The scope of a career as a research analyst is to analyze the revenue, cost, profits and general direction of a company. The work of a research analyst can be very interesting and varied from collecting data on competitive companies, conducting analyses on the economics of a company for capital raising endeavors or supporting external mergers and acquisitions consultants on their due diligence process. It requires analytical skills with fluency in Excel and business acumen. You have done considerable research about what you want to do, but oddly enough, it still feels really vague. You are feeling fairly certain that you want to be in the financial field – however, your passion is to one day be researching. Where does this leave you?
What is a Research Analyst?
- Research Analyst is a job role in the area of Market Research and Business Intelligence (BI) whose main aim is to identify and assess market opportunities for innovation and growth, providing commercial insights and support on key company decisions on priority targets.
- Research analysts are in-depth information professionals who specialize in deriving and disseminating meaningful information from a wide range of sources. Their different backgrounds make them uniquely suited to break down complex themes such as strategies, opportunities, and risks for an organization or an industry.
- A research analyst is responsible for researching and analyzing data to find information, trends or insights that lack visibility. This can involve various levels of security clearance depending on the type of company the business analyst supports.
- The main job responsibilities include performing audits to uncover wrongdoing in a variety of functions. The analyses are often written in reports that are distributed internally to appropriate departments in an organizations.
What is the salary of a Research Analyst?
- Research analysts’s salary typically varies with their years of experience and the location they choose to work in.
- Entry-level data analyst positions that require an undergraduate degree will not pay as much as those requiring graduate degrees such as a MS, MBA, or PhD.
- Research Analyst salaries depend on things like industry, where you work and the size of the company that you work for.
Working hours and working environment of a Research Analyst
- A typical day for a research analyst consists of working indoors in front of a computer, or traveling to client meetings and evaluating the client’s business competitiveness.
- It may also involve recruiting new potential clients by designing offers that best suit their needs.
- Research analysts are heavily involved with the client, some more than others. For stricter projects, it can require 24/7 contact with the client while some retail-based companies might have the research analyst only communicate during normal business hours.
Is this career for you?
- Research analysts usually have a degree related to research. Research individuals are either taught the theory of future trends, statistics, psychology, engineering or sciences.
- Research analysts are also concerned with data analytics and looking for patterns in surveys data.
It is worth considering if it might be something you enjoy doing?
- A Research Analyst can land jobs at different companies or industries, but generally works to compile data and analyze the information by finding patterns that may be useful for clients.
- A successful Research Analyst will need to be innovative and creative with the ability to easily translate findings into understandable visuals.
- Strong analytical skills are key as well as strong written and oral communication abilities.
- Research Analyst is a general term that can be applied to many different types of jobs in which the analyst will usually be gathering and analyzing data.
- Research analysts use their expertise, education and natural curiosity to look for trends in public opinion or they might compile reports about particular topics such as housing, poverty, educational attainment or labor statistics. That knowledge gives them an edge when it comes to interpreting meaning from data.
Job prospects and future scope
Today’s research analyst will analyze data for your business systems, create and present new knowledge to individuals and businesses. Depending on the type of company, research analysts can work in product development, marketing, or any organizational area of study. The International Data Corporation projected that by 2020 there will be a shortage of 250,000+ positions for IT related positions. If you decide to go into this industry- do not be discouraged by possible skill shortages: demand is always outweighed by supply after all!
Wrap Up
Working in the research analyst profession has many advantages in terms of prospects for promotions in the future. Research Analyst is a demanding, exciting, easy to learn but difficult to master profession. It is the knowledge of various areas that makes them successful. Research Analyst can be part of Private or Public sector – either way if they are committed to knowledge, Research Analysts will never fear job insecurity. For anyone who is looking for a career change, this might be worth considering.
