Over the years skilled data analysts have become one of the most sought-after professionals in the world. The reasoning? Supply and Demand. With the mass increase in companies relying on data as a business tool, the need for analysts has boomed. As a result, trends are in favor of those pursuing a career in data.
The pool of educated and experienced data analysts is limited.
On the supply side of the equation, there has been a consistent lack of skilled and experienced professionals to fill the increasing demand. Due to this shortage, even at the entry-level, data analysts can command huge salaries and excellent perks.
What do Data Analysts do?
Right now, some of the top jobs in data analysis involve helping employers make investment decisions, target customers, assess risks or help decide on capital allocations.
As data analysts, you probe through mountains of data to spot trends, make forecasts, and extract information. This, in turn, helps employers make better-informed business decisions.
The career path a data analyst can take depends, in large part, on what industry holds there interest. As a result, they could work at big investment banks, hedge funds, and private equity firms. They could also work in health care, marketing, retail, and/or insurance.
In general, data analysts are everywhere.
As a matter of fact, financial institutions such as investment banks are a great entry-level career direction. Doors to management can be opened when highly-skilled data analysts excel in this area.
After all, who better to shepherd new hires into the company than you?
Tech companies are big business.
Big tech companies such as Facebook and Google analyze big data to a dizzying degree. To do so, they employ many of the top data analysts for a variety of purposes including advertising and internal and user analysis.
Moreover, it’s widely known that technology changes rapidly.
Due to this, the structural dynamics of tech companies are constantly evolving. New departments are created that incorporate new challenges and pursue new market opportunities.
Data analysts who excel in their existing tech roles are oftentimes the first chosen as leaders of these newly created departments.
Data Analyst – Education
For those interested in pursuing a career in data, the majority of colleges in the US offer data analytics or data science as both a major or minor. Beyond the bachelor’s degree, there’s also a vast number of data science master’s programs.
That being said, if you’re interested in building your skills in a more flexible or shorter timeframe there are also multiple certification programs and courses available from a variety of educational institutions.
Graduating from a data analysis program with a strong grade point average should lead to an entry-level data analysis position without much trouble.
Alternatively, even a less-focused degree in mathematics, statistics or economics is enough to get your foot in the door.
Data Analyst – Annual Compensation
Some of the top jobs in data analysis can reach as high $100,000 annually during the first year out of college. Experienced professionals are making double that or more.
With that in mind, education is often the most important thing on your resume when applying for a data analyst job. Few people get hired without strong academic performances in math-related fields of study.
Data Analyst Career Paths
Overall, data analysts are good at working with numbers and details. Additionally, they are confident and organized in managing multiple tasks, data programs, and data flows.
You’ll also have strong presentation skills. Typically, with this role, you are required to present your analysis visually and/or orally on a regular basis.
A solid rule, pick an industry that sparks interest. Then pursue the education that backs you up. As mentioned, data analysts are in great demand. Choose wisely and have fun pursuing a career in data.
14 Potential Career Directions:
- Business analyst
- Management reporting
- Corporate strategy analyst
- Compensation and benefits analyst
- Budget analyst
- Insurance underwriting analyst
- Actuary
- Sales analytic
- Web analytics
- Fraud analytics
- Credit analytics
- Business product analyst
- Social media data analyst
- Machine learning analyst
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