Data analysts are in high demand in industries ranging from software development to banking. Because there is such a variety of data to be analyzed among many businesses, duties for analysts can be quite varied; however, responsibilities almost always include collecting, analyzing and reporting on statistics. An analyst may design algorithms to optimize mobile gaming applications, create models to help banks maximize profits or catalog hospital data sets in order to keep track of trends in accidents, illnesses and injury, or employee achievements. Similar analyst jobs include positions such as Business Analysts.
Data Analyst Education
The minimum educational requirement for most data analyst jobs is a bachelor's degree; however, many companies prefer applicants to hold an advanced degree. Because data analysis often requires the creation of complicated algorithms, analysts must possess advanced skills in mathematics and quantitative analysis. Data analysts may also need to have specialized knowledge related to the industries in which they work. For example, an analyst who works in the software development industry may need to have an understanding of programming and design. An analyst who works in the banking industry may be required to have knowledge of finance and market trends.
Data Analyst Job Market
Because data analysis is so crucial to developing business strategies, data analysts are in high demand. Statistics indicate that the job growth for market research analysts is around 32 percent by 2022, which is significantly higher than the national average.
Because data analysts are in such high demand, they can often bring in high salaries. Some can even earn more than $100,000 a year. There are several different types of data analysts, each earning a different salary. According to recent statistics, the annual mean wage for management analysts is $88,070 while the average wage for computer and information analysts is $84,520. The annual wage for a market research analyst is around $67,380.