If you can take an internship as part of your bachelor’s degree, it’s a great way of gaining relevant on-the-job experience. Other options include entry-level positions such as a research assistant or a position in finance. In this article, you’ll learn more about the role of a research analyst, including duties and responsibilities, salary, and job outlook. With our steps below, you’ll learn how to become a research analyst and the various positions that may interest you. An experienced research analyst has some of the most portable skills in the job market today.
Understand the Job Description
Getting the proper training and mastering the necessary skills to be a research analyst is critical for both landing an analyst job and succeeding in it. Many analysts get their formal training at a university or through studying to obtain a professional designation like the FMVA (Financial Modeling Valuation Analyst) certification program that we offer here at CFI. Although some RAs do mainly quantitative analysis (financial extrapolation, amassing and analyzing of statistical data, etc.), the qualitative methods that are the concentration of our program have a more human focus.
Yes, you should consider a career as a research analyst, especially if you have strong math, statistics, and analytical skills. The job outlook for these professionals is promising, with the job demand set to increase over the next decade. You will have a wide range of employment opportunities and a higher-than-average annual salary to look forward to. Using mathematical and statistical models, these professionals analyze data to find patterns that might reveal business opportunities. After the analytical process, they compile their findings in reports and presentations to facilitate decision-making by stakeholders. Because the job pays well and requires little interaction with clients, we consider the research analyst position to be one of the best non-customer-facing jobs.
A bachelor’s degree in a business-related subject, math, economics, or social science is typically the entry point to work as a research analyst, with some employers asking for a master’s degree. According to Zippia, 70 percent of research analysts have a bachelor’s degree, with a further 18 percent going on to study for a master’s degree [1]. The most popular majors are business, finance, economics, and political science [1]. As a research analyst, you are highly skilled in math and statistics and have a good understanding of business and consumer behavior. This skill set comes with a range of education and experience, as well as an understanding of your industry.
Research Analyst Skills
A research analyst is a professional who prepares investigative reports on securities or assets for in-house or client use. Other titles for this function include securities analyst, investment analyst, equity analyst, rating analyst, or simply “analyst.” There is a growing recognition of the importance of data-driven decision-making in enhancing business efficiency, competitiveness, and innovation. This emphasizes the role of Research Analysts in providing insights and recommendations.
What does the typical career progression look like for Research Analysts?
This has increased the need for analysts who can use these technologies effectively. Yes, you can study to become a research analyst from home, either by taking the best data analytics courses online, enrolling in an online bootcamp, or finding an online degree program. As long as the program you find is available in your area and well-reviewed, you can learn research analysis a few hours at a time, in between other tasks. The US Bureau of Labor Statistics (BLS) estimates that the job prospects for market research analysts will improve by 22 percent over the next decade as demand for related services increases. This means that you are likely to enjoy many employment opportunities in this role. A research analyst’s job involves transforming raw data into actionable insights on behalf of a company or organization.
You should consider earning a Bachelor’s or Master’s Degree in Marketing, Math, Statistics, Business Administration, Data Science, or Market Research. Most research analyst positions require candidates to have a degree in one of these fields. However, some positions might require more advanced education, such as a master’s degree, which takes two to three years to complete. There are plenty of reasons why you should consider pursuing a career as a research analyst.
The versatility of this field means that there are several types of research analyst careers. These professionals can work in many sectors, including healthcare, technology, marketing, finance, government, what is research analyst and management, among others. Market research and statistical data are important tools for companies today.
- The global nature of business today means that companies often require analysts who understand international markets and can analyze data from diverse sources.
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- The purpose of a typical report is to interpret data and explain it to stakeholders from a business perspective.
- Professionals who have advanced research skills, such as extensive knowledge of fundamental analysis, can pursue opportunities in all sectors of the investment industry.
The best way to become a research analyst is by earning a Bachelor’s or Master’s Degree in Business Administration, Math, Statistics, or a related field. Employers typically prefer candidates with undergraduate degrees from universities, whether that be a prestigious private university like Harvard or a respected state college like Penn State. As a research analyst, you need to be able to work with data using several statistical and mathematical models. Buy-side analysts will determine how promising an investment seems and how well it coincides with the fund’s investment strategy. Sell-side analysts are those who issue recommendations of “strong buy,” “outperform,” “neutral,” or “sell.”
How to Prepare for Your Research Analyst Job Interview
As an important cog in the investment industry, they draw insights from financial data and send their reports to investment firms. They examine bonds, stocks, securities, and other financial instruments to help businesses make informed decisions about spending money to make a profit. A research analyst’s job requirements vary across different industries and organizations. However, you need strong math and statistical skills to work in related positions. Research analysts often work in the financial industry for banks, insurance companies, private equity, and asset management firms. However, you can also work in the finance departments for a range of industries, including health care, manufacturing, marketing, aviation, public policy, technology, government, and many more.
There is a broad range of industries and companies that hire analysts to perform research. You can refine your search by specifying a geographic location, industry, company size, or other criteria. You can then easily apply for positions directly through LinkedIn, and also check to see if you have any 1st, 2nd, or 3rd-degree LinkedIn connections at the company. One of the best ways to find job opportunities for analysts is by using the LinkedIn “job search” function and generating a list of research analyst jobs on LinkedIn. There are several key skills you should have in order to be successful in the field of research analysis.
It’s possible to narrow the differences between research analysts and financial analysts. Generally speaking, financial analysts focus on analyzing investments and market performance. They rely on a fundamental understanding of business valuation and economic principles to create reports and make recommendations; they are the behind-the-scenes experts. Research analysts occupy a less prescriptive role than financial analysts.
For example, if you plan to work for a retail company, experience in customer service or as a retail assistant may also be beneficial. For those inspired by the potential of this dynamic field and seeking to advance their skills or pivot their career path, the Data Analyst Masters course offered by Simplilearn emerges as a compelling option. This program will equip you with the necessary tools, techniques, and knowledge to excel in data analysis.