The goal is to turn data into information, and information into insight.
– Carly Fiorina (Former Hewlett-Packard CEO)
One of the hottest jobs of the 21st century, Data analytics is gaining popularity and everybody is looking to jump on the wagon. So, what is data analysis? What do data analysts do? And finally, how do you become one? We’re here to answer all your burning questions in this short article.
Data analytics in a gist is about examining and analyzing raw data to find patterns and draw meaningful insights. These insights can then be used to help increase company revenues, improve operations, reduce costs and ultimately optimize business performance. However, it is a broad subject on its own and can be branched into four fundamental types.
Today, nearly every sector ranging from healthcare, manufacturing, construction, trade, transport to technology and retail use data analytics methodologies to boost their businesses and address issues even before they arise. For this reason, data analysts are widely sought-out. The supply, however, is far lower than the demand, thereby making now the best time to jump into this field and go for it.
Now since we’ve established what they do, let’s talk about how to become a data analyst and what skills they need. These people are extreme multitaskers and require all types of skills: technical, practical and soft.
There are many paths that you can take to become a data analyst. You can take a qualification program, hire a private tutor, or do an online course. The best way, however, is to start with a bachelor’s degree in IT, computer science, economics, math, or statistics. An undergraduate degree with these curricula teaches you more than just the subject. A degree helps you develop an analytical mindset and other problem-solving skills that give you an edge over the students that choose an online certification. You can get hired at this point for salaries starting at around $54,000 according to Zippia and work your way up, with 2-4 years’ experience you can expect to be making $70,000. Another option is to do a master’s degree from a reputed university with a specialization in data analytics, which would put your base salary at over $90,000.
Here are some of the best master’s programs from around the world:
- Master of Information Systems Management: Business Intelligence & Data Analytics
Carnegie Mellon University, USA
- Master of Science in Business Analytics
University of Texas at Austin, USA
- Master of Data Science (MDS)
University of British Columbia, Canada
- Master of Business Analytics
University of Melbourne, Australia
- Masters of Business Administration – Data Sciences & Data Analytics
Symbiosis Centre for Information Technology, India
- Master of Science in Business Engineering – Data Analytics
Ghent University, Belgium
- MSc Data Analytics and Information Systems Management
Arden Study Center, Germany
- Master in Big Data & Analytics
EAE Business School, Spain
According to the World Economic Forum, data analysts are in high demand globally. The requirement has grown nearly six-fold in the past five years and will continue to increase exponentially. The world is becoming more digital by the day, especially with the whole COVID situation right now. And consequently, this digitalization generates more data that is waiting to be managed and analyzed. So, rest assured, the opportunities in this field are sustainable and endless. Data analytics is in the green and will be for as long as data exists.
Have another question? Drop a comment and we’ll answer it for you.