How would you justify the existence of well-paid financial analysts in all states?

Question

In an efficient equity market, where there are no mis-priced stocks, no one can make abnormal rates of return. If this is the case, how would you then justify the existence of well-paid financial analysts in all states?

Answer 1

the analysts would be a vital part of the system for disseminating information and keeping a watchful eye on companies for fraud or other abnormalities.

Answer 2

who says they are all well paid?