Mumbai offer the highest packages for a financial analyst’s salary in India. An entry-level employee can expect to earn between ₹4 – ₹7 LPA, while a senior financial analyst can earn ₹16 – ₹25 LPA. The city offers the highest salaries due to being the financial capital of India, and home to the RBI, BSE, and many financial institutions, investment banks, and international companies. Roles in investment banking, asset management, and private equity demand high pay, reflecting the city’s high cost of living and intense competition for talent.
2. Bangalore
Known as the tech and startup capital of India, Bangalore offers attractive financial analyst salaries, especially in technology companies, fintech, and startups. Employees in entry-level positions can expect something between ₹3.5 – ₹6 LPA, while experienced financial analyst salaries can be between ₹15 – ₹22 LPA. Although its pay is comparatively lower than Mumbai’s, employees get stock options, performance bonuses, and other perks apart from salary. Freshers can easily find reasonably paid financial analyst jobs in Bangalore.
3. Delhi NCR
Delhi NCR, including Noida and Gurgaon, offers a strong market for financial analyst roles, especially in banking, corporate finance, and consulting firms. Employees in entry-level positions can get a salary of around ₹3.5 – ₹6 LPA, whereas senior financial analysts can get an offer of something between ₹14 – ₹22 LPA. Delhi and Bangalore offer fairly similar pay scales.
4. Pune
Pune is a growing financial and IT hub with an expanding corporate presence, making it home to numerous financial analyst jobs in Pune. Entry-level financial analyst salary is between ₹3 – ₹5 LPA, while senior financial analyst salary can get around ₹12 – ₹18 LPA. You can expect a moderate level of salary in Pune compared to Mumbai, Delhi, and Bangalore. But this comes with the advantage of a lower cost of living.
5. Financial Analyst Salaries in Tier 2 Cities
Salaries for financial analyst roles in Tier 2 cities like Jaipur, Ahmedabad, Nagpur, etc., are generally 20%-40% lower than in Mumbai, Delhi, and Bangalore. In tier-2 cities, the typical salary ranges between ₹2.5 – ₹4.5 LPA for entry-level, ₹5 – ₹9 LPA for mid-level financial analyst, and ₹10 – ₹ 15+ LPA for senior-level financial analyst. However, the difference between tier-1 and tier-2 is balanced by a significantly lower cost of living, better work-life balance, and better quality of life.
Now that we have covered salary variations area-wise, let’s look at which industries offer the highest-paying roles.
Top Industries Hiring Financial Analysts
Financial analysts play a crucial role across multiple industries by helping organizations make strategic business and investment decisions.
1. Investment Banking
Investment banking firms handle large-scale financial transactions like initial public offerings, mergers and acquisitions (M&A), and debt issuance. Analysts are needed to calculate data, build complex models, and determine deal feasibility.
- Key skills required are financial modeling with Excel, valuation, financial statement analysis, and PowerPoint.
- Top Employers: JP Morgan, IDBI Capital, Axis Capital Ltd., Morgan Stanley, etc.
2. IT & Technology
Generally, tech companies rely on Financial Planning and Analysis (FP&A) to manage costs, improve efficiency, and support product launches.
- Key skills required are data visualisation (Tableau, Power BI), dashboard reporting, variance analysis, and budget forecasting.
- Top Employers: Infosys, HCL, Wipro, Tata Consultancy Services (TCS), etc.
3. Consulting and Advisory
Consulting and advisory firms need financial analysts to evaluate the financial health of clients’ businesses and support strategic decision-making.
- Key skills required are financial diagnostics, market research, cost-benefit analysis, and scenario modeling.
- Top Employers: Deloitte, EY, Cognizant, PwC, KPMG, etc.
4. Insurance and Financial Services
With complex products and high regulatory demands, insurance firms depend on analysts for financial modeling and risk assessment.
- Key skills required are risk modeling, actuarial basis, profitability analysis, and Excel/VBA.
- Top Employers: LIC, ICICI Prudential, Bajaj Allianz, SBI Life Insurance, etc.
5. Startups & FinTech
The FinTech and Startup culture is rapidly growing in India. These companies function in fast-paced environments where financial knowledge and data-backed decision-making are essential. Financial analysts help in driving strategy, managing investor expectations, and supporting sustainable growth.
- Key skills required are lean financial planning, cash flow forecasting, SaaS metrics, and unit economics.
- Top Employers: Zerodha, PhonePe, Razorpay, Groww, Cred, PayTm, etc.
6. Asset Management and Mutual Funds
Managing money for clients and institutions calls for deep market research and asset performance tracking. Financial analysts help in fund analysis and diversification strategies.
- Key skills required are portfolio analysis, NAV calculations, macroeconomic insights, and risk-return evaluation.
- Top Employers: SBI Mutual Fund, Canara Robeco AMC, HDFC AMC, Axis Mutual Fund, etc.
Top Companies Hiring Financial Analysts and Their Salary Offers
From global investment banks to consulting companies, financial analysts are in high demand across all industries and sectors. Here is the breakdown of the top companies, their industry, and the typical compensation package they offer at different experience levels.
| Company | Industry | Experience Level | Salary Package (Per Year) |
|---|---|---|---|
| Goldman Sachs | Investment Banking | 0–3 Years | ₹2.5 – ₹8 LPA |
| Deloitte | Consulting and Advisory | 0–2 Years | ₹3 – ₹12 LPA |
| Accenture | Management Consulting, IT Services | 0–2 Years | ₹5 – ₹15 LPA |
| JP Morgan Chase | Investment Banking | 0–3 Years | ₹6 – ₹22.2 LPA |
| EY India | Consulting and Audit | 0–3 Years | ₹3 – ₹11 LPA |
| CRED | FinTech / Startup | 1–3 Years | ₹12 – ₹24.9 LPA |
| RBI / SEBI | Government / Regulatory | Entry-Level Officers | ₹4 – ₹6 LPA |
| Infosys | Consulting, IT Services | 0–2 Years | ₹2.1 – ₹9 LPA |
| Tata Group | Conglomerate | 1–5 Years | ₹3.2 – ₹10 LPA |
| HDFC AMC | Mutual Funds / Finance | 0–3 Years | ₹2 – ₹9 LPA |
Note: Salaries vary depending on the role, specialisation, location, and background.
How to Become a Financial Analyst: Education, Skills, and Certifications
It is helpful to know how the right education, skills, and certifications help you achieve a better salary. Here is a breakdown of how to become a financial analyst in India:
1. Education
Your salary as a financial analyst is influenced by your qualifications. Completing a certified financial analyst course from a reputable institution can give you a competitive edge in both job opportunities and salary negotiations.
- BBA/B.Com graduates: Usually start with entry-level roles like financial executives or junior analysts. Salary typically ranges from ₹2.4 – ₹5 LPA.
- Chartered Accountant (CA): Strong demand in corporate finance, taxation, and audit. Salary typically ranges from ₹8 – ₹18 LPA
- Chartered Financial Analyst CFA (Level 1-3): Ideal for roles in investment analysis and portfolio management. Salary depends on the role but typically ranges from ₹6 – ₹30 LPA.
- MBA: An MBA from a tier 2 or 3 college like KJ Somaiya, IMT Delhi, etc., can expect jobs in mid-size firms as an analyst for a salary of ₹5 – ₹10 while an MBA from IIMs, ISB, or top B-schools gives access to top jobs in investment banking and consulting with packages ranging from ₹15 – ₹25 LPA.
2. Most In-Demand Skills
Your technical skills can help you increase your salary. Here are some financial analyst skills to learn:
- Advanced Excel: Excel is important in finance for report analysis, data interpretation, and dashboard creation.
- Financial Modeling: Essential for roles in investment banking, equity research, and startups.
- Power BI and Tableau: Help visualise data and create reports. Popular in FP&A and tech-driven firms.
- SQL: Used to manage large financial data sets. Great for MNCs, FinTech, and analytics roles.
- Python: For automation, forecasting, and real-time analytics.
- Accounting: Understanding financial statements like the balance sheet, cash flow, and applying accounting principles.
- Statistical Analysis: Understanding statistical concepts and methods to analyse data and identify trends.
3. Certifications
Here are some popular finance certifications that can help you improve your salary:
- CFA (Level 1-3): While CFA Level 1 can give you a boost of ₹1 – ₹3 LPA in finance roles like equity research or wealth management, CFA Level 2 & 3 add a strong advantage for high-paying investment roles with a salary boost of ₹3 – ₹7 LPA.
- CA Inter: Useful for entry-level audit and finance jobs. Salary boost ₹6 – ₹9 LPA.
- NISM Certification: Required for stock market research roles. Adds ₹0.5 – ₹1.5 LPA.
- FRM (Level 1-2): Ideal for risk management jobs in banks and NBFCs. Salary boost ₹2 – ₹4 LPA.
Salary Comparison: Financial Analyst vs. Other Finance Roles
If you are planning a career in finance, it is important to understand how a financial analyst’s salary stacks up against popular roles like investment banker, management consultant, and data analyst. Let’s discuss:
| Point of Distinction | Financial Analyst | Investment Banker | Management Consultant | Data Analyst |
|---|---|---|---|---|
| Average Salary | ₹2.5 – ₹15 LPA (Entry – Mid-level) | ₹8 – ₹30 LPA (Entry – Mid-level) | ₹8 – ₹28 LPA (Entry – Mid-level) | ₹3 – ₹12 LPA (Entry – Mid-level) |
| Work Hours | 40–50 Hours Per Week | 60–80 Hours Per Week | 50–80 Hours Per Week | 40 Hours Per Week |
| Skills Needed | Excel, Financial Modeling, Power BI | Discounted cash flow, LBO, Valuation, M&A Modeling | Research, Problem-solving, Presentation | SQL, Python, R, Tableau |
| Best For | Ideal for professionals interested in a finance-focused career path | Ideal for high-risk, high-reward professionals | Ideal for strategic thinkers, strong communicators | Ideal for professionals interested in a tech or data-driven career path |
| Bonus | 10% – 20% of base salary | 20% – 200% of base salary | 10% – 30% of base salary | 5% – 20% of base salary |
Career Path:
Analyst → Senior Analyst → Associate → Manager → VP
You can get a junior position or a financial analyst internship under the guidance of a senior analyst after completing your undergraduate degree, if you want to become a financial analyst. Many junior analysts pursue a postgraduate degree to advance their careers. While it’s not mandatory but having an advanced degree from a reputed university helps you attain senior positions more easily.
Further, a senior analyst gets promoted to an associate role. There may also be an opportunity to enter a senior management role. In the corporate world, senior analysts can become treasury managers supervising working groups within their departments. A standout performer may become a VP, chief financial officer (CFO), or chief investment officer (CIO) responsible for all of the company’s financial activities.
Conclusion
A career as a financial analyst offers a strong blend of stability, growth, and learning. While the salary may start modestly compared to some high-pressure finance roles, it grows steadily with skills, certifications, and experience. Financial analyst jobs for freshers are always available in the Indian market. Whether you’re a recent graduate, an MBA, or switching careers, financial analysis is a rewarding path with strong long-term potential.
Financial Analyst Salary in India – FAQs
1. Is a Financial Analyst a high-paying job?
Yes, being a financial analyst can be a high-paying job, especially as you gain experience and develop in-demand skills like financial modeling, Excel, and data analysis. For example, the average financial analyst salary ranges from ₹3-7 LPA, depending on location, experience level, and industry type.
2. Is a financial analyst a stressful job?
Not always. A financial analyst’s job is usually more structured and balanced compared to high-stress roles like investment banking. In most companies, the work is 9 to 6 with manageable deadlines. Some stress may arise during month-end reporting or budget cycles.
3. Is there a future for financial analysts?
The demand for skilled financial analysts is growing in India and globally. As companies become more data-driven, they need finance professionals who can turn numbers into smart decisions. Sectors like FinTech, e-commerce, banking, and consulting are hiring analysts at all levels.
4. What are the bonuses, perks, and benefits of being a financial analyst?
Along with a good salary, financial analysts often enjoy several extra benefits such as performance bonuses of 10% to 20% of annual salary in many firms, sponsorships for CFA, MBA, certifications like FRM or Power BI, many finance roles now offer remote work flexibility, ESOPs (depending on the type of firm), and travelling opportunities.
5. How to become a chartered financial analyst?
A candidate must pass all three levels of the CFA exam, acquire relevant work experience, and become a member of the CFA Institute to become a chartered financial analyst.