Entry-Level Analyst Jobs, Salaries, and Skills to Get Hired
Analysts are the ones that transform relevant data into value for their workplace, and analytics is a crucial component of a company's success and efficiency.
Analysts need technical know-how and business and communication skills to communicate and implement their suggestions.
This article summarises the knowledge, training, and experience you'll need to get hired as an entry-level analyst.
What does an analyst do?
An analyst conducts research, analyses data, and produces reports or recommendations based on that analysis. The specific tasks that an analyst might perform can vary depending on the industry in which they work. Still, some everyday responsibilities might include:
- Gather data from various sources, such as financial statements, market research, and customer surveys.
- Analyse the data to identify trends, patterns, and relationships.
- Use statistical and analytical techniques to interpret the data and draw conclusions.
- Communicate findings to stakeholders, such as management, clients, or shareholders, through reports, presentations, or other formats.
- Provide recommendations or proposals based on the analysis, such as changes to business strategies or investment decisions.
- Monitor developments in the industry or market to stay informed and update the analysis as needed.
Analyst roles can be found in many fields, including finance, marketing, business, and technology. They may work in various settings, including corporations, consulting firms, government agencies, and non-profit organisations.
How to prepare for an entry-level role as an analyst?
Here are some steps you can take to prepare for an entry-level role as an analyst:
- Develop strong analytical skills: As an analyst, you'll need to be able to work with large amounts of data and draw insights from it. Consider taking courses or training programs to help you develop your analytical skills, such as statistics, data analysis, or programming.
- Build your knowledge of the industry or field you're interested in: Familiarize yourself with the key players, trends, and challenges in the industry you hope to work in. This can help you understand the context in which you'll work and the problems you may be asked to solve.
- Gain experience with relevant tools and technologies: Many analysts use various tools and software to collect, analyse, and present data. Consider using these tools such as Excel, SQL, or visualisation software.
- Network and build relationships: Building relationships with professionals in your field can help you learn more about the industry, identify potential job opportunities, and gain valuable advice and guidance. Consider joining professional organisations, attending industry events, or seeking internships or part-time jobs to build your network.
- Consider earning a degree: While a degree is not always required for an entry-level analyst role, earning a bachelor's or master's degree in a field such as business, economics, or finance can give you a competitive edge and provide a foundation of knowledge and skills that can be useful in your career.
- Develop your communication skills: As an analyst, you'll need to communicate your findings and recommendations to others. Consider taking courses or training programs to improve your writing, presentation, and public speaking skills.
Entry-level analyst jobs
Entry-level analyst jobs are typically suitable for individuals starting their careers or needing more professional experience. These roles provide an opportunity for individuals to gain experience and build a foundation of skills that can be useful in future career opportunities.
Some typical entry-level analyst jobs include:
- Data analysts: These analysts collect, organise, and analyse data to help organisations make informed decisions.
- Business analysts: These analysts gather and analyse data to identify trends and opportunities and provide recommendations to help improve business processes or decision-making.
- Financial analysts study financial data, such as market trends and company financial statements, to make investment recommendations or provide financial guidance to clients.
- Market research analysts: These analysts collect and analyse consumer attitudes and preferences, market trends, and competitive environments to help organisations make informed decisions about their products and services.
- Operations analysts: These analysts analyse data and processes to identify opportunities for improving organisational efficiency and productivity.
To qualify for an entry-level analyst job, you may need a bachelor's degree in a related field, such as business, economics, or finance. Some relevant work experience or internships may be required or preferred. Some entry-level analyst jobs may also require specific skills or knowledge, such as proficiency in statistical software or programming languages.
How much income does an entry-level analyst make?
The income of an entry-level analyst can vary depending on several factors, including the specific industry in which they work, the location of their job, and their level of education and experience. According to data from the U.S. Bureau of Labor Statistics (BLS), the median annual wage for all types of business and financial analysts was $85,660 as of May 2020.
Here are a few other estimates of entry-level analyst salaries:
- Data analysts: According to Glassdoor, the median salary for entry-level data analysts in the United States is $61,000 annually.
- Business analysts: According to salary data from Payscale, the median salary for entry-level business analysts in the United States is $65,000 annually.
- Financial analysts: According to salary data from Payscale, the median salary for entry-level financial analysts in the United States is $62,000 annually.
- Market research analysts: According to salary data from Payscale, the median salary for entry-level market research analysts in the United States is $45,000 annually.
- Operations analysts: According to salary data from Payscale, the median salary for entry-level operations analysts in the United States is $58,000 annually.
It's important to note that these figures are only estimates and may vary based on the specific employer and job location. It's always a good idea to research salary data for the particular industry and area you're interested in to get a more accurate picture of what you can expect to earn as an entry-level analyst.