You might find opportunities to improve your career in a few different directions as you gain expertise as a data analyst. You might advance into data science, management, consultancy, or a more specialised data career, depending on your objectives and interests.
Financial Analyst, Credit Analyst, Business Analyst
The most common classification for data analysts is typically the financial analyst category. Business analysts, management analysts, and a wide range of various kinds of investment analysts can all play a part in this kind of function.
Big Data Specialist
The uses of data are changing along with the corporate world, with machine learning, big data analysis, and big data technologies displaying some of the top growth sectors. These big data technologies are increasingly being incorporated into data analysis programmes at prestigious universities in the United States and around the globe.
Management reporting: Provides management with data analytics on operational business processes. Corporate strategy analyst: this kind of position will prioritise data analysis across the entire organisation and provide management with strategic direction. The focus of this position might also include mergers and acquisitions. Analysts that study employee compensation and benefit data are typically employed by human resources departments. Budget analyst: specialises on reporting and analysis of a certain budget. Analyses data from individuals, businesses, and industries to make recommendations about insurance plans. In order to generate probability tables, risk forecasts, and liability plans for insurance companies, actuaries study mortality, accident, sickness, disability, and retirement rates.
Social Media Data Analyst & Digital Web Analytics
These roles thoroughly examine a dashboard of analytics related to a certain website, topic, or page. Sales data that supports, enhances, or optimises the sales process is the focus of sales analytics.
Fraud & Credit Analyst
Fraud and credit analyst analyses fraud data, monitors credit risk, approves loans, and analyses loans. The credit market has a wide range of needs for analytics and information science. Data is essential to the development, monitoring, and advancement of the technologies and services that social media platforms rely on.
Machine learning & Data scientist
A newer approach called machine learning involves teaching computers to make cognitive judgments. Data preparation, data feeds, result analysis, and other tasks are just a few of the things that machine learning analysts may work on. Data analysts are the first step for many data scientists. Typically, making this shift entails developing your programming abilities and studying more difficult maths.
Consultant and Management
Going into management is another typical job route for data analysts. Before becoming a senior-level analyst, analytics manager, director of analytics, or even chief data officer, you might begin as a data analyst (CDO).
After working for a company (or several different companies) for a number of years, you might think about becoming a data analytics consultant. As a freelance contractor or for a consulting company, you would carry out analysis for many clients rather than working directly for a company.
If you’re interested in pursuing this path, you’ll want to focus on developing your leadership skills alongside your data skills. In some companies, a master’s degree in data analytics or business administration with a focus on data analytics might be required to attain these higher-level positions. Working as a consultant often means more variety in the type of analysis you’re performing, as well as greater flexibility (particularly if you’re self-employed).