An analyst will research, collect data and make deductions in relation to the data collected. Analyst salary based on the job where analyst will entail specialization in a wide range of fields which include finance, business, data and IT among others. The job of an analyst is considered to be among the lucrative jobs due to the high perks that come with it.
According the latest Analyst job trends, Analyst salary is as below:
1. Average Salary 64,550,
2. Median Salary 61,300,
3. Highest Salary 1,208,080,
4. Salary Range $64,550 to $1,208,080.
Analyst salary data based on real job postings and can be vary with the changes in the Analyst salary job posting range.
How Much Do Analysts Make?
The average salary of an analyst is about 64,000 per year. However, this will depend on factors like the area of specialization or industry, experience, the level of education and the state or country you will be working in. For example, a financial analyst at entry level will have an average salary of $42,000 per annum. However, a superior financial analyst can expect to earn about $78,000 as the median salary. Financial analysts with experience of more than 5 years of analysis will be regarded as being superior in their line of work. There are large amount of financial benefits of being a business analyst If you are getting paid highly as business analyst.
An entry level business analyst will go home at the end of the year with about $47,000 while a superior business analyst can expect to bank around $102,000 per year. This brings out the difference in both experience and areas of specialization. Analysts will be involved in the evaluation and interpretation of data to come up with solutions to financial problems. They are mostly involved in providing advice and a way forward for traders, project managers, and business owners among others.
They solve problems by making use of the historical data to make projections which will help the management make smart decisions. Business analysts in the IT sector analyze software, hardware, and other IT services to come up with the best way forward for the IT department.
|Profession / Job||Lowest Salary||Average Salary||Median Salary||Highest Salary|
|Business Analyst Salary||$20,000||$60,258||$60,000||$960,000|
|Business System Analyst Salary||$26,400||$67,250||$67,620||$550,000|
|Computer Analyst Salary||$26,000||$58,000||$57,000||$160,000|
|Credit Analyst Salary||$20,000||$48,350||$42,640||$425,000|
|Data Analyst Salary||$22,880||$59,490||$58,000||$625,000|
|Financial Analyst Salary||$20,000||$59,320||$53,200||$1,040,000|
|Intelligence Analyst Salary||$37,100||$59,480||$51,165||$160,000|
|IT Analyst Salary||$22,880||$67,925||$65,000||$130,000|
|Programmer Analyst Salary||$20,000||$57,465||$55,230||$1,846,000|
|QA Analyst Salary||$22,810||$62,465||$60,000||$780,000|
|Quantitative Analyst Salary||$30,000||$94,575||$90,000||$2,000,000|
|Security Analyst Salary||$35,100||$71,800||$68,080||$224,900|
|Senior Financial Analyst Salary||$20,405||$79,625||$75,000||$950,000|
|System Analyst Salary||$20,000||$57,300||$56,000||$627,333|
Analyst Job Description:
The job description of an analyst will depend on the area of specialization. A financial analyst will collect operational data with the aim of coming up with cost projections. Financial analysts will try to determine the cost of a project by analyzing data such as inflation rate, the price of materials, cost of labor and the risks involved. Such factors will help him or her to come up with an estimate which will be used in preparing a budget estimate for the project.
The analyst will also compare the actual results with the estimated and reconcile computations to correct the problem. Apart from cost estimates, an analyst in this field can provide consultant services to companies on the best stocks or securities to invest in. They analyze the market trends and macroeconomic factors to arrive at a decision which will help the company make the right decision regarding investment or borrowing of funds.
A data analyst’s work is not confined to one area of specialization. They simply analyze data for business owners or in the public sector. It could be costs, sales, or market research. He or she will try to provide solutions to problems a business is facing. Most of their duties will hover around data mining and data modeling. They use tools such as Microsoft SQL Server, SQL, and SAS to perform their duties.
Data analysts with skills in the above tools are able to come up with near accurate results depending on their objectives. Most employers will look for analysts who are conversant with using data analysis software applications and research tools as they produce accurate and reliable results fast. Other duties will be data entry work, formulation of charts and reports, interpretation of data and presentation among others.
Analyst Job Requirements:
The job requirements for an analyst are broad as it will depend on the type of analyst one wants to be. The requirements will also vary based on the employer, industry and the role you will be playing once hired. However, on the part of education, the student analyst has to incline their area of specialization to mathematics, accounting, statistics, IT, and economics among others. This is because the work will entail analyzing data and hence the need to know what goes on when carrying out your duty as an analyst.
- Education Requirements
Most employers will pick any relevant bachelor’s degree for an entry level analyst. However, some might require more than that depending on the job description. They will have to have excelled in mathematics as the job will involve computations for the data collected. Since there is no degree program for analysts, most employers are willing to take up any bachelor’s degree specialization.
However, for the job of an analyst in a pharmaceutical company, you will require knowledge in sciences as it relates to the industry. An advanced degree like masters will help improve your chances of securing a job with an employer. Different employers will ask for different education requirements.
- Training Requirements
Training comes later after you have secured your first job as an analyst. You will be exposed to research software tools and applications, how to use them and come up with data interpretations for the purpose of presentation. Also, you can offer to take on training that relates to the use of software applications and tools in analyzing data.
For the data analyst in the IT sector, they can take part in market research and data mining training, which will help in the collection of data, determine market trends and offer solutions for businesses. For the financial analyst, the job requirements are mostly related to skills in the money markets and capital markets. You need to have at least a bachelor’s degree in finance, accounting or any business related discipline.
Other skills and job requirements for an analyst will include:
- Self-motivated individual.
- Able to effectively communicate both verbally and in written form.
- A team player in the place of work.
- Flexible, innovative and a critical thinker.
- Able to research, analyze and evaluate data collected.
- Have strong analytical and numerical skills.
- Committed to advance your studies and related qualifications.
- Possess great skills in IT.
- Be up to date with the current affairs in the economy, market, IT or any other field depending on your specialization as an analyst.