Your First Analysis Is the Role You Are Targeting
By the end of this you will have picked one role and know the next five things to read. That is the whole point. People spend six months learning tools in no particular order because they never decided what job they were learning them for. Deciding is itself an analysis. You have a question, "which of these jobs should I aim at", and you have data: what the work is, what it pays, how many of…
Before diving into the details, ponder this question: why would the median salary be more beneficial than the average salary? Consider it before proceeding. Averages can be skewed by a few exceptionally high salaries. The median, on the other hand, represents the middle value, showcasing the typical earnings for an individual in that role. This provides a more accurate representation of what a regular person in that position actually earns.
Now, let's discuss four important points to bear in mind while reading the following information:
1. These figures pertain to experienced individuals, encompassing those who have dedicated over two decades to the job. Keep in mind that your initial salary is likely to be considerably lower than the median.
2. The median salary indicates the point at which half the people earn less and half earn more. It does not represent the starting point of the salary range.
3. The job titles in the data may not correspond exactly to the job titles in job advertisements. Government statistics employ predetermined categories that may not align with how companies label their positions. The category accompanying each number allows you to verify the accuracy of the data.
4. Countries are not directly comparable due to differences in taxes, costs, and survey methods. Therefore, it is more appropriate to compare roles within the same country rather than across borders.
The median annual wage for all occupations in the United States is $32,890. When an analyst role is advertised at £38,000, this figure is benchmarked against the aforementioned median.
Now, let's examine the nine roles:
1. Data analyst, general
- Responsibilities: Transforming questions into numerical answers by gathering, verifying data, identifying patterns, and communicating findings to non-technical stakeholders.
- Skills required: Proficiency in Excel for data manipulation and basic charting; SQL for filtering, grouping, and joining data; introductory statistics knowledge.
- Pay: US $120,230 median (note: this figure is often combined with data scientists, leading to a mix of senior and specialist salaries). Canada: CAD 40.87 per hour. UK: £38,107.
- Demand: Growing at a rate of 7% or more through 2034 in the United States and with approximately 68,000 positions in the United Kingdom.
- Difficulty of entry: Moderate, but highly competitive. Many applicants vie for each position as this role is frequently the starting point for individuals transitioning into data analysis.
2. Business analyst
- Responsibilities: Acting as a liaison between individuals with problems and those responsible for creating solutions. This involves understanding the issue, documenting it clearly, and ensuring that the developed solution aligns with the original requirement.
- Skills required: Strong written communication abilities; Excel for data analysis; SQL for verifying information; proficiency in process mapping; and the ability to pose questions that may make one appear less knowledgeable.
- Pay: US $101,860 median (classified as management analysts in the United States). Canada: CAD 45.13 per hour. UK: £51,729, and £59,593 for the more specialized "IT business analyst" category.
- Demand: Very high. The United States has over a million management analysts, making it the largest category in this guide, and the demand is projected to grow at a rate of 7% or more. The difficulty of entry is relatively low, with industry experience often considered as a qualification.
- Growth opportunities: Progression to senior analyst, product owner, program manager, or consultant roles.
3. Financial analyst
- Responsibilities: Analyzing financial data to assess past performance, project future trends, and evaluate the impact of financial decisions.
- Skills required: Advanced Excel skills, capable of handling complex financial models; forecasting techniques; foundational accounting knowledge; and SQL skills are advantageous but not mandatory.
- Pay: US $102,740 median.
- Demand: Steady growth, with a projection of 5% to 6% increase, based on a base of 368,500 jobs in the United States. The United Kingdom has approximately 29,500 financial analyst positions.
- Difficulty of entry: More challenging compared to other roles on this list.
Written by urgent.news from Dev.to's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
