Data Analyst Salaries Guide by Industry and Experience

Data can be transformative. Access to data is disrupting many industries including finance, healthcare, and insurance. Data analysts typically work in data extraction, data cleaning, and querying languages like SQL. IBM’s 2017 The Quant Crunch – How the Demand for Data Science Skills Is Disrupting the Employment Market study found that higher-paying skills like an understanding of object-oriented programs such as Python, MATLAB, and predictive analytics can help increase average salaries. An average salary of more than $100,000 per annum can be earned by candidates with advanced skills and at least three years’ work experience. This guide will explain how industry experience and work experience impact the salary of data analysts and offer some suggestions to help increase your earning potential.

Data Analyst Average Salary

The average salary of a data analyst will depend on their industry, years of experience, education background, and whether they have in-demand skills. The Bureau of Labor Statistics (BLS) says that advanced degrees are associated with higher salaries. A data analyst who has a master’s or doctorate could earn a greater salary than someone with only a bachelor’s degree. A minimum of a bachelor’s degree is required for most positions. What is the average salary of a data analyst after taking all these factors into account?

Workers with high-demand skills, workers in high-demand industries and workers who have at least three year’s experience will see their salaries rise. According to an IBM study, data analysts make $69,162 on average, which is 46% higher than the national average.

IBM’s research found that data analyst jobs are highly in demand and difficult to fill. The study also found that data analyst positions are in high demand and can be difficult to fill. This could indicate that employers will keep jobs open for five days more than the market average.

Salary for Data Analysts by Industry

The industry and demand for the analyst’s industry will also affect differences in salaries. According to IBM’s research, finance, IT, healthcare and professional services are the most in demand. 59% of all data science jobs are in high demand. 34% of data analysts are required in professional services. 25% of data analysts are needed for finance and insurance. Six percent of data analysts are required in information. Seven percent are required in healthcare. The healthcare data analysts and the clinical data analysts are responsible for improving operations in hospitals and clinics. According to IBM, the demand for these analysts grew by 54% in 2016.

IBM’s study also found that top jobs have higher average salaries than the $69,162 average. Financial analysts, for example, typically make $83,209 annually, which is 20% more than average. These jobs are expected to grow rapidly, be more expensive to hire and will likely face talent shortages. Analysts continue to study advanced programming languages and big data to increase their earning potential.

The industry demand for senior managers and analysts is similar to that for junior and entry-level data analysts. Below is a table that shows the average salary for the most sought-after data analyst positions, including clinical data analyst salaries and financial data analyst salaries. It also includes pricing analyst salaries and their projected growth to 2020.

Data Analyst Salary based on Experience

IBM’s study shows that data analysts who have at least three years experience are listed in 53-89% of all job listings. The average salary ranges from $67,396 to $99,000970. Candidates looking for entry-level or junior data analyst jobs might see listings with salaries that are lower than the average. Senior positions such as advanced analysts require more education and experience. Senior analyst or analytics manager. For example, 57% require a master’s or higher degree to be a senior financial analyst.

The average salary for a senior data analyst and an analytics manager is 53% more than that of someone with three years experience. An analytics manager may need to have domain knowledge and deeper analytical skills in order to be successful in certain managerial positions. These managers also have to perform many business functions such as budgeting, financial planning, and accounting. This can increase their earning potential. These roles can be difficult to fill for some companies due to their specialization. Employers may hire the most qualified candidate for a job, whether they are looking for a senior analyst, entry-level data analyst, or data manager. If you are looking to improve your earning potential as a data analyst, it is worth considering expanding your skills or switching careers to data science and data engineering. According to IBM, the average salary for these positions is $105,676 and $108,808, respectively.

Analysts who want to remain in their field and earn a better salary might consider taking on leadership training and/or personal projects to show their commitment to professional growth. You might also consider taking up leadership training or taking on personal projects to demonstrate your commitment to professional development.

IBM’s study shows that there is a shortage of talent in data science and analysis. More employees will be required to understand the data as companies acquire more data and introduce new technology. Only recent graduates can help to alleviate some of the need for analysts. Universities, bootcamps and companies can all work together to create a data-literate workforce.