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Data Analist

Data analysts take large amounts of data from various sources and use statistical analysis and data visualization to identify patterns and trends, make predictions, and provide insights that help organizations make informed business decisions. They work in many industries and have skills in math, programming, and presenting analysis. While a degree is preferred, it is possible to become a data analyst with relevant work experience. The field is growing rapidly and data analysts enjoy above-average salaries and career prospects.

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bharti gupta
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111 views5 pages

Data Analist

Data analysts take large amounts of data from various sources and use statistical analysis and data visualization to identify patterns and trends, make predictions, and provide insights that help organizations make informed business decisions. They work in many industries and have skills in math, programming, and presenting analysis. While a degree is preferred, it is possible to become a data analyst with relevant work experience. The field is growing rapidly and data analysts enjoy above-average salaries and career prospects.

Uploaded by

bharti gupta
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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What Is a Data Analyst?

Data analyst is a broad term for someone paid to analyze data and create
insights that viewers can act on. Skilled data analysts are some of the most
sought-after professionals in the world.

Because demand is strong and the supply of people who can do this job well
is limited, data analysts command higher-than-average salaries and perks,
even at the entry level.

Data analyst jobs can be found throughout a diverse mix of companies and
industries. Some top jobs in data analysis involve using data to make
investment decisions, target customers, assess risks, or decide on capital
allocations.

KEY TAKEAWAYS

 The role of the data analyst has become increasingly important since
the early 2000s, with employment opportunities in industries ranging
from finance to marketing to social media.
 In addition to knowing your way around computers, data analysts must
also be well-versed in statistical methods and models.
 Big data and machine learning are among the cutting-edge applications
of data analysis.

What Do Data Analysts Do?


Data analysts take mountains of data and manipulate it to spot trends, make
forecasts, and extract information to help their employers make better-
informed business decisions. The career path you take as a data analyst
depends in large part on your employer.

Where Do They Work?

Data analysts work on Wall Street at big investment banks, hedge


funds, and private equity firms. They also work in the healthcare industry,
marketing, and retail. In general, data analysts are everywhere.

You can also find them in almost every industry—large insurance companies,
credit bureaus, technology firms, banks, and manufacturers. Tech companies
such as Meta and Google analyze big data to a dizzying degree. To do so,
they employ many of the top data analysts for various purposes, including
advertising, internal analysis, and a great deal of user analysis.

At financial institutions such as investment banks, the management track is


the most common career path analysts take from the entry-level.

Data Analyst Qualifications


Education

Graduating from a data analysis program, particularly if you have a strong


grade point average and a high ranking in your class, should lead to an entry-
level data analysis position without much trouble. Even a less-focused degree
in mathematics, statistics, or economics from a reputable university is enough
to get your foot in the door.

Most colleges in the United States offer data analytics or data science as
both a major and a minor. Beyond the bachelor’s degree, there are also a
vast number of data science master’s programs. If you are interested in
building your skills in a more flexible or shorter timeframe, multiple
certification programs and courses are available from various educational
institutions.

Skills

Overall, data analysts usually have a dynamic skill set. They are good at
working with numbers and details. They are also confident and organized in
managing multiple tasks, data programs, and data flows.

 
Data analysts usually are required to have strong presentation skills as they
are typically asked to present their analysis orally or visually regularly.

Experience

Experience can come from working as an entry-level analyst or in a related


field, such as investment analysis. However, education is often the most
important thing on your resume when applying for a data analyst job. Few
people get hired without solid academic performances in math-related fields
of study.

Data Analyst Career Paths


Below is a list of the many different roles you may encounter when searching
for or considering data analysis.

 Business analyst: Analyzes business-specific data.


 Management reporting: Reports data analytics to management on
business functions.
 Corporate strategy analyst: Analyzes company-wide data and
advises management on strategic direction. This role may also be
focused on mergers and acquisitions.
 Compensation and benefits analyst: Usually part of a human
resources department that analyzes employee compensation and
benefits data.
 Budget analyst: Focuses on the analysis and reporting of a specified
budget.
 Insurance underwriting analyst: Analyzes individual, company, and
industry data for decisions on insurance plans.
 Actuary: Analyzes mortality, accident, sickness, disability, and
retirement rates to create probability tables, risk forecasting, and
liability planning for insurance companies.
 Sales analytics: Focuses on sales data that helps to support, improve,
or optimize the sales process.
 Web analytics: Analyzes a dashboard of analytics around a specific
page, topic focus, or website comprehensively.
 Fraud analytics: Monitors and analyzes fraud data.
 Credit analytics: The credit market offers a vast need for analytics and
information science in credit reporting, credit monitoring, lending risk,
lending approvals, and lending analysis.
 Business product analyst: Analyzes the attributes and characteristics
of a product as well as responsibile for advising management on the
optimal pricing of a product based on market factors.
 Social media data analyst: Social media and growing tech companies
rely on data to build, monitor, and advance the technology and
offerings that social media platforms rely on.
 Machine learning analyst: May work on various aspects, including
data preparation, data feeds, analysis of results, and more.

Data Analytics Career Outlook


Jobs in the data analytics sector are plentiful, salaries are high, and the
career paths you can take are abundant. Data analytics offers a wide variety
of opportunities across industries and corporate levels.
Some of the top jobs in data analysis can reach nearly $100,000 right out of
college. Experienced professionals can earn much more.

Here are a few of the types of analysts, their latest pay information, and the
job outlook from the Bureau of Labor Statistics.

Financial Analyst

 Average hourly wage: $45.95, ranging from $28.34 to $81.70


 Average annual salary: $95,570.1
 Highest paid location: New York, with an average hourly wage of
$67.73.2
 Growth: The BLS expects this class of workers to grow at a faster-
than-average rate of 9% through 2031.1

Market Research Analyst

 Average hourly wage: $30.73, ranging from $18.40 to $63.393


 Average annual salary: $78,880
 Highest paid location: New York
 Growth: The BLS expects this class of workers to grow at a faster-
than-average rate of 19% through 2031.4

Management Analyst

 Average hourly wage: $50.325


 Average annual salary: $104,660
 Highest paid location: New York
 Growth: The BLS expects this class of workers to grow at a faster-
than-average-rate of 11% through 2031.6

Is Data Analysis Easy or Hard?


This depends on many factors, such as your aptitudes, interests, education,
and experience. Some people might naturally have the ability to analyze data,
while others might struggle.

What Qualifications Do I Need to Be a Data Analyst?


In general, you'll need to be good at math and science and have a degree
that complements the field you want to specialize in.
Can I Be a Data Analyst Without a Degree?
It's possible to be a data analyst without a degree if you can convince an
employer you can do what they need. However, in a competitive environment
like the job market, education, extra certifications, or experience can give you
an edge above other applicants.

The Bottom Line


Data analysts work in a broad spectrum of industries, and it is likely to
continue growing. More and more companies rely on data to make decisions
—data gathered by programs and technology. Artificial intelligence and
machine learning are being used to collect, sort, and present data.

However, technology has not yet evolved to the point where human
involvement is unnecessary—all it can do is manipulate data as it has been
programmed to do. Humans are still needed to interpret results and bring
perspectives to information that machines cannot, so demand for data
analysts will likely remain steady.

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