Financial Analyst Salary in India

India’s economy is growing, and demand for financial analysts is rising with it. Whether you are a fresh graduate or a working professional aiming to advance, understanding the financial analyst role matters. On average, the financial analyst salary in India ranges from ₹3-₹9 LPA. 

In this blog, we will explain the financial analyst salary in India. We also cover key factors that influence pay, required skills, top-paying cities, and career growth opportunities.

Table of Contents:

• What is a Financial Analyst? Job Roles & Responsibilities
• Average Financial Analyst Salary in India by Experience Level
• Financial Analyst Salaries in Major Indian Cities
• Top Industries Hiring Financial Analysts
• Top Companies Hiring Financial Analysts and Their Salary Offers
• Salary Comparison Between Financial Analysts and Other Finance Roles
• Key Factors Influencing Financial Analyst Salary

What is a Financial Analyst? Job Roles & Responsibilities

Financial analysts are professionals who review financial statements and build financial models. They provide insights that help firms make strategic business and investment decisions. So, what exactly do financial analysts do? Depending on their specific role and industry, analysts track both macroeconomic and microeconomic trends, as well as monitor economic conditions. 

They use their analysis to suggest potential investment strategies, guide M&A plans, and inform operational strategy. The role requires a blend of strong problem-solving skills, mathematical aptitude, and proficiency in data analysis tools like Python or SQL.

Key Responsibilities of Financial Analysts

Here are some key responsibilities of a financial analyst:

• Variance Analysis: Calculating and interpreting the difference between planned and actual financial results. 
• Budget Management: Assisting in the budgeting process and monitoring expenses against forecasts.
• Investment Consultation: Offering expert advice and consultation on potential investment opportunities
• Financial Forecasting: Predicting future financial performance and identifying potential risks or opportunities.

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.

Note: Financial analyst salary can differ by location, industry, role, and experience. The above salaries are average figures as per current market trends.

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Financial Analyst Salaries in Major Indian Cities

Many cities offer financial analyst job opportunities in India. Here is the salary structure of top-tier cities:

1. Mumbai

Mumbai, often known as the city of dreams, 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 analyst can expect to earn between ₹4-₹7 LPA, while a senior financial analyst can earn ₹16-₹25 LPA. 

2. Bangalore

Bangalore, India’s tech and startup hub, offers attractive financial analyst salaries, especially in technology firms, fintech, and startups. Entry-level analysts earn ₹3.5-₹6 LPA, while experienced professionals earn ₹15-₹22 LPA. Although pay is lower than Mumbai’s, many roles include stock options, performance bonuses, and other perks. Freshers can easily find reasonably paid financial analyst jobs in Bangalore. 

3. Delhi NCR

Delhi NCR has a strong market for financial analyst roles, especially in banking, corporate finance, and consulting. Entry-level analysts earn ₹3.5-₹6 LPA, while senior financial analysts earn ₹14-₹22 LPA. Delhi and Bangalore offer similar pay scales.   

4. Pune

Pune is a growing financial and IT hub with an expanding corporate presence, creating many financial analyst roles. Entry-level financial analysts earn ₹3-₹5 LPA, while senior analysts earn ₹12-₹18 LPA. Salaries are lower than in Mumbai, Delhi, and Bangalore, but the lower cost of living offsets the difference. 

5. Financial Analyst Salaries in Tier 2 Cities

Financial analyst salaries in Tier 2 cities like Jaipur, Ahmedabad, and Nagpur are usually 20%-40% lower than in Mumbai and Bangalore. Entry-level analysts earn ₹2.5-₹4.5 LPA and mid-level analysts earn ₹5-₹9 LPA. Senior-level analysts earn ₹10-₹ 15+ LPA. The lower pay often balances out with lower cost of living, better work-life balance, and a high 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 calculate data, build complex models, and determine deal feasibility. 

• Key skills required are financial modelling with Excel, valuation, financial statement analysis, and PowerPoint.
• Top Employers: JP Morgan, IDBI Capital, Axis Capital Ltd., and Morgan Stanley.

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 visualization (Tableau, Power BI), dashboard reporting, variance analysis, and budget forecasting.
• Top Employers: Infosys, HCL, Wipro, and Tata Consultancy Services (TCS). 

3. Consulting and Advisory

Consulting and advisory firms need financial analysts to evaluate the financial health of client businesses. Analysts also support strategic decision-making.

• Key skills required are financial diagnostics, market research, cost-benefit analysis, and scenario modelling. 
• Top Employers: Deloitte, EY, Cognizant,  PwC, and KPMG.

4. Insurance and Financial Services

With complex products and high regulatory demands, insurance firms depend on analysts for financial modelling and risk assessment.

• Key skills required are risk modelling, actuarial basics, profitability analysis, and Excel/VBA.
• Top Employers: LIC, ICICI Prudential, Bajaj Allianz, and SBI Life Insurance.

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, and PayTm. 

6. Asset Management and Mutual Funds

Managing money for clients and institutions calls for deep market research and asset performance tracking. Financial analysts help with 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, and Axis Mutual Fund.

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 a breakdown of the top companies, their industry, and typical compensation packages across experience levels. 

Note: Salaries vary depending on the role, specialisation, location, and background.

Salary Comparison Between Financial Analysts and 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:

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 important. The typical financial analyst qualifications include having a degree from a top-tier institution or relevant certifications. Having a Chartered Financial Analyst (CFA) certificate or a Master of Business Administration (MBA) degree is a plus. Professionals who hold such certificates or degrees 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 have recently graduated or might not have relevant work experience. 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 and consulting generally get paid more 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 and Bangalore earn higher salaries due to higher living costs and the presence of major financial institutions. In tier-2 or tier-3 cities, salaries are lower but often balanced by lower living costs.

5. Company Size and Financial Health

Large and financially stable companies typically offer higher salaries and better perks than smaller firms. This makes them a preferred choice for financial analysts. These companies attract and retain top talent by offering competitive pay, promotions, bonuses, and other incentives.

6. Job Role and Responsibilities

The primary role of a financial analyst is to analyze company performance, market fluctuations, volatility, and economic trends. This analysis helps companies make fact-based investment and financial decisions. 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 modelling, and advanced analytics can lead to higher salaries. Strong communication, analytical, and problem-solving skills are also important.

Conclusion

A career as a financial analyst offers a strong blend of stability, growth, and learning. However, the salary may start modestly compared to high-pressure roles. It grows steadily with skills, certifications, and experience. Financial analyst jobs for freshers are always available in the Indian market. 

Whether you are a recent graduate, an MBA, or switching careers, financial analysis offers strong long-term potential.

If you want to move from a financial analyst role into senior finance positions like finance manager or CFO, you need greater strategic skills. The CFO certification builds expertise in strategic finance, risk, corporate governance, and leadership.

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