Whether in finance, manufacturing, consulting, government or education, the demand for data analysts is growing at an astronomical pace across all companies and industries. The need to collect, preserve and interpret data is urgent as businesses fear missing out on discovering insights that can give them the upper hand.
This has made data analysts some of the most sought-after professionals out there. And with the ideal combination of strong demand and limited supply, the field has never looked better for those looking to become a part of it. Even at entry-level, data analysts command high salaries and great benefits.
Moreover, the sheer depth and variety of work conducted by data analysts makes it an exciting field. There’s much to learn and every day can bring a new experience. Before we continue with the reasons to consider a job in data analytics, let’s take an in-depth look at what you can expect from this career path.
What Does a Data Analyst Do?
While the nature of the work can vary depending on where you’re doing it, the basic job of a data analyst is to take large amounts of data and probe it to obtain insights that will help their employers make more informed decisions. The specific career path you take as a data analyst will largely be influenced by the company you work for.
Some data analysts work in the healthcare sector, while others can be found on Wall Street in banks and private equity firms. In addition, there are roles in industries such as technology, retail, marketing, government and more. Insurance companies also have deep data structures that require an analyst’s expertise.
Responsibilities
Some of the things you can expect to do as a data analyst include:
- Developing practices and policies for managing information
- Identifying opportunities to automate or increase the efficiency of analytical processes
- Using external services or tools to validate and sort data
- Developing processes for reporting
- Monitoring and improving the quality of data
- Compiling and conducting surveys to obtain information
- Manipulating and interpreting data
- Creating easy ways to interpret data through graphs and visualisations
- Preparing reports for internal and external business audiences
Remember that this list is by no means comprehensive. Your job as a data analyst will change over time, be it due to new responsibilities, changing trends or career advancement.
Qualifications
A first degree in a relevant discipline is usually required. This can be in one of the following subjects:
- Business information systems
- Economics
- Information technology
- Statistics
- Mathematics
With growing interest in the field, postgraduate degrees designed specifically for aspiring data analysts are also becoming popular. These programmes include MSc Big Data, MSc Data Science and MSc Business Analytics among others. The likes of General Assembly, The Data School and Coursera also offer short courses on the subject.
Skills
Listed below are some of the most important skills to have as a data analyst.
- Numerical and analytical
- Relational databases and analysis tools
- Techniques related to data modelling, enrichment and cleansing
- Ability to develop efficient procedures and workflows
- Measures related to data validation, linkage and quality control
- Produce visualisations that are easy to interpret
- Web analytics, Google Analytics and SEO (for marketing roles)
You’ll likely come across one or more of the following tools and should, therefore, be competent in their usage.
- SQL server
- API
- XML
- BI and analytics platforms such as Crystal Reports, Tableau and Alteryx
- Statistical programmes including RapidMiner and SAS
- Scala, Python and Java among other programming languages
Following are seven reasons to consider a career in data analytics.
High Salary
In a post on Analytics Training, it was reported that data scientist salaries are an average of 15% higher than IT salaries. Glassdoor reports that on the upper end of the scale, data analysts in the United States earn around $95,000 per year. According to Payscale, the average data analyst salary in the United Kingdom is £26,602, with a median bonus of £1,959. Keep in mind that this is only an average and by no means reflective of what’s possible. Payscale rates the upper end of the average salary range closer to £40,000 per year at companies such as Bloomberg. Even with just one year of experience, data analysts can expect to earn £24,087 based on the data provided. As demand continues to rise, we can expect these numbers to reach even greater heights.
Soaring Demand
According to a 2019 report by the Royal Society, the demand for professionals with data skills in the UK has increased by almost 300% in the last five years. Northern Ireland is a particular anomaly, with demand having grown by a whopping 563%. This is a massive statistic compared to the average for all workers, which only rose by 36% over the same period. According to the U.S. Bureau of Labor Statistics jobs are projected to grow 26 percent from 2018 to 2028, much faster than the average for all occupations.
Just as with the salary statistics, it’s worth noting that demand is increasing around the world and remote work or travel opportunities are available. Moreover, the numbers are only expected to rise as more and more businesses become are of the value of data analytics and gain access to the resources necessary to utilize it.
Learning Opportunities
Obtaining all the knowledge and skills required to become a successful data analyst today is much easier than it was before. This is thanks in no small part to the proliferation of learning opportunities that you can access from home. As we mentioned earlier, there are many websites dedicated to helping you gain a stronger understanding of the basics.
From there, you can move on to an accredited programme where you can obtain the qualifications requested by employers seeking data analysts. Perhaps the best part about this is that you don’t have to spend years and thousands of pounds at a physical university to achieve this.
Online institutions such as Aston University offer degrees that are relevant to data science and analytics. This makes it much easier to fill your resume with all the necessary qualifications and skills. At the same time, the demand for data analysts today means that you don’t have to obtain degree upon degree to be employable.
Rewarding Work
To believe that data analytics involves little more than droning away at a desk in an office is a mistake. In fact, it’s quite an exciting field that offers a dynamic and rewarding work environment. The technologies related to data analytics are evolving faster than most, which means you are always at the forefront of the latest innovations.
If you’re the type of person who looks past face value and is curious about the how and why of things, then data analytics is the career for you. This is because you’ll practically spend your days doing exactly that – analysing the inner workings of a system and gaining a complex understanding of them before determining how they can be improved.
This also has a practical benefit outside of the workplace. For instance, let’s say you’re analyzing currency exchanges or weather data. In both cases, you’ll likely learn a thing or two that might help you make better decisions when it comes to your personal investments. The very process of exercising your curiosity has many benefits for everyday life.
Authority
Data analysts are some of the most authoritative and respected members of a company. The business quite literally takes action based on their judgement. Top management depends on data analysts to make crucial business decisions. This makes the career feel even more rewarding, as you know that your hard work makes a major difference.
Work Opportunities
By now you know that data analysts can work in a myriad of industries. This includes working for startups and small companies. However, if you’re looking to become part of a recognized brand name, then that too is a possibility. The likes of Oracle, Hewlett Packard, Microsoft, and IBM are all exploring and investing in Big Data research.
Working for one of these corporations has a range of benefits in and of itself. This includes better training and mentoring, greater job security and advancement opportunities, higher salaries, and more employee-focused procedures, not to mention the bragging rights.
Learn Diverse Skills
The skills you learn as a data analyst will not only help you in your personal life but can also carry over to other career paths if you choose to move elsewhere. This further improves your prospects and ensures that you can always expect a handsome paycheck come month-end.
As a bonus reason, it’s worth noting that you can also become a freelance consultant. This is ideal if you’ve ever wanted to start your own business or prefer working alone as opposed to working for a company.
As you can see, there are plenty of compelling benefits that come with a career in data analytics. Be sure to consider it moving forward. Given the current statistics, it’s safe to say that the field will only get better from here.
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