IPA: /ˈfaɪnəlɪst/
KK: /ˈfaɪnəlɪst/
A person who competes in the last stage of a competition or contest.
She was thrilled to be a finalist in the singing competition.
Finalist → It is formed from "final" (from Latin "finalis", meaning pertaining to the end) and "-ist" (meaning a person who). A finalist is a person who has reached the end stage of a competition.
Think of someone who is at the 'end' ('final') of a competition — the '-ist' just means a person. This helps you remember that a finalist is someone who has made it to the final stage.