Are you considering a data analyst career? Take a look at their pay in each industry before you decide.
Data analysts can have an excellent career path, and there are abundant job opportunities in this field. But which industries, roles, and locations offer a hefty paycheque to data analysts?
On average, a data analyst can earn $65,000. An entry-level Data Analyst can earn around $56,000 while an experienced data analyst can earn as much as $80,000 to $100,000 annually. The variation in pay scale depends upon experience, skills, organization, country, and industry.
Want to know more about how much data analysts make and career prospects? Keep reading!
Factors Affecting Data Analysts Salary
These days, all business and career opportunities are backed by numbers. From marketing efforts to sales, the extracted information serves quite a narrative. The data provides the much-needed insights that give business owners a better idea of the whole industry.
Brands and business owners can’t technically imagine a world with data analysts. And that’s one reason why this career is booming with opportunities. However, several factors affect the pay of a data analyst. Please take a look at them below!
Experience
Experience plays a critical role in any career opportunity. Irrespective of the industry and profession, most employers look for some pre-requisites and expertise. An experienced data analyst can earn as much as $80,000 to $100,000 annually.
These numbers seem intriguing and will surely convince you to choose data analyst as your career. Experience level can help an individual climb the success ladder in the data industry.
Though salary is an essential consideration while choosing a career, it is also necessary to select your interests. Data analysts are pretty versatile. Their skills and services hold importance in almost all industries.
Before you approach any employer, it is a good idea to boost your experience level. In the latter section of this article, we’ll discuss that too.
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Country
One of the best perks of being a data analyst is that your skills are highly appreciated and in demand in every country. Working as a data analyst means you have the freedom to pick any country and any city in the world.
You will not feel-tied down to work in a specific city or country as a data analyst. However, you should know that each country does not offer the same pay. Some countries are ahead of time when it comes to paying data analysts.
Knowing the average base-salary of each country will help you significantly. Note that the data analyst’s salary might also differ from one city to another. Once you decide upon which country you’re going to work in, it’s a good idea to check out the cities too.
Organization
There are many job opportunities for data analysts in highly-paid organizations. If numbers are to be believed, then data analysts’ job opportunities are all set to rise by 3 million! Once you choose your preferred industry, you also have to select an organization.
Just like the salaries are not consistent in each country, they might differ based on the organization. The top tech companies around the world are famous for paying lump sump amount to data analysts.
Names like Facebook and Apple pay data analysts higher than the average numbers. Working in a well-equipped tech office like Facebook’s or Apple’s can be an incredible experience.
Because of the enormous amounts of data collected by tech companies, it’s no secret that a data analyst is a valuable asset for them. Payscale claims that amazon pays data analysts as high as $106,000 in the USA. Indeed states that Facebook also offers a similar pay scale.
Industry
When it comes to earning, it’s a fact that each industry pays differently to data analysts. In today’s world, all industries are increasingly employing data analysts from around the globe. Due to the data-driven trends in the economy, qualified data analysts are much in demand.
If you are torn about which industry to choose, the average salary figures may be of little help. You must know that analyst skills requires for each industry might slightly differ as well. You can also find a comparison table for average salaries based on industry as your scroll.
Data Analyst Skills List
The job of a data analyst requires specific knowledge and skills. There are many tools and programs that an analyst must be acquainted it. Most data analyst companies will enquire you about your skills at a job interview.
“The more, the better.” This saying is quite right when it comes to data analyst skills. A professional who has more skills and is adept with more tools is more likely to secure a good position and pay. It is one of the reasons why so many data analyst courses are popping up.
Below is a list of all the valuable skills that can help data analysts build their career path.
- Software Development
- Scala
- Apache Spark
- Google Fusion Tables
- RapidMiner
- Datawrapper
- Data Warehouse
- Java
- Data Modeling
- Linux
- Apache Hadoop
- Amazon Web Services
- ETL (Extract, Transform, Load)
- Big Data Analytics
- Software Development
Education And Qualification
A degree and better qualification can give you an edge over other job applicants. Not only this but a suitable qualification can lead to better pay. Having a bachelor’s degree in one of the essential requirements for becoming a data analyst.
You can have a degree in either math, statistics, science, or any other related subject. If you aim for the mid-senior or senior positions, a ph.D. or a master’s degree is a must. In any case, the grounds for better pay and work largely depends upon degree.
Estimated Salary For Different Experience Levels
By now, you would be aware of how experience plays a crucial role in influencing a data analyst’s salary. We’ve made a comparison table for you below. This table will help you to compare and understand a data analyst’s compensation at different experience levels.
The salary of a data analyst will steadily increase in the initial five to ten years. After ten years or so, it becomes difficult to gain pay raises without expanding the skillset. For this reason, many data analysts switch to data engineering and data science.
| Position | Salary (US Dollars) |
| Entry-Level Business Systems Analyst | $56,043 |
| Intermediate Level Business System Analyst | $71,865 |
| Superior Business Systems Analyst | $86,635 |
| Expert Businesses Systems Analyst | $100,312 |
| Business Systems Analyst-Consultant | $113,202 |
| Entry-Level Business Data Analyst | $54,272 |
| Intermediate Level Business Data Analyst | $70,123 |
| Senior Business Data Analyst | $87,713 |
| Business Process Consultant | $106,234 |
| Business Development Director | $170,307 |
How much Data Analysts make In Each Industry?
In the previous sections, it was clear that the pay for a data analyst can differ based on the industry. Are you curious to explore more about the pay trends for each sector? Well, Linkedin successfully identifies the top-paying industries for a data analyst professional.
You can have a look at the comparison table below. It will give you an idea about the average pay and help you pick your preferred industry.
| Industry | Average Salary (in Dollars) | Salary Range (in Dollars) |
| Entertainment | $70,000 | $41K – $110K |
| Hardware & Networking | $70,000 | $43K – $108K |
| Finance | $65,000 | $42K – $110k |
| IT Services And Sotware | $65,000 | $41K – $110K |
| Corporate Services | $63,000 | $39K – $91K |
| Mining And Energy | $63,000 | $41K – $91K |
| Healthcare | $62,200 | $42K – $91K |
| Retail | $62,200 | $40K – $91K |
| Manufacturing | $61,000 | $38K – $90K |
| Public Administration | $61,100 | $37K – $97K |
| Real Estate | $60,000 | $37K – $100K |
| Consumer Goods | $60,000 | $39K – $95K |
| Recreation And Travel | $60,000 | $38K – $82K |
| Media And Communication | $60,000 | $41K – $80K |
| Wellness And Fitness | $59,000 | $40K – $85K |
| Education | $58,100 | $31K – $82K |
| Agriculture | $57,500 | $37K – $97K |
| Construction | $57,000 | $37K – $83K |
| Public Safety | $55,700 | $33K – $90K |
| Non-Profit | $55,000 | $40K – $83K |
| Logistics And Transportation | $55,000 | $37K – $82K |
| Legal And Administrative | $54,000 | $36K – $80K |
Note: These numbers are based on the average annual pay in the US. Also, the pay significantly varies depending on other factors.
If we go by the numbers, the top three industries for data analysts are entertainment, hardware, and finance. If you want to earn more, you’ll need to transition your way into senior positions. The salary for a fresher might be even less than the reported numbers.
Estimated Salary In Different Data Analyst Roles
So far, we’ve understood how the pay structure can vary in each industry and position. However, it glosses over the fact that there is a wide variety of data analyst roles. Many job sites use the term data scientist and data analyst interchangeably.
Before we start with figures, you must know that the roles might not have “data” and “analyst” in their titles. This section will demystify some data analyst roles and their pay structure.
The list below is a handful of the top job roles and their average annual pay. However, it will give enough flavor of what’s in there for you. There are always new roles and positions coming up for a data analyst.
We suggest that you focus on the role description rather than its title.
System Analysts
A system analyst utilized data to comprehend the success of an organization’s IT setup. These professionals measure and interpret the software, user data, and hardware. It helps them to improve existing procedures and develop new ones.
System analysts in the US earn $66K on average.
Data Consultants
Most of the data consultants hold a specialty in one field. Data consultants are professionals who work in a wide array of fields and industries. Their role can be much more diversified and challenging too. Besides, most of them work for several clients rather than just one company.
The US data consultants enjoy a pay of $77K per year, which is higher than all other roles.
Digital Marketing Analysts
A digital marketing analyst or manager juggles many responsibilities. These professionals handle social media and email campaigns, marketing strategies, SEO, and many more. But what drives their whole work? You’re right; it’s data!
With an increasing demand for digital marketing analysts, the average pay for these professionals is $67K.
Market Analysts
Usually, market analysts analyze and collect competitor and consumer data. Market analysts are also one of the most sought data analyst roles. They perform market data analysis for several reasons.
Their service helps companies to optimize segmentation, target, and positioning (STP). Market analysts collect and analyze both quantitative and qualitative data.
This data offers helpful insights for business owners about sales strategies and the development of new products and services. In the US, these professionals can earn an average annual income of 454K.
Healthcare Consultants
Healthcare analysts collect and analyze data from various sources. These sources are essentially health records, financial reports, wearable devices, and patient records. Collecting and interpreting this data helps the healthcare industry improve patient care.
With an average pay of $78K annually, healthcare consultants in the US enjoy good pay.
Financial Analysts
The financial analysts are responsible for assessing the impact of stocks, marketplace trends, investments, and bonds. They also interpret macroeconomic and microeconomic trends.
This data helps organizations and individuals such as insurance companies, hedge funds, and banks.
On average, a financial analyst can earn $60K annually in the US.
Business Intelligence Analysts
Business intelligence analysts or business analysts evaluate business data. It helps companies enhance their internal processes and systems. These professionals use tools such as SQL, Excel, and Tableau.
Like financial analysts, the estimated average salary for a business analyst in the US is also $60K per year.
Transportation Logistics Specialists
These specialists usually work with logistics, delivery, airlines, and transportation companies. The professionals use analytics to chalk out the most feasible transportation channels. They also study variables such as traffic, weather, time, etc.
The pay for a transportation logistics specialist starts from $79,000.
Estimated Data Analyst Salary by Country
Many data analysts dream of working abroad. Before you plan to work in any place worldwide, it’s essential to know the average pay there. Here’s a list of top-data analysts paying countries:
| Country | Salary (US Dollars) |
| Germany | $67,397 |
| Australia | $62,932 |
| Netherlands | $62,931 |
| Sweden | $57,546 |
| Canada | $54,789 |
| United Kingdom | $51,844 |
| New Zealand | $48,068 |
| United Arab Emirates | $47,613 |
| Singapore | $46,432 |
| South Africa | $16,419 |
| Malaysia | $10,914 |
Tips to Increase a Data Analyst’s Salary
Before you try out for an analyst position, specific tips can help you boost your pay. Here are some fantastic strategies for improving your hiring chances and pay in the market.
Expand Your Skillset
You can start by learning new tools like Scala, D3, a cloud computing software, Spark, etc. These skills can enhance your earning potential drastically.
Data analysts must strive to keep diversifying their skill sets. The data-driven industries are every changing.
You must always try to pick up in-demand skills. Knowledge of Python and R programming, Microsoft SQL, IBM DB2 database, and Oracle are trending right now. You can use skills to negotiate a better salary.
Pick The Right Location
Job in big cities like New York, San Francisco, and Chicago tend to offer better pay. Usually, organizations benchmark pay scales against their competitors while recruiting analysts.
When you think of relocating, you should also consider the state taxes and the option of working from home. A cheaper country or city can constitute a more lucrative offer.
Gain A New Certification Or A Degree
Though a bachelor’s degree can get you a data analyst job, it won’t be highly-paid. If you wish to secure a higher pay package, you must attain a master’s degree or a Ph.D. Alternatively, you can also opt for additional online courses and participate in boot camps.
Get More Experience
The best pay structures are reserved for candidates with at least 2 to five years of experience. Along with experience at various companies, you can also take up freelance projects. These projects will make your portfolio look better in front of recruiters.
You can easily find freelance data analyst jobs on Upwork, Fiverr, Toptal, and Kaggle. Supplementary experience allows analysts to achieve managerial and other senior levels. It will not only increase your responsibilities but also bring home a bigger paycheque.
Job Outlook For A Data Analyst
As per the US Bureau of Labor Statistics, data analyst jobs will witness a 20% growth in the upcoming years. These numbers are must faster than many other professions. There is a promising job outlook for all data analyst professionals.
In the coming years, the demand for market research and analysis will grow in multiple folds. Extracting, analyzing, and interpreting data has become an essential part of all industries.
The position of the data analyst requires specific analytical skills. Many companies leave the position open until they have the perfect candidate. According to the tables, each country and each industry acknowledge the importance of data analysts.
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In Conclusion
Being a data analyst sure means a lot of work, but it also means a happy payday. We are sure that these numbers will make all those professionals happy who aspire to pursue data analyst. Many organizations heavily rely on data analysis for their day-to-day operations.
Though salary is a crucial deciding factor, you must not forget to consider other variables. All these numbers and facts related to a data analyst’s pay will help you pick the right career path.
Hopefully, you found all the answers to your questions about the salary of a data analyst. Regardless of which industry or which role you pick, the data analyst industry will keep surprising you with opportunities!
REFERENCES & FURTHER READING
https://www.indeed.com/career-advice/pay-salary/how-much-do-data-analysts-make
