Data analytics is one of the fastest growing areas of technology, and it applies to every industry, from healthcare and marketing to transportation and manufacturing.
Figures from several market research sources estimate that the big data and business analytics market is currently worth close to $300 billion. This figure shows how companies seek out the best data analytics talent and pay top dollar for their services.
It’s no surprise, then, that many professionals are learning new skills to stay relevant in the emerging data analytics market boom. Here are five of the highest paying data analytics roles for those interested in the field.
1. IT Systems Analyst
A computer systems analyst is a professional who designs, analyzes and builds information technology systems. Professionals in this position are also known as technology analysts and often work with business analysts to solve business problems using IT and data.
You must be an expert in information systems hardware and software to succeed as a computer systems analyst. Additionally, you should be familiar with different computer programming languages such as JavaScript and Python, although most of your work will be in creating business cost analysis tools and techniques.
Additionally, you can work with companies to develop new, efficient IT systems while providing recommendations on how to improve current systems. According Wage scaleyou can expect to earn around $45,000 a year as an entry-level computer systems analyst, although the income rises to over $90,000 when you become a senior analyst.
2. Business Intelligence Analyst
A business intelligence analyst (BI analyst) primarily analyzes and examines data to help businesses make better decisions. Although the specifics of the role depend on the industry, you will typically prepare marketing and financial intelligence reports based on the analyzed data.
You will need a mix of technical and quantitative skills to succeed as a business intelligence analyst, especially as the business and financial landscape changes. These include data analysis and modeling, database and data warehouse management, and programming languages. Strong communication, problem solving, and critical thinking are also transferable skills you need.
According Wage scale, a business intelligence analyst in the United States typically earns close to $72,000 per year. However, BI analysts with extensive work experience in certain industries earn upwards of $100,000 per year.
3. Operations Analyst
Depending on the job description, an operations analyst may also be referred to as an operations research analyst. Professionals in this field often work with sets of data, analyzing and developing data-driven strategies to solve internal business and team problems.
Additionally, an operations analyst position involves a lot of teamwork, and you will work closely with customer support departments and other members of your company’s operations team. Conversely, you may also be involved in policy and procedure reviews, compiling data reports, and working to improve performance metrics.
The US Bureau of Labor Statistics reports that the median annual salary for operations analysts in 2021 was around $80,000. Moreover, the sector is expected to grow by 25% over the next decade.
4. Marketing Analyst
Marketing analysis involves analyzing marketing trends, competition, and quantitative and qualitative data to help businesses make marketing decisions. These tasks mean that you should be familiar with digital marketing techniques and well versed in data science principles.
Typically, you collect, cleanse, and sort data using website analytics, surveys, and other techniques. Additionally, you will research your business’ competition, review the results of marketing campaigns, and draw conclusions from the information you obtain. This way, you can recommend useful solutions to customers and other interested parties.
You can earn around $96,000 in annual income as a senior marketing analyst, although that figure can be as high as $227,000, depending on your industry and level of responsibility. However, according to Glass doorentry-level marketing analysts typically earn $57,000 per year.
5. Quantitative Analyst
Quantitative analysts excel in math, statistical analysis, and problem solving. To become a professional in this field, you must be an expert in finance with top-notch programming skills and be familiar with data analysis tools and methods.
Remark: You can check out this YouTube video to learn more about the basics of quantitative analysis:
Next, the role is to apply mathematical and statistical evaluation methods to financial problems. Quantitative analysts can also be risk management experts who use quantitative analysis methods to help businesses and companies make strategic business and financial decisions.
According Wage scale, an entry-level quantitative analyst can earn around $70,000 a year on average, but salaries can vary widely from company to company. However, the higher you climb on the totem, the more money you will earn.
There are more jobs like these: choose yours
The jobs discussed in this article are some of the best known, but there are others that might also interest you. Which one you go for depends on your career goals and where your skills fit, but they’re all fantastic choices for any data analyst.
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