“We cannot solve our problems with the same thinking we used when we created them.”
-Albert Einstein
The role of analysts, irrespective of the industry backdrop, is an important one.
Owing to the needs of businesses and services to steadily level up their standards, it’s safe to say that analysts are the liaisons who support such advancement.
They decipher data that is used as the basis for formulating new procedures, business models, systems, and services that facilitate growth and development.
Many companies also hire analysts to monitor and optimize the goals of the organization.
Whether you are just starting your career or have already made quite the progress in your vocation, you can become an analyst in any phase of your professional trajectory.
That is, iif you possess the right skills and a keen interest in the work of an analyst.
So what is an analyst job description?
Well, in this article, you will find the answer to that question and also get clarity on the following topics that are related to the analyst job description:
- Analyst job description and salary
- Analyst roles and responsibilities based on experience level
- The must-have skills of an analyst
- The different types of analysts based on varying industries
- Financial analyst job description and salary
- Budget analyst job description and salary
- Analyst certifications that you can take
Analyst job description and salary
Depending upon the domain of the industry, analysts focus on identifying and resolving organizational or technical problems by analyzing business models, processes, and systems.
Analysts need to have a comprehensive understanding of the goals and objectives of the organization and programs to align their work with the company’s vision.
The work done by analysts influences the potency and efficiency of the daily operations of the company which aids the organization’s growth and development in the long run.
Source: ScienceSoft
According to Glassdoor, the average salary of an analyst in the US is $72,818 per annum.
However, the figure changes according to the candidate’s experience level, location, company, and industry.
Junior Analyst Salary
As an entry-level or junior analyst, you can earn a median salary that can range from $44,834 to $60,994 per year. While the average hourly rate for analysts in the US is $28.
Generally, analysts who work in the IT industry are paid the highest.
Take a look at the yearly salaries offered by a few of the US-based multinational companies for junior analysts:
| COMPANY | SALARY |
|---|---|
| Covenant Review | $52,171 |
| Lehman Brothers | $75,812 |
| The Carlyle Group | $71,947 |
Senior Analyst Salary
The average base pay of a senior analyst in the US is $87,999 per annum and their hourly wage can range between $43 to $61.
With a steady dedication to your work, you can become a senior analyst after acquiring 4 to 5 years of rich experience in the industry.
| COMPANY | SALARY |
|---|---|
| Accenture | $86,051 |
| AT&T | $93,517 |
| Deloitte | $81,998 |
What is the Role of an Analyst?
The roles and responsibilities of analysts change according to the seniority level of the candidate.
While analysts with 5 to 6 years of work experience have more authority and deal with the overall management, junior analysts are usually part of a team and assist the senior analysts in formulating new procedures and so on.
Some of the generalized duties of a senior analyst are:
- Carrying out in-depth research on the industry trends by using open data sources
- Facilitating proper communication between the various departments of the organization
- Summoning and purchasing private data sources for analysis
- Generating and delivering user-friendly reports based on the compiled data
- Formulating data-backed suggestions to improve processes and systems
- Identifying various areas of improvement and growth to improve business performance
- Using data mining tools to compile data for research
- Assigning and reviewing work schedules of analyst team members
- Collaborating with IT teams to create tools for data analysis
- Ensuring proper implementation of the new changes throughout the organization
- Serving as a technical adept to oversee the program life cycle
- Providing valuable input to resolve complex issues whilst formulating a strategic course of action for systems/organizational development
As for the role of a junior analyst, have a look at the typical example of a junior analyst job description:
What are Analysts Skills?
In order to competently perform their duties, analysts must possess a combination of key skills.
While the requirements of skills may change based on the industry, analysts must overall have strong analytical and communication skills.
Analyst Job Profiles Based on Different Industries
As stated earlier, an analyst's job description changes according to the industry domain.
The changes are not just limited to the job description but also extend to the education prerequisites, and skill requirements.
Financial Analyst Job Description and Salary
The chief responsibility of a financial analyst in a company is to mitigate financial risks and optimize the usage of funds.
They perform a meticulous analysis of marketplace trends and economic factors to assist the company in making smart financial investments and mergers.
As a financial analyst, you must have a good grasp of the monetary goals of the company to competently align your efforts to achieve the said goals.
As for the salary of a financial analyst in the US, you can expect to earn a median wage of $81,590 per annum.
In 2019, the highest paid 25% of financial analysts made a hefty amount of $109,330, while 25% of lowest paid FAs made $61,850 that year.
Responsibilities of a Financial Analyst
- Make financial forecasting and create monetary reports
- Analyze market trends and historical data to create financial models that support the organization’s decisions
- Compile and generate reports based on the financial performance of the company
- Formulate strategic recommendations for improving fund allocation and budget management
- Coordinate with the accounting team to ensure accurate financial delegations
- Evaluate fund performance to ensure optimum efficiency
- Perform data mining and market research for identifying the latest industry trends that can save company funds
Education Requirements and Skills of a Financial Analyst
The minimum qualification required to become a financial analyst is a bachelor’s degree in finance or any other related field.
Although, having prior work experience, certification, and training will always give you an edge over other candidates.
Source: Wall Street Mojo
Budget Analyst Job Description
As the name suggests, budget analysts are part of a company’s financial team whose primary role is to optimize budget management.
They help businesses and corporations in both private and government sectors to determine costs and analyze data to make crucial improvements in budget proposals and fundings.
Some of the responsibilities of a budget analyst include:
- Assessing budget propositions and funding requests
- Coordinating with project/program managers to formulate a budget
- Performing cost-benefit inspection to calculate the value
- Reviewing budget proposals for accuracy and compliance with regulations
- Supervising expenditures to ensure proper fund utilization
- Estimating and foreseeing future monetary needs
Typical Requirements of a Budget Analyst
Budget analysts are required to have a bachelor’s degree or a master’s degree in a related field.
If you want to work in the government sector as a budget analyst, you can acquire the CGFM (Certified Government Financial Manager) credential to boost your chances of employment.
Apart from being good with numbers, budget analysts must also possess strong analytical skills along with excellent communication skills.
They must be competent with SAP Enterprise Resource Planning (ERP) along with tools and software like AccountEdge, AccuFund Accounting Suite, BOARD, etc. which are commonly used by budget analysts.
Budget Analyst Salary
According to the U.S. Bureau of Labor Statistics, the median pay of a budget analyst was recorded to be $78,970 in a year and $38 per hour.
Source: PayScale
Some of the US cities with the highest pay scales for budget analysts include Arlington VA, Washington DC, and Fort Belvoir VA among others.
Analyst Certifications that You can Take
If you lack prior work experience as an analyst, consider getting certified by taking in-demand analyst courses such as:
- Certified Analytics Professional (CAP)
- Entry Certificate in Business Analysis (ECBA)
- Certification of Competency in Business Analysis (CCBA)
- Certified Business Analysis Professional (CBAP)
- Agile Analysis Certification (AAC)
- Certification in Business Data Analytics (CBDA)
- Certified Foundation Level Business Analyst (CFLBA)
- Business Analyst Masters Program
- Microsoft Certified Solutions Expert (MCSE): Data Management and Analytics
- Cloudera Certified Associate (CCA) Data Analyst
- SAS Certified Data Scientist
- EMC Proven Professional Data Scientist Associate (EMCDSA)
Although being certified is not mandatory, it gives an edge over the other candidates.
Key Pointers from the Blog
- Analyst job description includes analyzing data for formulating new procedures, business models, systems, and services that facilitate growth and development
- Analysts need to have a comprehensive understanding of the goals and objectives of the organization and programs to align their work with the company’s vision
- The average salary of an analyst in the US is $72,818 per annum which can change based on the company, industry, skills, and location of the candidate
- A junior analyst earns an average hourly wage of $28 in the US while the senior analyst can make up to $61 per hour
- Senior analysts provide valuable input to resolve complex issues whilst formulating a strategic course of action for systems/organizational development
- Analysts must possess strong analytical and communication skills
- The chief responsibility of a financial analyst in a company is to mitigate financial risks and optimize the usage of funds
- Budget analysts help corporations to determine costs and analyze data to make crucial improvements in budget proposals and fundings
After getting through the Analyst job description, you will have to frame a professional analyst resume to bag the targeted analyst job.You can use Hiration's Career Building Platform to build your resumes and cover letters. You will get 24/7 chat support at this platform aimed to solve your problems without wasting time. Moreover, you can also consult your career-related queries with our experts at support@hiration.com.
