Career Development

What Does an Analyst Do?

Find out what an analyst does, how to get this job, and what it takes to succeed as an analyst.

Analysts are professionals who work in a variety of fields, from science to business to government. They all have one thing in common: they use their knowledge and training to analyze data and information, looking for patterns and insights that might otherwise go unnoticed.

Analysts may focus on any number of topics or industries—they may study consumer behavior, market trends, financial performance, etc. Regardless of the subject area, analysts must be able to quickly and effectively parse large amounts of data and find meaningful insights within it. This requires strong analytical skills as well as an ability to communicate these findings clearly to others.

Analyst Job Duties

Analysts have a wide range of responsibilities, which can include:

  • Preparing reports on findings and recommendations for management based on analysis of data
  • Conducting research to identify new opportunities in the industry or new ways to improve existing products or services
  • Monitoring competitors’ activities and responding to new offerings by competitor companies
  • Resolving problems with existing applications by testing them on different platforms or modifying them to meet the client’s needs
  • Investigating complaints from customers regarding product defects or poor service
  • Designing and conducting experiments to test new ideas or theories in an area of interest to an organization or academic field
  • Creating models to help predict the outcomes of certain events or conditions in order to make decisions about future actions
  • Conducting surveys or polls to gather information about public opinion on issues such as politics or social concerns
  • Developing new business plans or strategies for existing businesses

Analyst Salary & Outlook

Analyst salaries vary depending on their level of education, years of experience, and the company size and industry. They may also earn additional compensation in the form of bonuses.

  • Median Annual Salary: $72,500 ($34.86/hour)
  • Top 10% Annual Salary: $112,000 ($53.85/hour)

The employment of analysts is expected to grow much faster than average over the next decade.

Employment growth will be driven by the continued need for business analysis across all industries and organizations. Organizations will continue to hire business analysts to improve efficiency, productivity, and quality.

Related: In-Depth Analyst Salary Guide

Analyst Job Requirements

To become an analyst, you may need to have the following:

Education: Most employers require analysts to have a bachelor’s degree in a field such as business administration, finance or statistics. Some employers prefer candidates who have a master’s degree in business administration (MBA).

Analysts can also earn a post-baccalaureate certificate in business analytics. These programs typically take one to two years to complete and include coursework in business strategy, data mining, data analysis and business intelligence.

Training & Experience: Analysts often receive on-the-job training to learn the specific processes and procedures of their new role. Training may include shadowing current analysts or learning from a supervisor. Training may last for a few days or a few weeks, depending on the company and the analyst’s role.

Certifications & Licenses: Certifications prove an analyst’s knowledge and help advance their career. An analyst can earn varying levels of certifications as their experience level progresses.

Analyst Skills

Analysts need the following skills in order to be successful:

Technical skills: Analysts use technical skills to gather and interpret data. They may use software programs to analyze data and create reports for their managers. Technical skills can also help analysts troubleshoot technical issues with computer programs, software or hardware.

Communication skills: Analysts communicate with a variety of people, including coworkers, clients, managers, clients and other stakeholders. Effective communication skills can help you convey information clearly and build trust with others. You can use your communication skills to help you collaborate with others on projects and to explain complex financial concepts to clients.

Problem-solving skills: Analysts solve problems every day, so it’s important for them to have strong problem-solving skills. They use these skills to find solutions to technical problems, financial problems and other issues that arise in the workplace.

Research skills: Analysts use research skills to gather information about a company’s products, competitors and the market in general. They use research skills to find information about the company’s history, its leadership and its financial status. They also use research skills to find information about the market in general, including market trends and consumer preferences.

Business acumen: Business acumen is the ability to understand the financial aspects of a business. Analysts need business acumen to understand the data they’re analyzing and make accurate predictions. Business acumen can also help you understand the reasoning behind a company’s actions and how those actions might affect the company’s future.

Analyst Work Environment

The work environment for analysts is usually in an office setting, although some travel may be required for meetings or to visit clients. They typically work a standard 40-hour week, although overtime may be required during busy periods or to meet deadlines. The job can be stressful, as analysts are under pressure to provide accurate and timely information and recommendations. They must be able to work well under pressure and meet deadlines.

Analyst Trends

Here are three trends influencing how analysts work. Analysts will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Growth of Digital and the Internet of Things

The growth of digital and the internet of things is having a major impact on the analyst profession. As more and more data is collected, analysts are needed to make sense of it all and provide valuable insights to businesses.

This trend is leading to an increased demand for analysts who have experience with digital technologies and the internet of things. By understanding how these technologies work, analysts can help businesses make better use of the data they collect.

More Focus on Data Science

As data becomes increasingly important in business, companies are placing greater emphasis on data science professionals. This is because data scientists are able to extract valuable information from large sets of data that would be difficult for other professionals to understand.

As data becomes more important, analysts will need to develop skills in data science in order to remain competitive. They should focus on learning how to analyze data and find patterns that can help businesses make better decisions.

Big Data Becomes Even Bigger

Big data is becoming even bigger as more and more businesses rely on it to make decisions. This means that analysts who are able to understand and interpret big data will be in high demand.

Analysts who are able to understand big data will be able to help businesses make better decisions by providing them with the information they need to make informed decisions. In addition, analysts who are able to interpret big data will be in high demand by businesses who want to understand what their data is telling them.

How to Become an Analyst

An analyst career path can be a great way to start your career in finance. As an analyst, you’ll have the opportunity to work on a variety of projects and learn about different areas of finance. You’ll also develop important skills such as critical thinking, problem solving, and teamwork.

The best way to get started on this path is by getting a degree in finance or accounting. Many companies also offer internships for students who are interested in pursuing an analyst career.

Related: How to Write an Analyst Resume

Advancement Prospects

There are many different types of analysts, but they all have one thing in common: they use data to make decisions. Data analysts collect and interpret data to help their organizations make better decisions. They may work in a variety of industries, including healthcare, finance, marketing, and manufacturing.

As an analyst, you may start out working in a junior role, such as a research assistant. With experience, you can move up to a senior analyst position. In some organizations, you may also have the opportunity to move into a management role, such as a data analyst manager or a business analyst manager.

Similar Jobs

Previous

What Does a Delivery Driver Do?

Back to Career Development
Next

What Does a Firefighter Do?