The industries where demand for data professionals is highest tend to be the same industries that pay the most on average. Finance and insurance , professional, scientific, and technical services , information technology , management , and manufacturing represent more than three quarters of data job openings, according to The Quant Crunch, an IBM report on the demand for data science skills [ 7 ].
Where you live can also have a big impact on how much you can make as a data analyst. Typically, working in a big city like San Francisco , New York , Boston , or Washington, DC correlates to a higher salary as well as a higher cost of living. Getting a job as a data analyst might be the first step in your data career.
As you gain experience and new data science skills , you might move into a more advanced or specialized position. Here are a few of them, along with their average US salaries according to Glassdoor. Read more about where your career in data analytics might take you. As big data keeps getting bigger, so too does the need for skilled data analysts who can transform information into actionable insights for companies. The US Bureau of Labor Statistics estimates that data analyst jobs will grow 25 percent between and , much faster than the average for all occupations [ 1 ].
This is likely fueled by the fact that more and more companies are adopting big data analytics. In the same report, data analysts and scientists appeared at the top of the list of jobs with increasing demand across industries [ 8 ].
Data analytics is a skill-heavy field, and companies are often willing to pay for the right skills. JMP Statistical Software visual data analysis software. With opportunities to work in large corporations and firms, earn over double the national average salary, and work in a variety of sectors, it's no wonder the position is so enviable. But, how much do financial analysts actually make, and what is the average financial analyst salary? According to the U. The U. Highest paying sectors: Investment banking, scientific and technical services, management of companies and enterprises.
Number of jobs: , jobs as of Financial analysts typically assess, analyze, and determine a business's status concerning its viability or profitability, stocks and investments, or budget. An analyst may concentrate on energy or technology, for example. Analysts assess current financial conditions—as well as relying heavily on modeling and forecasting—to make recommendations as to whether or not a certain merger is appropriate for that investment bank's client or whether a client should invest venture capital in an enterprise.
Analysts who help make buy and sell decisions for big banks and who attempt to locate auspicious IPO opportunities are called equity analysts. Their focus is primarily on equity markets; they help find companies that present the most lucrative opportunities for ownership. Typically, equity analysts are among the highest-paid professionals in the field of financial analysis.
This is partly a function of their employers; the big investment banks use huge salaries to lure the best talent. Equity analysts often deal with huge sums of money.
When they make a winning prediction, the gain for the employer is often in the millions of dollars. As such, equity analysts are handsomely compensated. Most financial analysts make significantly less than those in other professions in the finance industry, particularly in New York City.
However, the median annual income for an entry-level financial analyst is significantly higher than the median annual income for a full-time wage or salary worker in the United States overall. As of the fourth fiscal quarter of , according to the U. According to data from the U. So, on average, financial analysts start out much better paid than the typical worker. In addition, financial analysts at the big Wall Street firms often make much more, even during their first year.
Employment-wise, the outlook is good for the financial analyst profession. The BLS notes:. The states with the highest employment level in this occupation, in descending order: California, New York where the physical location of Wall Street is , Texas, Florida, and Illinois. Other high-ranking areas include Washington D. The top-paying states for analysts are New York, Washington D.
Financial analysts need to remain vigilant about gathering information on the macroeconomic level, as well as gathering information about specific companies, specifically assessing their financial fundamentals via company balance sheets.
In order to stay on top of the financial news, analysts will need to do a lot of reading on their own time. Being an analyst also often involves a significant amount of travel. Some analysts visit companies to get a first-hand look at operations on the ground level.
Analysts also frequently attend conferences with colleagues who share the same specialty as they do. When in the office, analysts learn to be proficient with spreadsheets, relational databases, and statistical and graphics packages. They use these tools in order to develop recommendations for senior management and to produce detailed presentations and financial reports that include forecasting , cost-benefit analysis , and trend analysis.
Analysts also interpret financial transactions and must verify documents for their compliance with government regulations. In terms of interoffice protocol, analysts usually interact with each other as colleagues, while also reporting to a portfolio manager or other more senior management role. A junior analyst may work their way up to senior analyst over a period of three to five years. For senior analysts who continue to look for career advancement, there is the potential to become a portfolio manager, a partner in an investment bank, or a senior manager in a retail bank or insurance company.
Some analysts go on to become investment advisors or financial consultants. The most successful junior analysts are ones who develop proficiency in the use of spreadsheets, databases, and PowerPoint presentations and learn other software applications. Most successful senior analysts, however, are those who not only put in long hours but also develop interpersonal relationships with superiors and mentor other junior analysts. Analysts who are promoted also learn to develop communication and people skills by crafting written and oral presentations that impress senior management.
A career as a financial analyst requires preparation and hard work. It also has the potential to deliver not just financial rewards, but the genuine satisfaction that comes from being an integral part of the business landscape.
There is also a salary info tool to search for wages by zip code. This table shows a list of occupations with job duties that are similar to those of financial analysts.
Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. Insurance underwriters evaluate insurance applications and decide whether to provide insurance, and under what terms.
Personal financial advisors provide advice to help individuals manage their finances and plan for their financial future. Securities, commodities, and financial services sales agents connect buyers and sellers in financial markets.
CFA Institute. Global Academy of Finance and Management. Financial Analysts. Financial Quantitative Analysts. Financial Risk Specialists. Financial Specialists, All Other. Financial and Investment Analysts. Fraud Examiners, Investigators and Analysts. Bureau of Labor Statistics, U. Last Modified Date: Wednesday, September 8, The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised.
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