who is an analyst?

Analysts in businesses examine and study systems, processes and operations and oversee technology integrations. These professionals also look at how organisations generate revenue. They help make key decisions by gathering and interpreting data, enabling companies to predict future events accurately. As part of the job, it’s important to stay on top of market/industry trends and new regulations.

As an analyst, you gather and interpret data. Basically, you identify trends and decide steps a business needs to take to maximise profits. Analysts typically evaluate different topics to provide feedback to their clients or employer. You can work for public and private companies, investment banks, insurance companies and financial institutions.

As an analyst, you need to be confident using spreadsheets and working with numbers to guarantee accuracy. It’s also essential to communicate your ideas precisely to save time and improve efficiency. To be good at your job, you should work well with your peers, clients and superiors to communicate the necessary information. Analysts focus on accuracy, as a minor error or miscalculation can strongly impact anything, from stock prices to corporate strategies.

Would working as an analyst suit your critical thinking skills? Then read on to find out the competencies and qualifications needed to thrive in this role. 

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average salary of an analyst

According to Glassdoor, the national average salary for a Business Analyst is ₹8,00,000 in India. Experienced analysts usually take home a higher salary. The industry and the employer largely influence the pay rate. That is why financial analysts earn more than market and business analysts. The high salary rates are because businesses depend on financial data for commercial decision-making.

factors that affect analysts' pay

As an analyst, your salary depends on your qualifications and experience level. When you have a postgraduate degree, your earnings are higher than someone with an undergraduate degree. Having entry-level experience attracts a trainee's salary, while those with five years of experience earn high-end salaries. Your specialisation also influences your salary rates. That's why financial analysts receive better pay compared to general analysts.

Also, your location influences your earning potential. Most large cities are financial hubs and have large businesses that rely on data analysts to make decisions. Therefore, analysts in metros/major cities have higher earning potential than those in smaller towns.

analyst jobs
analyst jobs

types of analysts

There are many types of analysts in different industries. Each position is unique, with different job responsibilities. Some of the most common types of analysts are:

  • Business analyst: as a business analyst, your focus is on generating reports and key performance index metrics. You report directly to VPs, directors, and managers. Business analysts also meet with clients to discover problems and develop solutions.
  • Research analyst: as a research analyst, you create investigative reports on assets or securities for a client or for use in-house. Research analysts have a high level of accuracy and the ability to recognise trends and patterns.
  • Financial analyst: as a finance analyst, you review monetary and economic analyses for internal use or external clients. You offer insight and guidance to individuals/organisations making investment decisions.
  • Marketing analyst: marketing analysts monitor and improve marketing efforts using various marketing tools. They often work for PR firms and communications groups.
  • Support analyst: as a support analyst, you work in customer service operations and often handle refund policies, support help centres, and deliver feedback on products.

working as an analyst

As an analyst, you collect and analyse information using various tools and help your employer make the right business decisions. Below are the roles and responsibilities of an analyst.


education and skills

Some of the academic qualifications for analysts include:

  • Master's degree or equivalent: To become an analyst, you need a degree in mathematics, statistics, economics or operational research. Pursuing a course with industry experience or work placements, increases your chance of landing a job. You can also do a postgraduate degree in a relevant field.
  • Bachelor's degree/certifications: A degree in digital business service is a great place to start your career as an analyst. It gives you the competencies and knowledge to land a trainee role in any company.
  • Freelancer: Start your career by assisting data analysts and offering your services, which is a great hands-on opportunity. When you finish, you can become a junior data analyst. If you want to specialise in data analytics, you can check on data scientist degree/industry-recognised certifications.

skills and competencies

Some of the qualities of an analyst include:

  • Industry knowledge: as an analyst, you need specific industry knowledge to identify patterns and trends. For instance, if you want to work in finance/healthcare analytics, you require a background in the field. Familiarity with issues in the industry gives you an advantage.
  • Problem-solving skills: an analyst needs exceptional problem-solving skills to handle challenges during analysis. Critical thinking skills are also important to allow you to focus on the appropriate data and identify gaps in your work.
  • Communication skills: you make presentations to top-level executives and managers. You need exceptional speaking skills to communicate with stakeholders and managers. Written communication skills are crucial for writing effective reports.
  • Technical skills: as an analyst, you need knowledge of database languages, spreadsheets and data visualisation software. You also require skills in statistical methods to help you organise, gather and analyse data.

FAQs about working as an analyst

FAQs about working as an analyst:

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