What is Data Analytics?
Data analytics is the set of techniques used to analyze raw data (unprocessed data) in order to extract relevant information, trends, and insights. This process includes collecting data, organizing it, and storing it, then performing statistical analysis on the data. Once the information is collected, conclusions can be drawn from it, which can be used for problem-solving, business processing, decision-making, and predictions that can inform what a company’s next steps should be. This process relies on disciplines like mathematics, statistics, and computer programming.
The Current State of Data Analytics
Data Analysts are in high demand across all fields as companies expand their analytic capabilities to keep up with the ever-growing stream of data that must be processed and analyzed. Cloud computing, along with mobile data traffic and AI technologies, is part of a rapid expansion not only of the volume of data that has to be stored and processed but also its complexity.
In most corporations, the job of a Data Analyst is growing more complex, as new modeling and prescriptive analytic techniques are becoming more mainstream for analysis. The integration of machine learning provides Data Analysts with helpful ways to automate and streamline tasks, but also means that those working with big data must wear many hats to provide their company with the most meaningful insights from the data.
Why is Data Analytics a Good Career Path?
In addition to competitive salary rates, there are many other reasons people are gravitating toward a career in data analytics:
- Since Data Analysts are one of the most sought-after professions around the globe, even entry-level positions offer great perks, such as good benefits or stock options.
- Data Analysts are decision-makers. They analyze and make sense of data in order to help companies make important business decisions. Many candidates find this profession to be empowering for this reason.
- The skills necessary to be a successful Data Analysts, such as Python training and experience creating data visualizations, are transferable skills that can also be used in other industries.
- Skilled Data Analysts are not only great with numbers, but they are effective communicators as well. If you are looking to work in a profession where you will collaborate regularly with others, and have a chance to communicate findings to both internal as well as external stakeholders, this is a great profession to consider.
- It’s becoming increasingly rare to find a business that doesn’t invest in data-driven analytics. In order to remain competitive in 2022, investing in employees who can work with big data is essential for most businesses around the globe.
- A career in data analytics is a great way to improve on math skills like numerical analysis, linear algebra, and applied statistics. In addition, Data Analysts also commonly rely on other skill-sets as well, such as business intelligence, marketing, sales, or finance. Working in this field is a great way to become a well-rounded, marketable employee well-versed in a variety of skills.
Job Prospects for Data Analysts
Many exciting and high-paying career opportunities are currently available for aspiring Data Analysts. So far in 2022, the number-one-ranked job in America is Information Security Analyst. Market Research Analysts, Operations Research Analyst, and Management Analysts are all ranked in the top 20. The popularity of data-related careers is likely to continue to increase in the near future. The Global Big Data Analytics Market is expected to be worth $105 billion by 2027, which reflects a more than 12% growth from 2019 to 2027. Now is a great time to enter the field of data analytics.
Typical Pay for Data Analysts
In the U.S., the average pay for a Data Analyst is approximately $63K. However, this rate varies drastically and is contingent on certain factors.
Depending on the industry, pay rates can vary significantly. For example, in 2021, some of the highest-paying jobs in data analytics offered salaries nearly double this national average. Quantitative Analysts made about $121K, Data Architects earned $133K, and Database Administrators could expect a yearly salary of $140K. Many factors affect salary rates for Data Analysts, such as:
- Location: The location of a company is a contributing factor to pay rate. For example, companies located in major cities or tech hubs often offer more competitive pay rates for employees. In these places, however, the cost of living tends to be higher.
- Experience: Similar to any other profession, years of training/background working with coding languages and software, as well as work experience, are factored into salary rates for Data Analysts.
- Supply & demand: Data analytics careers that are in-demand tend to pay employees more.
- Company size: Generally speaking, larger companies pay their Data Analysts higher salaries than smaller organizations because they have a larger budget for working with data. However, it's important to note that working for a large company can be a more demanding and fast-paced environment than it would be in a smaller company.
Job Outlook for Data Analysts
The Bureau of Labor and Statistics expects the number of hired Operations and Research Analysts to grow by 25% during the decade from 2020 to 2030 (this number includes Data Analysts.). This represents a much sharper increase than the average for other professions. During this decade, it’s projected that there will be more than 10,000 openings for qualified Data Analysts. While some of these spots will likely be for candidates to fill new roles informed by AI technology and machine learning, others will be openings created by workers who transfer to other careers or retire from their current roles.
Metropolitan cities are projected to be where most data analytics job openings will be in the next few years. Cities such as Chicago, Los Angeles, Dallas-Fort Worth, Washington, D.C., and New York City are just a few hubs where job prospects are expected to be quite good for qualified Data Analysts. Because many companies are still struggling to find qualified applicants to fill openings due to the talent shortage, job prospects are expected to continue to be strong in data analytics throughout the next decade.
Hands-On Data Analytics Classes
The best way to learn about the current best practices, trends, and industry-standard software and tools in data analytics is to consider enrolling in one of Noble Desktop’s data analytics classes. Courses are offered in New York City, as well as in the live online format in topics like Python, Excel, and SQL.
In addition, more than 170 live online data analytics courses are also available from top providers. Topics offered include FinTech, Excel for Business, and Tableau, among others. Courses range from three hours to nine months and cost from $229 to $60,229.
Those who wish to study in an intensive educational environment may also consider enrolling in a data analytics or data science bootcamp. These rigorous courses are taught by industry experts and provide timely, small-class instruction. Over 100 bootcamp options are available for beginners, intermediate, and advanced students looking to master skills and topics like data analytics, data visualization, data science, and Python, among others.
Are you searching for a data analytics class near you? If so, Noble’s Data Analytics Classes Near Me tool provides an easy way to locate and browse approximately 400 data analytics classes currently offered in in-person and live online formats. Course lengths vary from three hours to nine months and cost $119-$60,229.