A data analyst utilizes data to obtain information about specific topics. This process usually begins with conducting surveys, where data analysts look for survey participants and collect the necessary information. That data is interpreted and presented in charts or reports. Data analysts may also use online databases to store their survey data.
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Professionals who want to become data analysts usually need a master’s degree and know computer programs such as Microsoft Access, Microsoft Excel, SharePoint, and SQL. Data analysts also need to have strong communication skills. They also must have a solid line of communication with the companies where they work. Data analysts need to be able to work well with clients, supervisors, and managers to meet business goals.
Major tasks of data analysts are to collect, analyze, and report vital data to meet the needs of customers and to identify new data sources and methods to enhance data collection, reporting, and analysis. They also need to collect customer requirements, determine technical problems, and create reports to meet the needs of data analysis.
Data Analyst Salary with Master’s Degree
If you are interested in a data analysis career, you will need a master’s degree for many companies.
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Before you make this serious educational commitment, learn more about what your salary potential is in the field. Below is detailed salary information for data analysts.
Bureau of Labor Statistics
The Bureau of Labor Statistics maintains salary information for database administrators, which is related to data analyst. The median salary for database administrators in 2018 was $90,000, with the top 10% with master’s degrees earning more than $138,000. You also can gain a higher salary if you have at least five to 10 years of work experience in data analysis. Top industries for salary were: (BLS.gov)
- Insurance carriers: $96,400
- Computer systems design: $95,900
- Data processing, hosting, and related services: $95,500
- Management of companies and enterprises: $94,900
- Educational services: $74,700
Another related field to data analyst is operations research analyst. The median salary in this field is $83,300, with people with the most experience and master’s degree earning more than $136,000 per year. Top-paying industries are as follows: (BLS.gov)
- Federal government: $113,000
- Manufacturing: $92,100
- Professional, scientific, and technical services: $86,700
- Management of companies and enterprises: $85,200
- Finance and insurance: $82,300
Payscale.com
According to Payscale.com, the average data analyst salary is $59,700, but those with a master’s degree can earn up to $84,000 early in their career. (BLS.gov). Some reported salaries from companies that employ data analysts are:
- Centene Corporation: $61,000
- Kaiser Permanente: $68,000
- Booze, Allen, and Hamilton: $68,000
- com: $71,000
- JP Morgan Chase: $68,000
- Humana: $51,000
- UnitedHealth Group: $66,000
- EY: $66,000
Top skills required for data analysts are below, with corresponding salaries:
- Data analysis: $59,900
- Microsoft Excel: $56,299
- SQL: $63,103
- Database management and reporting: $59,000
- Statistical analysis: $61,189
Your experience level as a data analyst will dictate your salary:
- Zero to one years of experience: $54,000
- One to four years of experience: $59,000
- Five to nine years of experience: $66,700
- 10 to 19 years of experience: $68,800
- 20 years or more of experience: $71,400
Your salary can also vary based on your location:
- San Francisco: +30%
- New York City: +8%
- Washington DC: +8%
- Seattle: +7%
- Boston: +6%
- Atlanta: +1%
- Chicago: 0%
Ziprecruiter.com
Ziprecruiter.com reports the average salary for data analysts is $66,600 with a range between $25,000 and $118,500. Most in the field earn in the range of $46,500 and $80,000. Professionals with a master’s degree will probably earn $80,000 or more. (Ziprecruiter.com)
Job Outlook For Data Analysts
The Bureau of Labor Statistics reports job demand for data analysts will rise by 9% by 2028, which is faster than average. Growth in the field is being driven by the higher data demands and needs for all companies in all areas of the economy. Data administrators and data analysts are needed to organize and present data in a way that makes it easier for analysts and managers to understand. (BLS.gov)
There also is a growing popularity of database-as-a-service, which allows database administration to be done over the Internet by a third party. This could boost the need for data analysts and database administrators at cloud computing companies. The employment of data analysts and administrators in this area is expected to grow by 21% by 2028.
Employment of data analysts in computer system design and related services will grow 24% by 2028, which is much faster than average. The greater need of cloud services by small and medium-sized businesses that do not have their own IT departments could boost the need for data analysts in this area.
Data Analyst Salary by State
Source: Ziprecruiter.com, January 2020.
Summary
There should be a strong demand for data analysts in the future. IBM predicted in 2017, the demand for data scientists and data analysts would grow by 28% by 2020. An article in Forbes made the following predictions about data analyst-related jobs: (Forbes.com)
- Jobs requiring skills in machine learning pay around $114,000. Data scientist jobs pay $105,000 and data engineering jobs pay $117,000.
- 59% of all data analyst and science jobs are in finance, insurance, professional services, and IT.
- Annual demand for data analysts, data developers, and data engineers will reach 700,000 openings by 2020.
Earning a master’s degree in computer science or data science will make you a strong competitor for one of these high-paying jobs. If you want to make as much money as possible in this growing field, it is recommended to earn one or more of these certifications: (CIO.com)
- Certified Analytics Professional
- Certification of Professional Achievement in Data Sciences
- SAS Certified Data Scientists Using SAS 99
- Microsoft Certified Solutions Expert
- MapR Certified Data Analyst
- EMC Proven Professional Data Scientist Associate