Market Research Analyst Glassdoor – The demand for data analysts has increased over the past few years, especially since the Covid-19 pandemic. Given the demand for skilled data analysts, salaries have increased accordingly. According to PayScale, the average salary for data analysts across organizations and consulting firms is $64,000. But a lot depends on the quality and years of experience of the analyst, the technical skills they have, the employer, location and industry.
In this blog post, we will discuss the highest data analyst salaries in various industries and what you can do as a data analyst to increase your value and earn a higher salary. But first, let’s look at what a data analyst does.
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Every business generates massive amounts of data, which is a goldmine of information, and they need data analysts to help them find it. For example, learn about top-selling product lines by geography or track customer activity trends by date and time. Data analysts are technical workers who use a combination of analytical skills, programming language knowledge, and business understanding to perform statistical analysis on large data sets and glean actionable insights from them.
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According to the LinkedIn community, the average salary for a data analyst in the US is $90,000. Analysts can earn up to $125,000 depending on experience, location, industry, company type, and more. You also get annual bonuses and signing bonuses. Bonuses in excess of salary.
The Robert Half Technology 2022 Salary Guide found that the average entry-level data analyst salary is $116,375. Professionals with exceptional skills and professional experience can earn up to $167,913.
As you can see from the table above, your skills and experience have a big impact on the salary you can earn.
Here are some common roles in the data field and potential career paths for each. These are options you can choose from, not necessarily linear.
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Now that you know the important differences between data scientists, data analysts, and data engineers, let’s take a closer look at the career paths available to data analysts.
The primary responsibility of an entry-level data analyst is to identify trends, patterns, and relationships in collected data and gain insight. It also uses data mining techniques to organize information and provide reports to stakeholders. Organizations use these insights to make business decisions.
To land a job as a data analyst, you don’t need a degree in math or statistics, although that’s obviously a plus. Many organizations are now willing to hire professionals with basic education and data analytics certifications as well as strong technical skills. The skills required to become a data analyst are programming languages such as Python or R, database languages such as SQL, analytical tools such as Microsoft Excel, and computing environments such as MATLAB.
Entry-level data analysts can earn anywhere from $41,000 to $93,000. Experienced data analytics leaders can earn more than $250,000.
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At their core, business analysts are analytical problem solvers who work in a business or organization to identify areas for improvement; they work with managers, technical teams, suppliers, and other stakeholders to provide data-backed recommendations.
Typically a business-oriented role, a BA usually holds a bachelor’s degree in business or project management. They also need to possess skills such as critical thinking, logical reasoning, analytical and design thinking. Knowledge of tools such as SQL, BPMN, Microsoft Visio, and Excel that help them perform data mining and cleansing, reporting, and more is an advantage. The average annual salary for a business analyst in the US is $70,000, and those with 3-4 years of experience in the role can earn as much as $109,000.
A marketing analyst (MA) is very similar to a business analyst, but specializes in studying marketing data to gain insight into sales, marketing, channel performance, and promotions. The MA combines research skills, analytical skills and marketing knowledge, such as customer profiling, ROI calculations and advertising channel performance. For example, a marketing analyst needs to know what the conversion rate is, what the cost per conversion is, what the lifetime value of the customer is, and so on.
The MA uses Google Analytics, online advertising, and CRM tools, in addition to the tools used by data analysts, such as Python or R.
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The average starting salary for a marketing analyst is $59,400 and can go up to $122,000 depending on the level of experience. This role can also advance to Senior Analyst, Marketing Consultant or Strategist with higher salaries.
The industries that pay the highest data analyst salaries are the ones that benefit the most from big data analytics. These include technology, healthcare, financial and government agencies.
Data analysts play a key role in tech companies and are paid well as a result. There are different types of technology companies, and your role as an analyst in each will be slightly different depending on the company’s goals and the nature of your work.
According to LinkedIn, the average salary for a data analyst in software and IT services is $65,000. Leading companies generally pay higher salaries:
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The healthcare industry must process gigabytes of unstructured data every day. Hospitals and other healthcare centers are looking for data analysts to unpack fragmented data from patient records, clinical trials, and billing details and turn it into actionable insights.
With over 35,000 job postings on LinkedIn alone, the healthcare industry is becoming one of the leading creators of data analyst jobs. The average salary for a healthcare data analyst is slightly above the $72,595 average. Some of the high paying organizations are listed below.
Furthermore, two key concerns in healthcare analytics are privacy and security. As a data analyst, you can earn higher salaries by developing your skills in these niches in healthcare.
From infrastructure to transportation, public health and law enforcement, all levels of government process vast amounts of data that needs to be organized and analyzed to identify better ways to execute plans and find innovative solutions to problems. That’s why many government agencies, including the FDA, Department of Transportation, Environmental Protection Agency, NASA, Census Bureau, FBI, and others employ data analysts.
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Financial institutions and traditional banks rely on leveraging data to keep markets relevant and compete for profits. Financial data analysts work in many fields and build solutions for securing customer data, customer segmentation, algorithmic trading, fraud detection, underwriting, credit scoring, risk modeling, lending and loan evaluation, and more.
According to Glassdoor, the average salary for a financial data analyst is $64,375, but for those with relevant experience, this can be as high as $200,000.
Finance is a very specialized field. A strong analytical foundation and understanding of financial services will pave the way for a successful career as a financial data analyst. Familiarity with machine learning and predictive analytics is especially helpful for careers in fraud detection, security, and credit.
Let’s explore how much a data analyst salary is at each experience level. Typically, a data analyst’s career progression over the years is as follows:
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According to Glassdoor, the average salary for an entry-level data analyst is $66,266. Salaries range from $27,000 on the low end to $62,000 for the highest paid junior data analysts.
Mid-level data analysts earn an average of $81,415 per year. On the higher end of experience and payments, amounts go up to $100,000 per year.
With more than a decade of experience, senior data analysts earn an average of $96,000 per year, with top-end earning as much as $250,000. Since then, prove that leadership and business acumen can lead. Work as a senior manager or head of analytics and eventually as a chief technology officer.
The average salary for a data analyst with a bachelor’s degree can reach $130,000. As you can see, an expensive or elite master’s degree is not really required to land a paid data analyst position.
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According to the Burtch Works 2021 study, organizations pay high salaries for candidates with a master’s or doctorate degree, with a median salary of up to $140,000.
Whether you’re an entry-level data analyst looking to break into the industry, or a mid-level professional looking to advance your career, there are a few things you can do to land a good job and command a higher salary. Here are five ways.
Data analytics is a highly technical field and having a relevant skill set is critical to success. Learning the latest tools in the field will significantly increase your earning potential. Some valuable analytics tools like MapReduce ($115,907 average salary), PIG ($114,474), Apache Hive ($112,732), machine learning ($112,732), and Apache Hadoop ($110,562), according to the IBM report. You can also become familiar with cloud services like Scala, Spark, D3, and Amazon Web Services.
Chicago, New York, San Francisco, and other large cities tend to pay the most, but also have a higher cost of living. Remote positions can pay less, but have the flexibility to work from home, pay less, and can
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