Data analysis is a very lucrative career that always leaves you smiling at the bank. In the United States, the average salary range per year for data analysts is over $70. In this article, we will list the highest-paying careers in data analysis.
What are the highest-paying careers in data analysis?
Data analytics is not a single career path, but a descriptor for a variety of occupations, all in a similar domain. With a little research, you’ll be able to find the occupation that’s right for you, one that also pays well and has room for future growth.
Here is a list of the highest-paying careers in data analysis:
Data Engineer
Average Annual Earning: $115,000
Data engineers are responsible for identifying trends and anomalies in datasets. They develop algorithms from scratch that manipulate data to gain more useful insights and information.
This role requires a lot of technical knowledge in data structure and data manipulation programming languages such as SQL and Python. According to Payscale, entry-level data engineers start out earning around $77,000 a year and increase to around $115,000 as seniors.
IT Systems Analyst
Average Annual Earning: $66,890
IT systems analysts – commonly known as technology analysts – focus on the design, implementation, and analysis of different information systems. To become an IT systems analyst, you need to have in-depth knowledge of the various hardware and software components in devices and machines to solve technical problems your business might face.
As per the pay scale, the median annual base salary for an IT systems analyst is $66,890. The US Bureau of Labor Statistics goes on to state that the demand for IT systems analysts is expected to increase by around 7% over the next decade.
Marketing Analyst
Average Annual Earning: $60,000
Market research analysts are responsible for collecting and analyzing market data using platforms such as Google Analytics and BuzzSumo. Not only does this job require data science experience, but you also need to be good at digital marketing. As more companies go digital, the demand for digital marketing is sure to follow.
As a beginner marketing analyst, you will earn an annual salary of around $50,000 to $62,000.
Quantitative Analyst
Average Annual Earning: $85, 000
Next on our list of high-paying data analysis careers is Quantitative Analyst.
The duty of a quantitative analyst limits quantitative analysis methods that revolves around objective measurement and numerical data collected from polls and surveys to help companies make important business decisions. This job requires in-depth knowledge of business and finance management.
According to Zip Recruiter , budding quantitative analysts can expect to earn $50,000 to $70,000 annually. However, since the role is in high demand, you can expect to climb the ladder quickly to over $150,000 for top earners.
Also Read: What is GTE Technology?
Data Architect
Average Annual Earning: $130,000
Data architects create blueprints and blueprints for data management and storage systems. While this occupation is not closely related to extracting insights from data, you need to be familiar with the analysis process to build proper data structures.
As more organizations collect and manage their own data, data architecture is becoming one of the most in-demand data analysis positions. Recruiter predicts a 15.9% increase in demand for data architects over the next few years, and salaries will meet this need. The typical senior data architect earns just under $130,000 a year, according to Glassdoor.
Database administrator
Average Annual Earning: $140,00
As a database administrator, you will be responsible for monitoring and reviewing the database architecture and software to ensure they meet your employer’s requirements. This requires extensive knowledge of data warehousing, storage, and general structures, as well as experience with standard coding languages and databases such as Python, Java, MySQL, and MSSQL.
As an entry-level database administrator, you should expect no less than $80,000 a year, and you can easily earn another $140,000 as a senior.
Data scientists
Average Annual Earning: $130,000
As a data scientist, you will be responsible for collecting and analyzing large amounts of data. To segment and prepare databases for in-depth data analysis, you will often require a complete mastery of databases and data structures.
As per Glassdoor, a significant portion of entry-level data scientists earn around $90,000 per year, while senior scientists easily pass the $130,000 mark.
Business Intelligence Analyst
Average Annual Earning: $120,000
Business intelligence analysts examine and evaluate the structure and design of a company or corporation, looking for methods to make work more efficient and people more productive.
On average, entry-level business analysts earn $67,000, while senior business analysts earn nearly double that amount.
Operations Analyst
Average Annual Earning: $70,000
Operations analysts focus on and analyze a company’s internal and external processes to understand how it works. This includes understanding the company’s hierarchy, how different departments communicate and interact, and how the company interacts with Eternal Works.
As an entry-level analyst, you should expect at least an annual salary of $60,000 , while a senior analyst can make just over $70,000 on average — though the top earners often make six figures.
Data Analyst
Average Annual Earning: $70,000
Data analysts work closely with managers and executives in companies and corporations. A data analyst’s duty is to provide data-driven recommendations on company decisions and how they should run operations. To achieve a successful career as a data analyst, you need to be attentive to every detail and aware of trends and anomalies in datasets.
The entry-level data analyst makes just under $43,250 but can easily grow to a six-figure income in less than 10 years. Furthermore, a 2018 survey published by the World Economic Forum estimated that by 2023, 85% of companies would utilize new technologies that would dramatically increase the need for data analysts.
How to choose the right career in data analysis
While income and demand should be considered when deciding which professions to pursue, you should also assess your existing data analysis skills and what new skills you want to acquire.
- Analyze your present data analysis abilities to identify your strong points and places that still require work. You can better grasp your professional skills and weaknesses with the aid of this self-evaluation.
- Find your areas of interest: Think on your individual passions and interests in data analysis. Do you take pleasure in handling statistics and numbers? Do you have a stronger aptitude for programming and data engineering? Knowing your hobbies will help you choose a speciality that suits your needs.
- Take into account your social preferences: Consider your personality and decide if you prefer working independently or in a collaborative, team-oriented atmosphere. If you enjoy social contacts, careers in operations or business analysis, which require frequent meetings and concept presentations, maybe a good fit for you.
- Analyze income and demand: Although not the only deciding element, take into account the income and demand for various data analysis roles. To determine whether positions offer competitive pay and have an increasing demand, research wage ranges, and employment market trends. You can use this information to make an informed choice regarding your professional path.
- Check for geographical factors: Find out if there are prospects for data analysis in your neighborhood. Large organizations may reside in some places, where there is a strong IT industry, and there may be a shortage of job opportunities for data analysts. Whether you choose to work remotely, which can increase your alternatives and lessen geographic restrictions, or if you are willing to migrate to locations with better chances, is something to think about.
- Discover diverse fields and sectors that heavily rely on data analysis: Seek out expertise particular to that field. Choose industries like banking, healthcare, e-commerce, or marketing that fit your interests and expertise. Your ability to concentrate on a certain area and boost your worth as a data analyst can be facilitated by gaining industry-specific expertise.
- Keep abreast of trends: The field of data analysis is rapidly changing, and new technology and approaches are always being developed. Following industry blogs, going to conferences, and taking online courses will help you stay up to date on the newest trends, technologies, and practices. You’ll be more marketable in the field if you’re flexible and always learning.
- Look for mentoring and networking opportunities: Make connections with seasoned experts in the field of data analysis through networking events, internet communities, or trade associations. Developing connections with mentors and peers can lead to insightful advice and job chances. Making educated career decisions can be aided by participating in conversations and learning from others’ experiences.
- Obtain real-world experience by looking for internships, contract work, or volunteer opportunities that let you use your data analysis abilities. Practical experience can help you develop your abilities and lay a strong career foundation while also giving you access to crucial references.
- Develop your skills consistently: The profession of data analysis necessitates constant education and training. Utilize online workshops, certificates, and courses to learn new skills and maintain your relevance. Future opportunities for more complex and specialized tasks will become available as you expand your skill set.
Remember that selecting the best data analysis career is a personal choice that should be in line with your talents, interests, and long-term objectives. Take the time to consider various possibilities, get professional guidance, and be open to any new opportunities that could present themselves along the way to your career.
Why should I pursue a career in data analysis?
As more companies recognize the importance of data as a source for gaining insights and making informed decisions, the role of a data analyst will always be in high demand. Here are the top 5 reasons why you should pursue a career in data analysis:
Improves problem-solving skills
According to SAS , data analysis is fundamentally about approaching problems and proposing potential solutions. The only problem is that the problems are considerably bigger than what you’re used to. It protects businesses, their employees and their consumers. The ability to solve problems efficiently is always a valuable talent.
As a data analyst, your ability to process different information and draw valuable conclusions will be excellent. Plus, it will improve your math skills as you learn and practice numerical analysis. You will also be familiar with graph theory, linear algebra, and applied statistics.
Provide freelancing opportunities
If you belong to the category of people who wouldn’t want to be bound by the nine-to-five lifestyle, then a career in data analysis might be just what you need.
With the changes taking place in the world in 2020, data analysis is one of the job options that allow you to work freelance and remotely. As a result, no matter where you are in the world, as long as you have a reliable internet connection, you can start a career in this industry.
The salary is really attractive
Data analyst salaries can vary based on education level, years of experience, industry, location, and skills. Although salary averages are constantly fluctuating, the average annual salary for data analysts in the United States is currently $70,033 per year .
Makes you a decision-maker
In today’s world where data is everything, most business decisions are made based on analyzed data. As a data analyst, your contribution goes beyond calculations, you are there to provide valuable input to the company, making your voice heard. Therefore, as a data analyst, you must practice the art of effective communication.
There is a high demand Job
Businesses will always need data analysts. In today’s world, where businesses thrive on data, organizations spend millions of dollars collecting data. The collected data is effectively studied and analyzed by data analysts.
Data analyzed by data scientists help companies and businesses make informed decisions.
Frequently Asked Questions about Data Analytics
Q. Data analysis: What is it?
The science of looking at and understanding raw data in order to find patterns, trends, and insights that might guide decision-making processes is known as data analysis. It entails applying statistical and analytical methods to draw out relevant data from huge datasets.
Q. Is data analysis a worthwhile career path?
Yes, people think that working in data analysis is a promising career. The need for qualified data analysts is growing as data-driven decision-making becomes more and more important across a range of businesses. It provides great room for advancement, competitive pay, and access to cutting-edge technology.
Q. What qualifications are necessary to work as a data analyst?
A solid background in statistical analysis, data visualization, and programming languages like Python or R is essential for success as a data analyst. In this profession, mastery of SQL, data preprocessing and cleaning, data modeling, and machine learning techniques are also essential.
Q. What sectors use data analysts?
Many different sectors, including the financial, healthcare, technology, e-commerce, marketing, consulting, and government sectors, are in need of data analysts. Data analysts’ skills are useful in almost any industry that handles big amounts of data.
Q. How much money do data analysts make on average?
Data analysts may earn more or less money depending on their expertise, location, sector, and job duties. However, compensation for data analysts is typically competitive. For instance, in the United States, data analysts often earn between $80,000 and $100,000 a year, with the possibility of higher pay as they advance in experience and competence.
Q. What is the data analyst career progression?
By taking on increasingly challenging positions like senior data analyst, data scientist, data engineer, or data architect, data analysts can develop in their professions. They can advance into managerial or leadership roles, supervising data analysis teams or projects, with more experience and skill.
Q. What equipment and innovations do data analysts employ?
Data analysts execute their work using a range of tools and technology. This can include tools for data visualization like Tableau or Power BI, scientific software like R or Python modules like pandas and NumPy, SQL for data querying, and machine learning frameworks like TensorFlow.
Q. How can I launch a data analysis career?
It is advantageous to have a degree in a relevant subject, such as statistics, mathematics, computer science, or data science, before beginning a career in data analysis. Additionally, developing your portfolio and showcasing your abilities to potential employers can be accomplished through engaging in internships, side projects, or freelance work.
Q. Is it possible to work remotely in data analysis?
Yes, there are more and more remote employment options in the data analysis industry. Many businesses are willing to hire remote data analysts because of the development of technology and the capacity for remote access to and analysis of data. This adaptability may give people looking for careers in data analysis more possibilities.
Q. What are the prospects for data analysts in the future?
The prospects for data analysts are bright in the future. The need for knowledgeable data analysts is anticipated to increase as long as businesses continue to rely on data-driven insights to make wise decisions. Furthermore, new technologies like machine learning, artificial intelligence, and big data analytics will give data analysts new chances to use their expertise.
Q. How can I keep up with the most recent data analysis advancements?
Continuous learning is crucial if you want to keep current with data analysis trends. This can entail reading trade periodicals, taking part in webinars or online classes, going to conferences or meetups, and signing up for pertinent professional networks or discussion forums.
Q. Can a career in data analysis lead to one in another field?
Absolutely. The ability to analyze data is highly transferrable and useful across many industries. In employment in data science, business intelligence, market research, finance, healthcare analytics, and other fields, many data analysts have made successful transitions. The knowledge and abilities gained as a data analyst offer a strong base for investigating other career options within the larger data-driven world.
In Conclusion
Data analysis is a lucrative career path, with promises for future growth. The earlier you jump into one of these sectors in the field the better it is because the field would soon be saturated, with more and more people getting into it.