If you have always dreamt of becoming a Data Analyst, now is the best time to pursue your dream. Big Data is living in its golden age. In 2020 and 2021, we will see even more interesting achievements of Data Science: automatic machine learning systems (AutoML), DevOps and DataOps engineering, virtual and augmented reality (VR/AR), as well as the synergetic effect of combining these and other technologies. For sure, you need to pass a challenging and long path of obtaining all the knowledge and skills necessary for becoming a Data Analyst. You may, perhaps, need to buy essay online or even have to take extra hours to cover all the material. However, the result is definitely worth the efforts taken.
Many people dream of becoming a Data Analyst and getting a solid salary. You should understand that everything is not so clear, and we will not be able to derive this figure at once. There are different data analysts – that is why we need to first define what we mean by this profession, and then briefly consider the types of data analysts that exist. We will reveal the salaries of each group later.
What Does It Take To Get a Job in Data Analytics
Making decisions based on data is not just a good tone. Today’s world dictates new conditions in which a data-driven approach is equally important for both line employees and managers. Today, the inability to analyze business metrics and draw the right conclusions often borders on being unsuitable.
An analyst is a specialist who processes data and makes predictions, strategies, plans, and recommendations to clients based on that data.
There are several professions in the name of which there is also the word “analyst”: financial analysts, program analysts, system analysts, etc. All of them are engaged in the analysis of this or that information but do not necessarily use mathematics, statistics, and programming languages in their work. They should be distinguished from a separate profession of “data analyst”.
A data analyst should have a good understanding of mathematics, statistics, computer science, business, and economics. It is important that a person likes to operate with statistical data, make charts and tables, see patterns, structure information, highlight the main thing, discard the secondary. The analyst mostly deals with precise categories: data, figures, algorithms. When making requests, you need to make as few mistakes as possible and select the audience as accurately as possible. The analyst should take into account all factors that may affect the result of the analysis, do not miss any important details. Otherwise, he will get incorrect values and make incorrect conclusions at the output.
What Must a Data Analyst Know?
A Data Analyst must know:
- System analysis, knowing how to formalize the results obtained in the subject area;
- Development of schemes for software tests;
- Programming using the top-level languages (C++, SAS, R, Python);
- Documenting, formalizing, and modeling processes for which special notations and methodologies are applied (ERM, EPC, UML, DFD, ARIS, etc.);
- Use of special software.
You can become a team leader from a simple analyst, and evolve in the direction of management — developing and supervising your own products, inventing strategies for their development.
You can improve your programming skills, upgrade your skills as a data analyst, move to larger companies, to a more popular and prestigious direction, engage in Data Modeling, Big Data, make forecasts and predictions. After all, you can always freelance or start your own company.
According to Glassdoor, the average salary of the Data Analyst is almost 67 thousand dollars per year. However, we should take into account some factors before judging. The level of salary depends on your skills and experience. An Entry Data Analyst does earn around 35 thousand dollars per year while the wage of the Senior Data Analyst ranges from 80 to 140 thousand dollars.
Another factor that has an impact on the salary is the geographical location and demand for a professional. Thus, it seems that Seattle, San Francisco Bay Area, and Los Angeles have the best offers for people working with the analysis of data.
The industry you choose to work in also plays a significant role in the amount of salary. According to research, these are the most high-paying industries and their average wages:
- Financial Data Analyst ($83.000):
- Clinical Data Analyst ($72.7000);
- Business Data Analyst ($72.500);
- Human Resources Data Analyst ($65.600);
- Pricing Data Analyst ($65.300).
The name of the employer also has an impact on the amount of money. The companies with the highest salaries for analysts in the USA include:
- Facebook ($135.919);
- Microsoft ($113.104);
- Freddie Mac ($111.047);
- Intermountain Healthcare ($108.686);
- LinkedIn ($108.196).
You should keep in mind that the salary tends to increase by at least 15% annually.
Despite the fact that data analysis is not an area where you will make millions of dollars, but this profession slowly but surely breaks through to the top of the list of career opportunities. It is a stable, meaningful, and time-tested way to secure a great future career. Although the salary of an Entry Level Data Analyst may not be that high, it is still a good start. If you focus on learning and improving your skills, you will not even notice how quickly your career will advance (thus, increasing your salary!). Moreover, there are plenty of opportunities to switch into another field or profession.