Data science is increasingly transforming all parts of company analytics and strategy. Data analysis provides valuable insights that assist firms in uncovering new opportunities, increasing operational efficiency, and directing marketing and outreach activities. Firms require talented research analysts to uncover the underlying value in massive amounts of data to achieve these objectives. As a result, it is not surprising that the job prospects for research analysts have grown exponentially over the previous decade.
There are numerous paths to becoming a research analyst, but all need to acquire specific skills and technical knowledge. Here is a detailed guide with four steps to becoming a research analyst, including critical skills, job positions, and responsibilities.
The following are some of the most popular job titles for research analysts:
- Market research Analyst
- Equity Research Analyst
- GIS Analyst
- Information security analyst
- Financial Analyst
- Sales research Analyst
- Administrative Assistant
What Is the Role of a Research Analyst?
As previously said, research analysts are juggling a variety of tasks. Here’s a rundown of their most common responsibilities:
- Collaborating with project teams to establish project evaluation processes
- Communicating with many stakeholders and developing hypotheses to be tested
- Research data collecting and database organization
- Collaborating with marketing or other divisions to create survey materials or educate interviewers to acquire qualitative data
- Data analysis and drawing conclusions based on statistical analysis
- Insights are communicated informally and in formal reports.
So, if you can see yourself succeeding in this capacity, you’ll undoubtedly be interested in learning more about the field with an industry-relevant data analytics course.
What Is a Research Analyst’s Career Path?
A research analyst position might pave the path for a future career as a market research analyst, operations research analyst, senior research analyst, analytics manager, or even a data scientist.
Indeed, when it comes to the job prospects for research analyst professions, research analyst positions are often in great demand in large firms focused on analytical data-driven decision-making.
Job Description for a Research Analyst
A research analyst’s primary tasks are those of a data scientist who collects, studies, analyses, and displays data. Depending on the organization’s needs, an analyst can do multiple tasks. However, the major component is the effective interpretation of data, which improves the business’s operations and decision-making processes. To complete the tasks assigned, an analytical and detail-oriented attitude is required. The following are typical major tasks of the job role:
- Analyzing data from previous operations and competitors and studying market trends
- Guiding data collection sources and methodologies
- Organizing focus groups and opinion polls, as well as developing surveys and questionnaires.
- To improve processing, statistical data modeling approaches are used.
- Identifying, assessing, and forecasting business-relevant trends.
- Creating charts and graphs, as well as compiling reports for internal usage.
- Managing budgets and a data collection staff.
- Having conversations with market representatives and financial officers.
- Data organization and presentation to leadership.
- Protocols are being tested for efficiency, and suggestions for improvements are being made.
Become a Research Analyst in 4 Easy Steps
The duties of a research analyst vary greatly depending on the business and specialization. As a result, just like the discipline of data analytics, the career pathways leading to the post of research analyst can be diverse. No single career growth strategy will guarantee your success as an analyst. However, everyone wanting to be a research analyst must complete four basic procedures:
STEP 1 – Obtain a relevant college degree
Advanced problem-solving, mathematical, technological, and analytical skills are required for the role of a research analyst. A college degree is the most reliable way to exhibit these characteristics to a potential employer. A bachelor’s degree is often sufficient for entry-level to mid-level analyst positions. However, the U.S. Bureau of Labor Statistics (BLS) strongly advises an advanced degree for most senior analyst posts. Employers often prefer graduates with degrees in data science, economics, mathematics, or computer science. Graduating from a well-known university makes it much easier to be discovered by companies wanting to hire. In addition to the technical skills stressed by most institutions, they focus on developing soft skills such as communication, adaptability, and social intelligence.
STEP 2 – Participate in Projects and get certificates
Boost your education with relevant professional certifications and projects to advance in the competitive recruiting landscape. Working on solo projects increases your critical thinking skills while developing your presenting and writing abilities. For your first data research and analysis project, you can select from a wide choice of freely available datasets. Various organizations and corporations also provide professional certification courses online and offline. One of the popular courses you can enroll in is Learnbay’s data science certification course. Most importantly, participating in other data science projects demonstrates to potential employers your dedication and devotion. This is especially important if you graduated from a local university or did not want to pursue a Master’s degree.
STEP 3 – Obtain an internship
A good internship as a research analyst can make or break your future path. With minimal professional experience, obtaining a suitable job as an analyst can be tough. An internship is an excellent way to hone your technical skills and network while receiving significant industry experience. Find credible firms that work on the topics you’re interested in and send your CV to them. Contact companies you want to work for in the long run. If your ability and work ethic impress them throughout the internship, you have a far better chance of being hired for permanent employment.
STEP 4 – Find your first research analyst job
The final stage is accepting a research analyst position in a company of your choice. Personal characteristics, attitudes, practical experience, and technical skills are important in establishing you as a promising analyst. Spend some time improving your resume because it is the first thing hiring managers to see. Use your academic or internship connections to obtain letters of reference and references. A recommendation from a reputable professional will offer you a significant advantage over other applicants. Even once you’ve landed a job, seek methods to increase your efficiency and prioritize continuous learning.
Research Analyst Role:
So, it turns out that research analysts and data scientists have much more in common than you might expect. Both roles necessitate advanced statistical knowledge. Simultaneously, research analysts must be able to construct a research question and establish how it can be statistically answered. And, while they have fewer programming skills and do not employ advanced statistical techniques like neural networks, a skilled research analyst needs most of the other technical skills required of a data scientist.
You now understand the most significant components of the research analyst role, what to anticipate, and what talents to develop to become one. Nonetheless, if you still require extra career counseling and a more extensive study of the job options in data science, take a look at Learnbay’s data science course with placement, and become certified by IBM.