The process of studying something to gain a deeper understanding of its fundamental components or structure is known as analysis. Analysts are people who do this kind of work and can be found in almost every industry.
An analyst career may be right for you if you enjoy working with data. We talk about 16 different types of analysts, how much they make on average, and what their primary responsibilities are in this article.
Data is incorporated into every aspect of the global market, boosting economic expansion and assisting businesses in competing. According to McKinsey & Company, sales strategies that use data can boost earnings before interest, taxes, depreciation, and amortization (EBITDA) by 15% to 25%.
It could be argued that a business with a large number of customers and, as a result, a lot of data has a natural advantage over one with less data. However, if decision-makers do not know how to analyze and make use of the data, they will not necessarily gain a competitive advantage.
An analyst’s role comes into play at this point. Who are analysts? Analysts conduct research and examine data that has been privately collected or that is publicly available in order to discover patterns, trends, and insights that can aid in planning and making decisions.
A person in this position is essential for extracting value from information, whether they are an economic analyst, a data analyst, a financial analyst, an operations analyst, or a business analyst. Typical duties of an analyst include:
Using analysis, which is the process of breaking information down into smaller components and drawing conclusions based on the findings, analysts assist organizations in transforming data into business benefits. They do this by gathering, preparing, and interpreting the data.
They also produce reports that summarize the findings of the data to aid in the process of making business decisions. An analyst, for instance, can utilize data to assist businesses in reducing expenses, enhancing operations, and devising a product pricing strategy that meets market demands.
What is an analyst?
An analyst is someone who gathers data, investigates it, and draws inferences from what they discover. They look for patterns in the data and use what they learn to make important decisions and adjustments. Analysts assist in enhancing productivity and making strategic decisions in a wide range of industries.
What does an analyst do?
The key aspects of analyst responsibilities include the following activities:
- Gathering and analyzing data using technology tools
- Interpreting data using statistical tools
- Finding patterns and trends through data visualization
- Helping managers draw conclusions based on data
Among the most important aspects of defining an analyst are their primary responsibilities, which include:
Gathering data:
Data collection can involve gathering data from a variety of internal and external sources. The buying patterns of customers as well as crucial information about the operations of the company are examples of internal data sources.
Conducting interviews and surveys, looking over data from marketing analytics, and writing down observations and records are all methods used to gather data and prepare it for analysis.
Analyzing data:
Because not all data is ready for use, it is essential to clean and organize it prior to analysis. Data mining, which uses methods to find hidden patterns or anomalies, is another important step.
Quantitative and qualitative analysis are the two most common types. Working with numerical data is required for quantitative data analysis, whereas working with descriptive data is required for qualitative data analysis. Predictive, statistical, and prescriptive analysis are some other types.
Drawing conclusions:
Data must be interpreted after it has been gathered and analyzed. This entails identifying patterns and trends and drawing inferences from the data.
After that, analysts assist leaders and managers in comprehending the data so that they can make sound decisions.
16 Types of analysts jobs
There are analyst positions in practically every industry. Analysts use their business, communication, and problem-solving skills to make informed decisions and collect and analyze data. They focus on various areas depending on the industry.
An analyst in the technology industry, on the other hand, might concentrate on system performance data while an analyst in a government agency might concentrate on data that aids in determining the impact of a policy or regulation.
Analysts typically work in offices, but some, like operations analysts, travel to clients’ locations to conduct field research and collect and analyze data.
The majority of analysts collect and analyze data, but their methods and motives vary by industry. The following is a list of sixteen different types of analysts working in a variety of industries, along with their analyst jobs, typical salaries, and primary responsibilities:
1. Vendor analyst
National average salary: $37,944 per year
Primary duties:
In order for manufacturing companies to make better purchasing decisions, vendor analysts rate suppliers. They compile and present data about various vendors in a manner that is simple for a manufacturer to comprehend.
A company’s decisions regarding outsourcing and purchasing are heavily influenced by vendor analysts.
2. Intelligence analyst
National average salary: $40,794 per year
Primary duties:
Data related to enhancing security practices are gathered, analyzed, and concluded by intelligence analysts. They help keep sensitive information safe, improve communication security, and monitor for security breaches.
3. Geospatial analyst
National average salary: $45,487 per year
Primary duties:
Aerial images and GPS data are interpreted by geospatial analysts to map various locations. They work in mining, urban planning, and military intelligence, among other fields.
Professionals can use the information provided by geospatial analysts to determine where to begin construction projects and to be aware of potential obstacles posed by a specific location during construction.
They can also use their services during natural disasters, studying potential transportation routes to support relief efforts.
4. Tax analyst
National average salary: $66,461 per year
Primary duties:
Tax preparers file, review, and prepare tax returns on behalf of businesses or clients. They look for ways to pay less tax and make sure that all tax laws are followed.
5. Financial analyst
National average salary: $71,131 per year
Primary duties:
In order to provide projections and reports on an organization’s financial health, financial analysts look at the history of financial data for both individuals and businesses.
They also look into investment opportunities and show their customers the risks and benefits of different choices. To ensure that all financial reports are accurate, financial analysts collaborate closely with accountants and accounting teams.
Financial analysts contribute to the solid financial standing of organizations. Between 2020 and 2030, the BLS anticipates a 6% increase in the number of financial analyst positions.
Financial analysts promote profitability and liquidity to ensure business continuity by analyzing financial data and providing useful information.
Investment analysts, who evaluate an organization’s investment strategy, and securities analysts, who monitor securities markets and trends, are two distinct categories of financial analysts.
The following are typical responsibilities for financial analysts:
- Gathering and evaluating financial and business data
- Making recommendations on spending, budgeting, and investing
- Preparing financial reports
- Supporting management decision-making about business and investments
Employers typically hire individuals with bachelor’s degrees in finance or business administration. However, those with certification such as Chartered Financial Analyst (CFA) from the CFA Institute are highly sought after.
To be eligible to take the CFA exam, you must have a bachelor’s degree and several years of experience. Additionally, there is a demand for master’s-level data science financial analysts.
Because working with numbers is essential to the job, financial analysts should have strong financial and quantitative skills.
Financial analysts with technical skills can use a variety of tools to make calculations and financial models. Attention to detail and the ability to communicate and make decisions are two additional useful skills.
6. Project analyst
National average salary: $74,737 per year
Primary duties:
A project manager receives data-based assistance from a project analyst. Through procedures like budget analysis and forecasting, they aid in project planning and execution.
Project analysts present novel strategies or approaches to increase efficiency, collect data on the market, and monitor the progress of team members.
7. Data analyst
National average salary: $74,829 per year
Primary duties:
Different kinds of data are gathered and analyzed by data analysts. Typically, the goal of data analysis is to provide a data-driven basis for making decisions.
To make projections, data analysts look for patterns or trends. They may offer reports that simplify data for businesses and are simple to read.
Data analysts help leaders make decisions that can improve business and operational performance, boost sales, and cut costs by interpreting and analyzing a wide range of data.
Depending on the industry common responsibilities for data analysts include the following:
- Conducting statistical tests
- Translating large amounts of data
- Identifying important trends
Data analysts are not covered by the BLS, but a similar position—computer and information research scientist—is expected to grow by 22% between 2020 and 2030. Data analysts translate large amounts of data and identify significant trends.
The educational requirements for the position vary, but master’s degree holders with a concentration in computer science, computer engineering, or data science are typically preferred by employers.
A data analyst should be able to use a variety of tools for data analytics, predictive analytics, and data visualization and possess strong quantitative and mathematical skills.
In order to succeed as a data analyst, strong organizational skills are essential for keeping data projects in order. As with all analyst roles, data analysts need to be able to solve problems by looking at them from multiple perspectives and coming up with creative solutions.
8. Network analyst
National average salary: $75,795 per year
Primary duties:
Organizational computer networks are designed and analyzed by network analysts. They are responsible for developing network systems that meet the requirements of an organization, keeping an eye on how well they are working, and offering technical support.
9. Economic analyst
National average salary: $76,986 per year
Primary duties:
An economic analyst creates economic forecasting models for the government or private organizations using large data sets. In order to predict how the economy will develop in the near and long term, they conduct research on the current situation as well as previous patterns.
Economic analysts are hired by businesses to help them make better financial decisions by better predicting what will happen in the future.
Data and trends in commerce, the financial markets, and state and federal government are studied and researched by economic analysts. They look at data to predict short- and long-term economic scenarios and present information on the current state of the economy.
An economic analyst might look at data about the labor market or taxes in the government to help leaders make decisions that can make people’s lives better and raise money for important government programs. The data is typically translated and presented in readable formats like reports and charts by economic analysts.
Although the U.S. Bureau of Labor Statistics (BLS) does not offer data on economic analysts, it projects that employment in a similar capacity—economist—will increase by 13% between the years 2020 and 2030.
Typical responsibilities for an economic analyst include the following:
- Analyzing trends in the economy
- Creating forecasts and models for the economy
- Distributing reports
At least a bachelor’s degree is required for entry-level positions, but employers prefer candidates with a master’s degree in business, finance, or accounting for senior positions.
The quantitative and mathematical competencies necessary to collect and analyze data, carry out complex calculations, and work with statistical data and models are among the required skills.
Because they use a variety of data analysis tools, economic analysts should have strong technical skills. In addition, they should be able to solve difficult problems using critical thinking, communicate effectively in writing, and present their findings to decision-makers through reports and presentations.
10. Operations analyst
National average salary: $78,825 per year
Primary duties:
An operations analyst helps develop solutions to problems that arise in business operations, such as lead generation, data management, and communication. They create reports for company decision-makers by gathering data from specific departments, such as sales and marketing.
Organizations looking to improve operational performance and efficiency rely heavily on operations analysts. Between 2020 and 2030, the Bureau of Labor Statistics predicts a 25% increase in the operations research analyst position, which includes operations analysts.
Operations analysts aid businesses in problem-solving, decision-making, and expansion by analyzing issues and providing information that can be used to improve operational performance.
Operations analysts monitor the effects of various changes and weigh the costs of alternative solutions because problems are frequently too complex to be solved with a single strategy. A wide range of tasks are carried out by operations analysts, including:
- Analyzing risk
- Recommending business process improvements
- Forecasting outcomes
Analyzing risk, suggesting enhancements to business processes, and anticipating outcomes, operations analyst positions are typically filled by people with bachelor’s degrees, though some may prefer those with master’s degrees.
Business, social science, analytics, and engineering are all common fields of study. Working with a variety of analytical tools, operations analysts use their quantitative and technical skills to evaluate current operational performance and identify areas for improvement.
Problem-solving and working with others are two additional useful skills for operations analysts.
11. Business analyst
National average salary: $79,195 per year
Primary duties:
Business analysts examine a company’s current state and identify areas for improvement. They might research customer requirements, technology requirements, and financial data.
Business analysts help managers put the suggestions they’ve made into action by presenting their findings to them after conducting their analysis.
Organizations attempting to solve business issues and increase productivity benefit from the assistance of business analysts. Between 2020 and 2030, the BLS projects a 14% increase in the management analyst role, which includes business analysts.
Business analysts determine problems and areas for improvement by collecting data through methods like interviews. Business analysts may specialize in particular industries (healthcare, technology) or areas (logistics, supply chain, etc.). Typical duties of a business analyst include:
- Identifying the information technology (IT) and business needs of an organization
- Implementing programs focused on improving business efficiency
- Creating reports for executives and decision-makers
- Recommending new systems or changes in organizational processes
Business analyst positions are best filled by people who have a bachelor’s degree in business, social science, or engineering and a lot of work experience. However, some employers may prefer people with a Master of Business Administration (MBA) for senior positions.
To identify areas of high and low performance, business analysts rely on project management and quantitative and technical skills. Communication and teamwork-building abilities are two additional useful skills.
12. Computer systems analyst
National average salary: $79,553 per year
Primary duties:
An organization’s current computer systems are examined by computer systems analysts for ways to reduce costs and efficiency. After gaining an understanding of a company’s objectives and requirements, computer systems analysts devise a strategy for how the most recent technology can benefit them.
13. Technical analyst
National average salary: $85,072 per year
Primary duties:
Within a company, it is the responsibility of a technical analyst to communicate technical knowledge. In order to better comprehend the requirements of the project and convey technical specifications to management, they conduct interviews with employees.
Technical analysts ensure that both management and technical teams comprehend the same requirements.
14. Management analyst
National average salary: $88,327 per year
Primary duties:
Management analysts investigate businesses and suggest ways to boost productivity. They are typically outside consultants who offer an impartial perspective on the business.
Employee interviews, a review of the company’s current procedures and finances, and making recommendations to achieve the company’s objectives are all part of the job.
15. Business systems analyst
National average salary: $90,843 per year
Primary duties:
A business systems analyst investigates the procedures that are currently in use in the company and provides management with potential difficulties.
They also find effective solutions for computer procedures and business software. New computer programs may also be designed by business systems analysts by analyzing current employee behavior or project requirements.
16. Program analyst
National average salary: $96,733 per year
Primary duties:
A program analyst looks over a company’s program and suggests ways to make it better. They participate in strategic planning, employ methods for data collection and management, and document program modifications.
Conclusion: Career as an analyst
Data plays a crucial role in boosting economic activity and has a significant impact on global markets. The way data is collected, shared, stored, and analyzed continues to get better thanks to technological advancements and analytical tools.
In order to assist organizations in taking action based on data and making improvements, analysts in all functions and industries must be equipped with the necessary skills and knowledge.
Frequently Asked Questions (FAQs)
Question: Career Clusters describe a group of _______ within the same industry.
Options:
- (a) Schools
- (b) Careers
- (c) Internships
- (d) Apprenticeships
Answer: (b) Careers
Reason:
- The correct answer to this question would be, (b) “Careers”
- Career Clusters describe a group of careers within the same industry.
- Career Clusters are, as described, a group of careers that can be divided into categories or areas, such as Agriculture, Food, Natural Resources, etc.
- Besides, we can also find careers within these areas. If you take Agriculture, for example, we can find careers within this niche, such as animal trainers, greenhouse managers, dairy farmers, etc.
What does a career cluster describe a group of what within the same industry?
A career cluster is a group of occupations with similar features. Jobs in the same cluster require similar knowledge or skill sets.
What is a matching career cluster?
Career Cluster Match on NCcareers.org helps users identify the Career and Technical Education (CTE) Career Clusters that match their specific combination of work, skill and academic interests. Once the assessment is completed, users can identify occupations in their preferred cluster(s).
What is the description of the career cluster?
Career Clusters contain occupations in the same field of work that require similar skills. Students, parents, and educators can use Career Clusters to help focus education plans towards obtaining the necessary knowledge, competencies, and training for success in a particular career pathway.
What is an example of a career cluster?
Here are a few career cluster examples: Agriculture, Food, and Natural Resources; Law, Public Safety, Corrections, and Security; Arts, Audio/Video Technology, and Communication; and Health Science. These names are all pretty self-explanatory.
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