As technology is rapidly advancing, data analysts have become increasingly coveted and desired by businesses all over the United States. With proper skills and years of experience, data analysts can have a high earning potential and can find great success in the technology industry.
This article will explore what it means to be a data analyst, the steps you can take to enter into the field of data science, the types of careers you can have in the data scientist field, and the average salary range depending on your level of experience.
What Is a Data Analyst?
Companies all over the world store the data from consumers who interact with their company or their product in some way. Data scientists analyze and translate the business data for companies so that they can make effective business decisions. Data analysts can analyze market research, sales figures, logistics, and more. They take a mathematical approach to computer science, focusing on statistical and quantitative analyses to analyze and interpret a company’s data.
Data scientists work to better understand consumers by using statistical analyses and models to evaluate social trends found in the data collection, ultimately helping a company make the proper financial decisions.
How Do You Become a Data Analyst?
Data science has become a popular career field for those interested in the tech industry, but what kind of education do you need to make it?
Bachelor’s Degree in Data Analysis
Most entry-level careers require knowledge in mathematics, statistics, and advanced coding before accepting a job as a data analyst. One route to obtaining this is through a bachelor’s degree in a related field, such as math or computer science.
While you can choose this route, it can be very expensive and take many years before you have the qualifications to be hired in data science. Luckily, there are now options where you can qualify for an entry-level job in data science with less than a year of training.
Data Science Bootcamps
Data science and coding bootcamps allow you to take intensive and specialized classes only focused on skills needed for the tech industry, without having to take all of the extra classes that a four-year college requires. Bootcamps allow you to become a master in the tech field, and are an essential resource for your transition into the industry.
An increasing number of students are choosing to pursue bootcamps instead of bachelor’s degrees, with a total of 33,000 students enrolled and graduating from coding bootcamps in 2019, and is still growing rapidly. Bootcamps are also more convenient for students, typically only lasting three to nine months rather than the typical four years for a bachelor’s degree.
What Kind of Job Would You Have as a Data Analyst?
There are job openings all over the country, and many different types of career paths for someone who is interested in data science.
Financial analysts take a look at a company’s finances and consumer data to make recommendations about future financial ventures. They can make predictions of the future of projects and new deals by creating financial models. Their goal is to manage all of the company’s assets, keep track of all financial transactions, and increase revenue for the company.
Market Research Analyst
A market research analyst’s job is to understand and track what it is that consumers like and are willing to purchase. They work for companies and analyze their market data to track consumer trends, and then subsequently translate this data so it is understandable and usable. They help companies learn what it is that consumers want and how much they are willing to pay for these services or products. They can use mathematics and statistical models to predict sales trends and measure how effective their marketing campaigns are.
Social Media Data Analyst
Social media analysts work to increase a company’s social media presence. By using marketing tactics and statistical data analysis, social media analysts can increase online traffic to their social media and websites and gain brand exposure. They can use Search Engine Optimization (SEO) and coding strategies to build an online presence. Similar to market research analysts, they will track the market and social media trends and analyze the consumer data associated with their social media accounts.
Web analysts work on a web development team where they use coding and computer programs to create and design websites for a company to maximize efficiency for the consumer. They work with data analysis, database management, data integrity, and web server security. They have to manage a budget while simultaneously monitoring and updating all computer software and technologies. The goal is to have an efficient and appealing website while still minimizing spending and maximizing profits.
Big Data Analyst
Big data is an extremely large and highly complex set of data that is impossible to interpret and process using traditional data analysis methods. Because data platforms have greatly advanced, companies can collect data from many different sources with high velocity. This large amount of data can be used to analyze many different aspects of a company’s business and their interactions with their consumers to maximize profits and efficiency.
Big data analysts use high-powered analytics to find the causes of problems, reduce cost, reduce time, and optimize new products.
How Much Does a Data Analyst Make?
Entry-level data analyst
Entry-level data analysts are employees who are hired without prior, or with less experience and skill level to be considered seniors. They usually have less than five years of experience and are still learning and mastering the techniques of data science.
Although they are just starting out, entry-level data scientists make an impressive salary. According to Glassdoor, an entry-level data analyst’s salary is $105,000 a year on average in the United States.
Senior Data Analyst
A senior-level data analyst is someone who has at least five years of experience and has an advanced degree in a related field, such as computer science, mathematics, or statistics. Because they have more experience and are considered to be masters in their field, they are in much higher demand and make a far more competitive salary.
Your salary will depend on your experience and where you live within the United States. On average, a senior data analyst makes $134,000 a year, but this salary can go upwards of $200,000 a year.
Why You Should Become a Data Analyst
Data science has become an essential part of businesses all over the world. As technology advances, data analyst’s salaries are also increasing. Data science is constantly evolving and growing, and there are many different career paths to choose from—including becoming a financial analyst, market research analyst, social media analyst, web analyst, or a Big Data analyst.