what is an analyst?
As an analyst, you gather and interpret data. You identify trends to decide what steps a business needs to take to maximise its 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.
To be good at your job, you have to work well with your peers, clients and superiors to communicate necessary information. You need to take your responsibilities seriously because a minor error or miscalculation can strongly impact anything, from stock prices to corporate strategies.
As an analyst, you need to be confident using spreadsheets and working with numbers to guarantee accuracy. Communicating your ideas precisely to save time and improve efficiency is also essential.
Analysts in businesses examine and study systems, processes and operations and oversee technology integration. These professionals also look at how organisations generate revenue. They help make decisions by gathering and interpreting data, allowing companies to predict future events accurately. Part of their job requires staying on top of market or industry trends and new regulations.
Would working as an analyst suit your critical thinking skills? Then read on to find out what competencies and qualifications you need to thrive in an analyst role.
average salary of an analyst
According to ONS, an analyst receives an average salary of £38,009 per year in the UK. That means you earn £19.49 per hour on average. At an entry-level position, your salary is around £29,828 per year. Experienced analysts usually take home a salary of £55,462 annually. The industry and the employer largely influence the pay rate. That is why financial analysts earn more than market and business analysts. The average pay for financial analysts ranges from £54,000 to £78,750 per year. The high salary rates are because businesses rely on financial data for commercial decision-making.
how to increase your analyst salary
As an analyst, your salary depends on your qualifications and experience level. When you have a postgraduate qualification, 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 can also influence your salary rates. That's why financial analysts receive better pay compared to general analysts.
Your location can influence your earning potential. Most large cities are financial hubs and have large businesses that rely on data analysts to make decisions. Therefore, analysts in cities have higher earning potential than those working in smaller towns.
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 include:
- 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 in-house use. Research analysts have a high level of accuracy and the ability to recognise trends and patterns.
- financial analysts: as a finance analyst, you review monetary and economic analyses for internal use or external clients. You offer insight and guidance to individuals or organisations making investment decisions.
- marketing analyst: marketing analysts monitor and improve marketing efforts using different 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. Let's explore the roles and responsibilities of an analyst.
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analyst job description
Some of the roles of an analyst include:
- developing data collection instruments: as an analyst, you use data collection instruments to gather data and analyse information. Before you collect data, you need to develop the instruments you will need for your job to ensure they can generate quality data from your research.
- collecting and analysing data: your primary role as an analyst is to gather data from different sources. For instance, you can get useful information from the company's records and computer systems. When you have the information, you use statistical software to interpret the data. You summarise the information and develop a method of interpreting the results.
- writing reports: after data analysis and interpretation, you generate statistical and analytical reports. You document the research process, from data collection methods to analysis and interpretation. Some analysts also participate in proposal writing.
- explaining the statistical results: as an analyst, you make presentations to the relevant stakeholders on the research progress. When you conclude the research process, you have to explain the significance of your research with special attention to patterns and trends. You make recommendations for process improvements and system modifications based on your research results.
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work environment
Analysts work in the public and private sectors, usually in indoor settings. Analysts often work in proximity to other professionals in shared office spaces.
Some companies do not offer a travelling role to analysts, but others may require you to travel when working with clients at home or overseas. Travelling may be necessary to engage with clients directly, specifically if you are a business analyst.
Some organisations have multiple locations that the analyst may be required to visit throughout the year; this is typical of larger companies. Financial analysts don't travel as much because they can consult directly with the right network. Travelling to and from the office during the working week is most common.
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who are your colleagues?
As an analyst, your colleagues might include operational researchers, economists and statisticians. You could also work alongside operations managers, service desk analyst and data analysts, as well as other specialists that could include project managers, actuaries and data scientists.
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work schedule
Analysts typically work 40 hours each week but may occasionally work overtime. It's not uncommon for analysts to work eight to 10 hours each day. Your current projects can influence how much time you spend in the office, especially when preparing for upcoming deadlines or presentations.
On a day-to-day basis, an analyst collects, interprets and uses complex data to create a plan of action and determine what steps to take to optimise results. They may spend their time looking at trends and areas for improvement.
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job outlook
If you enjoy analysing data and information, you will have a successful career. You can become a data scientist when you improve your skills and experience levels. The role requires you to use advanced techniques to provide insights and build models that predict future trends. Some analysts specialise in various subject areas like medicine, business or finance. You can join management roles or become a consultant when you have high-level expertise.
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advantages of finding an analyst job through randstad
Finding your analyst job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as an analyst is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
education and skills
Some of the academic qualifications for analysts include:
- university: 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 conversion postgraduate degree in a relevant field.
- college: a T Level 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.
- apprenticeship: start your career through a data technician advanced apprenticeship. When you finish, you can become a junior data analyst. If you want to specialise in data analytics, you will find data scientist degree apprenticeship programmes.
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 or 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 also crucial for writing 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
FAQs about working as an analyst
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what are the most common challenges of working as an analyst?
Analysts must be capable of thriving in fast-paced environments where new challenges, like conflicts with stakeholders and changing requirements or business needs, constantly arise. Undocumented processes can become problematic when requirements differ for each person. The created specifications may also not satisfy the needs of the development team.
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is it stressful to work as a financial analyst?
Financial analysts typically work closely with their team in high-stress situations to meet constant challenges. The position can come with high levels of stress and long work hours, but it depends on the type of analyst and organisation to determine how stressful work is day-to-day.
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what are the differences between a business analyst and a data analyst?
Business analysts evaluate an organisation's problems through a business lens and emphasise industry trends. The work that data analysts do is used to make business decisions, but their focus is more on the data.
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what exactly do analysts do?
As an analyst, you gather and interpret data collected by the company to find ways to improve processes and optimise revenue.
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how do I apply for an analyst vacancy?
Applying for an analyst job is easy: create a Randstad profile and search our analyst job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
