Emerging Career Paths in Analytics Field
by Arina Smith Job & Career 18 March 2021
Big data is now prominent in every field out there, be it business, healthcare, marketing, or technology. Everything is, in one way or another, connected to data, whether it is machine algorithms or client requests. Nobody makes business decisions without the presence of adequate information and data. With the emergence and evolution of data analytics, there is now a never-ending demand for data analytics professionals in every industry worldwide. Many colleges and universities are coming up with specialized analytics degrees to help individuals learn prescriptive and predictive analysis techniques to support their business to fill this gap.
An analytics degree holder can apply for a plethora of career opportunities after completing a bachelors’ and then a master’s at a reputable school. The skills they developed during the degree program will provide them the necessary understanding to have a head start with their professional career. Let look at some career paths in the analytics field and what candidates have to choose from. Some of these analytics-based career paths are listed down below.
1. Data Analyst:
These individuals are highly analytical and are experts with numbers. Every business and organization gathers data, be it logistics, transportation costs, sales figures, or market research. The data analyst’s role is to collect and analyze such data to provide much-needed insights. A business can then use it to improve its strategy and make better, more informed decisions. Data analysts can work across various industries or sectors, including finance, pharmaceuticals, education, manufacturing, and many more.
To work as a data analyst, you will require a bachelor’s degree in analytics, followed by a master’s in the field. Some employers also want a candidate to have previous working experience, while some hire fresh graduates. It varies from firm to firm.
2. CDO (Chief Data Officer):
A chief data officer oversees an organization’s strategies to generate business value from their most valuable asset- Data! CDOs have excellent IT expertise and are business-focused.
To apply for a CDO’s job title, one must first acquire a bachelor’s then complete an online master of science in analytics or through a campus-based university. Some fortune 500 companies also prefer that candidates obtain a Ph.D. and acquire at least ten years of working experience to become a CDO. Such an analytics-based career is a gratifying one with a six-figure salary. A CDO’s average wage is around 180,000 dollars per year.
3. Financial Analyst:
A financial analyst plans, analyze, and predicts a company’s financial situation using data analysis. They provide forecasts for future investment opportunities and determine capital budgeting.
They analyze past and current financial data, prepare financial reports, evaluate expenditures, and provide economic models using data analyses. Individuals who want to know how to become a financial analyst first need to acquire a bachelor’s degree in finance or accounting, followed by a master’s degree.
Financial analysts can find work across various organizations, including financial firms, accounting firms, consultancy agencies, HR departments, and much more. Their average salary is around 81,590 dollars per year.
4. Machine Learning Engineer:
A machine learner engineer’s role is a specialized one. However, it is still in its early stages—a machine learning engineer teams up with data scientists to create algorithms and develop programs. Companies then use these programs and algorithms to manufacture data-driven services and products. It allows machines to take over the decision-making process, enhance the customer’s experience, and take action without any human intervention. Machine learning engineers usually work inside large companies that provide customers with data-based services and products- Accenture, Apply, or Microsoft, to name a few.
To become a machine learning engineer, candidates must acquire a bachelor’s degree in mathematics, statistics, or physics, followed by a master’s then a Ph.D. in a related specialization. A machine learning engineer’s average salary is around 110,739 dollars per year.
These individuals collect, compile, and analyze quantitive data from experiments and surveys to improve operational standards. They also provide them advice on practical issues and their solutions. Statisticians work across various industries, including finance, healthcare, transportation, the government, sports, schools, etc.
To apply for a statistician’s job title, candidates require at least a master’s degree in data analytics, statistics, or any other related field. Also, relevant working experience will improve a candidate’s chances of employment. A statistician’s average salary is around 73,054 dollars per year.
6. CTO (Chief Technology Officer):
A CTO’s job requires candidates to know about technological trends and ways to implement new technology-based practices in a business’s strategy. CTOs are strategic thinkers and conduct technical analyses to ensure that an organization can stand out in an ever so competitive marketplace. Strong organizational and leadership are a must to succeed as a CTO and lead your organization. Strong organizational and leadership skills are must have to work effectively as a CTO. Individuals can usually find work in corporate IT departments, financial firms, and consultancy firms.
To become a CTO, candidates need to acquire at least a master’s degree in analytics, followed by ten o fifteen years of working experience in the analytics field. A CTO’s average salary is around 159,149 dollars per year.
7. Marketing Analyst:
Digital marketing also includes a few elements of data analytics. A marketing analyst’s role is to utilize analytics tools such as Google Analytics to gain insight into online traffic from social media advertisements. A skilled marketing analyst can gauge an organization’s marketing goals and achieve them in a given period. They help companies save money on marketing campaigns and, through competitive analysis, know which strategies are working and which are not.
To apply for a marketing analyst’s job title, candidates must obtain a bachelor’s degree in analytics with a master’s degree focusing on marketing. While digital marketing positions have varying pay, a marketing analyst’s average salary is around 66,571 dollars per year.
A degree in data analytics will open up plenty of career opportunities that pay well. And provided above is proof for such a claim. You may have an idea of the skills required and the data analytics knowledge need to succeed in these careers. You must obtain a formal education in data analytics to make the journey a lot easier for you. Consider these career paths when you know you are ready to take the next step and delve into the data analytics world.