Data analysts are among the most in-demand professionals on the planet. Data analysts fetch big salaries and good bonuses, even at the entry-level, because demand is so high and the number of people who can execute this work well is restricted.
Data analyst positions can be found in various firms and industries. Any business that uses data needs data analysts to examine it. Some of the best careers in data analysis entail analyzing data to make financial decisions, target customers, assess risks, or allocate resources.
What Are the Duties of Data Analysts?
Data analysts sift through masses of data to identify trends, forecast future trends, and extract information to help their employers make better business decisions. The path you pursue as a data analyst is heavily influenced by your employment. Data analysts work for substantial investment banks, hedge funds, and private equity firms on Wall Street. They also work in the healthcare, marketing, and retail industries. Data analysts can be found almost anywhere. They can also be found at huge insurance companies, credit bureaus, technological corporations, and practically any other company you can think of. For example, meta (formerly Facebook) and Google analyze vast amounts of data.
To accomplish so, they hire several top data analysts for several objectives, including advertising and internal analysis, as well as extensive user research.
The managerial track is the most common career path for analysts starting out in financial institutions such as investment banks. If you establish that you are among the best in your hiring group, your superiors will look to you as someone who can guide the next round of hiring. Prove your managerial abilities, and you could be on your way to becoming a department head or vice president.
Many businesses also refer to data analysts as data scientists. Working with a company's proprietary database is characteristic of this group. Many data scientists work with core database infrastructures, obtaining experience in other relevant technological fields such as data infrastructure construction and development. One such sector that employs and largely relies on information scientists for data gathering, mining, and analysis is the government. Insurance and healthcare companies have large data infrastructures that need the engagement of information scientists.
Technology companies are particular in that, as technology evolves, so does the company's dynamic. Departments are continually being formed to address new difficulties and capitalize on new market opportunities. When new departments are founded, technological data analysts who excel in their existing roles are typically recruited as leaders. This allows you to lead people and take responsibility for a portion of the firm.
Overall, data analysts have diverse skill sets. They excel at dealing with numbers and details. They are also self-assured and well-organized when managing many activities, data programs, and data flows. Finally, most data analysts have great presentation abilities because they frequently need to communicate their work graphically or orally. To master the in-demand skills, sign up for the latest data analytics course, available online for working professionals of all backgrounds.
An Overview of the Data Analytics Industry
Jobs in the data analytics business are plentiful, pay is good, and career routes are numerous. Data analytics provides numerous opportunities across industries and organizational levels. As a result, determining pay and growth prospects may take time and effort. The Bureau of Labor Statistics categorizes salary and growth in numerous ways.
Analyst of Finance
The financial analyst classification is often the most comprehensive for data analysts. Business analysts, management analysts, and other forms of investment analysts can all fall under this category. According to BLS data from 2020, the average hourly compensation for a financial analyst is $40.22, with an annual salary of $83,660. Hourly wages can range from $23 and $76. Financial analysts in New York earn the most, with an hourly pay of $63. The BLS anticipates that this group of workers will grow at a faster-than-average rate of 6% through 2030.
Market Analysis
A second Bureau of Labor classification that is frequently used to determine data analyst wages is a market research analyst. As of 2020, the average hourly wage in this category is $31.64, with an annual salary estimate of $65,810. Market researchers can earn between $17 and $44 per hour. The BLS predicts that this category will grow at a pace of 22% through 2030.
Machine Learning and Big Data
As the business world evolves, so do data uses, with demand for big data technologies, big data analysis, and machine learning among the top growth sectors. These sorts of big data technology are increasingly being integrated into data analysis programs at prominent universities in the United States and worldwide.
Most American colleges and universities offer data analytics or data science as a major or minor. In addition to the bachelor's degree, there are various data science master's degrees available. If you want to develop your talents in a more flexible or shorter timeframe, numerous certification programs and courses are offered by several educational institutions. One such popular course is an online data analytics course offered by Learnbay.
Career Options for Data Analysts
The following list some of the many distinct roles you may encounter when looking for or contemplating data analysis.
- Business analyst: Examines data specific to the business.
- Management reporting: Provides management with data analytics on corporate functions.
- Corporate strategy analyst: This position will assess company-wide data and advise management on strategic direction. This position may be involved in mergers and acquisitions as well.
- Compensation and benefits analyst: A human resources professional who examines employee compensation and benefits data.
- Budget analyst: is responsible for analyzing and reporting on a specific budget.
- Insurance underwriting analyst: Examines an individual, company, and industry data to make insurance plan recommendations.
- Actuary: Creates probability tables, risk forecasting, and liability planning for insurance businesses by analyzing mortality, accident, sickness, disability, and retirement rates.
- Sales analytics: It is concerned with using sales data to support, improve, or optimize the sales process.
- Web analytics: Comprehensively analyzes a dashboard of analytics centered on a particular page, topic focus, or website.
- Monitoring and analysis of fraud data are referred to as fraud analytics.
- Credit analytics: Analytics and information science are in high demand in the credit industry, especially in credit reporting, credit monitoring, lending risk, lending approvals, and lending analysis.
- Business product analyst: Focuses on studying a product's traits and characteristics and advising management on the best pricing of a product based on market considerations.
- Social media data analyst: Data is used by social media platforms and developing tech companies to construct, manage, and advance the technologies and offers that they rely on.
- Analyst for machine learning: Machine learning is a new technology that involves programming and feeding machines to make cognitive judgments. Machine learning analysts may work on tasks such as data preparation, data feeds, result-in analysis, and more.
Qualifications for a Data Analyst
Graduating from a data analysis program, especially if you have a high grade point average and a high ranking in your class, should quickly lead to an entry-level data analysis career. Even a general degree in mathematics, statistics, or economics from a good university will get you in the door. Despite being an entry-level post, the remuneration is higher than that of seasoned professionals in most fields.
