How to become an analyst

Today, the profession of “analyst” is one of the most relevant and promising. Companies began to need people who could professionally analyze data, relying on mathematics, computer science, and statistics knowledge. Specialists are invited to IT companies, financial and other organizations. Those who want to master this profession need to think about choosing a suitable direction at the university.

What does an analyst do?

The analyst works with data. This data can be different: statistics, reports, survey results, and databases. All experts are united by working methods: they analyze and process data using scientific approaches. 

The need for people in this profession appeared in the second half of the 20th century when it became necessary to deal with large amounts of information. The introduction of computers and Internet technologies gave the profession a start in life.

The management team cannot make business decisions “blindly,” relying on an approximate understanding of the situation and their intuition. Companies need specialists who will analyze objective data and, based on it, make forecasts and put forward proposals. For this, analysts are hired.

The analyst is responsible for a specific area of ​​the company’s activities. It depends on what his position will be called.

1. System analyst. Deals with the software that the employer uses. Researches users’ needs, proposes and implements new programs, and advises clients on their questions.

2. Business analyst. Analyzes the needs of the business and its problems and suggests ways out of difficult situations. Engaged in automation and optimization of business processes.

3. Financial analyst. Examines the financial performance of the company, its partners, and competitors. Analyzes the potential of investment projects. Advises on buying and selling shares. 

4. Product analyst. Studies market demand and consumer behavior. Finds what needs to be changed in a product or its promotion strategy.

5. Web analyst. Manages the company’s website. Researches the behavior of site visitors and suggests measures to attract additional traffic. 

6. SMM analyst. Analyzes the success of promoting the company’s product on social networks. Receives feedback from consumers, adjusts marketing strategy and explores new promotion channels.

Professional responsibilities of an analyst

In the course of work, the specialist performs several duties:

• collects data;

• sorts and structures information;

• looking for dependencies and patterns;

• finds shortcomings, weaknesses, and sagging indicators;

• prepares reports;

• presents reporting data in the form of graphs, tables, and presentations;

• gives forecasts, makes recommendations, and suggests ways of solving problems.

Requirements for a specialist

An expert should be able to: 

• work with databases;

• process statistical information and survey data;

• use the methods of mathematics and statistics.

Each specialization has its specific requirements. A financial analyst should know the field of economics and finance, a specialist in social networks – marketing, a web analyst – in programming, and a system analyst – in applied computer science.

Personal qualities

The main quality a specialist needs are obvious from the profession’s name. For an analyst, analytical skills are really important in the first place. He must also be attentive to details and be able to look at the big picture. In addition, concentration, patience, and organization will help in the work. 

Advantages and disadvantages of the profession

Pros of the profession:

• Demand – labor exchanges always have a large number of vacancies;

• you can use your intellectual abilities to the maximum;

• you can change your specialization – an expert with good basic knowledge and skills can try himself in different fields of activity. 

Cons:

• monotony of work – you have to spend long hours in front of the computer to understand arrays of the same type of information; 

• lack of communication – a specialist, most of the time, works with data, not with people.

Where to study analytics

Analytics is not singled out as a separate specialty in the higher education system. An applicant may find himself in a difficult position, trying to find a suitable direction. An expert analyst needs mathematics, computer science, economics, and statistics knowledge. This should be taken into account when choosing an educational program. 

The future specialist can get the necessary knowledge in the areas of “Applied Mathematics and Informatics,” “Applied Mathematics,” “Applied Informatics,” “Mathematics and Computer Science,” “Statistics,” and “Business Informatics.” Training in areas is conducted in technical universities and at multidisciplinary universities’ faculties of mathematics, information technology, and economics. Some universities have developed programs directly related to data analysis. All directions are presented in the magistracy.

For admission, you need the results of the Unified State Exam in mathematics, physics, or computer science (sometimes – a foreign language or chemistry). You can study full-time and part-time, but part-time education is not available everywhere: it is not at all provided for in the areas of “Mathematics and Computer Science” and “Applied Mathematics and Informatics,” and in some areas, it is allowed only for those receiving a second higher education. 

Where to work as an analyst

The expert has wide employment opportunities:

• financial institutions (banks, insurance, and investment agencies);

• companies in the field of information technology;

• marketing and advertising agencies;

• medical organizations;

• companies selling goods and services.

An analyst can also work “for himself.” To do this, he needs to create an account on the freelance exchange and offer his services. In exchange, you can independently choose clients or respond to offers from employers.

How much do analysts earn?

An analyst’s earnings can vary greatly based on several factors, such as their industry, level of experience, location, and employer. On average, a US financial analyst earns around $75,000 to $85,000 per year, while a data analyst earns around $62,000 to $85,000. However, top-level analysts or those working for large corporations may earn upwards of $150,000 yearly. It’s important to note that these numbers are rough estimates and can vary greatly based on the abovementioned factors.

Now in the labor market, there is a wide range of vacancies for analysts of various specializations. With the development of technology, new areas are emerging that require experts in the field of data analysis. You can safely choose this profession and not be afraid it will lose its relevance in the coming years.