What does an analyst do?
Analysts work in offices gathering and interpreting the performance statistics of a company and other relevant information. These professionals take this data and revise it into graphs, workflows, and charts to help the management and department heads understand the company data better. Business analysts utilize current statistics and indicators to identify improvement areas regarding the company's financial status, efficiency, and performance. They will then recommend new operational processes or business strategies and present them to company management. After implementing the recommended plans, the analysts will measure their progress to discover more ways to improve them.
View RolesWhat is the average salary of an analyst?
The median yearly salary for analysts in May 2021 was $93,000, according to the United States Bureau of Labor Statistics (BLS). The highest 10% received over $163,760, and the lowest 10% took home less than $50,190. Also, the average yearly salaries for analysts in the top industries in the U.S. ranged between $81,090 and $100,170. Self-employed analysts receive salaries directly from their clients, and the pay rate is either by the project or the hour. Analysts working full-time for consulting companies get a base salary and a bonus at the end of the year. As a professional analyst, your salary will depend on different factors, such as your work experience, qualifications, and location.
-
Location
Your location can significantly influence your compensation package. Many large cities are financial hubs with big corporations that depend on analysts to make business decisions. Therefore, professional analysts working in big cities have a higher earning potential than those in smaller cities and towns.
-
Experience level and academic qualifications
Your specialization, academic qualifications, and working experience will determine your earning potential as an analyst. For instance, finance analysts get better pay than general analysts. Also, your salary will be higher if you have a postgraduate degree than if you are an individual with only an undergraduate degree. Plus, having entry-level working experience will only attract an analyst trainee's salary whereas applicants with years of industry experience receive high-end salaries.
Analyst job Description
An analyst is responsible for gathering, interpreting, and using complex data to create useful information that will enhance company processes. In this position, you'll take loads of data, break it down into manageable and useful parts, and subsequently present your findings to the company executives to help them develop and implement strategic plans. As a professional analyst, you'll need to evaluate clients' needs and utilize research, detailed analysis, and testing to deliver useful information. During analysis, you'll use different tools to ensure your work is accurate and more efficient. This profession is suitable for team players and self-motivated people who are good with numbers and details.
-
What are the responsibilities of an analyst?
As a professional analyst, you gather and analyze numerical data utilizing various tools to help the management make better business decisions. Here are some of the common responsibilities and roles of an analyst:
- Collaborating with the management team and company executives to establish project goals and budgets, monitor progress, and assess the performance
- Gathering and analyzing data to identify patterns, anomalies, trends, and other useful information
- Utilizing data to formulate and optimize processes and strategies; reduce costs; and boost efficiency, quality, profits, or security
- Working with an organization's internal departments to gather data and formulate and implement strategic plans
- Preparing presentations and reports to summarize new findings and recommendations that influence company decisions
- Reviewing and improving business analytics processes, tools, and methods to boost accuracy, efficiency, and security
- Working with different departments and teams to provide insight and expertise
- Identifying and endorsing new data sources
- Edit, update, maintain, and manage all company databases and other data systems
- Implementing procedures and policies that keep the company's data and business information secure during the collection, analysis, storage, and discarding processes
-
What type of equipment does an analyst use?
As an analyst, you need an array of tools to change data into important metrics that your team members can easily comprehend and act on. Below are some essential tools and platforms you'll require to execute your duties efficiently and accurately.
- Business intelligence tools
- Statistical analysis tools
- Data science platforms
- Data modeling tools
- Automation tools
- Data cleaning platforms
- Spreadsheet applications
- Data visualization tools
-
What is the work environment of an analyst?
Analysts normally work in the private and public sectors. You will often work close to other experts in shared offices. Some companies don't offer traveling roles to analysts, but others might require you to travel sometimes, especially when working with clients across the country or overseas. Traveling might be necessary to engage company clients directly, especially if you work as a business analyst. While many employers keep analysts at hand in their company offices, others will allow you to work remotely. However, remote workers are more likely to work temporary jobs.
-
Who are your colleagues as an analyst?
Analysts pinpoint notable patterns and correlations in complex data. You will work with different professionals in your company as a professional analyst. Some of your colleagues will be service desk analysts, operation managers, and data analysts. In this position, you'll also work alongside other specialists, such as data scientists, actuaries, and project managers to provide insight.
-
What is the work schedule of an analyst?
Analysts normally work an average of 40 hours every week. You may work overtime during busy times or when you have big projects with looming deadlines. However, some companies pay for the extra hours you work, but others don't since the position is salaried. Generally, this position is less demanding than many financial data jobs, allowing you more time to focus on work-life balance.
What is the career outlook for an analyst?
According to the BLS, analysts’ job opportunities will grow by around 14% between 2020 and 2030. Over the decade, more than 124,400 new opportunities will open up each year. Many organizations and businesses are increasingly embracing and implementing big data analytics, significantly contributing to this growth. Besides, the demand for experienced analysts with expertise and relevant skills to change company data into useful info is also growing as big data evolves. As you gain more experience in your position, you'll get better opportunities to advance your career in various ways. You can move to consultancy, management, or your preferred data-related specialization, such as visualization, infrastructure, or mining.
What are the advantages of working with Spherion as an analyst?
Many job seekers usually struggle with finding the right connections they require to secure their dream jobs. However, working with Spherion can make things easier during your job search. The agency is familiar with the best companies and their hiring managers, which provides significant advantages. Finding your analyst position through Spherion provides important benefits, such as:
- Weekly payments
- Temporary and permanent positions
- A wide variety of career development and training opportunities
- Many sought-after opportunities in your local area
- Experienced contact persons to assist if needed
- Smooth interviewing processes
What education do you need as an analyst?
You need at least a bachelor's degree in mathematics or computer science to apply for an analyst position. Other fields acceptable in this position include information management, statistics, and economics. However, some corporations prefer applicants with postgraduate degrees in relevant fields like mathematics, computer science, or even engineering to fill senior positions. Entry-level analysts can secure positions without previous experience. Nonetheless, you'll need on-the-job training. The training will help you familiarize yourself with the policies and procedures of your company and teach you ways to apply your knowledge and expertise to the business environment. Since data analysis is an extremely dynamic field, applicants should remain up to date with the current data mining tools and trends.
Skills & competencies
Apart from academic qualifications, you need accreditations to appeal to prospective employers and to increase your chances of job promotion. Some of the desirable certifications you can pursue include Agile Analysis Certification (AAC), Certified Business Analysis Professional (CBAP), and Professional in Business Analysis (PBA). Analysts also need basic skills to execute their job duties. Some of the common skills you need to succeed in this position include:
- Strong written and oral communication skills
- Proficiency in mathematics and statistics
- Attention to detail
- Critical thinking skills
- Report presentation and writing skills
- Leadership capabilities
- Strong analytical skills
- Proficiency with computer systems and statistical software
- Outstanding organizational skills
- Team working skills
FAQs
Analysts play a major role in helping organizations and corporations make informed and better decisions that propel business growth. If you are considering a career as an analyst, the following frequently asked questions will help you learn more about this profession.
-
What is the difference between data scientists and analysts?
Although data scientists and analysts collect and interpret raw data, these professionals have some differences. A data scientist uses the current statistics of a company to predict future occurrences and problems. The primary role of these experts involves addressing future problems and finding effective ways to prevent them from happening or putting some measures in place to prevent the issues from becoming extremely damaging. An analyst compiles company data and uses it to solve current challenges and optimize processes in the company rather than concentrating on future occurrences.
-
What qualities make good analysts?
Strong analysts must have a passion and a good understanding of statistics and numbers to help them comb through volumes of data. They have experience using different software programs to examine data and develop graphs and charts. Good analysts also know how to use data visualization tools to present new strategies and recommendations to clients and management. They possess and use critical thinking skills to find effective solutions to complex problems presented by the interpreted data. Strong analysts also possess public speaking qualities and the confidence to present and influence company executives to follow their recommendations and plans.
-
What are the common types of analysts?
Analysts work in various departments analyzing different sets of data. Some analysts serve in a general capacity by gathering and analyzing information throughout the entire organization, and others focus primarily on a single department or subject matter. Software analysts assess a software project's scope; determine the programs' needs, requirements, and users; and report the information to the company's software developers. A business analyst focuses less on collecting and analyzing raw data and more on utilizing pre-analyzed data to implement important changes to operations and make informed business decisions. Typically, an analyst will collect and evaluate data for business analysts to interpret and develop projects.
-
Which industries employ analysts?
Generally, analysts work for establishments across different sectors to help company management discover suitable ways to boost efficiency and business operations. The industries and organizations that employ analysts include:
- Manufacturing
- Consultancy firms
- Hedge funds
- Public sector and government organizations
- Investment banks
- Retailers
- Healthcare organizations
- Insurance firms
- Hospitality and leisure
- Private equity firms
- Social media agencies and marketing firms
- Pharmaceutical companies
- Institutions of higher learning
- Software development companies
- Telecommunications sector
-
How do I apply for a job as an analyst?
Applying for a job as an analyst is easy with Spherion. You can search for analyst jobs on Spherion.com by job title and location. If you don’t see the perfect role, you can submit an open application. Once you submit your resume through Spherion's open application, a recruiter from the office closest to you will reach out with details about potential analyst roles that fit your skill set and professional goals.
