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Are you interested in a career as an analyst but unsure of where to start? Whether you’re passionate about data, finance, digital trends, or business strategies, becoming an analyst can open doors to a wide range of exciting opportunities. In this comprehensive guide, we’ll explore the roadmap to becoming an analyst and delve into the various specializations within the field.
Remember, most analyst profiles typically require candidates to have an MBA, PGDM, or a Master’s degree in statistics to be eligible to apply. However, for freshers with a Bachelor’s in Engineering (B.Tech), there’s still a pathway. By completing a certification program in data analytics, they can become eligible to apply for these roles. Once your resume is selected, your skills and abilities will play a crucial role in shaping your career trajectory and success in the field.
What Does an Analyst Do?
Analysts are professionals who are skilled at examining data, identifying trends, and making informed recommendations to help businesses and organizations make strategic decisions. They play a crucial role in various industries, including finance, marketing, operations, and technology. Here’s an overview of some of the most popular analyst roles:
Analysts are the detectives of data, uncovering insights that guide businesses toward smarter decisions and greater success.
Divyansh Arun
1. Data Analyst
Scope: Data analysts are responsible for collecting, organizing, and interpreting data to help businesses make informed decisions. They use statistical techniques and analytical tools to identify trends, patterns, and correlations in large datasets. Data analysts work in a wide range of industries, including finance, healthcare, marketing, and e-commerce.
Skills Required:
- Proficiency in data analysis tools such as SQL, Python, R, or Excel
- Strong analytical and problem-solving skills
- Knowledge of statistical methods and techniques
- Ability to communicate findings effectively to non-technical stakeholders
Steps to Become a Data Analyst:
- Earn a bachelor’s degree in a relevant field such as statistics, mathematics, economics, computer science, or information technology.
- Gain proficiency in data analysis tools and programming languages such as SQL, Python, R, or Excel.
- Gain practical experience through internships, freelance projects, or entry-level positions.
- Consider earning certifications such as Certified Analytics Professional (CAP) or Microsoft Certified: Data Analyst Associate.
2. Digital Analyst
Scope: Digital analysts focus on analyzing digital data to help businesses optimize their online presence and marketing strategies. They track website traffic, website KPIs, user engagement, user behaviour and online marketing channels to identify areas for improvement and make data-driven recommendations.
Skills Required:
- Proficiency in web analytics tools such as Google Analytics, Adobe Analytics, Bigquery, Search Console, Google Ads, Mixpanel or Clevertap
- Knowledge of digital marketing channels, SEO and strategies
- Hands on experience on Javascript, HTML, CSS & SQL.
- Data visualisation skills and hands on Looker Studio, Power BI or Tableau
- Strong analytical and problem-solving skills
- Ability to interpret complex data and communicate insights effectively.
Steps to Become a Digital Analyst:
- Earn a bachelor’s degree in marketing, business, statistics, or a related field.
- Gain proficiency in web analytics tools such as Google Analytics, Adobe Analytics, or Mixpanel.
- Develop a strong understanding of digital marketing channels and strategies.
- Gain practical experience through internships, freelance projects, or entry-level positions.
- Consider earning certifications such as Google Analytics Individual Qualification (GAIQ) or Adobe Analytics Certification.
3. Business Analyst
Scope: Business analysts are responsible for identifying business needs, analyzing processes, and recommending solutions to help organizations improve their operations and achieve their goals. They work closely with stakeholders to gather requirements, define project objectives, and develop strategies for success.
Skills Required:
- Strong analytical and problem-solving skills
- Excellent communication and interpersonal skills
- Knowledge of business processes and operations
- Ability to gather and analyze requirements from stakeholders
- Proficiency in business analysis tools and techniques
Steps to Become a Business Analyst:
- Earn a bachelor’s degree in business administration, management, finance, or a related field.
- Gain practical experience in business analysis through internships, entry-level positions, or freelance projects.
- Develop strong analytical, communication, and problem-solving skills.
- Consider earning certifications such as Certified Business Analysis Professional (CBAP) or Project Management Professional (PMP).
4. Finance Analyst
Scope: Finance analysts are responsible for analyzing financial data, preparing reports, and providing insights to help businesses make informed financial decisions. They analyze financial statements, assess investment opportunities, and monitor market trends to help organizations achieve their financial goals.
Skills Required:
- Strong analytical and quantitative skills
- Knowledge of financial analysis tools and techniques
- Proficiency in financial modeling and forecasting
- Understanding of financial markets and investment strategies
- Excellent communication and presentation skills
Steps to Become a Finance Analyst:
- Earn a bachelor’s degree in finance, accounting, economics, or a related field.
- Gain practical experience through internships, entry-level positions, or freelance projects.
- Develop strong analytical, quantitative, and financial modeling skills.
- Consider earning certifications such as Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM).
5. Risk Analyst
Scope: Risk analysts assess and analyze potential risks that could impact an organization’s operations, finances, or reputation. They identify potential threats, evaluate their likelihood and impact, and develop strategies to mitigate risks and protect the organization from harm.
Skills Required:
- Strong analytical and problem-solving skills
- Knowledge of risk management principles and techniques
- Ability to assess and quantify risks
- Proficiency in risk analysis tools and software
- Excellent communication and decision-making skills
Steps to Become a Risk Analyst:
- Earn a bachelor’s degree in finance, economics, mathematics, or a related field.
- Gain practical experience in risk analysis through internships, entry-level positions, or freelance projects.
- Develop strong analytical, problem-solving, and decision-making skills.
- Consider earning certifications such as Financial Risk Manager (FRM) or Professional Risk Manager (PRM).
6. Product Analyst
Scope: Product analysts are responsible for analyzing product performance, identifying opportunities for improvement, and supporting product development and optimization efforts. They work closely with cross-functional teams to gather and analyze data, understand user behavior, and make data-driven recommendations to enhance the product.
Skills Required:
Strong analytical and problem-solving skills
Knowledge of product management principles and practices
Proficiency in data analysis tools and techniques
Ability to interpret and communicate data insights effectively
Excellent communication and collaboration skills
Steps to Become a Product Analyst:
Earn a bachelor’s degree in business administration, marketing, statistics, computer science, or a related field.
Gain practical experience in product analysis through internships, entry-level positions, or freelance projects.
Develop strong analytical, problem-solving, and communication skills.
Familiarize yourself with data analysis tools such as Excel, SQL, and data visualization tools like Tableau or Power BI.
Consider earning certifications such as Certified Product Manager (CPM) or Certified Analytics Professional (CAP) to enhance your credentials.
7. Operations Analyst
Scope: Operations analysts are responsible for optimizing and improving business operations to increase efficiency and productivity. They analyze processes, identify areas for improvement, and develop strategies to streamline operations and reduce costs.
Skills Required:
- Strong analytical and problem-solving skills
- Knowledge of business operations and processes
- Proficiency in data analysis tools and techniques
- Ability to identify inefficiencies and recommend improvements
- Excellent communication and project management skills
Steps to Become an Operations Analyst:
- Earn a bachelor’s degree in business administration, management, operations research, or a related field.
- Gain practical experience in operations analysis through internships, entry-level positions, or freelance projects.
- Develop strong analytical, problem-solving, and project management skills.
- Consider earning certifications such as Certified Analytics Professional (CAP) or Lean Six Sigma.
Where to Apply For Analyst Role?
Once you’ve identified the type of analyst role you’re interested in pursuing, it’s time to start your job search. Here’s how and where you can apply based on the type of analyst profile you’ve chosen:
- Job Search Portals: LinkedIn, Naukri, Indeed, Glassdoor, Shine, Monster Jobs
- Recommended Approach: Let’s suppose, if you’re interested in pursuing a career as a Digital Analyst, start by searching for job listings using keywords such as “Digital Analyst” or “Web Analyst” on job search portals like LinkedIn. Look for positions that require proficiency in web analytics tools such as Google Analytics, Adobe Analytics, or Mixpanel. For example, you can search for job listings related to digital analysis and web analytics on LinkedIn.
Salary Range For Freshers
|
S No |
Type |
Freshers (Avg Salary) |
5 Years+ Experience (Average Salary Range) |
|---|---|---|---|
| 1 | Data Analyst | 3.5 LPA | 12- 22 LPA |
| 2 | Digital Analyst | 6 LPA | 15-30 LPA |
| 3 | Business Analyst | 5 LPA | 15-27 LPA |
| 4 | Others | 3.5 to 7 LPA | 12-30 LPA |
The average salary ranges mentioned here are derived from discussions with colleagues and from salary data available on platforms like Glassdoor and AmbitionBox. It’s important to note that these figures represent an average range and actual salaries can vary significantly based on factors such as skills, qualifications, and the company you work for. Some individuals may earn considerably less than the average range, while others may earn substantially more, depending on their unique circumstances and the specific demands of the role.
Conclusion
Becoming an analyst can be a rewarding and lucrative career choice, offering opportunities for growth and advancement in a variety of industries. Whether you’re interested in data analysis, digital marketing, finance, risk management, or operations, there’s a wide range of analyst roles to choose from. By following the roadmap outlined in this guide and gaining the necessary skills and experience, you can embark on a successful career as an analyst and make a meaningful impact in the business world.
Ensure that your resume includes all relevant skills and qualifications as the initial stage of recruitment involves resume screening. Make sure to highlight your expertise and experiences effectively to increase your chances of landing your dream job.
