Data analytics is one of the fastest-growing fields in tech, and it’s applicable across industries ranging from healthcare and marketing to transportation and manufacturing.
Figures from several market research sources estimate that the big data and business analytics market currently has a value close to $300 billion. This figure highlights how keenly companies look for the best data analytics talent and pay top dollar for their services.
Thus, it isn’t surprising that many professionals are building new skill sets to remain relevant in the emerging data analytics market boom. Here are five of the best-paid roles in data analytics for individuals interested in the field.
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1. IT Systems Analyst
An IT systems analyst is a professional who designs, analyzes, and builds information technology systems. Professionals in this role are also known as technology analysts, and they often work with business analysts to solve business issues using IT and data.
Also, you may work with businesses to develop new, effective IT systems while providing recommendations on how to improve current systems. According to PayScale, you can expect to earn around $45,000 annually as an entry-level IT systems analyst, albeit 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 reviews data to help businesses make smarter decisions. While the role specifics depend on the industry, you’ll typically prepare marketing and financial intelligence reports based on the analyzed data.
You’ll need a blend of technical and quantitative skills to succeed as a business intelligence analyst, especially as the business and financial landscape evolves. These include data analytics and modeling, database and data warehouse management, and programming languages. Strong communication, problem-solving, and critical thinking are also transferable skills that you need.
According to PayScale, a business intelligence analyst in the US typically takes home close to $72,000 every year. However, BI analysts with extensive work experience in some industries earn over $100,000 annually.
3. Operations Analyst
Depending on the job description, an operations analyst may also be called an operations research analyst. Professionals in this field often work with datasets, analyzing and developing data-driven strategies to solve internal business and team problems.
Furthermore, a job as an operations analyst involves a lot of teamwork, and you’ll work closely with client support services and other members of your company’s operations team. Conversely, you may also be involved with policy and procedure reviews, compiling data reports, and working to enhance performance metrics.
The US Bureau of Labor Statistics reports that the median annual wage for operations analysts in 2021 was around the $80,000 mark. Additionally, the sector is projected to grow by 25 percent over the next decade.
4. Marketing Analyst
Marketing analytics involves analyzing marketing trends, competition, and quantitative and qualitative data to assist businesses with marketing decisions. These duties mean that you must be familiar with digital marketing techniques and be well-versed in data science principles.
You’ll typically gather, clean, and sort data using website analysis, surveys, and other techniques. Also, you’ll research your business’s competition, look through marketing campaign results, and make inferences from the insights you get. Thus, you can recommend useful solutions to clients and other relevant parties.
You can earn around $96,000 in annual income as a senior marketing analyst, although this figure can rise to $227,000, depending on your industry and level of responsibility. However, according to Glassdoor, entry-level marketing analysts typically earn $57,000 yearly.
5. Quantitative Analyst
Quantitative analysts excel at math, statistical analysis, and problem-solving. To become a professional in this field, you must be a finance expert with first-rate programming skills and be familiar with data analysis tools and methods.
Side note: You can check out this YouTube video to learn more about the basics of quantitative analysis:
Moving on, the role involves applying math and statistical evaluation methods to financial problems. Quantitative analysts may also be risk management experts who use quantitative analysis methods to help businesses and companies make strategic business and finance decisions.
According to PayScale, an entry-level quantitative analyst might earn around $70,000 per year on average, but wages can vary significantly between companies. Nonetheless, the higher you climb the totem pole, the more money you’ll make.
There Are More Jobs Like These: Choose Yours
The jobs discussed in this article are some of the most well-known ones, but there are others you may find interesting as well. Which one you opt for depends on your career goals and where your skill sets fit in, but they’re all fantastic choices for any data analyst.