Data analyst

Description

The job of a data analyst is to translate numbers into English. Every organization, whether it be big or small, collects data. It can be figures of the research on market, figures of sales or any other type of costs. A data analyst takes that data, analyses it and then gives ideas and suggestions based on that so that businesses can take better decisions and be more cost effective and better.

Data anaylist types:

• Qualitative analyst: They analyse non numerical data such as concepts, ideas or opinions. They base analysis on market trends, audio or video recordings or interviews of various people. A qualitative analyst interprets these patterns, tries to find a relation and then comes to a conclusion.
• Quantitative analyst: They apply advanced maths and stats to analyse financial markets. They tell you how to manage risk and provide information about investments and profit and pricing.
• Clinical data analyst: They are involved in managing databases for health organizations. They improve the quality of care provided and monitor that all procedures and plans are being implemented and acted upon. Their importance in clinical trials is immense, they have to analyse the results and present them. They also develop programs for improvement and changes in hospitals.
• Financial analyst: Financial analyst gives a company business opinions and predicts whether a particular contract or deal will prove beneficial and worthy or not. They do this by analysing the company's financial standing and examining market trends and then recommend businesses the outcome of certain deals. They also guide banks, insurance companies and other related types of organizations over safe and fruitful investment options. They also look at stock trends and analyse bonds and other options of investment.
• Market research analyst: They analyse market trends, people’s opinions over different products and then come to a conclusion. They advise the company over what people want, what they buy, what would they like to see in the market and advises them over the changes they should make to a particular product or what to make that will make them increase their sales and will cause them to make maximum profit. They inquire, examine and then analyse the potential sales of a product and advise the companies on what will be beneficial for the company.

Required/Trained Skills

• Good computer skills are imperative because that is what this field is all about.
• Knowledge of probability to make a sound comment on the outcome of different market trends.
• Basic knowledge of statistics to make a sound conclusion.
• How to use data tools
• Exemplary analytical skills to correctly analyse the findings.
• Know how to visualize data
• Strong presentation skills to get your point across and present your findings in a way that is easy and understandable to all.
• Creative mind to find solutions to problems or to think of suggestions to give to the company with respect to the analysis.
• Know how to use advanced programs and can perform all their functions.
• Teamwork skills because there might be a need more than often to work together in groups or teams on a particular project.
• Good communication skills to communicate ideas and suggestions to various people.
• Good mathematical skills because they need to analyse and make use of numerical data.
• Observe minute details

If you strive for an upper level job, you will require a masters level degree. Or else a bachelor’s degree will be enough. It is preferable to do a degree in maths, computer science, stats, economics or something related to the job requirements of a data analyst.

Doing extra courses in related field might also help.

Salary/Compensation

The salary varies according to your experience and what kind of data analyst you are. On average, if you are working as a financial analyst, you can annually make $70,000 to $75,000.Market research analysts can make $60,000 to $65,000 on average.

Data analysts may have to analyse all kinds of data for example solving money related problems like what factors are costing the company money or what can be done to cut down expenditures and other things like work with the company and find out more opportunities and what changes to make and how to improve the company.