Are you a fresh graduate or a young professional looking for a career with good earning potential? If yes, then a data analyst's job and salary may surprise you!
With the exponential growth of data-driven industries in India, data analysts are in high demand and command competitive salaries across diverse sectors. In this detailed guide, you will gain insights into the world of data analysis, including career growth opportunities.
Understanding the Role of Data Analysts
Data analysts are professionals who use statistical tools and techniques to derive insights from data. They help organisations make informed decisions based on data analysis and interpretation.
To succeed as a data analyst, you need a mix of technical skills such as database query languages (SQL), statistical programming languages (R and Python), data visualisation tools (Tableau and QlikView), analytical thinking ability, and domain knowledge.
Industries such as finance, healthcare, and e-commerce rely heavily on data analysts to drive their business strategies.
- Healthcare organisations utilise big data analytics to optimise patient care by collecting clinical statistics from electronic medical records. Healthcare data analysts extract meaningful insights from these statistics using advanced algorithms to detect patterns.
- E-commerce Data analysts evaluate customer behaviour patterns by scrutinising clickstream activity. They also assess sales trends by examining sales transactions and site traffic revenue streams.
- Data analysts in the finance sector are responsible for generating reports that summarise financial information. They analyse financial data with statistical analyses such as regression analysis and time-series modelling.
Salaries of Data Analysts
An essential aspect of selecting your career path is understanding its earning potential. Data analytics is a lucrative field with multiple growth opportunities and high earning potential in India.
The salaries of data analysts vary based on their experience, industry specialisation, and company size. Here is an overview of the salary norms in the industry.
Entry-Level Salaries
As an entry-level professional in data analytics, you can expect to earn between ₹3 to ₹8 lakhs per annum. The average starting salary for a fresher in this field is around ₹4 to ₹5 lakhs per annum.
- Financial data analysts earn an average salary of ₹4 to ₹8 lakhs per annum at the entry-level stage.
- The salary of a healthcare data analyst ranges between ₹3 to ₹6 lakhs per annum at the entry-level stage.
- Entry-level salaries for e-commerce data analysts range from INR 4 lakhs to INR 6 lakhs per annum.
Experienced professionals' salaries
As you gain more work experience and expertise in your role as a data analyst, your salary will increase.
- Established professionals in this field earn an average salary of around ₹14-16 lakhs per year.
- Financial organisations pay one of the highest salaries, with experienced professionals earning roughly ₹18 lakhs annually.
- E-commerce companies also offer high-paying jobs, with an average salary of around ₹16 lakhs per year.
- Consulting firms pay the highest in this industry, with the average salary for mid- and senior-level data analysts ranging between ₹14 lakhs and ₹20 lakhs and above.
Factors Affecting salaries
The earning potential of data analysts varies based on several factors; one crucial factor is location. In cities like Bangalore, Delhi-NCR, Pune, or Mumbai, companies pay higher compensation packages than in other places.
Similarly, your earning potential also depends on the industry specialisation you choose and the size of the company you work for.
Comparison of average salaries in different cities
Specialisations that affect data analyst salaries
Data analysts' salaries can differ depending on their industry specialisation, such as marketing analytics or business intelligence. Here are some of the specialisations that can affect data analysts' salaries:
1. Marketing analytics
Marketing data analysts use big data techniques to enhance marketing campaigns. They use tools like Google Analytics and Excel to evaluate sales trends, website traffic, and customer behaviour patterns.
2. Business intelligence
Business intelligence (BI) data analysts evaluate vast amounts of data to generate insights for companies' strategic planning and decision-making processes. Their role includes collecting data from various sources and developing dashboards and reports to summarise findings.
3. Healthcare analytics
Healthcare data analysts analyse clinical patient data using statistical modelling to improve patient outcomes and operational efficiency for healthcare providers.
Understanding Job Potential for Data Analysts
With more companies now embracing big data analytics, the need for experienced professionals who can extract insights from vast amounts of data is on the rise.
Industry Trends
The job market trends indicate that there will be a massive requirement for skilled data analysts in different industries such as finance, healthcare, and e-commerce. According to industry experts, by 2025, India will require over 1 lakh skilled data analysts.
Companies Hiring Data Analysts
Several Indian and multinational companies hire skilled data analysts across diverse industries such as healthcare, finance, retail, e-commerce, and consulting firms. Some of the top employers hiring data analysts include Deloitte Consulting India Pvt. Ltd., Accenture Inc., Amazon, Ernst & Young LLP (EY), TCS, etc.
Education and Upskilling Options
Aspiring data analysts can pursue a degree in mathematics, statistics, or computer science. Various institutions offer certification courses to help students acquire the analytical skills required by employers.
Professionals can upskill themselves with online courses. WIZR offers financing options to young professionals seeking career-focused upskilling and certification programmes.
Kickstart your career now!
As companies increasingly rely on data to make informed decisions, demand for data analysts continues to grow rapidly. If you're looking to pursue a career in data analytics or upskill yourself in this field, consider WIZR as your reliable ed-tech partner.
FAQs
1. What are some emerging industries hiring data analysts?
Sectors like logistics and communications are beginning to adopt big-data analytics, which will create new opportunities for skilled professionals.
2. Are there well-paying freelance work options for data analysts?
Yes! Several companies outsource their data analysis work to freelancers. You can find freelance opportunities on various job websites.
3. Who earns more: a data analyst or a business analyst?
The average salary of a business analyst is slightly higher than that of a data analyst. However, the two roles require different skill sets and have different job responsibilities.
4. Can I upskill while doing a job as a data analyst?
Yes! WIZR offers guidance on part-time online courses that allow you to upskill while working full-time as a data analyst. These courses are designed to help you gain new, in-demand skills and advance your career.
