Our business process is a complex process, and one that is a product of countless years of experience. The fact is that the average business process specialist is paid a measly $55,000. This is not a reflection of the quality of the work but rather the level of compensation that is required to ensure the long-term growth of the company.
That’s right. It’s not the amount of money, but rather how much work you do.
Our business processes take place in warehouses, offices, and on field sites. At each of these places there are specialists who make these processes work. They are responsible for the efficient, safe, and effective use of a wide variety of products. These products include: paper, cardboard, plastic, wire, plastic tubing, paint, glues, and other products. I’m talking about the actual things you use every day.
As you might guess, all of this is done by a small group of specialists. The work they do is very specific, and each specialists uses different computer programs to accomplish their tasks. However, because each specialist is using different programs, they all work in the same environment. This makes it easy for them to communicate with each other, because they aren’t having to worry about a specific computer program. They just have to keep in mind who’s doing what and when.
It’s also quite common for people to work for different companies. For example, a financial consultant may work for a bank, a financial analyst may work for a stock brokerage firm, and a project manager may work for a software firm. Each of these companies may pay a different salary based on the type of work they do. This is one reason why it can be difficult to compare salaries at a company level.
The difference in a company’s salary between a project manager and a financial analyst is not that much, but a financial analyst may make more money per hour than a project manager. This is because the analyst is more likely to spend most of his day on analyzing and writing reports, whereas project managers typically work on the programming side of the house. It is difficult and expensive to find a project manager of comparable experience, and so most projects managers end up with lower salaries than financial analysts.
With the average hourly pay for a project manager being $18.32, a project manager in the San Francisco Bay Area (the tech hub), which is considered by many to be the best place to work, would make a base salary of $65,746. This is a $4,746 raise over the $62,150 salary of a financial analyst in the same area, which is considered the lowest in the country.
So, what’s the explanation for this? It may be a function of the number of projects a financial analyst must manage. But it does raise a whole host of other questions about the skill set and responsibilities of a financial analyst.
This is particularly true if you consider that salary data is a poor indicator of actual compensation. The actual salary earned by a financial analyst is far, far more important. The reason for this is that the number of tasks a financial analyst has to perform varies, depending on the number of projects they handle. So the actual salary a financial analyst must earn is much more important.
There are three basic types of financial analysts: (1) Senior financial analysts, (2) junior financial analysts, and (3) analysts who assist in the process of compiling data. Senior financial analysts are the ones who have to make the most money in their careers. Junior financial analysts are the ones who earn some of the lowest salaries. And analysts who assist in the process of compiling data are the lowest paid of the three types.
