what is research analyst job

What is a Research Analyst?

Types of research analysts, what does a research analyst do, what skills/personality do you need, jobs and career opportunities, proper ra training, types of companies that hire analysts, additional resources, research analyst.

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A research analyst is responsible for researching, analyzing, interpreting, and presenting data related to markets, operations, finance/accounting, economics, customers, and other information related to the field they work in.  A research analyst is typically very quantitative, analytical, logical, and good at managing numbers and data.  This guide will break down the main aspects of being an analyst in different industries, with a focus on the finance industry.

Research analysts exist in just about every industry but are more commonly found in some industries – such as the financial services industry – than in others.  Within a company, they might be found in a number of departments, with a number of different job titles.

The most common research analyst job titles are:

• Market Research Analyst (Marketing)
• Operations Research Analyst
• Economic Research analyst
• Financial Analyst
• Equity Research Analyst

A Financial Analyst is primarily concerned with performing financial forecasting, evaluating operational metrics, analyzing financial data, and creating financial models and presentations to assist executive management in its decision making and reporting on the financial performance of the company.

Job Responsibilities may include any or all of the following:

• Analyze past results and perform variance analysis
• Identify trends and make recommendations for improvements
• Provide analysis of trends and forecasts and recommend actions for optimization
• Identify and drive process improvements, including the creation of standard and ad-hoc reports
• Use Excel functions to organize and analyze data
• Create charts, graphs, and presentations for leadership teams
• Develop recommendations to improve business operations going forward

There are several key skills you should have in order to be successful in the field of research analysis. While everyone is different and all sorts of people can be successful as an analyst, there are some skills and traits that nearly all RAs share.

The most commonly found research analyst skills and personality traits are:

• Good with numbers
• High attention to detail
• Inquisitive
• Ability to distill large amounts of information into specific takeaways

One of the best ways to find job opportunities for analysts is by using the LinkedIn “job search” function and generating a list of research analyst jobs on LinkedIn .

You can refine your search by specifying a geographic location, industry, company size, or other criteria.  You can then easily apply for positions directly through LinkedIn, and also check to see if you have any 1st, 2nd, or 3rd-degree LinkedIn connections at the company.

Getting the proper training and mastering the necessary skills to be a research analyst is critical for both landing an analyst job and succeeding in it. Many analysts get their formal training at a university or through studying to obtain a professional designation like the FMVA  (Financial Modeling Valuation Analyst) certification program that we offer here at CFI.

Analysts are increasingly turning to online training programs such as CFI’s to master the practical, hands-on skills they need for professional success.

Specifically, some of the most important areas of research analysis training include:

• Excel training
• Accounting training
• Financial analysis training

Launch All CFI online courses to start financial modeling training now!

There is a broad range of industries and companies that hire analysts to perform research.

Some of the most common types of companies include:

• Insurance companies
• Governments
• Health Care providers
• Pharmaceutical companies
• Marketing agencies
• Manufacturing companies

Thank you for reading the CFI guide to Research Analyst. CFI’s mission is to help you advance your career. With that goal in mind, these additional resources will help you on our way toward becoming a top-tier financial professional:

• The Analyst Trifecta eBook
• Advanced Excel Formulas
• Types of Charts and Graphs
• Career Resources
• See all career resources
• See all capital markets resources
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What Is a Research Analyst?

• Qualifications

Financial Analyst vs. Research Analyst

The bottom line.

• Degrees & Certifications

What Is a Research Analyst? What They Do and Qualifications

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A research analyst is a professional who prepares investigative reports on securities or assets for in-house or client use. Other titles for this function include securities analyst, investment analyst, equity analyst, rating analyst, or simply " analyst ."

The work conducted by a research analyst is in an effort to inquire into, examine, find, or revise facts, principles, and theories for internal use by a financial institution or an external financial client. The report an analyst prepares entails the examination of public securities records of companies or industries, and often concludes with a "buy," "sell," or "hold" recommendation.

If a research analyst is involved with an investment bank or a securities firm controlled by a member organization of the Financial Industry Regulatory Authority (FINRA) , they may be required to register with a self-regulatory organization (SRO) and/or take certain exams.

Key Takeaways

• A research analyst is a professional who prepares investigative reports on securities or assets for in-house or client use.
• These reports examine individual companies' or industries' public securities records and often make recommendations to buy, sell, or hold.
• The main differences between buy-side and sell-side analysts are the type of firm that employs them and the people to whom they make their recommendations.

The Basics of Being a Research Analyst

Research analysts are usually divided into two groups: "buy-side" and "sell-side" analysts. A buy-side (brokerage) research analyst is typically employed by an asset management company and recommends securities for investment to the money managers of the fund that employs them. The research of a sell-side (investment firm) analyst tends to be sold to the buy-side. Sell-side research is also given to clients for free for consideration, in an attempt to win business, for example. Such research can be used to promote companies.

A buy-side analyst usually works for institutional investors such as hedge funds, pension funds, or mutual funds. Buy-side research analysts are often considered more professional, academic, and reputable compared to the sell-side. Sell-side research jobs are often likened to marketing and sometimes pay higher salaries.

Buy-side analysts will determine how promising an investment seems and how well it coincides with the fund's investment strategy. Sell-side analysts are those who issue recommendations of "strong buy," "outperform," "neutral," or "sell."

Research analysts can work at a variety of companies, such as at asset management companies, investment banks, insurance companies, hedge funds, pension funds, brokerages or any business that needs to crunch data to spot trends or decide on a valuation, make an investment decision, or forecast the outlook of a company or asset. According to Glassdoor, the average base salary for a research analyst is $90,838, ranging anywhere between $68,000 and $125,000.

Research Analyst Qualifications

Companies that employ research analysts sometimes require a master's degree in finance or a chartered financial analyst (CFA) designation on top of several regulatory hurdles. Research analysts might be required to take the Series 86/87 exams if they are involved with a member organization.

Other required securities licenses often include the  Series 7  general securities representative license and the Series 63  uniform securities agent license. FINRA licenses are typically associated with the selling of specific securities as a firm’s registered representative. Investment analysts may also seek to obtain the chartered financial analyst (CFA) certification.

Financial firms in the United States do not really present a unified definition of either of these job titles. Some financial analysts are really just researchers who collect and organize market data, while others put together specific proposals for securities investments with large institutional clients. Similarly, some research analysts are glorified marketing specialists, while others apply socioeconomic or political insights and are probably better classified as management consultants.

It's possible to narrow the differences between research analysts and financial analysts. Generally speaking, financial analysts focus on analyzing investments and market performance. They rely on a  fundamental understanding of business valuation  and economic principles to create reports and make recommendations; they are the behind-the-scenes experts. Research analysts occupy a less prescriptive role than financial analysts. Instead of looking through the lens of broad economic principles, they focus more on mathematical models to produce objective answers about historical data.

Financial analysts collect and analyze data but always within the context of a prior deductive understanding of how markets should function. Their thinking is systemic and, particularly at more senior levels, subjective. Research analysts tend to be operations-focused. Give a research analyst a series of inputs, and they can calculate the most efficient way to maximize output. If the research analyst works in the securities business, it's likely that recommendations may be made based on some predetermined criteria.

What Do You Need to Become a Research Analyst?

Research analysts gather, analyze, and work with data to prepare reports for internal use by a financial institution or an external financial client. For this work, strong mathematics and statistics skills are required. Typically, a research analyst will have a bachelor's degree in a business-related field, and a master's degree in finance or a chartered financial analyst's certification may be required. Depending on the requirements of their job, they also may need to gain securities licenses.

What Is a Research Analyst's Salary?

In 2024, the average base salary for a research analyst is $90,838, anad ranges anywhere between $68,000 and $125,000, according to Glassdoor.

Is a Research Analyst a Stressful Job?

It can be. Being a research analyst requires constant learning, problem-solving, and good communication skills. There also may be tight deadlines, complex challenges, and high expectations, which can make this type of work pressured and stressful.

Research analysts are finance professionals who analyze securities data to make recommendations to their own firms or outside clients. They may be buy-side or sell-side analysts, which are distinguished by what types of companies they work for. Qualifications may include a master's degree in finance or certification as a chartered financial analyst (CFA). Sometimes they may be required to take certain tests for licensure. Base salaries hover around $90,000.

FINRA. " FINRA Rules: 1220. Registration Categories ."

Corporate Finance Institute. " What’s the Difference between the Buy Side vs Sell Side? " Accessed Sept. 11, 2020.

Glassdoor. " Research Analyst Salaries ."

FINRA. " Qualification Exams ."

CFA Institute. " CFA Program ."

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How to Become a Research Analyst

Market research and statistical data are important tools for companies today. This is because they help businesses make informed decisions. Research analysts are professionals employed to derive actionable data from market research. These experts have become indispensable in many organizations. 

There are many reasons why you should explore how to become a research analyst. For instance, these professionals are paid well above the national average. The demand for professionals offering related services is also expected to increase over the next decade. Read on to find out how you can become a research analyst.

What Is a Research Analyst?

A research analyst is responsible for preparing market reports from data collection and analysis to allow stakeholders to make informed decisions. These reports are compiled from research, analysis, and interpretation of data involving markets, economies, customers, and finance.

The main role of a research analyst is to study previous and existing market conditions to derive actionable insights to be used in formulating strategies for the future. Most of these professionals work in management, finance, insurance, and wholesale trade companies. 

Research Analyst Job Description

A research analyst’s job involves transforming raw data into actionable insights on behalf of a company or organization. They conduct research and examine historical data from various sources. They also validate data to ensure its accuracy. 

Using mathematical and statistical models, these professionals analyze data to find patterns that might reveal business opportunities. After the analytical process, they compile their findings in reports and presentations to facilitate decision-making by stakeholders. Because the job pays well and requires little interaction with clients, we consider the research analyst position to be one of the best non-customer-facing jobs .

Research Analyst Salary and Job Outlook

The job outlook for research analysts is fairly promising. The US Bureau of Labor Statistics (BLS) estimates that the job prospects for market research analysts will improve by 22 percent over the next decade as demand for related services increases. This means that you are likely to enjoy many employment opportunities in this role. 

These opportunities also come with respectable salaries. According to BLS, the median salary for market research analysts is $65,810 per year. This figure is high considering the national average salary for all occupations is about $56,310 . 

Top Reasons to Become a Research Analyst in 2021

There are plenty of reasons why you should consider pursuing a career as a research analyst. Apart from increased demand, pursuing a career in this field means you can enjoy reasonably high salaries, better than the national average. Here are more reasons why you should consider a career as a research analyst.  

• A research career can be rewarding. There is a lot of job satisfaction that comes with using analytics to help businesses take advantage of market opportunities.
• Research analysis is a diverse field with numerous opportunities. Research is a broad field that cuts across several disciplines including arts, humanities, engineering, and life sciences. This means that you will have many employment opportunities. 
• This field has many talented workers to help expand your network. These professionals have many opportunities to expand their professional networks and improve their overall career development. 
• Little experience is required for entry-level positions.  According to a recent survey on Glassdoor, about 48 percent of research analyst jobs require less than a year of job experience . It is possible to complete your training and land a full-time job with little to no work experience. 

Research Analyst Job Requirements

A research analyst’s job requirements vary across different industries and organizations. However, you need strong math and statistical skills to work in related positions. Below are a few standard job requirements for research analysts. 

• Bachelor’s or master’s degree in a related discipline. Most employers prefer hiring candidates with a Bachelor’s Degree in Statistics , Math, or a related discipline. Senior positions may require a master’s degree. 
• Experience. Most entry-level positions do not require candidates to have experience. However, mid-level or senior positions may require a minimum of two to four years of experience in conducting research. 
• Strong analytical and critical thinking skills. The ability to conduct financial analysis and build predictive models is essential. Additionally, critical thinking comes in handy when evaluating and interpreting data from various sources. 
• Excellent presentation skills. These skills are important because an effective analyst is someone who can present their findings in a way that effectively communicates the message to stakeholders.

Types of Research Analyst Careers

The versatility of this field means that there are several types of research analyst careers. These professionals can work in many sectors, including healthcare, technology, marketing, finance, government, and management, among others. Consider the following research analyst job titles. 

Market Research Analyst

Market research analyst jobs involve studying market conditions to determine potential sales of a product or service. These analysts conduct market research and gather information on past and present market conditions. This data is used to create marketing strategies for the future.

Financial Analyst

Financial analysts often work for banks or insurance companies. As an important cog in the investment industry, they draw insights from financial data and send their reports to investment firms. They examine bonds, stocks, securities, and other financial instruments to help businesses make informed decisions about spending money to make a profit. 

The best way to be successful in this finance career is by passing the three-part Chartered Financial Analyst (CFA) exam from the CFA Institute. 

Operations Research Analyst

To become an operations analyst , you need advanced skills in math and statistics. Like market research analysts, operations research analysts gather and interpret data to solve complex issues that arise in business operations. This helps businesses be better prepared for the future. 

Research Analyst Meaning: What Does a Research Analyst Do?

A research analyst is principally responsible for research, data collection, interpretation, and making recommendations based on research findings. Their job duties vary, but it all boils down to processing raw data and generating actionable business insights. Below are a few typical duties of a research analyst. 

Leads Data Research

These professionals must conduct research, which involves evaluating data from various sources. These might include internal databases, historical sources, and consumer reports. They also validate the accuracy of the data to provide meaningful and credible information.

Analyzes Raw Data

Research analysts use statistical and mathematical modeling to derive patterns that may reveal business opportunities. These experts must be able to analyze raw and processed data. 

Presents and Interprets Data 

Presenting data is often done through reports and presentations, which provide insights. The purpose of a typical report is to interpret data and explain it to stakeholders from a business perspective. 

Essential Research Analyst Skills

Research analysts require several hard and soft skills to excel in their jobs. Although these skills might vary with the seniority of the job, these professionals work with numbers and raw data to provide actionable insights. Below are a few essential research analyst skills and competencies. 

Mathematical and Statistical Skills

These skills are important as they help with the bulk of the work. As a research analyst, you need to be able to work with data using several statistical and mathematical models. 

Research, Fact-Checking, and Validation Skills

These skills come in handy when validating data and its sources. If the information lacks accuracy and credibility, the results of the analysis will be meaningless. 

Communication, Presentation, and Writing Skills

Communication skills are essential when presenting and interpreting the findings from data collection and analysis. 

How Long Does It Take to Become a Research Analyst?

It will take you about four to seven years to become a research analyst. Most related positions require candidates to have a bachelor's degree . However, some positions might require more advanced education, such as a master’s degree, which takes two to three years to complete. 

Can a Coding Bootcamp Help Me Become a Research Analyst?

Yes, a coding bootcamp can help you become a research analyst. Many top coding bootcamps offer data analytics programs and other related courses in addition to programming courses. Many professionals who seek an alternative to a university education enroll in a coding bootcamp that offers programs in data analytics.

Such coding bootcamps are worth it , considering the reasonably lower cost of education and time needed to complete these programs. Besides, most of these schools offer career placement services, which help in building job experience.  For such reasons, consider enrolling in one of the best data analytics bootcamps . 

Can I Become a Research Analyst from Home?

Yes, you can study to become a research analyst from home, either by taking the best data analytics courses online, enrolling in an online bootcamp, or finding an online degree program. As long as the program you find is available in your area and well-reviewed, you can learn research analysis a few hours at a time, in between other tasks. 

How to Become a Research Analyst: A Step-by-Step Guide

There are several paths to becoming a successful research analyst. The best one is by completing a bachelor’s or master’s degree in a related field. Work experience may also be necessary for higher-level positions. In addition, you can earn relevant certifications such as the Certified Research Analyst (CRA) to increase your marketability.

Consider the following steps to become a research analyst. 

Step 1: Earn a Degree in a Relevant Field

You should consider earning a Bachelor’s or Master’s Degree in Marketing, Math, Statistics, Business Administration, Data Science, or Market Research. Most research analyst positions require candidates to have a degree in one of these fields.

Step 2: Increase Work Experience

Employers prefer hiring professionals with job experience. For this reason, consider internship programs or entry-level research analyst roles to prepare you for mid-level or senior job opportunities.

Step 3: Advance Your Education Through Certifications

Passing certification exams enables you to join an elite group of professionals who have demonstrated excellent research skills. This significantly increases your marketability, meaning you’ll be able to land research analyst positions that offer higher than average market salaries. 

Best Schools and Education for a Research Analyst Career

Several education paths and schools can set you on a path to becoming a research analyst. The best education program for these professionals is a bachelor’s degree. However, there are other options available. We have listed these education paths below. 

Research Analyst Bootcamps

Coding bootcamps offer programming-related courses designed to help you launch your tech career. Many of these schools also offer programs in statistics, data analytics, and other related fields for aspiring research analysts. Such bootcamps include Thinkful , Le Wagon, General Assembly, Ironhack, and Coding Dojo. 

Vocational School

Vocational schools offer training programs designed to equip students with skills to work in a specific trade. Unfortunately, there are few schools offering research analysis programs because this is a technical field typically associated with academic institutions of higher education.  

Community College

A community college is an educational institution that confers associate degrees . An associate degree will enable you to join a four-year program at a university. However, you can also use this degree to pursue entry-level opportunities. Many of the best community colleges in the United States offer data analytics programs. 

Research Analyst Degrees

The best way to become a research analyst is by earning a Bachelor’s or Master’s Degree in Business Administration, Math, Statistics, or a related field. Employers typically prefer candidates with undergraduate degrees from universities, whether that be a prestigious private university like Harvard or a respected state college like Penn State. 

The Most Important Research Analyst Certifications

Certifications are a great way to pick up new skills while proving your proficiency. Certifications look amazing on a research analyst resume, enabling you to impress your future employer and land jobs with better salaries. Below are important research analyst certifications you should consider. 

Certified Research Analyst (CRA)

This certification is ideal especially for new research analysts looking to launch their careers because it is designed for those with no experience. It covers everything you need to know about market research and the tools used. This certificate costs about $530.

Certified Research Expert (CRE)

This certification includes online training for professionals looking to distinguish themselves as market research specialists. However, you need to have a year's worth of experience before enrolling in this program. It costs about $600.

How to Prepare for Your Research Analyst Job Interview

Technical interviews can be tricky, especially without proper preparation. However, going through interview questions is a great way to get ready for your interview.

Below are some sample questions that you should review when preparing for your research analyst job interview. 

Research Analyst Job Interview Practice Questions

• How would you begin a newly assigned research project? 
• There are five people in a given room. Each chooses a random number from one to ten. What is the probability that three or more people have the exact same number?
• How do you ensure a research analysis project is delivered on time? 
• Describe the most challenging project that you’ve worked on.

Should I Become a Research Analyst in 2021?

Yes, you should consider a career as a research analyst, especially if you have strong math, statistics, and analytical skills . The job outlook for these professionals is promising, with the job demand set to increase over the next decade. You will have a wide range of employment opportunities and a higher-than-average annual salary to look forward to.

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Research Analyst

The professional who develops investigative reports on other securities and assets for their companies or clients.

Osman started his career as an investment banking analyst at Thomas Weisel Partners where he spent just over two years before moving into a growth equity investing role at  Scale Venture Partners , focused on technology. He's currently a VP at KCK Group, the private equity arm of a middle eastern family office. Osman has a generalist industry focus on lower middle market growth equity and buyout transactions.

Osman holds a Bachelor of Science in Computer Science from the University of Southern California and a Master of Business Administration with concentrations in Finance, Entrepreneurship, and Economics from the University of Chicago Booth School of Business.

Prior to becoming our CEO & Founder at Wall Street Oasis, Patrick spent three years as a Private Equity  Associate for Tailwind Capital  in New York and two years as an Investment Banking Analyst at Rothschild.

Patrick has an  MBA  in Entrepreneurial Management from The Wharton School and a BA in Economics from Williams College.

• What Is A Research Analyst?
• What Does A Research Analyst Do?
• Types Of Research Analysts

What Skills/Personality Do You Need?

• Financial Analyst Vs. Research Analyst 

What is a Research Analyst?

Research analysts develop investigative reports on other securities and assets for their companies or clients. They can also be known as securities, equity, investment, or rating analysts. They are responsible for researching, analyzing, and interpreting market data.

They also use data from operations, finance and accounting, economics , and customers. However, the analyst typically only deals with quantitative data.

There are primarily two types of equity analysts:

• Buy-side analysts
• Sell-side analysts

Both analysts have the same quantitative and analytical characteristics, but their responsibilities and day-to-day duties can differ slightly. 

To become a rating analyst, you need to earn a bachelor's degree in finance, marketing, statistics, business, or something related. Once you obtain a bachelors, you will usually move to an entry-level position for a consulting firm or an internal analyst group.

Someone who wants to be an equity analyst is going to need experience. Most people who want to reach that point will complete at least one internship while getting their bachelor's degree. Most of the internships given are met during their junior year of college.

There are many different analysts: research, financial, investment banking, and risk analysts. All of these positions are different and fulfill specific roles in their firms. For example, an investment banking analyst may work on M&A deals for their firm. 

Research analysts can make a wide range of different salaries based on their experience level. Also, in 2014, the ten-year job outlook was thirty percent. As a result, these analysts are typically one of the first entry-level positions filled at firms. 

The job demand for securities analysts is skyrocketing across the country. The level of growth is considerably higher than most other occupations across the U.S.

Key Takeaways

• Research analysts, also known as securities, equity, investment, or rating analysts, are responsible for researching, analyzing, and interpreting market data. They primarily deal with quantitative data from various sources.
• There are two main types of equity analysts - buy-side and sell-side analysts. They share quantitative and analytical skills but have different responsibilities and daily tasks.
• To become a research analyst, a bachelor's degree in fields like finance, statistics, or business is typically required. Experience, often gained through internships, is valuable for aspiring equity analysts. Some may choose to pursue a master's degree for career advancement.
• Research analysts need both technical and soft skills. Technical skills include research methods, statistics, database administration, and A/B testing. Soft skills like communication, client focus, logical reasoning, critical thinking, and attention to detail are also essential.
• Salaries for research analysts can vary but generally range from $50,000 to $90,000, with higher pay for mid to senior-level positions. The job demand for research analysts is high, with a projected 19% growth between 2021 and 2031, driven by the increasing reliance on data in various industries, particularly in technology and finance.

What Does a Research Analyst Do?

These analysts are responsible for researching, analyzing, and interpreting market data. They also use data from operations, finance and accounting, economics, and customers. As a result, most analysts have quantitative characteristics and analytical personalities. 

These roles can be considered data crunching; the analyst gathers and analyzes working data to make their companies or customers save more money or become more efficient and profitable. Their job is to take in data and make it readable and understandable. 

Data is the bottom line factor in the role of these analysts. In 2019, the world created 41 zettabytes of data. The world could reach 175 zettabytes of data by 2025. 

Data research, analysis, and reporting are the foundation of companies now. For example, some of the highest-valued companies in the world are run off of data, such as Microsoft and google.

Analysts can evaluate and understand the data through statistical methods and software. Once they collect their data, they can analyze it through mathematical, statistical, and analytical models to find patterns and trends that may lead them to business opportunities. 

After they have analyzed the data and understand what it is telling them, they will combine all of the information into a report to make it understandable for management. This way, analysts can communicate with them to make future business decisions.

In most cases, the research analyst is an entry-level position; thus, they work as part of a team and differ from those presenting the information. So, when they are in meetings and conference calls, they do not say much, but the information they create does. 

Types of Research Analysts

There are primarily two types, there are buy-side and sell-side analysts, and their responsibilities slightly differ. The buy-side analyst usually works for a brokerage firm, and the sell-side research analyst usually works for an investment firm. 

When asset management (buy-side) hires rating analysts, they help the company make better business decisions by researching, analyzing, and communicating data to management. This data pertains typically to specific security they may invest in. 

Buy-side  securities analysts  usually work for large institutional investment firms such as hedge funds, mutual funds , or pension funds. Buy-side analysts are considered more professional, academic, and reputable when compared with sell-side research analysts. 

Being a buy-side analyst is all about being right and occasionally avoiding negatives. They also cover one sector, such as the industrial or technology sector. For sell-side analysts, it is common for funds to have multiple analysts for one industry. 

A sell-side analyst's job is to follow a few companies, most within the same sector. These analysts will provide reports on the companies, offer models that project the firm's financial results, and speak with customers or competitors. 

The sell-side analyst's job is to provide research and reports on companies, financial estimates, and price targets. Many analysts will combine their estimates and price targets into one, calling it a consensus estimate. Sell-side analysts provide their reports to investment institutions. 

The analysts will report their research results and what they can conclude. Most of the results they will find are in large clumps of data that most people cannot read. When transitioning it into a presentation, they will add a buy, sell, or hold recommendation. 

Buy-side and sell-side do a lot of the same work; however, the sell-side will sell the research and reports made. That said, the sell side could see a decrease in demand since the buy and sell sides do the same work. 

Research Analyst Qualifications

Most analysts will need a minimum of a bachelor's degree even to be considered for a job. Most employers like their analysts to have a bachelor's degree in statistics, mathematics, or a related discipline. Most entry-level positions do not require a master's degree.

Here is a list of acceptable degrees:

• Mathematics 
• Statistics 
• Business administration 
• Data Analytics

Most entry-level analyst positions do not need much experience, but some mid to senior-level positions may require a minimum of two to four years of experience. In addition, many students complete internships throughout college, which helps them land their first job. 

Once they have completed their bachelor's and worked for a few years to gain experience, they may consider returning to school to complete a master's degree in statistics or mathematics. This will help an analyst get better positions within their companies. 

Other degrees that show future employers that you understand the field are data science, data analytics, and computer science. Many analysts work with computers for most of their days, so understanding how computers work, and applications work may be helpful.

There are a few reasons employers are okay with if an analyst does not have prior experience. First, employers can teach the analyst how they want their jobs completed. Also, although analysts may not have much experience, they still might have valuable skills.

There are primarily two groups of skills you need to become a securities analyst. Technical skills are those that can be required for a specific job. Soft skills are those that travel from job to job. 

For physicians, a few technical skills would be prescribing medication correctly or diagnosing conditions. However, a car mechanic would not need these. Instead, both professions could use soft skills like communication and leadership.

These are the technical skills needed to become a research analyst, and you should consider gaining a few before applying for internships and jobs. These skills are:

• Research methods
• Statistics, statistical modeling
• Database Administration
• Knowledge of A/B testing

A/B testing is a way of comparing two different methods to figure out which one performs better. For example, an analyst may consider A/B testing two other securities to determine which may perform better over time. 

Some soft skills needed to become an equity analyst are:

• Communication skills
• General computer skills
• Customer or client focus

These skills are required for an entry-level position. Although surprising, client focus is a superior skill that impacts the success of analyst jobs.

For instance, analysts will need to use their communication and client-focus skills to win a client over or express their opinion on a certain asset. In addition, the analyst must be able to communicate the information they find in their research to clients and managers. 

The analyst will need more skills that can also be considered logical reasoning, critical thinking, attention to detail, presentation, and organizational skills. These skills are must-haves if one wishes to become an equity analyst.

For example, an analyst will work with lots of data from different places. If they cannot organize the data into something readable and clean, they will not be able to conclude anything from the information.

There are many skills and moving parts as an analyst; this is why the field can be so competitive. 

Financial Analyst vs. Research Analyst 

There are many slight differences between a financial analyst and a securities analyst. Still, the main difference is that research analysts cover a much broader use of research, examination, and interpretation. The data collection can be considered more of an investigative act. 

Financial analysts will likely give trading or investing advice from the data they collect, examine, and report to their managers. A crucial role of financial analysts is to analyze investment portfolio performance and look for new flaws or opportunities. 

These analysts rely on fundamental analysis to determine a company's value; they will analyze its:

• Profitability

current outstanding debt.

This detailed analysis can be used to find an investment opportunity for their firm. 

Securities analysts can be considered more data crunchers. They will spot:

• Market trends
• Abnormalities
• Flaws to find investment opportunities

As a result, their outlook can be broader than financial analysts. Although, some research positions are closely related to financial analysis. These are investment research analysts, they can be considered higher securities analysts, and they make more than the average securities analyst. 

The two jobs regarding education are similar. Although both analysts need a good background in finance and economics, financial analysts certainly need it more than securities analysts. Both also need a good education in mathematics. 

Regarding pay, financial and equity analysts have little difference in their salaries; the average for both careers is about $80,000. Senior-level positions are usually paid more. However, entry-level positions for both jobs are between $50,000 and $70,000. 

Generally, there are a few main differences between financial and equity analysts. A financial analyst inspects financial data and helps companies make decisions. An equity analyst will gather and interpret data and make future financial projections. 

Salary, Job Demand, and Job Outlook

Salaries for equity analysts can be pretty stout; for an entry-level position straight out of college, analysts can expect to make $50,000 to $70,000 a year. Although that does not sound like a great paycheck, remember you have little to no experience, and it takes time. 

Mid to senior-level analysts can expect to make salaries between $65,000 and $90,000 yearly. However, salaries also depend on the companies you work for and your location. For example, an equity analyst for JP Morgan will likely make more than an analyst at a local college.

Most places need these analysts: they provide crucial information for corporations, hospitals, colleges, universities, and, most importantly, large financial institutions. This is important for college students who desire to be equity analysts in the economic field. 

Research analysts understand how to collect, interpret, and report data, including unstructured and big data. This is extremely important for companies as more and more companies rely on technology, making the demand for security analysts very high. 

The job outlook for these analysts is outstanding: These positions are expected to grow by 19% between 2021 and 2031. This growth rate is much higher than most of their occupations. Technology and finance companies are relying on equity analysts more and more.

Analysts are needed in large financial institutions, small businesses, local banks, and corporations. Moreover, they are highly beneficial to those that use them.

Research analysts are people who research, develop data, investigate the data, and report it to their managers. The data they are looking for can be anything from news, financials, or press releases of companies or markets. These analysts work for large financial institutions. 

Some of the responsibilities of analysts are to be data crunchers. The analyst will research, analyze, and interpret data from markets. Analysts have many quantitative and analytical characteristics that make them suitable for the job. 

Data is the foundation of many companies. The analyst brings it to one place, analyzes it, and reports it to their managers clearly and concisely. They play a vital role in the success of financial institutions and many other businesses by giving projections and advice on equities.

Someone aspiring to become an equity analyst should complete a bachelor's degree in statistics, mathematics, or something related. Then, after a few years, it may be worthwhile to go back and complete their master's. Experience is the biggest motivator for promotions and raises. 

Experience will bring better technical skills, including research skills, statistical reasoning, modeling, and A/B testing. However, soft skills are also necessary, such as excellent written and verbal communication and leadership. 

Lastly, securities analysts can expect to make between $50,000 and $70,000 at an entry-level position and between $65,000 and $90,000 for mid to senior-level positions. The job outlook for securities analysts is also excellent; between 2021 and 2031, the expected job growth is 19%. 

Analysts play a crucial role in many businesses and are especially important to financial institutions. It is also an excellent career for those who like to solve mathematical and statistical problems. 

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Research Analyst Career Path: Roles, Salaries & Progression

From a broad perspective, the role of research analyst can be used to describe any individual who collects and interprets data, and presents their findings in a clear way to help guide any decisions that need to be made by an organization.

In the finance sector, research analysts are usually involved in creating market reports on assets, securities or other investment opportunities for use either internally, such as by an investment bank, or to provide to external clients. 

A range of titles are used such as investment analyst or perhaps more commonly equity research analyst, depending on the specific company and area of finance they work in. However most analysts are responsible for similar scopes of work, which is to gather data, analyze and present information that forms a foundation for their firm’s strategy and decision making.

Becoming a research analyst will provide professionals with a great deal of career flexibility. As these positions are also in high demand, recruiters are always looking for individuals who possess the talent and drive to ascend to the next level. 

Are you considering a research analyst career path? Here’s everything you need to know to decide if it is right for you.

Buy-side versus sell-side analysts

When talking about research analysts, an important distinction needs to be made. Those who take on the role of a research analyst will normally be provided with two possible career paths:

• Sell-side analysts
• Buy-side analysts

What are the differences between these two terms? 

Sell-side analysts are primarily concerned with industry-specific stocks and assets, and conduct their research in order to provide targeted investment advice. They can work in tandem with institutional investors, traders and wealth management specialists. This communication takes place via research reports and ratings in regard to the asset(s) in question.

Buy-side analysts are more directly involved with the investments themselves. Often working on the behalf of a company, their main goal is to provide opportunities for capital growth that is in accordance with the aims (and the portfolio) of the firm itself. This research is generally not offered to the public. Opportunities often involve asset classes such as mutual funds, private equity schemes and pensions.

It’s worth bearing in mind that the market for sell-side analysts has slightly dried up in recent years. This is primarily due to an increase in the number of regulations that have been put in place, such as MiFID II. While there are still opportunities available, a growing number of candidates tend to be more focused upon buy-side positions.

What does a research analyst do?

Although the exact responsibilities of a research analyst will vary depending upon the position and the company, some of the core duties are likely to include:

• Keeping up to date with the latest news and data.
• Performing quantitative and qualitative analyses in relation to this data, mainly building earnings models and valuations.
• Monitor market conditions and anticipate the potential short and long term impact it has on an asset under coverage.
• Communicating and presenting investment ideas with others such as managers, co-workers, and clients.

As an entry level associate or junior analyst, you’ll most likely report to a senior analyst and a typical day will be structured according to priorities set by managers. Hours can sometimes be long, with 12 hour days not unusual, or longer at busy periods such as financial results announcement season.

Why become a research analyst?

Those who progress through the ranks as an analyst can enjoy decent salaries, challenging, analytical work where everyday is different. While hours can sometimes be long, particularly for entry level roles, a career as an analyst can be financially rewarding.

In addition to a good compensation, another advantage associated with this career is the sheer level of expertise that an analyst is required to possess. Highly desirable by firms that hope to embrace a competitive edge, this enables experienced analysts to diversify into other similar fields as potential future exit opportunities.

Despite experienced research analysts having a significant amount of knowledge, this field is reasonably easy to get into, at an entry level at least, in comparison to some other financial careers . Therefore it can be a good option for those who are keen to get their career underway right out of university or college and who possess a degree in the right subject.

While the job can be demanding, for those who enjoy using their analytical and numerical skills to identify the best solutions, it can also be extremely satisfying and intellectually stimulating. Analysts can work and specialize in a variety of different industries and asset types and, which makes this career path quite dynamic.

Personality traits which will normally be associated with a good research associate or analyst candidate include:

• Critical thinking
• Strong communication skills
• Logical reasoning
• An attention to detail
• A talent for maths and numbers in general

Research analyst hierarchy and progressing within the role

Assuming that you have decided to explore the role of a research analyst, how will your career progress in accordance with your experience? 

Unlike roles in investment banking which progression times are more ‘standard’, the exact time required to advance between stages in a research analyst career path is rather fluid. In other words, some individuals will ascend faster than others. That said, here are the typical 4 stage progression structure in a research role:

Research associate

Most associates will be accepted into an entry-level position after having graduated with a bachelor’s degree in business, finance or a similar field. These individuals will be directly supervised by a senior or VP analyst; enabling them to further hone their skills while gaining real-world experience. It is not uncommon for new entrants to be shifted between different senior analysts during the first few months.

Once one has gained enough experience, he or she will be granted the title of “Analyst” as opposed to “Associate”. While this might seem like a minor change, analysts can hold a number of additional titles such as vice president of analytics. Additionally, there can be different levels of analysts in research analytics, meaning not everyone who is an analyst is operating at the same level within the hierarchy. 

Analysts will therefore oversee their junior associates while also communicating with their seniors. While they still perform a fair amount of basic tasks, the added responsibility will provide room to further improve existing skill sets.

Senior VP analyst

Senior analysts are heavily involved in the final interpretation of data before it is presented to stakeholders (such as institutional investors or company management). Thus, they represent the “face” of an organization more than an associate or a mid-level analyst. Some additional duties involve taking ownership of the covered sector coverage, build relationships with investor relations teams of covered companies, communicating with clients, and making well-informed recommendations. Due to the technical nature of this position, many senior analysts will seek to obtain a master’s degree.

Research director

This final stage generally represents the top of the food chain within the career of a research analyst. Directors are responsible for overseeing the day-to-day operations of a firm. The duties can vary in accordance with the exact position, but some core roles include:

• Approving the onboarding of new employees.
• Monitoring team performance.
• Meeting with high-level clients and travelling when required.
• Defining the overall mission statement of an organization.
• Determining which asset classes/opportunities are in alignment with short- and long-term goals.

Due to the sheer number of responsibilities associated with a research director, up to 7 years of prior managerial experience may be required.

Research analyst salary

How much can you expect to earn as a research analyst? This will once again be based on experience and the exact role. Let’s compare typical average salaries of those working in financial centres in the UK and the US.

Expected research analyst salaries in London

Expected research analyst salaries in New York

As this illustrates, research analysts in the US could generally expect to receive higher pay than those in the UK (and indeed the rest of Europe). It’s important to point out that salaries can range quite significantly between firms and location, with larger banks usually paying higher than smaller ones.

How to become a research analyst

Most research analysts will require a formal university degree in subjects such as economics, business, finance, or accounting in order to join as an entry level associate. That said, obtaining a summer internship whilst still studying can certainly improve your odds to secure a full time role before graduating. 

From there, it’s a matter of performing well, gaining experience and keeping an eye out for opportunities. Research teams can often be smaller than in other financial roles like investment banking , which means opportunities to progress can be more limited. It may therefore be necessary to move between firms to rise up the ranks more quickly.

Those who wish to switch their careers from a different financial role , such as investment banking into equity research could do so given the high transferable skills. However, it may be still necessary to begin at an entry-level position. The primary difference is that those with prior experience will tend to ascend faster through the hierarchy.

What types of skills do recruiters look for when headhunting potential research analysts? While technical knowledge is certainly important, a handful of traits are just as critical, including:

• A familiarity with financial analysis software and the ability to learn new programs.
• An understanding of human behaviour and behavioural finance (important when identifying specific trends).
• Superior levels of reading, writing, communication and data analysis.
• The ability to maintain focus within individual and group settings.

Above all, analysts should always possess the ability to embrace new skills; the learning curve within this career never truly ends.

What qualifications are useful as a research analyst?

The competitive nature of this field dictates that candidates who possess prior qualifications tend to be hired quicker than those with little knowledge other than a university degree. Thankfully, a number of the best finance certifications are available to those either already working as a research analyst, or hoping to do so, and each of these offers its own unique advantages.

Chartered Financial Analyst (CFA)

Those who hold a CFA (Chartered Financial Analyst) distinction will already possess an advantage over their competitors. As perhaps the gold standard of financial qualifications, a CFA charter demonstrates real-world skills and knowledge that are highly relevant to anyone wanting to begin or already following a research analyst career path. There are nearly 170,000 CFA charterholders worldwide ( some of these being research analysts ) and this number is expected to grow into the future.

Chartered Alternative Investment Analyst (CAIA)

A Chartered Alternative Investment Analyst (CAIA) certification is another useful “string to the bow” for research analysts. As a growing number of investors and organizations are interested in diversification and seeking higher returns, those who possess a working knowledge of alternative investment opportunities are now in high demand. More than 70,000 professionals are certified as CAIA charterholders and while narrower in scope when compared to the CFA, it is becoming extremely popular amongst a range of finance professionals.

Environmental, Social & Governance (ESG) certifications

Environmental, social and governance (ESG) concerns are becoming increasingly important topics in this day and age. This is particularly relevant when discussing buy-side analysts due to the amount of transparency that is now required. Those holding an ESG certification will be able to appreciate the environmental impacts of their recommendations while also being capable of assessing any potential risks that may be present.

As investment groups become even more concerned with potential compliance issues, ESG analysts are now more relevant than ever before, and qualifications like the CFA Institute’s Certificate in ESG Investing (and a whole range of ESG qualification options ) are designed to equip finance professionals with the skills to navigate this fast growing sector.

Master of Business Administration (MBA)

An MBA (Master of Business Administration) certification is another possible option for those involved in the research analysis sector. This is generally something undertaken by those wanting to move into a senior analyst or director role, as they will be required to oversee the day-to-day operations of an organization as well as its subordinates.

An MBA is also an excellent way to increase one’s existing salary; some studies finding that annual pay rate may rise by up to 50%. Whether an MBA versus a CFA or other financially focused qualification is the best choice largely depends on the individual and the way in which they’re aiming to progress their career.

Research analyst career outlook

Aside from strong data analysis skills, candidates will also need to possess a working knowledge of common financial software packages to handle bigger datasets. Some other notable observations include:

• The ability to adapt to a hybrid work environment.
• A greater focus upon ethical and sustainable investment opportunities.
• Critical thinking is expected to gain more weight within the field.

However, it is prudent to highlight that the demand for sell side equity research analysts has somewhat dampened in recent years. The US Bureau of Labor Statistics estimated that employment of research analysts (both buy and sell side) is expected to grow 6% on average from 2020-2030 , about as fast as the average for all occupations. This may be the result of increased regulations and leaner business models associated with lower commissions.

Although there are still opportunities, some are not as attractive as they once were. This brings us to the next point.

Research analyst exit options and opportunities

The good news is that those who have recently entered into the field of research analytics always have the opportunity to gain experience and to progress to higher professional levels. This is particularly the case for anyone who is a CFA charterholder or a similar certification.

What about potential exit opportunities? Assuming that you wish to change financial careers , numerous options may be available. For instance, the technical nature of this position may provide the ability to migrate into investment banking . Some other interesting alternatives include:

• Portfolio management
• Hedge funds
• Corporate finance/development
• Private equity
• Wealth management

The exact career path will ultimately depend upon your experience, interest and career goals.

Is a research analyst a good career choice for you?

Would the role of a research analyst fulfil your professional goals? Not only is this position quite varied, good salary and work life balance (compared to investment banking), but it is unique in the fact that there are a variety of potential exit opportunities in the future.

Still, there are some possible downsides. These include:

• The demand for sell-side analysts has diminished in recent times.
• It is not normally possible to obtain an entry-level position without a university degree.

Ultimately, it is wise to balance these observations with all of the other metrics highlighted throughout this article. If you’re interested in a fast-paced, yet sustainable finance career with a strong focus on combining analytical and qualitative work to make an informed decision, it’s likely that research analyst career may be suitable for you.

We hope the guide above shed some light on a research analyst career. Do you think  this career path suits you ? Let us know in the comments below!

Meanwhile, here are related articles which you may find interesting:

• Finance Career Quiz: Which Finance Career Fits Your Skills & Personality?
• CFA Careers: What Are Typical Job Opportunities for CFA Charterholders?
• Why is ESG Important and Which Careers Can Benefit From It?
• Finance Career Change: Plan Your Finance Career Switch With Our Free Tool
• Epic Career Path Guides:  Accounting  |  Investment Banking  |  Corporate Finance | Portfolio Management | Financial Planning  | Private Equity | Wealth Management | Risk Management | Hedge Funds | Fintech

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Research Analyst Roles and Job Description

View all blog posts under Articles | View all blog posts under Online Master of Science in Business Analytics

Research analysts are known as data crunchers. They’re skilled in gathering, analyzing and working with data to improve efficiency, profitability and savings for companies and organizations in many industries. They’re also effective communicators; they present the data in an understandable format for business decision-makers.

Simply put, data is at the core of research analyst roles and responsibilities.

Why is data so vital today?

A look at some revealing statistics about data usage worldwide can provide some perspective on the growing importance of data:

• The world created 41 zettabytes of data in 2019, according to a Statista report; 1 ZB is about a trillion gigabytes.
• Worldwide, the number of bytes, a unit of measure for data, is 40 times higher than that of the stars in the universe, according to the World Economic Forum.
• Seagate reports that by 2025, the world will have created 175 ZB of data.

These statistics provide a glimpse of how data is embedded into the fabric of modern society. Data is critical to business success, too. The ability to harness its power provides businesses with competitive advantages.

A look at the most valuable brands in the world reveals how data has transformed global commerce. According to Visual Capitalist, the top-four most valuable brands include the following:

• Amazon, valued at $220 billion
• Google, valued at $160 billion
• Apple, valued at $140 billion
• Microsoft, valued at $117 billion

A common thread among these companies is that data is foundational to their businesses. These companies are the most active and largest hyperscale data center companies in the world, each investing upwards of $1 billion for a single data center campus, according to Data Center Frontier. Hyperscale data centers are massive facilities full of racks, technology and equipment that house the very data that drives the digital transformation of commerce and society.

The digital transformation, also known as digitization, represents unprecedented opportunities for businesses. By acquiring essential insights from data, companies can improve their products and services. They can also change how they operate and interact with customers, contributing to a healthier bottom line. There’s even a catchphrase used to describe the growing influence of data in the business world — “data is the new oil.”

The metaphor speaks to data’s role in transforming society and the global economy. Still, there are clear differences between oil and data. For one, oil is a natural resource requiring extraction, a process that makes up to 57 percent of costs incurred for oil and gas producers, according to Towards Data Science. Extracting data isn’t nearly as costly. However, like oil, data must be refined so that it can add value to businesses. A vital part of research analyst roles and responsibilities, processing data is essential to uncovering its value to businesses.

How do research analysts extract value from data? Expanding on the metaphor, oil refineries process crude oil through an industrial process to make useful products, such as gasoline, plastics and jet fuel. For raw data to be processed, it requires human ingenuity and technology, such as Python, R and SQL programming languages. Part of the research analyst’s toolkit is to use quantitative modeling and data-mining methods and tools to reveal the business value in data.

Ninety-four percent of enterprises consider data and analytics critical for business growth and digital transformation, according to a recent Forbes article. Businesses understand the critical role data plays in ensuring their success, so they invest in people and technology to collect more of it from the Internet, databases, search engines, social networks, mobile phones and smart devices. These trends are creating new career opportunities for individuals interested in using their analytical, technical and business skills and advancing their education to help companies and organizations improve their products, operations and effectiveness.

What Is a Research Analyst?

Research analysts are professionals who work with data in both private and public organizations. Data in and of itself has no intrinsic value until a data analytics professional, such as a research analyst, makes sense of it. They put data to good use for business purposes, such as identifying sales opportunities or market trends.

Research analysts understand the strategic value of different types of data, including unstructured data and big data. Their expertise in collecting, analyzing and translating data into valuable insights offer businesses a competitive advantage in the marketplace. A research analyst’s role is critical to helping organizations reach their business aims, including improved efficiency and operational performance.

What Does a Research Analyst Do?

Research analyst roles and responsibilities include a host of activities to transform raw data into valuable business insights. The following activities are typical for research analyst roles:

• When research analysts conduct research, they look at historical data from various sources, including internal databases, such as financial, accounting and sales systems. At this point, the data is typically in raw form. Research analysts examine and validate the accuracy of the data to ensure that it produces meaningful information.
• Analyze data. Upon collecting the data, research analysts use mathematical, statistical and analytical models to find patterns that may reveal business opportunities. For example, the data may uncover a fundamental flaw in how a company interacts with its customers, creating negative experiences. With the data in hand, research analysts help develop potential solutions to improve the ways the company interacts with its customers, opening opportunities for additional sales.
• Present data. Research analyst roles and responsibilities include compiling information drawn from the data to help managers see the business value. Research analysts prepare communications, such as reports and presentations, to provide insights on what the data reveals to facilitate decision-making.
• Interpret data. In meetings and during conference calls, research analysts interpret data, demonstrate what they’ve learned and explain its value from a business perspective.

In addition to these activities, research analysts design methods and strategies to capture, store and manage data. They also help implement analytics tools, a driving force behind the growth of the data and business analytics industry. According to IDC, it’s valued at around $189 billion as of 2019 and projected to grow by double-digits through 2022.

This tool selection process typically involves determining which technologies best fit the needs of the business. Popular open-source tools include BIRT, Matomo, OmniSci and Apache Zeppelin. In determining the best tools, research analysts often have to work closely with technology vendors and other stakeholders. Other important elements of the job include ensuring the effective management, protection and governance of data, working together with data security experts.

Research Analyst Skills and Education

Research analyst roles and responsibilities vary across different organizations and sectors, but at a minimum, strong math and statistics skills are required. Through sophisticated data-driven mathematical models, analysts derive useful information to help achieve business goals, from improving performance to cutting costs.

Still, research analysts do more than work with numbers and raw data all day. They also interact with other analysts and share their findings with business decision-makers through presentations, face-to-face meetings and reports.

The following is a sampling of research analysts’ essential competencies and skills:

• Mathematics and statistics skills  to work with the data and develop models
• Ability to recognize patterns  to find useful information in the data that’s sometimes unstructured
• Research, fact-checking and validation skills  to ensure valid data sources and verify accuracy
• Analytical and critical thinking skills  to find value and understand what’s in the data
• Communication, presentation and writing skills  to present findings derived from the data
• Financial skills  to calculate the financial performance of companies, especially in accounting and finance operations
• Focus and organization  to work on multiple tasks and projects
• Interpersonal skills  to build relationships with teams from other departments
• Knowledge of the company’s business  to understand customer behavior and market trends relevant to the company’s industry
• Technology skills  to work with various research, data analytics, modeling and predictive tools, as well as business productivity software
• Forecasting  to determine future trends, often presented in charts, infographics and other visual aids
• Problem-solving  to address the challenges of data collection and analysis, as well as help guide decision-makers toward solutions that resolve issues revealed in the data

Research analysts typically have bachelor’s degrees in a business-related field. However, depending on the industry, a master’s degree may add value to their career prospects, especially if they’re aiming for senior research analyst roles. Because research analysts work across many industries, formal education or experience relevant to the sector they work in may offer additional advantages for advancement. For example, a research analyst working in the oil and gas industry could benefit from knowledge about energy and climate policy.

Research Analyst Careers

The versatility of the role means that there are various types of research analyst careers available. Research analysts can work in technology, marketing, health care, finance, government finance, public policy, management consulting, aviation and other industries.

Job titles for research analysts can vary based on the industries of their employers. For example, research analysts working in an investment bank, a financial institution, a securities firm or an insurance company might be called investment analysts, financial analysts, securities analysts or insurance analysts. In financial organizations, the work of financial analysts involves examining, collecting and interpreting financial information to help make business decisions. Market research analysts and operations research analysts are also popular careers.

Market Research Analyst Career Path

Businesses want to understand who their customers are, what they need and their preferred method of buying. Market research analysts help them get a better picture of their customers through data. Market research analysts work for various types of organizations, examining market conditions and helping determine opportunities to grow sales of products or services.

Competitor researching, price analysis, and investigating sales and marketing processes enable market research analysts to provide critical business information that provides competitive advantages. Market research analysts use their knowledge about customer behavior to explain the benefits and shortcomings of their employers’ products or services. For example, they can present the data that shows what customers are buying and at what price.

This type of information is useful for companies to align their product and service offerings with consumer preferences. Data from market research analysts also helps marketing directors determine appropriate marketing, sales and content strategies.

On a typical day, market research analyst roles and responsibilities include the following:

• Gathering and analyzing data on market trends and consumer demographics, customer needs, and people’s buying habits to create forecasts and help optimize marketing efforts
• Using a combination of traditional methods, such as focus groups and questionnaires, statistical techniques, modeling and analytics software
• Interpreting findings to determine pricing strategies, forecast future trends, and help develop targeted marketing strategies and tactics
• Assessing the impact and performance of marketing programs and strategies and working with sales and marketing teams to develop solutions
• Creating tables, graphs, reports and presentations to present their findings to senior managers and clients
• Collecting and analyzing data on demographics, customer preferences, market needs and consumer buying habits
• Developing and refining processes for data collection and analysis

Market research analysts are in high demand; the U.S. Bureau of Labor Statistics (BLS) projects the field to grow by 20 percent between 2018 and 2028. Entry-level candidates typically have a bachelor’s degree in market research, business administration, statistics, math, communications or computer science. A master’s degree may create opportunities to advance to an organization’s highest levels.

Many market research analysts begin as field researchers for market research agencies. Then, they progress to serve in client-facing roles and project management roles. However, career paths in market research aren’t always straightforward, thanks to the many specialized disciplines available: technology, marketing and big data, to name a few.

The BLS reports a median annual salary of $63,790 for market research analysts in 2019. According to U.S. News & World Report , market research analyst is ranked No. 8 in the Best Business Jobs category. The position is also given a high ranking for advancement and salary by professionals in the field.

Operations Research Analyst Career Path

Operations research analysts are problem-solvers. Organizations turn to operations research analysts for critical decisions that can affect the success of their operations. Operations research analysts can help corporations, manufacturing firms, airlines, technology companies, government agencies, and other businesses and organizations. They work with business leaders to tackle problems that lead to reduced operational costs, improved efficiency and increased profitability.

At an airline, for example, an operations research analyst might look into the shipping operation of an airline to help improve logistics. Logistics describes management of the flow of resources, equipment, people and supplies between different facilities or destinations.

At a food and beverage manufacturer, an analyst might investigate whether the materials or processes used in the production of goods indicate patterns of waste. The analyst can identify areas where improvements can generate more products more efficiently and achieve cost-savings for both the company and its customers.

Operations research analysts uncover value from data that can lead to improvements in the productivity of processes, machines and people. Research analysts can also leverage data to help:

• Improve interactions with consumers to meet growing demands for better and faster service
• Accelerate manufacturing and distribution to ensure the availability of products
• Ensure accuracy in operating processes and machines to minimize errors, which can be costly

Thanks to operations research analysts and their skill in applying mathematical models and statistical analysis and the use of sophisticated data analytics tools, organizations can address the pressing challenges created by a global marketplace.

On a typical day, operations research analyst roles and responsibilities include the following:

• Identifying opportunities to help organizations operate more efficiently and lower costs
• Developing models to ensure sufficient inventory to meet market demands
• Using optimization and data mining tools, conducting statistical analysis, and developing mathematical models
• Advising business leaders on the costs and benefits of taking a course of action
• Collecting data from various sources, including internally from workers with specialized knowledge or who experience an issue needing a solution
• Examining data and running simulations to identify patterns that may reveal future trends

The path to becoming an operations research analyst begins with education. Entry-level candidates typically have a bachelor’s degree in business, math or engineering. A master’s degree may create opportunities to advance to the highest levels. Many begin their careers as analysts, then progress to become senior analysts or directors of a team or department.

The BLS reports a median annual salary of $84,810 for operations research analysts in 2019. U.S. News & World Report ranks operations research analyst No. 4 in the Best Business Jobs category, with above average advancement and salary reported by professionals in the field. The demand for operations researchers is expected to increase dramatically, according to the BLS, with 26 percent growth projected between 2018 and 2028.

Embark on a Career in Research Analytics

Employers are looking for knowledgeable research analysts to help solve complex problems and make better business decisions. For individuals seeking roles in operations research or market research, honing their research, analytical, technology and mathematical skills can help garner the attention of these employers. Explore how the online Master of Science in Business Analytics program offered by the Robert H. Smith School of Business at the University of Maryland can prepare you for a successful career as a research analyst.

Recommended Readings

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Comparing Analytics Careers: Business Analyst vs. Data Analyst

American Marketing Association, “Market Research: The Entry-Level Job You Should Take”

Data Center Frontier, “Reshaping the Global IT Landscape: The Impact of Hyperscale Data Centers”

Forbes , “The Global State Of Enterprise Analytics, 2020”

Houston Chronicle , “Careers as a Research Analyst”

Houston Chronicle , “The Top Skills for a Research Analyst”

Informs, FAQs About O.R. & Analytics

Investopedia, “Financial Analyst vs. Research Analyst: What’s the Difference?”

Investopedia, “Research Analyst”

Medium, “Market Research: the Entry-Level Job You Should Take”

MicroStrategy, Business Analytics: Everything You Need to Know

ONet OnLine, Market Research Analysts and Marketing Specialists

ONet OnLine, Operations Research Analysts

PayScale, Average Research Analyst Salary

Seagate, Data Age 2025

Statista, Volume of Data/Information Created Worldwide From 2010 to 2025

Towards Data Science, “Data Is Not the New Oil”

U.S. Bureau of Labor Statistics, Market Research Analysts

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World Economic Forum, “How Much Data Is Generated Each Day?”

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• Understanding the Role of a Research Analyst

A research analyst is a professional who conducts research, collects and analyzes data, and presents findings to stakeholders. This article discusses the key responsibilities and skills required for success as a research analyst, as well as the tools and techniques commonly used in research analysis. It also explores potential career paths and opportunities for research analysts, as well as the challenges they may face in their work.

Table of Contents

The Role of a Research Analyst

Key responsibilities of a research analyst, skills required for a research analyst, tools and techniques used in research analysis, career paths and opportunities for research analysts, challenges faced by research analysts, tips for success as a research analyst, future of research analysis.

A research analyst is a professional who specializes in collecting, analyzing, and interpreting data to provide insights and inform decision-making. They work in a variety of industries, including finance, marketing, healthcare, and government, among others. Here are some key responsibilities of a research analyst:

• Collecting and organizing data: Research analysts gather data from a variety of sources, including surveys, databases, and public records. They also create and maintain databases to store and organize this information.
• Analyzing data : Research analysts use statistical and other analytical tools to identify patterns, trends, and relationships in the data. They may also conduct qualitative research, such as focus groups or interviews, to gather additional insights.
• Creating reports : Research analysts create reports and presentations that summarize their findings and present them in a clear and concise manner. These reports may include charts, graphs, and other visual aids to help communicate the data.
• Providing insights, conclusions and recommendations : Research analysts use their findings to provide insights and recommendations to stakeholders, such as executives or policymakers. They may also work with other professionals, such as marketing or finance teams, to help them make data-driven decisions.
• Staying up-to-date with industry trends: Research analysts stay current with trends in their industry and new research methodologies and technologies, to ensure that they are using the most effective techniques to gather and analyze data.

An organization’s ability to make data-driven decisions that can boost performance and help them reach their objectives depends heavily on the work of research analysts.

As a research analyst, your main job is to gather information from various sources such as surveys, databases, and public records. You’ll then organize and analyze this data to identify patterns and relationships that can provide insights into a particular issue or topic.

Using statistical and other analytical tools , you’ll transform the raw data into meaningful information that can be easily understood by others. You’ll be responsible for creating reports and presentations that present your findings and recommendations to stakeholders, which may include executives or policymakers.

In addition to gathering and analyzing data, you’ll need to stay up-to-date with industry trends and new research methodologies and technologies. This will help ensure that you’re using the most effective techniques to gather and analyze data.

Ultimately, your work as a research analyst is critical in assisting firms in making data-driven decisions that can enhance performance and help them reach their objectives.

If you’re considering a career as a research analyst, it’s important to know what skills you’ll need to succeed. A great research analyst should have a mix of technical and interpersonal skills that allow them to collect, analyze, and communicate data effectively. Here are some of the key skills required for the job:

• First and foremost, a research analyst should have strong analytical skills. You’ll need to be able to dig deep into the data to identify trends and patterns that can help inform decision-making. Attention to detail is also critical to ensure accuracy and avoid errors in data collection and analysis.
• Effective communication skills are another essential skill for research analysts. You’ll need to be able to present your findings and recommendations in a clear and concise manner to stakeholders. This means being able to communicate complex data in a way that is easily understandable to a non-technical audience.
• Problem-solving skills are also crucial for research analysts. You’ll need to be able to identify potential issues or challenges that could affect your research and come up with creative solutions to overcome them. Time management skills are also important to ensure that you can meet deadlines and prioritize your workload effectively.
• Technical skills are also essential for research analysts. You should be comfortable working with statistical analysis software, data visualization tools, and other programs commonly used in research. Finally, being open-minded and adaptable to new research methodologies and tools will help you stay ahead of the curve and continuously improve your skills.

In summary, to be a successful research analyst, you need a mix of technical and interpersonal skills, including analytical thinking, attention to detail, effective communication, problem-solving, time management, technical skills, and open-mindedness. With these skills, you’ll be well-equipped to make a meaningful impact in your field.

Research analysis is an essential part of many fields, from healthcare to business to social sciences. To conduct research analysis, researchers use a range of tools and techniques to collect and analyze data effectively. Here are some of the most commonly used tools and techniques in research analysis:

• Surveys are one of the most popular methods for gathering data in research. Surveys can be conducted in different ways, including in-person, over the phone, or online. Researchers design surveys to gather quantitative or qualitative data and can reach a large sample of people.
• Interviews are another way researchers can gather data. Interviews are a more in-depth method of gathering information from participants, allowing for greater understanding of their attitudes, beliefs, and behaviors.
• Focus groups are another qualitative research method that involves bringing together a small group of people to discuss a specific topic or issue. This method can provide valuable insights into how people think and feel about a particular subject.
• Statistical software such as SPSS or SAS can be used to analyze quantitative data and identify patterns and relationships in the data. These tools help researchers understand the data and make more accurate conclusions.
• Data visualization tools like Tableau or Excel can help create charts, graphs, and other visual representations of data that make it easier to understand and communicate. Visualizing data can help make complex data easier to digest for non-technical audiences.
• Coding and content analysis are techniques used to analyze qualitative data. Coding involves categorizing qualitative data to identify themes or patterns that emerge from the data. Content analysis involves analyzing text, audio, or visual content to identify themes or patterns in the data.

Research analysis requires a range of tools and techniques to collect and analyze data effectively. Researchers choose the appropriate method for the type of data they are working with to ensure their methods are ethical and produce accurate and reliable results. These tools and techniques help researchers make informed decisions and draw meaningful conclusions from their research.

If you’re interested in a career as a research analyst, you’ll be pleased to know that there are many career paths and opportunities available to you. Research analysts are in demand across a variety of industries, including healthcare, finance, government, and marketing. Here are some of the most common career paths and opportunities for research analysts:

• One of the most popular career paths for research analysts is in market research . Market research analysts help companies understand consumer behavior and market trends to make informed decisions about their products and services. As a market research analyst, you’ll analyze data from various sources, such as surveys and focus groups, to identify key insights and trends.
• Data analysis is another career path that research analysts can pursue. In this role, you’ll work with large datasets and use statistical and analytical tools to identify patterns and insights that can inform decision-making in fields such as healthcare, finance, and government.
• Policy analysts work in government or non-profit organizations, analyzing policy proposals and assessing their potential impact on various stakeholders. This career path is ideal for research analysts who are interested in social issues and public policy.
• Business analysts work in the corporate sector, analyzing data to improve operational efficiency, increase profitability, or identify new business opportunities. This role is perfect for research analysts who are interested in the business side of things and have strong analytical and communication skills.
• Social science researchers work in academic or non-profit organizations, conducting research on a variety of social issues, such as poverty, education, or public health. This career path is ideal for research analysts who are passionate about social issues and want to make a positive impact on society.
• Marketing research consultants work with a variety of clients to help them gather and analyze data to make informed marketing decisions. This role is perfect for research analysts who enjoy working with clients and have strong communication skills.
• Finally, financial analysts work in finance or investment firms, analyzing financial data to make recommendations on investments or other financial decisions. This career path is ideal for research analysts who are interested in finance and have strong analytical skills.

In conclusion, research analysts have a broad range of career paths and opportunities available to them. These opportunities can vary based on the industry or sector in which they work, but all require strong analytical skills and the ability to communicate insights effectively to stakeholders.

While a career as a research analyst can be rewarding, it also comes with its own set of challenges. Here are some of the most common challenges faced by research analysts:

• Data collection: Collecting accurate and reliable data can be a challenge for research analysts. Sometimes, data is not available, or the data that is available may be incomplete or inaccurate.
• Time management: Research projects often have tight deadlines, so it’s important for research analysts to manage their time effectively. Balancing multiple projects and meeting deadlines can be a challenge.
• Ethical considerations: Research analysts must ensure that their research methods are ethical and do not harm participants or violate their privacy.
• Data analysis: Analyzing large amounts of data can be challenging, and research analysts must have a good understanding of statistical analysis software and techniques to make accurate conclusions.
• Communication: Communicating complex data and insights to stakeholders who may not have a technical background can be a challenge. Research analysts must be able to present their findings in a clear and concise manner.
• Keeping up with new technology: Technology and research methods are constantly evolving, and research analysts must stay up-to-date with new tools and techniques to remain competitive.
• Unexpected results: Sometimes research results may not be what was expected, and research analysts must be able to explain why and determine what the next steps should be.

Research analysts face a variety of challenges in their work, from data collection to communication to keeping up with new technology. However, with the right skills, attitude, and strategies, research analysts can overcome these challenges and continue to produce high-quality research that makes a positive impact in their field.

As a research analyst, there are a few things you can do to set yourself up for success:

• First and foremost, focus on developing your analytical skills . Being able to analyze data and extract meaningful insights is the cornerstone of research analysis. Continuously work on refining this skill and staying up-to-date with the latest analysis techniques.
• Attention to detail is also a must for research analysts. Collecting and analyzing data requires careful attention to detail to avoid errors and ensure accuracy. Double-check your work and take the time to go over your data carefully.
• Effective communication is another critical skill for research analysts. Being able to communicate your findings and recommendations to stakeholders is essential. Make sure you can explain complex data and insights in a way that is easily understandable to a non-technical audience.
• Familiarize yourself with statistical software like SPSS or SAS . These tools are commonly used in research analysis, and being able to use them efficiently will help you analyze data more effectively.
• Stay up-to-date with the latest research methods and tools. Research methods are constantly evolving, and it’s essential to stay current with the latest trends and techniques. Attend conferences, read industry publications, and take advantage of any training opportunities available to you.
• Collaborate with your colleagues. Collaborating with others can help you learn new techniques and approaches to research analysis. It can also help you avoid common mistakes and improve the quality of your work.
• Maintain ethical standards in your work . Research analysis often involves working with sensitive data, so it’s crucial to follow ethical guidelines and ensure that your research methods do not harm participants or violate their privacy.

By focusing on these tips, you can set yourself up for success as a research analyst and make a positive impact in your field.

The future of research analysis is bright, as advancements in technology and a focus on data-driven decision-making continue to drive demand for skilled research analysts. There are several key trends that are shaping the future of research analysis.

• Firstly, the amount of data being generated is increasing at an unprecedented rate . This means that research analysts will be needed to help organizations make sense of this data and extract valuable insights that can inform decision-making.
• Secondly, machine learning and artificial intelligence are being used more frequently to analyze data more efficiently and effectively. As these technologies continue to advance, research analysts will need to adapt to new tools and techniques to stay ahead.
• Predictive analytics is another trend that is growing in popularity. As organizations look to anticipate future trends and outcomes, research analysts will need to develop the skills to use predictive analytics tools and techniques.
• Data visualization tools are becoming more sophisticated, allowing research analysts to create engaging and informative visual representations of data. This trend is expected to continue as organizations increasingly rely on visual data to make decisions.
• With the increase in data collection and analysis, cybersecurity will become an increasingly important consideration . Research analysts will need to stay up-to-date with the latest cybersecurity trends and ensure that data is kept secure.
• Finally, as research analysis involves working with sensitive data, ethical considerations will become even more critical. Research analysts will need to maintain ethical standards and ensure that their methods do not harm participants or violate their privacy.

As a conclusion, the future of research analysis is exciting, with many opportunities for those who can adapt to new technologies and techniques while maintaining ethical standards. The demand for skilled research analysts is likely to continue growing as data-driven decision-making becomes even more prevalent in all industries.

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What is a Research Analyst?

Learn about the role of Research Analyst, what they do on a daily basis, and what it's like to be one.

• What is a Research Analyst
• How to Become
• Certifications
• Tools & Software
• LinkedIn Guide
• Interview Questions
• Work-Life Balance
• Professional Goals
• Resume Examples
• Cover Letter Examples

Start Your Research Analyst Career with Teal

Definition of a Research Analyst

What does a research analyst do, key responsibilities of a research analyst.

• Designing and implementing qualitative and quantitative research studies to gather relevant data
• Utilizing statistical software and tools to analyze data and identify patterns and trends
• Interpreting data results and translating complex findings into understandable reports and presentations
• Developing and maintaining databases and data systems necessary for projects and department functions
• Creating clear and compelling visualizations, such as charts and graphs, to illustrate data findings
• Writing detailed reports and making recommendations based on research findings
• Monitoring and forecasting market trends to assist in strategic planning
• Collaborating with cross-functional teams to understand research needs and impact
• Ensuring the integrity and accuracy of data and research findings
• Staying informed about industry developments, tools, and best practices in research methodologies
• Communicating complex data insights to non-technical stakeholders for informed decision-making
• Adhering to ethical guidelines and compliance with legal and regulatory standards in data handling and research practices

Day to Day Activities for Research Analyst at Different Levels

Daily responsibilities for entry-level research analysts.

• Gathering and compiling data from various sources
• Performing preliminary data analysis using statistical software
• Assisting in the preparation of reports and presentations
• Supporting senior analysts in research projects
• Participating in meetings and taking detailed notes for follow-up actions
• Engaging in training programs to develop analytical skills

Daily Responsibilities for Mid-Level Research Analysts

• Designing and implementing research methodologies
• Conducting complex data analysis and interpreting results
• Developing detailed reports and making recommendations based on findings
• Collaborating with cross-functional teams to support broader business initiatives
• Presenting findings to stakeholders and contributing to strategic discussions
• Mentoring junior analysts and overseeing their work for specific tasks

Daily Responsibilities for Senior Research Analysts

• Leading the development of research frameworks and strategies
• Managing large-scale research projects and ensuring alignment with business goals
• Advising on the implications of research findings for organizational strategy
• Building and maintaining relationships with key stakeholders and external research partners
• Driving innovation in research methodologies and analytical techniques
• Guiding and developing the research team, fostering a culture of continuous learning

Types of Research Analysts

Market research analyst, financial research analyst, policy research analyst, data research analyst, operations research analyst, scientific research analyst, what's it like to be a research analyst , research analyst work environment, research analyst working conditions, how hard is it to be a research analyst, is a research analyst a good career path, faqs about research analysts, how do research analysts collaborate with other teams within a company, what are some common challenges faced by research analysts, what does the typical career progression look like for research analysts.

How To Become a Research Analyst in 2024

Related Career Paths

Unlocking business insights through data, driving strategic decisions with numbers

Transforming data into insights, driving strategic business decisions and growth

Unearthing insights from data, driving strategic decisions with predictive analytics

Interpreting economic trends, shaping business strategy with insightful analysis

Unearthing insights and data to drive decision-making, shaping the future of research

Driving business growth and efficiency through data-driven insights and strategic analysis

• Job Descriptions
• Consulting and Strategy Job Descriptions

Research Analyst Job Description

A research analyst performs research, collects and analyzes information, and uses the data to problem solve and improve the decision-making and efficiency of a business. The research analyst studies the data and presents his or her recommendations to the leadership team.

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Research Analyst Job Description Template

We are looking for an analytical and detail-oriented research analyst to assist in improving the operations and decision-making of our business. The research analyst's responsibilities include researching, collecting, analyzing, and interpreting data, and using the data to guide the business's decision-making. A research analyst should be prepared to work in various sectors, such as marketing, business operations, and finance.

To be a successful research analyst, you should have excellent mathematical, critical thinking, and communication skills. You should be flexible and able to work independently or in a team.

Research Analyst Responsibilities:

• Analyzing past operations' results and performing variance analyses.
• Identifying and analyzing trends and forecasts and recommending improvements to the business processes.
• Researching market trends, conducting surveys, analyzing data from competitors, and analyzing the business's operations, expenditures, and customer retention to identify patterns of potential issues or improvements.
• Using data analysis and interpretations to guide the decision-making of the business.
• Using operations data to develop pricing models and identify areas for improvement.
• Using statistical, economic, and data modeling techniques and tools.
• Organizing and analyzing data, creating charts and graphs, and presenting your findings to the leadership team.
• Providing recommendations to improve future business operations.
• Organizing and storing data for future research projects.
• Testing processes, policies, and protocols for efficiency and improvements.

Research Analyst Requirements:

• A bachelor's or associate's degree in economics, finance, statistics, computer science, or related field.
• Experience in applied research or data management may be advantageous.
• Strong mathematical, analytical, and data modeling skills.
• The ability to manipulate large, complex data sets into manageable, understandable reports.
• Excellent problem-solving, communication, and team-working skills.
• Familiarity with data modeling software and Excel software.
• Attention to detail and organizational skills.

Related Articles:

Market research analyst job description, equity research associate job description, research analyst interview questions, market research analyst interview questions, equity research associate interview questions.

Table of Contents

What is a research analyst, research analyst job description, research analyst roles and responsibilities, research analyst job requirements, research analyst career path, how to become a research analyst, research analyst skills , research analyst salary, research analyst job outlook, how to crack a research analyst interview, choose the right course, research analyst job description: unlocking insights [2024].

Are you looking for a lucrative career opportunity? Are you interested in joining a field with a strong future job outlook? Consider embarking on a career as a research analyst. Research analysts enable organizations to make data-driven decisions by analyzing market research and extracting valuable insights. Their expertise in maximizing the potential of data has made them invaluable assets in various sectors.

The demand for skilled professionals in this area is expected to rise significantly in the coming years, and the compensation offered is notably higher than the national average. Numerous compelling reasons exist to investigate the path to becoming a research analyst.

A research analyst, often referred to in specific sectors like finance, market research, or data analysis, gathers, interprets, and uses various data to help decision-making processes. Their work can span several industries, including finance, marketing, economics, healthcare, and more. Here's a breakdown of what a research analyst does:

• Data Gathering: They collect data from various sources, such as financial reports, databases , surveys, or relevant industry-specific sources.
• Data Analysis: They use statistical tools and models to identify trends, patterns, and insights. This process often involves the use of specialized software for quantitative analysis.
• Report Writing: They compile their findings into reports, presentations, or dashboards. These reports typically include visual data representations like charts and graphs, written summaries and analysis to make the information accessible to stakeholders.
• Making Recommendations: Research analysts may predict future trends and offer recommendations to their clients or employers based on their analysis. These recommendations can guide strategic planning, investment decisions, policy formulation, or marketing strategies.
• Staying Informed: Research analysts must stay up-to-date with industry trends, economic conditions, and technological advancements relevant to their field of specialization. Continuous learning is a key part of their role.
• Specializations: Depending on their field, research analysts may have specific titles, such as financial analyst, market research analyst, operations research analyst, or data analyst . Each specialization focuses on particular types of data and serves different business needs.

Here’s what a Research Analyst Job description looks like:

Job Title: Research Analyst

Job Summary: The Research Analyst collects, analyzes, and interprets data to help the company make informed decisions. This role involves conducting market research, analyzing financial data, identifying trends, and preparing reports contributing to the organization's strategic planning and operational efficiency.

Key Job Responsibilities of a Research Analyst:

• Collect data from various sources, including public databases, financial reports, and surveys.
• Analyze data using statistical tools and analytical methods. Interpret data sets and identify trends, patterns, and insights relevant to the company's goals.
• Prepare detailed reports and presentations that summarize findings and analysis.
• Provide insights based on data analysis to support department decision-making processes.
• Work closely with other departments to understand their data needs and assist in data-driven decision-making.
• Manage research projects from conception to completion, ensuring they are delivered on time and within budget.

Skills and Qualifications:

• Bachelor’s degree in Economics, Statistics, Mathematics, Business Administration, or a related field. A Master’s degree is preferred for advanced positions.
• Proven experience in a research analyst role or similar position.
• Strong analytical and problem-solving skills.
• Proficiency in statistical software (e.g., SPSS, SAS) and Microsoft Office Suite, especially Excel.
• Excellent communication and presentation skills.
• Attention to detail and accuracy.
• Ability to work independently and as part of a team.
• Time management skills and handling multiple projects simultaneously.

Work Environment and Physical Demands:

• This is primarily an office-based role.
• May require occasional travel to conduct field research or attend conferences.

Career Path:

Research Analysts can advance to senior analyst positions, research managers, or specialized roles depending on their expertise and interest.

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• Data Collection: Gather data from diverse sources, including databases, surveys, interviews, and financial reports.
• Data Analysis: Analyze data using statistical methods and software to uncover trends, patterns, and insights.
• Reporting: Prepare detailed reports and presentations summarizing research findings, including charts, graphs, and written analysis.
• Making Recommendations: Provide actionable recommendations based on data analysis to guide decision-making and strategic planning.
• Market Monitoring: This will inform research and analysis and keep you abreast of industry trends, market conditions, and competitor activities.
• Quality Control: Ensure the accuracy and reliability of data collected and analyses conducted.
• Collaboration: Work closely with other departments or teams to understand their research needs and support them with data-driven insights.

The job requirements for a Research Analyst can vary depending on the field and employer, but generally, they include a mix of educational background, skills, and personal qualities. Below are the standard requirements you might find in a job listing for a Research Analyst:

Educational Background

• Bachelor’s Degree: Required in Economics, Finance, Statistics, Mathematics, Business Administration, or a related discipline.
• Master’s Degree: This is preferred or required for more advanced positions, especially in specialized fields like finance or market research.
• Relevant Experience: Many positions require previous experience in research, analysis, or a related role. Entry-level roles may require less experience, but internships in relevant fields can be beneficial.
• Industry-Specific Knowledge: Knowledge of a specific industry can be crucial for certain sectors, such as finance, healthcare, or technology .

Analytical Skills

• Statistical Skills
• Mathematical Skills

Technical Skills

Communication skills.

• Critical Thinking Skills
• Attention to Detail Skills
• Problem-Solving Skills
• Project Management Skills

Personal Qualities

• Curiosity: A strong desire to learn and understand data, trends, and industry dynamics.
• Independence: Ability to work autonomously on projects with minimal supervision.
• Teamwork: Being able to collaborate effectively with other team members and departments.
• Adaptability: Flexibility to adapt to new challenges, methodologies, and technologies.

Certifications

Certifications can be beneficial depending on the specific role and industry, such as Chartered Financial Analyst or Professional Certificate Course In Data Analytics .

The career path for a Research Analyst can be both rewarding and varied, offering numerous opportunities for advancement and specialization. Here’s a general overview of the career trajectory, from entry-level positions to senior roles, and potential avenues for further specialization:

Entry-Level Positions

• Junior Research Analyst: This role starts by assisting senior analysts in data collection, preliminary analysis, and report preparation. It is a learning ground for mastering analytical tools and methodologies.
• Data Analyst: Focuses on manipulating and analyzing data sets to support business decisions. Requires strong technical skills in data management and analysis software.

Mid-Level Positions

• Research Analyst: With experience, analysts take on more complex projects, develop specialized knowledge in certain sectors or methodologies, and are responsible for entire research projects from start to finish.
• Senior Research Analyst: This position leads research projects, manages junior analysts, and is key in decision-making processes. Senior analysts often have specialized knowledge in specific industries or types of analysis.

Advanced Positions

• Lead Analyst/Research Manager: Oversees the research department or teams, setting research goals and strategies and ensuring output quality. Involves strategic planning and often direct interaction with senior management or clients.
• Director of Research: At this level, the role involves more strategic oversight, resource allocation, and integration of research findings into the broader organizational strategy. It may also involve influencing policy or strategic direction based on research insights.

Specialization Opportunities

• Industry Specialist: Becoming an expert in a specific industry (e.g., finance, healthcare, technology) allows analysts to provide deeper insights and more targeted analysis.
• Methodology Expert: Specializing in certain research methodologies or types of analysis , such as qualitative research, econometrics, or data visualization.
• Consultant: Many experienced analysts move into consulting roles to offer their expertise to businesses on a project basis.

Transitioning Roles

• Moving into Executive Management: With substantial experience and a track record of impactful analysis, some research analysts transition into executive roles, such as Chief Information Officer (CIO) or Chief Strategy Officer (CSO), where they can shape company strategy based on data-driven insights.
• Teaching and Academia: Some choose to share their knowledge through teaching at universities or engaging in academic research.

Becoming a Research Analyst involves a combination of education, skills development, and gaining relevant experience. Here is a step-by-step guide to start and advance in a career as a Research Analyst:

1. Obtain the Necessary Education

• Bachelor’s Degree: Earn a bachelor's degree in a relevant field such as economics, finance, statistics, mathematics, business administration, or a related area. This is the minimum educational requirement.
• Consider a Master’s Degree: For more advanced positions or to specialize in a particular area, consider obtaining a master’s degree in your field of interest.

2. Develop Essential Skills

• Analytical Skills: Gain proficiency in analyzing data and extracting meaningful insights.
• Technical Skills: Learn to use statistical software (e.g., SPSS, SAS, R, Python) and database management tools. Become proficient in Excel.
• Critical Thinking: Practice critical thinking to assess information objectively and solve problems.

3. Gain Relevant Experience

• Internships: Look for research or data analysis internships to gain practical experience.
• Entry-Level Positions: Apply for entry-level positions such as Junior Research Analyst or Data Analyst to gain hands-on experience.

4. Build a Portfolio

Showcase Your Work: Assemble a portfolio of your research projects, analyses, and reports. Include any relevant coursework, projects from internships, or freelance work.

5. Obtain Certifications

Certifications: Depending on your field, consider obtaining certifications to demonstrate your expertise and commitment to the profession.

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6. Network and Seek Mentorship

• Professional Networking: Join professional organizations, attend industry conferences, and connect with professionals in your field through LinkedIn.
• Mentorship: Seek mentors who can provide guidance, advice, and opportunities to advance your career.

7. Apply for Jobs and Advance Your Career

• Job Search: Use job boards, LinkedIn, and your professional network to find research analyst positions.
• Continuous Development: As you gain experience, continue seeking learning and professional development opportunities to advance to higher-level positions.

8. Consider Specialization

Specialize: Certain areas or industries may be particularly interesting or rewarding over time. Specializing in a niche can make you a highly sought-after expert.

A Research Analyst needs a blend of technical, analytical, and soft skills to succeed. Here's a comprehensive list of skills that are essential for Research Analysts:

• Statistical Analysis: Proficiency in using statistical methods to analyze data.
• Data Management: Ability to manage and manipulate large datasets.
• Software Proficiency: Familiarity with statistical software (e.g., SPSS, SAS, R) and programming languages (e.g., Python, R) for data analysis.
• Database Management: Understanding database systems and query languages (e.g., SQL).
• Excel Skills: Advanced competency in Excel for data analysis and visualization.
• Data Visualization: Skill in creating graphs, charts, and other visual representations of data using tools like Tableau or Power BI.
• Survey Design and Analysis: Ability to design surveys and analyze survey data.
• Critical Thinking: Analyze and evaluate an issue to form a judgment.
• Problem-solving: The ability to discern intricate issues, analyze relevant information, formulate potential solutions, and execute effective resolutions.
• Quantitative Analysis: Proficiency in applying quantitative techniques to solve business problems.
• Report Writing: Ability to write clear and informative research reports.
• Verbal Communication: Skills in presenting findings and insights to technical and non-technical audiences.
• Listening Skills: Ability to understand and incorporate feedback and requirements from stakeholders.

Soft Skills

• Attention to Detail: Precision in data analysis and reporting.
• Adaptability: Flexibility to adjust to new data, trends, and technologies.
• Teamwork and Collaboration: Ability to work well with others across different departments and disciplines.
• Ethical Judgement: Maintaining integrity and confidentiality of data.

Research Skills

• Methodology Knowledge: Understanding of various research methodologies and when to apply them.
• Industry Knowledge: Specialized knowledge of specific industries relevant to the role.

Research Analyst salaries vary depending on the country, the specific industry, level of experience, and educational background.

United States

Average Annual Salary: Approximately $60,000 to $70,000

Average Annual Salary: Approximately CAD 57,000 to CAD 65,000

United Kingdom

Average Annual Salary: Approximately £30,000 to £40,000

Average Annual Salary: Approximately AUD 70,000 to AUD 80,000

Average Annual Salary: Approximately €50,000 to €60,000

Average Annual Salary: Approximately ₹4,00,000 to ₹7,00,000

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The job outlook for Research Analysts is generally positive, with several factors contributing to steady demand across various industries. This outlook can vary by specialization, such as market research, financial analysis, or data analysis, but overarching trends support growth in these roles. Key factors influencing the job outlook include:

Increasing Data Availability

The explosion of data in the digital age has significantly increased the need for skilled professionals who can interpret this information. Businesses and organizations across sectors rely on data to make informed decisions, driving demand for Research Analysts.

Technological Advancements

Advancements in technology, especially in data collection , storage, and analysis tools, have made data more accessible and easier to analyze. This has increased the need for analysts who can use these technologies effectively.

Decision-making Based on Data

There is a growing recognition of the importance of data-driven decision-making in enhancing business efficiency, competitiveness, and innovation. This emphasizes the role of Research Analysts in providing insights and recommendations.

Specialized Fields

Certain fields, such as healthcare, finance, and technology, demand particularly strongly for Research Analysts. For instance, the healthcare industry requires analysts to interpret patient care, treatment outcomes, and operational efficiency data. At the same time, the finance sector relies on analysts for market trends, investment opportunities, and risk management.

Globalization

The global nature of business today means that companies often require analysts who understand international markets and can analyze data from diverse sources. This can lead to opportunities for analysts with language skills and international experience.

Job Market Projections

• The U.S. Bureau of Labor Statistics states that employment for market research analysts will grow 18% from 2019 to 2029.
• Similar projections suggest robust growth for data science and analytics roles, reflecting the broader demand for data expertise.

Cracking a Research Analyst interview requires demonstrating your analytical skills, showcasing your knowledge of the industry and research methodologies, and communicating effectively. Here are strategies and tips to prepare for and succeed in a Research Analyst interview:

1. Understand the Job Description

Match Skills and Qualifications: Carefully read the Research Analyst job description to understand the required skills, tools, and qualifications. Tailor your responses to highlight your experience with these aspects.

2. Brush Up on Your Technical Skills

• Software and Tools: Be prepared to discuss your proficiency with statistical software (e.g., SPSS, SAS, R, Python), databases, and data visualization tools (e.g., Tableau, Power BI).
• Statistical Knowledge: Refresh your knowledge of statistical methods, data analysis techniques, and when to use them.

3. Prepare Your Portfolio

Bring a portfolio of your work, such as research reports, analyses, or data visualizations, demonstrating your skills and impact.

4. Practice Common Interview Questions

• Technical Questions: Be ready to answer questions on statistical methods, data analysis processes, and how you approach complex research problems.
• Behavioral Questions: Prepare examples demonstrating your problem-solving skills, ability to work under pressure, teamwork, and adaptability. Use the STAR method (Situation, Task, Action, Result) to structure your responses.

5. Stay Informed About the Industry

• Current Trends: Be aware of the latest trends in the industry relevant to the role. This could include new data analysis techniques, software tools, or industry-specific challenges.
• Company Research: Research the company, its products or services, competitors, and position in the industry and be prepared to discuss how your skills can help address their challenges.

6. Ask Insightful Questions

Prepare thoughtful questions about the role, team, company culture, or specific projects you might work on. This shows your interest and enthusiasm for the position.

7. Communicate Clearly and Confidently

Be able to explain complex analysis or research findings in simple terms. This demonstrates your ability to communicate with stakeholders needing a technical background.

8. Highlight Your Soft Skills

• Team Collaboration: Share examples of how you've worked effectively in teams, especially in cross-functional teams.
• Time Management: Discuss how you prioritize tasks and manage deadlines, especially when managing multiple projects.

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The role of a Research Analyst in 2024 is more vital than ever, bridging the gap between vast data sets and actionable insights. As organizations navigate digital complexities, the demand for skilled analysts capable of deciphering data to guide strategic decisions will only escalate.

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1. What are the best degrees for becoming a research analyst? 

Economics, statistics, business administration, finance, and computer science are the most advantageous degrees for aspiring research analysts. These fields provide a strong foundation in analytical skills, critical thinking, and data interpretation, which are crucial for effectively analyzing market trends, consumer behavior, and financial data.

2. How important is programming knowledge for a research analyst?

Programming knowledge is increasingly important for research analysts, especially skills in languages such as Python, R, and SQL. These tools are essential for data manipulation, analysis, and visualization, enabling analysts to handle large datasets efficiently and derive insights more effectively. While not all roles require deep programming expertise, a fundamental understanding is beneficial.

3. Can you transition into a research analyst role from a different field? 

Yes, it's possible to transition into a research analyst role from different fields, especially if you possess strong analytical skills, are proficient in data analysis tools, and have a knack for problem-solving. Additional qualifications, such as relevant certifications or courses in data analysis, statistics, or the specific industry of interest, can facilitate this transition.

4. What is the difference between a research analyst and a data analyst? 

Research analysts focus more on qualitative analysis, market trends, consumer behavior, and industry-specific research. On the other hand, data analysts are more involved in quantitative analysis, working primarily with numerical data, statistical models, and predictive analytics to inform business decisions. The roles may overlap but cater to different aspects of data and research.

5. How do research analysts stay current with industry trends?

Research analysts stay current by continuously monitoring industry reports, publications, and news, attending relevant conferences and webinars, participating in professional networks and forums, and undergoing regular training and certification programs. Staying informed about advancements in analysis tools and methodologies is also crucial to adapt to the evolving demands of the role.

Data Science & Business Analytics Courses Duration and Fees

Data Science & Business Analytics programs typically range from a few weeks to several months, with fees varying based on program and institution.

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What does an operations research analyst do?

Would you make a good operations research analyst? Take our career test and find your match with over 800 careers.

What is an Operations Research Analyst?

An operations research analyst applies advanced analytical and mathematical techniques to solve complex problems and optimize decision-making in various industries. These analysts use mathematical modeling, statistical analysis, and computer simulations to analyze and improve organizational processes, systems, and resource allocation. They work with large sets of data and develop mathematical models and algorithms to assist in decision-making, improve efficiency, and maximize outcomes.

Operations research analysts work on a wide range of problems, including supply chain optimization, production planning, scheduling, inventory management, logistics, and facility layout. They use their expertise to formulate and solve mathematical models that represent real-world scenarios, considering factors such as constraints, uncertainties, and objectives. By analyzing data and running simulations, they can evaluate different scenarios and recommend the best course of action to optimize performance, reduce costs, increase productivity, and improve overall operational efficiency.

What does an Operations Research Analyst do?

Operations research applies quantitative methods and analytical techniques to improve processes, systems, and resource allocation in various industries.

Duties and Responsibilities The duties and responsibilities of an operations research analyst can vary depending on the specific industry, organization, and project requirements. However, here are some common responsibilities associated with this role:

• Problem Identification and Formulation: Operations research analysts work closely with stakeholders to understand the objectives and challenges of a given problem or decision-making process. They identify the key variables, constraints, and objectives and translate them into a mathematical or analytical model.
• Data Collection and Analysis: Analysts gather relevant data from various sources, including databases, surveys, and other sources. They clean and preprocess the data, perform statistical analysis, and apply mathematical modeling techniques to derive insights and patterns.
• Mathematical Modeling and Optimization: Operations research analysts develop mathematical models, algorithms, and optimization techniques to represent the problem at hand. They use tools such as linear programming, integer programming, simulation, and other techniques to analyze the model and identify optimal solutions or decision-making strategies.
• Simulation and Scenario Analysis: Analysts utilize simulation tools and techniques to model complex systems and evaluate different scenarios. They run simulations to assess the impact of various decisions, policies, or system changes on performance metrics and outcomes.
• Decision Support and Recommendations: Based on the analysis and optimization results, operations research analysts provide decision support to stakeholders. They interpret the findings, present recommendations, and communicate the implications of different options to assist in informed decision-making.
• Implementation and Monitoring: Analysts collaborate with relevant teams to implement recommended solutions or changes. They may assist in the deployment of new systems, processes, or strategies and monitor their effectiveness to ensure that the desired outcomes are achieved.
• Continuous Improvement and Research: Operations research analysts stay updated with advancements in the field, continuously explore new techniques and methodologies, and contribute to research and development efforts. They seek opportunities for process improvement and provide ongoing support to optimize operations and decision-making.
• Collaboration and Communication: Analysts work collaboratively with cross-functional teams, stakeholders, and subject matter experts. They communicate complex analytical concepts and findings in a clear and concise manner, both verbally and through reports or presentations.

Fields of Work While operations research analysts can be employed in a wide range of industries, their expertise is particularly valuable in sectors that involve complex operational and logistical challenges. Some common fields where operations research analysts are employed include:

• Transportation and Logistics: Operations research analysts play a vital role in optimizing transportation networks, improving route planning, scheduling, and resource allocation for shipping, distribution, and supply chain management.
• Manufacturing and Production: Operations research analysts work on optimizing production planning, inventory management, scheduling, and facility layout to enhance efficiency, reduce costs, and improve productivity in manufacturing and production processes.
• Healthcare: In the healthcare industry, operations research analysts analyze patient flow, resource allocation, hospital scheduling, healthcare delivery optimization, and healthcare resource planning to improve operational efficiency and patient outcomes.
• Finance and Risk Management: Operations research analysts apply mathematical models and optimization techniques to analyze financial markets, portfolio management, risk assessment, and risk management to help financial institutions make informed decisions and mitigate risks.
• Energy and Utilities: Operations research analysts contribute to optimizing energy production and distribution systems, grid management, resource allocation, and demand forecasting to improve energy efficiency and ensure reliable supply.
• Defense and Homeland Security: Operations research analysts work on strategic planning, resource allocation, logistics, and decision support systems to optimize military operations, defense planning, and homeland security initiatives.
• Consulting and Analytics: Many operations research analysts work in consulting firms or analytics companies, where they provide expertise in optimization, decision support, and data analysis to clients across multiple industries.

Types of Operations Research Analysts Operations research analysts can specialize in different areas based on their expertise and interests. Here are some common types of operations research analysts:

• Supply Chain Analyst: Supply chain analysts focus on optimizing supply chain operations, including demand forecasting, inventory management, distribution network design, transportation optimization, and supplier management. They work on improving efficiency, reducing costs, and enhancing overall supply chain performance.
• Production Planning Analyst: Production planning analysts specialize in optimizing production processes, capacity planning, scheduling, and resource allocation. They develop mathematical models and algorithms to determine the optimal production plan, considering factors such as machine capacity, labor availability, material constraints, and customer demand.
• Pricing Analyst: Pricing analysts focus on developing pricing strategies and models to maximize revenue and profitability. They use mathematical optimization and statistical analysis techniques to analyze market demand, competitor pricing, cost structures, and customer behavior, helping organizations set optimal prices for products and services.
• Financial Analyst : Financial analysts apply operations research techniques to financial planning, risk management, portfolio optimization, and investment decision-making. They develop models and algorithms to analyze financial data, evaluate investment options, and optimize financial performance while considering risk factors.
• Healthcare Analyst: Healthcare analysts apply operations research methods to optimize healthcare delivery systems, resource allocation, patient flow, and healthcare quality. They develop models and algorithms to improve hospital operations, appointment scheduling, staffing, and resource utilization in order to enhance patient outcomes and efficiency.
• Risk Analyst: Risk analysts specialize in assessing and managing risks in various industries. They develop mathematical models and simulation techniques to evaluate and mitigate risks associated with supply chain disruptions, financial investments, project management, and other operational areas.
• Decision Support Analyst: Decision support analysts assist organizations in making informed decisions by providing analytical insights and recommendations. They develop decision support systems, models, and visualization tools that help stakeholders understand complex data, evaluate options, and select the best course of action.
• Optimization Analyst: Optimization analysts focus on solving complex optimization problems using mathematical programming techniques. They develop and implement optimization models to address problems such as resource allocation, workforce scheduling, facility location, and network optimization.

Are you suited to be an operations research analyst?

Operations research analysts have distinct personalities . They tend to be investigative individuals, which means they’re intellectual, introspective, and inquisitive. They are curious, methodical, rational, analytical, and logical. Some of them are also conventional, meaning they’re conscientious and conservative.

Does this sound like you? Take our free career test to find out if operations research analyst is one of your top career matches.

What is the workplace of an Operations Research Analyst like?

Operations research analysts typically work in office settings, whether it's within a company or a consulting firm. They may also work remotely or engage in a combination of on-site and remote work, especially in situations where data and analysis can be accessed electronically. Their work involves extensive use of computers and specialized software tools for mathematical modeling, data analysis, and simulation.

Collaboration is an essential aspect of the work environment for operations research analysts. They often work closely with cross-functional teams, including managers, engineers, data scientists, and subject matter experts. This collaboration is important to gather relevant data, understand business processes, and gain insights into the problem or decision-making context. Operations research analysts may participate in meetings, workshops, or project teams to discuss findings, share progress, and align on goals.

The nature of their work also involves data-intensive tasks. Operations research analysts spend a significant amount of time collecting, cleaning, and analyzing data to inform their models and simulations. They use statistical software, programming languages, and database tools to process and manipulate large datasets. Additionally, they apply mathematical modeling techniques and optimization algorithms to derive insights, explore different scenarios, and identify optimal solutions.

In terms of work schedule, operations research analysts typically work full-time, following regular business hours. However, project deadlines or urgent issues may require flexibility and occasional overtime to meet deliverables. The workload can vary depending on the complexity and scope of the projects they are involved in.

Operations Research Analysts are also known as: OR Analyst Operations Analyst

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How to Become a Data Analyst [2024 Roadmap]

Written by: Brett Smith

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According to the US Bureau of Labor Statistics, employment of data professionals is projected to jump 25% by the year 2030 , meaning data analytics has one of the highest growth rates in the country.  This comprehensive guide is your roadmap to a rewarding career in data analytics. We meticulously unpack the essentials—from initiating your journey to mastering the specific skills employers seek. Data analytics offers the promise of high earning potential and positions you at the forefront of decision-making processes, empowering companies to navigate the complexities of the modern business landscape.

Buckle up and get ready to unlock the power of data!

Table of Contents

Is it hard to become a data analyst.

Becoming a data analyst isn’t hard per se, though it does require specific technical skills that might be more challenging for some than others. Additionally, because of continuing advancements in the field, data analysis is a career path that requires ongoing education. 

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How To Become a Data Analyst

Follow these steps to land your first job as a data analyst:

Understand the fundamentals

Consider a course, meet the education requirements, learn a programming language, get familiar with data analytics tools, develop your skills, pursue volunteer, open-source, or freelance projects, build your network, find a mentor, consider an internship, prep for interviews, understand the fundamentals.

The first step of your journey is ensuring you fully grasp the fundamentals. You want to ensure you understand the key principles of data analytics, the different types of data analysis, and the tools data analysts use.

Consider a Course

One of the most efficient and comprehensive approaches to acquiring the necessary skills for a data analyst role is to enroll in an online analytics bootcamp . Through this focused learning path, you’ll gain in-depth knowledge and have the opportunity to receive guidance from mentors who are currently practicing in the field.

Meet the Educational Requirements

Data analysts spend a lot of time working with numbers. Because of this, many employers look for candidates with bachelor’s degrees in mathematics, statistics, computer science, or a related field. 

However, you don’t necessarily need a formal degree to land a data analyst job. In fact, companies often hire candidates who have completed an online course in data analysis or a data analytics bootcamp , or can demonstrate the requisite technical knowledge and skills . Look for the requirements listed in the descriptions of jobs that interest you.

Learn an Essential Programming Language (or Multiple)

Not all data analysts need to know how to code (though most data scientists do). In fact, at the start of your career, a cursory familiarity with the more popular querying languages should suffice. However, if you want to become the best (most employable) data analyst you can be, consider learning one or more of the essential programming languages (i.e., Python, R, SQL). 

Get Familiar With Data Analytics Tools

Data analysts use a wide variety of tools and applications to collect, manipulate, and analyze data. You should familiarize yourself with the most used analysis tools, including:

• Tableau . A popular data visualization tool used to perform data analysis, manipulation, and visualization
• Microsoft Excel . A well-known spreadsheet application commonly used by data analysts   
• Microsoft Power BI. A free data visualization and business insight tool ideal for collaboration
• Google Analytics. A web-based analytics tool used to track website traffic
• Jupyter Notebook . An open-sourced web application that enables exploratory analysis using “big data” tools (e.g., Python, R, and Scala)

Develop Your Data Analyst Skillset

Having the right skillset is paramount to your becoming a data analyst. Make sure you’ve developed the following hard skills and soft skills:

Technical Skills

• Statistical analysis and math skills . Data analysts work with numbers. A lot. Data analysts should have strong math skills and be comfortable analyzing data sets.
• Programming and querying languages. In order to process data and make it understandable for others, analysts use various programming and querying languages, such as Python and R. As a data analyst, you probably won’t have to build many programs, but being familiar with the commonly used languages and understanding how they function is essential.  
• Microsoft Excel. MS Excel is a go-to tool for data analysts. It’s widely available, easy to use, and has a ton of useful features.
• Data visualization. If the insights derived from your analysis are incomprehensible, what is their value? A good data analyst can produce meaningful insights and present those findings visually in their most understandable form.
• Machine learning. One of the unofficial differences between data analysts and data scientists is that data scientists use machine learning to design new processes for data modeling. As a data analyst, you likely won’t have to do that. However, in order to work with data scientists effectively, you will need to be familiar with these processes and understand how they work.

Soft Skills

• Analytical thinking. Data analysis involves collecting raw data and refining it into meaningful information. Analysts analyze the data to uncover more profound truth and value once the data has been refined. This can only be done through analytical thinking.
• Problem-solving skills. Well-developed problem-solving skills help data analysts recognize the nature of the problem before them, the best data analysis tools and techniques to solve the problem, and the solution to the problem itself.
• Presentation skills. Data analysts must effectively present their insights in a way that everyone—mainly non-technical stakeholders—can understand. Strong presentation skills will enable you to convey your findings and predictions in a compelling manner that your audience will care about.
• Communication and interpersonal skills. Data analysts rarely work in a bubble. In fact, as an analyst, you’ll likely interact with a variety of different people, including colleagues and coworkers, managers, and subject matter experts. Having strong communication and interpersonal skills will help facilitate collaboration among different parties.

Get To Know Other Data Analytics Students

Bart Teeuwen

Global Business Analyst, Global Talent Intelligence (GTI) at Meta

Rahil Jetly

Sales Operations Manager at Springboard

Nelson Borges

Insights Analyst at LinkedIn

Pursue Volunteer, Open-Source, or Freelance Projects to Build Your Portfolio

Building a solid portfolio is one of the best and most surefire ways to demonstrate your analytical skillset. Pursue volunteer opportunities, find freelance work , or work on a personal project to highlight your analytical knowledge.

If you are considering showcasing a personal project in your data analyst portfolio but don’t have one readily available and are unsure where to start, consider using a publicly available data set. You can find all kinds of datasets on sites like Data.gov and Datahub.io .

Finding a dataset that covers a topic you are already interested in is helpful. But more importantly, choose data that the most proficient methods can best analyze—this will allow you to showcase your strengths to their fullest potential as an analyst or data scientist.

In addition to personal projects, you will also want to fill your portfolio with projects that demonstrate your analytical skillset and showcase your ability to tackle real-world problems as part of a team.

That’s where volunteer work and freelance projects come in. Look for opportunities that will allow you to collaborate with others while working on the different phases of the data analysis life cycle. Not only will this experience make a good impression on potential employers, but it will also help strengthen the data analytics skills you need to be successful.

Build Your Network

Good networking can help you get your foot in the door, develop valuable relationships with experienced professionals, find a mentor, and more. Consider these resources to start building your professional network today:

• LinkedIn . The well-known social networking service for professionals makes finding and connecting with data analysts and other like-minded individuals easy.
• Online Communities. Online communities aren’t just great for meeting people with similar interests. They are also a great source of support and helpful information.
• Conferences and Meet-Ups . Attending a data analyst conference or meet-up will allow you to network in person, which is a great way to make lasting impressions that could benefit you down the road.

Find a Mentor

No matter your profession, a mentor can provide guidance and feedback to help you achieve your career goals. Through them, you can learn lots of valuable insights, including how other analysts started out, the different career paths an analyst can take, as well as the pros and cons of those varying paths. As a mentee, you will benefit from your mentor’s real-life experience and gain actionable insights you can use to chart your ideal career path.

One way to find a good mentor is to use your professional network. Reach out to contacts to let them know you are looking for an experienced data analyst to become your mentor. Use professional networking platforms like LinkedIn to potential mentors and approach them about a mentorship.

Before you reach out to someone about becoming your mentor, be sure to have a specific goal in mind. Be prepared with detailed questions and answers to potential questions, as well. Your potential mentor will likely ask questions about your personal and professional life, including what your career goals are, where you would like to be, and why you want them to mentor you.

It is also a good idea to come up with a plan or structure for how you imagine your mentorship would work. You should be clear from the beginning about how much time you would like to spend with your mentor, the type of guidance you are looking for, and so on. Establishing what you are looking for early on is crucial if you want to get the most out of your mentorship as possible. 

Consider an Internship

Landing an internship as a data analyst is arguably one of the best ways to break into the industry. As an intern, you’ll work on real-world projects, further develop your analytical skills, and gain valuable insights into the world of data analytics. Internships also provide excellent networking opportunities. Internships also give aspiring analysts the kind of hands-on experience that looks great on a resume.

Polish Your Resume, Prep for Interviews, and Start Applying

Now that you’ve honed your skillset and compiled a professional portfolio, it’s time to start your application prep. Talk to your mentor: have them sign off on your portfolio and help you with interview prep. Tap into your network for job leads and begin applying for entry-level data analyst jobs .

Data Analyst Roles to Consider

How much can you make as a data analyst.

While not the most important factor in your exploration of how to become a data analyst, being able to earn a living should be high on your list of considerations. As with most professions, salaries vary based on several factors, including geographic location, relevant work experience, etc. That being said, here are the current national averages for data analyst salaries :

• Entry-Level : Currently, the average base salary for entry-level data analyst job postings in the US is $47,669 per year .
• Mid-Level : Job opportunities for mid-level data analysts include an annual salary of $69,343 per year . 
• Senior : The average salary for a senior data analyst is around $102,820 per year .

Examples To Learn From

Curious to see how others began their career as data professionals? Check out the following videos for an inside look at how two successful analysts made the leap into the data field.

How I Became a Data Analyst

This video features Wally Gbads, who successfully switched careers from mechanical engineering to data analysis after being laid off.

In the video, Wally shares three critical skills needed to be a data analyst and resources to get you started, including online courses and software. You’ll also learn to how to update your resume and LinkedIn profile to reflect your new skills.

How I Became a Data Analyst (Without a Related Degree)

This video features Stefan, who transitioned from a recruiter role to a freelance data analyst without a degree in computer science, statistics, or econometry.

In the video, Stefan shares the most essential skill for data analysts and how he developed it. He also talks about the importance of continuously learning new tools and skills. You’ll also learn how he landed a job at a big multinational company and transitioned to freelancing.

FAQs About Becoming a Data Analyst

We’ve got the answers to your most frequently asked questions:

Can I Become a Data Analyst Without a Degree?

Yes. Though some job listings for data analyst positions do list a bachelor’s degree as a prerequisite, it’s very possible to become a data analyst without a degree . For instance, in lieu of advanced degrees, many companies hire graduates from data bootcamps.

Can You Learn Data Analytics on Your Own?

Yes , but it’s not for the faint of heart. A structured learning plan taught by a skilled instructor is the easiest path to take—something you’ll realize the first time you run into a problem you can’t solve on your own. That doesn’t mean you have to enroll in an undergraduate program or earn your bachelor’s degree to become an analyst. Online courses and top data analytics bootcamps can provide you with the structure, support, and skillset you need to become a skilled data analyst.

Is It Worth Getting a Data Analytics Certificate?

If you are interested in a career in data analytics , then a data analytics certificate can be a stepping stone to a rewarding career. It demonstrates your foundational knowledge and commitment to the field, potentially giving you an edge in a competitive job market with high demand for skilled professionals.

Does Data Analytics Require Coding?

Coding is not a required skill for most data professionals, though having a surface-level familiarity and understanding of common programming languages is recommended. The most common languages include Python, R, and SQL.

Is Data Analysis a Stressful Job?

Data analysis can be stressful due to tight deadlines, complex data, and high-stakes decisions. But, setting realistic expectations, taking breaks, delegating tasks, and seeking help can alleviate this pressure. Overall, data analysis offers both challenges and rewards.

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What Degree Do I Need to Become a Data Analyst?

Do you need a degree to become a data analyst? If so, which one? Learn these answers and more.

Getting an in-demand job as a data analyst often starts with getting the right skills and qualifications. For many, this might mean a degree. In this article, we’ll discuss whether you need a degree to become a data analyst, which degree to get, and how a higher-level degree could help you advance your career.

Read more: What Does a Data Analyst Do? A Career Guide

Do I need a degree to become a data analyst?

Most entry-level data analyst jobs require a bachelor’s degree, according to the US Bureau of Labor Statistics [ 1 ]. It’s possible to develop your data analysis skills —and potentially land a job—without a degree. But earning one gives you a structured way to build skills and network with professionals in the field. You could also find more job opportunities with a degree than without one.  

Data analyst degrees: What should I major in?

Not all universities offer a bachelor’s degree in data analytics. So what should you major in if you want to pursue a career as a data analyst? Even if your university doesn’t have this specific degree, it likely offers other majors with overlapping skills.

Possible majors for data analysts

Here are some degree options that typically teach common data analysis skills. If you’re looking toward a career as a data analyst, these majors could be a good fit.

Data science: In response to the increasing demand for data professionals, more and more schools are offering bachelor’s degrees in data science. In this degree program, you’ll typically take courses in computer science, statistics, and mathematics. Some programs let you specialize in fields like economics, finance, business, or health care.

Computer science: The emphasis on statistical and analytical skills in many computer science programs makes them a good fit for aspiring data analysts. This degree is also widely available. Depending on the program, you might study artificial intelligence concepts, algorithm design, and programming languages that you can use in your future career.

Applied mathematics, or statistics: Traditional mathematics degrees generally prepare learners for careers in academia. Applied mathematics and statistics degrees shift the focus to real-world applications, like helping businesses make data-driven decisions. The curriculum might include other important skills, like programming languages or statistical software packages.

Finance/economics: If you think you might be interested in working as a financial or business analyst, consider getting your degree in finance or economics. Many of these degree programs include coursework in statistics and analysis, and some offer concentrations in business analytics . 

Psychology: It might not seem obvious at first glance, but psychologists use data to describe, explain, and even predict human behavior all the time. A Bachelor of Science in Psychology might expose you to math and statistical analysis coursework.

Management information systems (MIS): With this degree, you can get a behind-the-scenes look at databases and how they work. This could prove useful as a data analyst. MIS coursework typically covers topics like database design, data management, and business theory. With some programs, you can specialize in data analytics, business intelligence , or data management.

No matter what you choose to get your degree in, be sure to take classes in statistics, calculus, and linear algebra, as well as some computer science classes that cover database and statistical software. If you already have an industry in mind, it can help to take some industry-specific coursework (finance, health care, or business, for example).

Learn more about earning your bachelor’s degree online through Coursera.

Is a master’s in data analytics worth it?

While a bachelor’s degree is the most common entry-level qualification, some companies look for candidates with a master’s degree in data analytics or a related field. A 2017 study by IBM found that six percent of data analyst job descriptions required a master’s or doctoral degree [ 2 ]. That number jumps to 11 percent for analytics managers and 39 percent for data scientists and advanced analysts. 

In general, higher-level degrees tend to come with bigger salaries. In the US, employees across all occupations with a master’s degree earn a median weekly salary of $1,497 compared with $1,248 for those with a bachelor’s degree [ 3 ]. That difference translates into $12,948 more each year.

If you’re looking to advance your career in data analytics or move into data science, earning your master’s degree could set you up for success.

Read more: Going Back to School: 7 Things to Consider

Get started as a data analyst

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Build a foundation of job-ready skills with a Professional Certificate in data analytics from industry leaders like Google , Meta , or IBM .

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Article sources

US Bureau of Labor Statistics. " Operations Research Analysts , https://www.bls.gov/ooh/math/operations-research-analysts.htm#tab-1." Accessed June 7, 2022.

IBM. " The Quant Crunch: How the Demand for Data Science Skills Is Disrupting the Job Market , https://www.ibm.com/downloads/cas/3RL3VXGA." Accessed June 7, 2022.

US Bureau of Labor Statistics. " Learn more, earn more: Education leads to higher wages, lower unemployment , https://www.bls.gov/careeroutlook/2020/data-on-display/education-pays.htm." Accessed June 7, 2022.

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Coursera’s editorial team is comprised of highly experienced professional editors, writers, and fact...

This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.

Development Research Analyst

How to apply.

A cover letter is required for consideration for this position and should be attached as the first page of your resume. The cover letter should address your specific interest in the position and outline skills and experience that are directly related.

Position Summary: This position reports to the Grateful Patient team lead and partners with a portfolio of assigned Michigan Medicine Office of Development gift teams to identify and meet prospect grateful patient information needs. The analyst gathers, analyzes, and summarizes information to support cultivation and solicitation of top prospects; these activities include bringing new individuals to the appropriate attention. The analyst independently manages his or her own workload, assists the Assistant Director and contributes to the continued growth of the team.

Please note:

• this position is not eligible for sponsorship
• this is a data, not medical/computational position

Mission Statement

Michigan Medicine improves the health of patients, populations and communities through excellence in education, patient care, community service, research and technology development, and through leadership activities in Michigan, nationally and internationally.  Our mission is guided by our Strategic Principles and has three critical components; patient care, education and research that together enhance our contribution to society.

Michigan Medicine is a groundbreaking organization for many reasons, and much of the work that we do is made possible because of philanthropy. Annually, the Michigan Medicine Office of Development raises an average of $200 million annually, which helps us to be a change agent of the world. The Office of Development supports a culture of flexibility, and a hybrid work arrangement is possible for this position.

Responsibilities*

• Assume primary responsibility for assessing and meeting the prospect identification and information needs of a specifically assigned portfolio of Michigan Medicine Office of Development gift teams enabling them to meet fundraising goals. Initiate regular communications with these individuals, keeping abreast of their current fundraising initiatives. Support prospect strategizing as needed. 
• Consult with development officers to determine feasibility of research requests and special projects. 
• Negotiate project scopes and deadlines directly with liaised development officers. 
• Establish monitoring and seek feedback to ensure development officers receive appropriate support. 
• Participate in projects to improve development officers' understanding and strategic use of development data. Examples include portfolio review and user education on modeling and wealth screening data.

General Responsibilities

• Gain proficiency with and adhere to the University's prospect coordination policy at all times. Work with members of the development community to encourage and enforce best practices for applying prospect coordination policies.
• Have thorough knowledge of fundraising under the rules of the Health Insurance Portability and Accountability Act (HIPAA) Privacy Rule as well as the handling of Protected Health Information (PHI).

Data Integrity & Management: 

• Maintain the accuracy and integrity of the university central donor database on a daily basis. through the entry of prospect & patient related data with focus on grateful patient pipeline activity.
• Perform auditing procedures to maintain the integrity of the database system on a scheduled basis. Prospect Management & Pipeline Development: 
• Promote effective prospect tracking and management throughout the Michigan Medicine Office of Development. Monitor accuracy and integrity of prospect-related data in the University's central database (DART).
• Collaborate with OUD Prospect Management to track follow-up from portfolio reviews.
• Work with Prospect Development Research team to ensure that new patient prospects are rated and appropriately assigned to gift officers in a timely manner.
• Facilitate and lead work for various "Disease Squads" across Michigan Medicine Development team including adult and pediatric segments.

Grateful Patient

• Support fundraising teams in their identification and engagement of faculty partners by providing information, processes, and strategies to help achieve physician referral and grateful patient pipeline goals.
• Lead efforts to identify and engage Grateful Patients in major gift pipelines and portfolios.
• Help drive Grateful Patient processes and analyses and to provide effective and efficient management, dissemination and analysis of Grateful Patient prospecting activity.
• Review all patient-related marketing materials to ensure adherence to HIPAA and Michigan Medicine policy.
• Collaborate with Health System and University partners to maintain accuracy of patient information in DART. Prospect Identification and Research
• Conduct reactive and proactive research. Be innovative in devising new ways to secure information of critical importance to the effective solicitation of significant constituents of MIMED. 
• Estimate donor gift capacity through the analysis of complex individual, corporate, and foundation financial and philanthropic information. Summarize information relevant to the timing of a gift. 
• Identify possible areas of philanthropic interest and potential engagement with MIMED, especially around potential grateful patients.
• Participate in projects to proactively identify, qualify, and quantify segments of the MIMED prospect pool through the use of screening, data mining, and modeling of existing donors. Bring the most promising opportunities for MIMED to the attention of appropriate colleagues. 
• Write confidential research documents on individual, corporate, and foundation prospects for MIMED development staff members and senior executive officers. 
• Exercise appropriate initiative through troubleshooting and basic project design. 
• Manage special projects as assigned. 
• Submit completed research for data entry into the development central database and for electronic storage in research optical imaging system.

Professional and Team Development

• Independently plan, organize, coordinate, and handle multiple tasks and responsibilities, prioritizing and organizing work to accomplish departmental goals. 
• Assume responsibility for meeting and maintaining the standards set forth in the Association of Professional Researchers for Advancement (APRA) Skill Set in Prospect Research Fundamentals and Advanced Prospect Research. 
• Assume responsibility for developing and maintaining expertise that enhances the Grateful Patient team. Serve as an internal consultant on research and analysis related to one?s area(s) of expertise. Lead periodic peer education sessions to promote professional development and collaboration. 
• Work in a collaborative team environment, sharing knowledge and newly identified sources with Grateful Patient team, and leading or participating in group projects when necessary. 
• Assist with peer editing and general quality control for information distributed through Development Research. 
• Partner with coworkers outside the department to complete projects.
• Safeguard the confidentiality of donor information at all times. Adhere to ethical and confidentiality guidelines of both MIMED and APRA. 
• Participate at an appropriate level of professional associations such as APRA and CASE, both to increase knowledge and skills and to foster professional relationships with colleagues outside of UM. 
• Work in partnership with OUD Prospect Development and Analytics as appropriate.
• Perform other duties as assigned. 

Required Qualifications*

• Bachelor's degree is required.
• At least three years of work experience in development research or a related field. 
• Well-developed interpersonal skills and excellent written and oral communication skills, an aptitude for critical thinking and problem-solving; ability to work well under pressure and maintain flexibility.
• Highly developed scanning, skimming, and reading comprehension skills are essential, as well as superior ability to assess the relative value of, synthesize, and summarize relevant information into coherent, well-written documents. 
• Commitment to professional ethics and confidentiality. 
• Ability to interact with executive level clients is essential. 
• Ability to learn to navigate unfamiliar information systems and use a variety of computer applications with little or no guidance. 
• Strong computing and online research skills, including proficiency with Microsoft Office 2007, relational database software, online databases and the Internet. 
• Reliable internet service. 

Desired Qualifications*

• An advanced degree is desirable. 
• Familiarity with the University organization, policies, and procedures is desirable. 

Work Locations

The onsite location for this position is an office suite at the 777 Building. This provides free, on-site parking for staff.

This position may be eligible for flexible work opportunities at the discretion of the hiring department. Flexible work agreements are reviewed annually and are subject to change dependent on the business needs of the hiring department, throughout the course of employment. This position works both onsite and remotely based on the business needs of the unit.

Background Screening

Michigan Medicine conducts background screening and pre-employment drug testing on job candidates upon acceptance of a contingent job offer and may use a third party administrator to conduct background screenings.  Background screenings are performed in compliance with the Fair Credit Report Act. Pre-employment drug testing applies to all selected candidates, including new or additional faculty and staff appointments, as well as transfers from other U-M campuses.

Application Deadline

Job openings are posted for a minimum of seven calendar days.  The review and selection process may begin as early as the eighth day after posting. This opening may be removed from posting boards and filled anytime after the minimum posting period has ended.

U-M EEO/AA Statement

The University of Michigan is an equal opportunity/affirmative action employer.

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LAB RESEARCH ANALYST II

Durham, NC, US, 27710

School of Medicine

Established in 1930, Duke University School of Medicine is the youngest of the nation's top medical schools. Ranked sixth among medical schools in the nation, the School takes pride in being an inclusive community of outstanding learners, investigators, clinicians, and staff where interdisciplinary collaboration is embraced and great ideas accelerate translation of fundamental scientific discoveries to improve human health locally and around the globe. Composed of more than 2,600 faculty physicians and researchers, nearly 2,000 students, and more than 6,200 staff, the Duke University School of Medicine along with the Duke University School of Nursing, and Duke University Health System comprise Duke Health, a world-class academic medical center. The Health System encompasses Duke University Hospital, Duke Regional Hospital, Duke Raleigh Hospital, Duke Health Integrated Practice, Duke Primary Care, Duke Home Care and Hospice, Duke Health and Wellness, and multiple affiliations.

Job Description:

The Laboratory Research Analyst-II incumbent will be part of the Duke Cancer Institute (DCI) Flow Cytometry Core Facility team. This position involves helping researchers with their Flow Cytometry needs and performing cell sorting services. Prior Flow Cytometry experience with experiment design, acquisition and analysis is required. Experience operating a cell sorter is highly desired but not required. Experience working within a shared resource facility is a plus. Other responsibilities include but are not limited to - helping with instrument QC, setup and maintenance, scheduling, usage tracking and billing, contributing towards developing SOPs and guidelines, helping researchers with data analysis (experience with FACSDiva, FlowJo, FCSExpress and other Flow Cytometry analysis software is a plus), troubleshooting instrument issues. Supervise, train and instruct residents, interns, students or lower-level personnel in laboratory techniques and procedures. Confer with Core Facility Director in developing plans for research operations, projects and to discuss the interpretation of results and the preparation of scientific manuscripts for publications. Perform other related duties incidental to the work described herein. The above statements describe the general nature and level of work being performed by individuals assigned to this classification. This is not intended to be an exhaustive list of all responsibilities and duties required of personnel so classified.

Minimum Qualifications

Work requires a bachelor's degree  in a relevant biomedical field (immunology, biology, microbiology, molecular biology, biochemistry, cell biology etc.)

Experience:

Work requires four years of research experience, must include 3 years of flow cytomoetry experience. A related master's OR AN EQUIVALENT COMBINATION OF RELEVANT EDUCATION AND/OR EXPERIENCE degree may offset required years of experience on a 1:1 basis, e.g., a two year master's degree in lieu of two years of experience.

• Strong technical background in biological sciences and complex flow cytometry assays
• Demonstrated ability in the interpretation and evaluation of data.
• Strong interpersonal skills. Individual must interact with peers, and diverse users with a wide range of technical expertise and education.
• Evidence of and willingness to collaborate in the planning of research operations.
• Experience in providing instruction to students, postdoctoral fellows, and other researchers concerning technical procedures and solutions related to flow cytometry.

Job Code: 00001215 LAB RESEARCH ANALYST II Job Level: 71

Duke is an Affirmative Action/Equal Opportunity Employer committed to providing employment opportunity without regard to an individual's age, color, disability, gender,gender expression, gender identity, genetic information, national origin, race, religion, sex, sexual orientation, or veteran status.

Duke aspires to create a community built on collaboration, innovation, creativity, and belonging. Our collective success depends on the robust exchange of ideas—an exchange that is best when the rich diversity of our perspectives, backgrounds, and experiences flourishes. To achieve this exchange, it is essential that all members of the community feel secure and welcome, that the contributions of all individuals are respected, and that all voices are heard. All members of our community have a responsibility to uphold these values.

Essential Physical Job Functions: Certain jobs at Duke University and Duke University Health System may include essential job functions that require specific physical and/or mental abilities. Additional information and provision for requests for reasonable accommodation will be provided by each hiring department.

Nearest Major Market: Durham Nearest Secondary Market: Raleigh

Duke is an Affirmative Action / Equal Opportunity Employer committed to providing employment opportunity without regard to an individual’s age, color, disability, gender, gender expression, gender identity, genetic information, national origin, race, religion, sex, sexual orientation, or veteran status. Read more about Duke’s commitment to affirmative action and nondiscrimination at hr.duke.edu/eeo.

Analyst/ Associate- Equity Research, Biotech

Job Description:

The SMid-Cap Biotechnology Equity Research team covers companies spanning three main disease areas of oncology, central nervous system disorders, and rare diseases. The lead analyst is top three ranked in the Institutional Investor vote for the smid biotech category. In 2021 the team worked on several priced IPOs and add ons and is currently vetting a number of additional transactions. This means that the candidate for this position should be intellectually curious and have a deep desire to learn.

The ideal candidate possesses a life science background and experience with financial modeling in either sell-side research or healthcare investment banking.

He or she will work alongside the Senior Analyst and Associates in all aspects of the research process, from idea generation to modeling, including but not limited to the following:

• Write industry and company reports and company launch initiations
• Develop doctor/patient surveys and conduct doctor interviews to understand market dynamics, demand and future projection
• Build financial models to quantitatively analyze company valuations
• Demonstrate industry knowledge (such as regulatory, pricing) from early stage study to market approval
• Build relationships and facilitate information flow with contacts at covered companies
• Seek out new, value-added and/or unusual sources of information
• Have ability to monitor news flow and highlight stock-impacting updates when the Senior Analyst is traveling
• Interact regularly with sales, trading and external clients and if performance on team is strong enough, take on coverage of individual names over time 

Qualification:

• Bachelor’s Degree or equivalent years of experience (Advanced degree in life science discipline is a plus but not required)
• Strong writing and financial modeling skills is a must
• Ideal candidate would have 1-4 years of experience in biotech in equity research, buy side experience or investment banking experience
• Must enjoy following the stock market and doing desktop and field research
• Academic background in a life science field and should have basic understanding of economics, macroeconomic factors and policy
• Must have excellent communications skills, written and verbal
• Must have strong attention to detail, ability to multi-task
• Must work well in a collaborative team environment
• Must have strong desire to be a team player and view team’s success as a reflection of individual success

Hours Per Week:

Weekly Schedule:

Referral Bonus Amount:

Hours Per Week: 

Learn more about this role

JR-24022408

Manages People: No

Travel: Yes, 5% of the time

New York pay range:

$110,000 - $160,000 annualized salary, offers to be determined based on experience, education and skill set.

Discretionary incentive eligible

This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

This role is currently benefits eligible . We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

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The state of AI in early 2024: Gen AI adoption spikes and starts to generate value

If 2023 was the year the world discovered generative AI (gen AI) , 2024 is the year organizations truly began using—and deriving business value from—this new technology. In the latest McKinsey Global Survey  on AI, 65 percent of respondents report that their organizations are regularly using gen AI, nearly double the percentage from our previous survey just ten months ago. Respondents’ expectations for gen AI’s impact remain as high as they were last year , with three-quarters predicting that gen AI will lead to significant or disruptive change in their industries in the years ahead.

About the authors

This article is a collaborative effort by Alex Singla , Alexander Sukharevsky , Lareina Yee , and Michael Chui , with Bryce Hall , representing views from QuantumBlack, AI by McKinsey, and McKinsey Digital.

Organizations are already seeing material benefits from gen AI use, reporting both cost decreases and revenue jumps in the business units deploying the technology. The survey also provides insights into the kinds of risks presented by gen AI—most notably, inaccuracy—as well as the emerging practices of top performers to mitigate those challenges and capture value.

AI adoption surges

Interest in generative AI has also brightened the spotlight on a broader set of AI capabilities. For the past six years, AI adoption by respondents’ organizations has hovered at about 50 percent. This year, the survey finds that adoption has jumped to 72 percent (Exhibit 1). And the interest is truly global in scope. Our 2023 survey found that AI adoption did not reach 66 percent in any region; however, this year more than two-thirds of respondents in nearly every region say their organizations are using AI. 1 Organizations based in Central and South America are the exception, with 58 percent of respondents working for organizations based in Central and South America reporting AI adoption. Looking by industry, the biggest increase in adoption can be found in professional services. 2 Includes respondents working for organizations focused on human resources, legal services, management consulting, market research, R&D, tax preparation, and training.

Also, responses suggest that companies are now using AI in more parts of the business. Half of respondents say their organizations have adopted AI in two or more business functions, up from less than a third of respondents in 2023 (Exhibit 2).

Gen AI adoption is most common in the functions where it can create the most value

Most respondents now report that their organizations—and they as individuals—are using gen AI. Sixty-five percent of respondents say their organizations are regularly using gen AI in at least one business function, up from one-third last year. The average organization using gen AI is doing so in two functions, most often in marketing and sales and in product and service development—two functions in which previous research  determined that gen AI adoption could generate the most value 3 “ The economic potential of generative AI: The next productivity frontier ,” McKinsey, June 14, 2023. —as well as in IT (Exhibit 3). The biggest increase from 2023 is found in marketing and sales, where reported adoption has more than doubled. Yet across functions, only two use cases, both within marketing and sales, are reported by 15 percent or more of respondents.

Gen AI also is weaving its way into respondents’ personal lives. Compared with 2023, respondents are much more likely to be using gen AI at work and even more likely to be using gen AI both at work and in their personal lives (Exhibit 4). The survey finds upticks in gen AI use across all regions, with the largest increases in Asia–Pacific and Greater China. Respondents at the highest seniority levels, meanwhile, show larger jumps in the use of gen Al tools for work and outside of work compared with their midlevel-management peers. Looking at specific industries, respondents working in energy and materials and in professional services report the largest increase in gen AI use.

Investments in gen AI and analytical AI are beginning to create value

The latest survey also shows how different industries are budgeting for gen AI. Responses suggest that, in many industries, organizations are about equally as likely to be investing more than 5 percent of their digital budgets in gen AI as they are in nongenerative, analytical-AI solutions (Exhibit 5). Yet in most industries, larger shares of respondents report that their organizations spend more than 20 percent on analytical AI than on gen AI. Looking ahead, most respondents—67 percent—expect their organizations to invest more in AI over the next three years.

Where are those investments paying off? For the first time, our latest survey explored the value created by gen AI use by business function. The function in which the largest share of respondents report seeing cost decreases is human resources. Respondents most commonly report meaningful revenue increases (of more than 5 percent) in supply chain and inventory management (Exhibit 6). For analytical AI, respondents most often report seeing cost benefits in service operations—in line with what we found last year —as well as meaningful revenue increases from AI use in marketing and sales.

Inaccuracy: The most recognized and experienced risk of gen AI use

As businesses begin to see the benefits of gen AI, they’re also recognizing the diverse risks associated with the technology. These can range from data management risks such as data privacy, bias, or intellectual property (IP) infringement to model management risks, which tend to focus on inaccurate output or lack of explainability. A third big risk category is security and incorrect use.

Respondents to the latest survey are more likely than they were last year to say their organizations consider inaccuracy and IP infringement to be relevant to their use of gen AI, and about half continue to view cybersecurity as a risk (Exhibit 7).

Conversely, respondents are less likely than they were last year to say their organizations consider workforce and labor displacement to be relevant risks and are not increasing efforts to mitigate them.

In fact, inaccuracy— which can affect use cases across the gen AI value chain , ranging from customer journeys and summarization to coding and creative content—is the only risk that respondents are significantly more likely than last year to say their organizations are actively working to mitigate.

Some organizations have already experienced negative consequences from the use of gen AI, with 44 percent of respondents saying their organizations have experienced at least one consequence (Exhibit 8). Respondents most often report inaccuracy as a risk that has affected their organizations, followed by cybersecurity and explainability.

Our previous research has found that there are several elements of governance that can help in scaling gen AI use responsibly, yet few respondents report having these risk-related practices in place. 4 “ Implementing generative AI with speed and safety ,” McKinsey Quarterly , March 13, 2024. For example, just 18 percent say their organizations have an enterprise-wide council or board with the authority to make decisions involving responsible AI governance, and only one-third say gen AI risk awareness and risk mitigation controls are required skill sets for technical talent.

Bringing gen AI capabilities to bear

The latest survey also sought to understand how, and how quickly, organizations are deploying these new gen AI tools. We have found three archetypes for implementing gen AI solutions : takers use off-the-shelf, publicly available solutions; shapers customize those tools with proprietary data and systems; and makers develop their own foundation models from scratch. 5 “ Technology’s generational moment with generative AI: A CIO and CTO guide ,” McKinsey, July 11, 2023. Across most industries, the survey results suggest that organizations are finding off-the-shelf offerings applicable to their business needs—though many are pursuing opportunities to customize models or even develop their own (Exhibit 9). About half of reported gen AI uses within respondents’ business functions are utilizing off-the-shelf, publicly available models or tools, with little or no customization. Respondents in energy and materials, technology, and media and telecommunications are more likely to report significant customization or tuning of publicly available models or developing their own proprietary models to address specific business needs.

Respondents most often report that their organizations required one to four months from the start of a project to put gen AI into production, though the time it takes varies by business function (Exhibit 10). It also depends upon the approach for acquiring those capabilities. Not surprisingly, reported uses of highly customized or proprietary models are 1.5 times more likely than off-the-shelf, publicly available models to take five months or more to implement.

Gen AI high performers are excelling despite facing challenges

Gen AI is a new technology, and organizations are still early in the journey of pursuing its opportunities and scaling it across functions. So it’s little surprise that only a small subset of respondents (46 out of 876) report that a meaningful share of their organizations’ EBIT can be attributed to their deployment of gen AI. Still, these gen AI leaders are worth examining closely. These, after all, are the early movers, who already attribute more than 10 percent of their organizations’ EBIT to their use of gen AI. Forty-two percent of these high performers say more than 20 percent of their EBIT is attributable to their use of nongenerative, analytical AI, and they span industries and regions—though most are at organizations with less than $1 billion in annual revenue. The AI-related practices at these organizations can offer guidance to those looking to create value from gen AI adoption at their own organizations.

To start, gen AI high performers are using gen AI in more business functions—an average of three functions, while others average two. They, like other organizations, are most likely to use gen AI in marketing and sales and product or service development, but they’re much more likely than others to use gen AI solutions in risk, legal, and compliance; in strategy and corporate finance; and in supply chain and inventory management. They’re more than three times as likely as others to be using gen AI in activities ranging from processing of accounting documents and risk assessment to R&D testing and pricing and promotions. While, overall, about half of reported gen AI applications within business functions are utilizing publicly available models or tools, gen AI high performers are less likely to use those off-the-shelf options than to either implement significantly customized versions of those tools or to develop their own proprietary foundation models.

What else are these high performers doing differently? For one thing, they are paying more attention to gen-AI-related risks. Perhaps because they are further along on their journeys, they are more likely than others to say their organizations have experienced every negative consequence from gen AI we asked about, from cybersecurity and personal privacy to explainability and IP infringement. Given that, they are more likely than others to report that their organizations consider those risks, as well as regulatory compliance, environmental impacts, and political stability, to be relevant to their gen AI use, and they say they take steps to mitigate more risks than others do.

Gen AI high performers are also much more likely to say their organizations follow a set of risk-related best practices (Exhibit 11). For example, they are nearly twice as likely as others to involve the legal function and embed risk reviews early on in the development of gen AI solutions—that is, to “ shift left .” They’re also much more likely than others to employ a wide range of other best practices, from strategy-related practices to those related to scaling.

In addition to experiencing the risks of gen AI adoption, high performers have encountered other challenges that can serve as warnings to others (Exhibit 12). Seventy percent say they have experienced difficulties with data, including defining processes for data governance, developing the ability to quickly integrate data into AI models, and an insufficient amount of training data, highlighting the essential role that data play in capturing value. High performers are also more likely than others to report experiencing challenges with their operating models, such as implementing agile ways of working and effective sprint performance management.

About the research

The online survey was in the field from February 22 to March 5, 2024, and garnered responses from 1,363 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. Of those respondents, 981 said their organizations had adopted AI in at least one business function, and 878 said their organizations were regularly using gen AI in at least one function. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP.

Alex Singla and Alexander Sukharevsky  are global coleaders of QuantumBlack, AI by McKinsey, and senior partners in McKinsey’s Chicago and London offices, respectively; Lareina Yee  is a senior partner in the Bay Area office, where Michael Chui , a McKinsey Global Institute partner, is a partner; and Bryce Hall  is an associate partner in the Washington, DC, office.

They wish to thank Kaitlin Noe, Larry Kanter, Mallika Jhamb, and Shinjini Srivastava for their contributions to this work.

This article was edited by Heather Hanselman, a senior editor in McKinsey’s Atlanta office.

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