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Types of Data Analysis Jobs and Their Salaries

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Choosing a career in data analysis is a beneficial decision. With career opportunities in this field growing exponentially, there is ample possibility to choose the path that will be most suitable for your technical skills.

Before jumping right into the field, though, knowing what data analysis is, what data analyst professionals do, the types of data analysis jobs out there, and how to get such a job is essential to your success. This article will teach you everything you need to know to get started on your path in data analysis.

What Is Data Analysis?

The term data analysis describes how data analysts apply statistical and logical techniques that help interpret sets of raw data. As data frequently fluctuates, different data is constantly and simultaneously collected. Data analysis requires the extraction of information that will be useful in decisions making and planning.

Qualitative and quantitative data analysis are the two methods used. Qualitative data measures the different variables and can be represented through symbols and categories. Quantitative data measures numerical variables, determining how much, how many, or how often something occurs.

What Do Data Analysis Professionals Do?

Data analysis is the process of obtaining data and transforming it into usable, comprehensive information. It involves collecting the data, processing and cleaning the data, performing exploratory data analysis, applying models and algorithms, obtaining data output via data product, visualizing the data findings, and determining if additional analysis is required. Below you’ll find more details on their duties.

Collect the data. The first thing a data analyst has to do is collect the data. Many analysts do this themselves, which can be done in many ways, such as through surveys or by gathering cookie information from a website. Process and clean the data. Once the data analyst has the data in their possession, they must clean and process it, looking for mistakes, outliers, or other errors. The data is then compiled neatly according to company regulations. Analyze the data. After processing it, the data is reviewed thoroughly by the analyst. This process involves looking for patterns and trends within the data.

Model the data. The next step is modeling the data or configuring the presentation of the data. Some things to consider are how categories relate to each other and what data will be stored and collected in the future. Present findings. Finally, the data analyst will present the data. They will communicate what they found and show the results through reports and graphs. Their goal here is to use the hard data to tell a story so that decision-makers can act accordingly.

How Much Do Data Analysis Professionals Make?

The salary of a data analysis professional can drastically range based on your level of experience and education and varies from job to job. However, when narrowing the list of potential pathways for a career in data analysis, it is important to consider the salary range.

Data Analysis Average Salaries

The salary range for a professional working in data analysis can range from $45,000 up to $132,000. Of course, this depends on your specific role within your particular company. According to Payscale, the average salary for data analysts is around $69,000.

What Is the Job Growth for Data Analysis?

Data analysis is a fast-growing field filled with room for career advancement. According to the U.S. Bureau of Labor Statistics (BLS), the outlook for research analyst roles is projected to grow quicker than usual within the next ten years, standing at 25 percent.

The Highest-Paying Types of Data Analysis Jobs in 2022

Data Architect | $122,763Machine Learning Engineer | $112,397Statistician | $98,588Data Scientist | $97,001Data Engineer| $93,010Data Modeler | $83,227Database Administrator | $73,576Computer System Analyst | $71,805Business Intelligence Analyst | $70,433Data Analyst | $62,505

Successful data analysts are those that find the analyst role that fits their analytical skills. Regardless of whether you’re new to the field or you’ve been in the business for a while, knowing the opportunities available to you can ensure you are doing what you enjoy and are most suited for.

Data Architect

Average Salary: $122,718

After assessing a company’s data sources, a data architect is tasked with mapping data management systems and putting their plan into action. The process typically consists of creating the plan and then integrating and maintaining it so that the data is easily accessible and readily available for those who need it.

Machine Learning Engineer

Average Salary: $112,343

A machine learning engineer, or ML engineer, is an IT professional that researches and designs artificial intelligence (AI) capable of self-operating to automate predictive analytics. The AI they create learns through its lifespan, hence the term ‘machine learning’ in the job title.

Statistician

Average Salary: $98,588

A uses statistical research methods to obtain data and models it to provide insight for a company. This aids the company in making informed decisions, whether it is related to finances, projecting company growth, or other business decisions.

Data Scientist

Average Salary: $97,001

Data scientists are highly skilled analysts that deal with big data and make sense of it. These large sets of information are processed using different methods like statistics and mathematics, and when the results are interpreted, they provide the company with actionable insights.

Data Engineer

Average Salary: $92,999

The job description for a data engineer entails designing and building data systems capable of collecting, storing, and analyzing data. Their main goal is to ensure the collected data is usable by the time it reaches other data analyst professionals, such as data scientists.

Data Modeler

Average Salary: $83,227

A data modeler creates visuals to represent data points and structures. This could be entire information systems or simply parts of one. The systems are built to fulfill a company’s desires. A data modeler should be prepared to interpret the relationships between data types and points, as well as categorize and organize them into their appropriate categories. They should also be able to do this while creating illustrations that will be presented.

Database Administrator

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Average Salary: $73,624

Database administrators are required to uphold a successful database. They ensure the functionality of the environment and are responsible for fixing any issues that may arise within the database or any of the company’s related systems.

Computer Systems Analyst

Average Salary: $71,805

A computer systems analyst helps companies use computer technology to its total capacity and benefit. To do this, they install new technology, while being mindful of its financial benefit to the company and overall helpfulness.

Business Intelligence Analyst

Average Salary: $70,451

Business intelligence analysts will review data and produce reports related to finances and marketing. These reports are used to determine trends and make business decisions that will be beneficial to the company’s short and long-term goals.

Data Analyst

Average Salary: $62,541

The main tasks given to a data analyst are retrieving and organizing data to make it comprehensible. This is another job that helps companies with their decision-making process. Data analysts work in every job category, with some of the most well-known being healthcare, business, marketing, and finance.

Data Analysis Career Path

Just as the data analysis process functions, the career path is also non-linear. Nonetheless, here is the typical route data analysis professionals take to enter into the workforce.

Learn the skills. Whether through a degree program or an online program like a data analysis Bootcamp, it is essential for someone pursuing a career in data analysis to learn the necessary skills. Some of these technical and soft skills include critical thinking, MATLAB, linear algebra, and calculus. You may also want to learn Python.

Get an entry-level data analyst job. Once you’ve gained the necessary skills required for the job you want, you can apply for your first position. This typically will be a lower-level position with a smaller annual salary, but that is simply because of your lack of experience.

Get promoted. When you’ve proven your capabilities as an entry-level employee, you might get promoted within your current company, or you can seek a higher-level position with another company. Find a specialized job. After being in a mid or senior-level position, you may want to consider becoming a specialist in your desired niche. At this time, you may choose to focus solely on financial analysis or marketing analysis. To better prepare for this role, you can seek higher education, like a bachelor’s degree or master’s degree.

Move towards being a data scientist. Moving towards being a data scientist is a significant step. Still, your experience as a data analyst will provide you with a fantastic framework for being successful in this big data job. Keep honing your skills and taking on bigger projects to continue advancing.

Should You Become a Data Analysis Professional?

Yes, it is a great time to pursue a career in data analysis. There are many tech companies looking for seasoned professionals and new graduates in the data analysis field. They need people with the appropriate education requirements who have the necessary analytics skills and experience with the common tools data analysts use.

If you are prepared to take on complex data sets, provide actionable insights, and make data-driven decisions, then a career in analytics might be perfect for you.

Types of Data Analysis Careers FAQ

What are the different roles in data analytics? The types of roles in data analytics include working as a data scientist, data modeler, data engineer, and more. You would work in marketing, sales, business intelligence, data assurance, higher education, finance, and data quality. Each of these categories plays a vital role in the data analytics field.

Is coding required for data analytics? Data analysts are not required to have coding skills but need experience using data visualization software, data management programs, and analytics software.

Can I become a data analyst with no experience? You need to have the basic, necessary skills to become a data analyst. Plus, it helps to have experience with the standard tools used in this position, like SQL and Python.

Can data analysts work from home? Yes, they can. Despite working from home, remote analysts can perform the same duties as data analysts working at the workplace. This is because the profession relies heavily on digital tools.

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By: Sarah Leduke
Title: Types of Data Analysis Jobs and Their Salaries
Sourced From: careerkarma.com/blog/types-of-data-analysis-jobs/
Published Date: Sun, 16 Jan 2022 12:12:19 +0000

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