Estimates published by the World Economic Forum show that our data-driven world is set to create 463 exabytes of data every single day by 2025. With so much data already being generated through tweets, emails, internet searches, and the use of connected apps, there’s a wealth of information available to anyone with the know-how to unearth and make sense of it.
It comes as no surprise, then, that companies are increasingly finding data analysts indispensable. LinkedIn has found that data science jobs are booming, even replacing the roles of statisticians in some industries.
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Indeed, with the world growing more reliant on data, many new career paths have opened for aspiring data analysts. And here are some of the best paths available, and how to ensure that you’re prepared for the job:
With the Bureau of Labor Statistics estimating a 5% growth in the number of jobs for financial analysts from 2019 to 2029, the outlook for financial analysts is extremely positive. Tasked with guiding businesses and individuals alike with decisions that would help them turn a profit, financial analysts gather data, analyze historical results, and make forecasts and projections to ensure that clients are always well-informed. Common forecasting methods include the use of regression analysis and year-over-year growth rates, and knowledge in financial modeling is also necessary. A career as a financial analyst typically only requires a Bachelor’s degree, but certifications will help you thrive in the role.
Big Data Engineer
You’d be hard-pressed to find a business that doesn’t recognize the importance of Big Data and how to wield it, and professionals able to create systems that can digest great loads of information are extremely valuable. One of the top careers in data analytics, big data engineers create and evaluate big data solutions for organizations, developing data processing systems that help turn information into actionable insights. However, this means that big data engineers need more than just data analytics experience, but experience with creating software, too. An extensive understanding of various programming languages and database systems is necessary, as this gives you the adaptability that modern businesses require.
Market Research Analyst
Personalized, targeted advertising has been one of the most obvious applications of Big Data, and we have market research analysts to thank for that. Data scientists in marketing analyst roles are tasked with assessing consumer preferences and spending habits to help businesses effectively tailor their advertising and successfully market their products. Marketing analysts must be able to identify and interpret industry trends and stay ahead of the curve. The role typically requires a Bachelor’s degree, experience with statistical software platforms like SPSS, and the ability to multitask.
Dealing less with presenting data and more with acting on it themselves, logistics managers play important roles in supply chain management. Most logisticians work for large shipping firms or international distribution companies to organize, schedule and manage the distribution of materials from supplier to consumer. With the supply chain resting on their shoulders, logistics managers must possess excellent time management skills, organization, and good interpersonal skills. Critical thinking is also necessary, as the role will often require the quick deployment of solutions to ensure that the supply chain is uninterrupted.
Businesses often rely on past data to determine how to improve their processes and boost efficiency throughout the entire organization. As such, careers for management analysts have continued to grow in recent years. Management analysts find ways to improve an organization’s processes by collecting and analyzing data on how the company works and recommending changes that will lead to lowered costs or improved revenues. Although often only requiring a Bachelor’s degree, businesses will be more likely to hire candidates with Master’s degrees in Business Administration, or proven experience working with companies to improve efficiency. Interpersonal skills, critical thinking, and presentation skills are all necessary for success.
Of course, no matter what career path you choose to follow, you’ll need some essential math skills like discrete math, calculus, and statistics to be able to succeed as a data analyst. With the data analytics industry rapidly growing, now’s the perfect time to upskill and prepare yourself for the exciting road ahead.
Exclusively written for laconicml.com
by Julia Bexley