Data analysts are in high demand across industries and sectors, and earning a graduate-level degree in data analytics can open doors to advanced leadership and technical roles in our data-driven economy. Dive into the details of data analytics as we outline the technical skills needed for professional positions and examine 15 popular data analytics career paths.
What Is Data Analytics?
Data analytics is the practice of collecting raw data and various different methods of evaluation to glean information from it. Data analysts are responsible for:
- Data collection and integrity
- Data analysis and management
- Reporting
- Data visualization
- Database management
- Predictive modeling and forecasting
- Ongoing professional development and learning
Businesses, governments, and other organizations leverage data analysis for decision-making and forecasting purposes. A data analyst provides a wealth of information to business leaders, helping them make decisions designed to improve operational efficiency, maximize profits, and achieve business goals.
Essential Skills for a Data Analytics Professional
Embarking on a successful career in data analytics calls for several different types of skills related to technical proficiencies, interpersonal skills, and business acumen.
- Statistical analysis – Use numerous mathematical methods and machine learning algorithms to analyze data and extract information.
- Programming skills – Programming skills, such as proficiency in programming languages, are highly beneficial for automating tasks and visualizing data.
- Data visualization – Data analysts must be able to create visual representations of data to help communicate findings like information, insights, and trends to decision-makers.
- Critical thinking – This is vital to data analysis, as the processes require an individual to analyze, synthesize, and evaluate large datasets to gain useful insights.
- Communication – In addition to communicating findings, data analysts should articulate complicated ideas and present data clearly so that business leaders and stakeholders understand and can use the information to make strategic decisions.
- Problem-solving – Data analysts must be able to think through problems to find solutions. From identifying and storing relevant data to determining the best method for analyzing and using it, these analysts commonly encounter challenges and need a broad knowledge base they can draw from to find practical solutions.
- Attention to detail – Accurate, reliable data analysis relies on thorough and accurate data. Getting the details right can make a big difference in the usefulness of a data analyst’s findings.
Career Outlook for Professionals in Data Analytics
The data analytics industry is experiencing notable growth. As more organizations adopt data analysis and predictive analytics in their business models and strategies, the practice is becoming increasingly necessary to remain competitive in their markets. This has placed analytics professionals with advanced degrees in high demand.
The United States Bureau of Labor Statistics (BLS) predicts a positive employment outlook across various analytics positions, which accompany strong salaries frequently in the six-figure range. For example:
- Management analysts can expect an 11% growth rate from 2023 to 2033 and median annual salaries of $101,190 (as of 2024).
- Financial analysts can expect a 9% growth rate and a median annual wage of about $101,910.
- Operations research analysts can expect a 23% growth rate and median annual earnings of $91,290.
Read on below to explore specific job responsibilities for these roles and more.
What Can You Do With a Data Analytics Degree?
Positions within the realm of data analytics typically require or strongly prefer candidates with a master’s degree in data analytics who possess a strong command of high-level technical skills along with advanced expertise. Keep in mind that certain roles may require additional certificates or certifications, plus a specific type or amount of experience, alongside a formal degree.
Take a look at the following examples of data analytics careers and the roles and responsibilities of each:
- Develop algorithms.
- Mine data.
- Automate tasks.
- Identify patterns.
- Recognize anomalies.
- Build advanced predictive models for projecting future trends.
Quantitative Analyst (Quant)
Also called “quants,” quantitative analysts typically work in the finance and insurance industries. They use coding skills in mathematics and statistics to analyze financial data and provide information regarding risk management, pricing strategies, and investments.
Machine Learning Engineer
Machine learning engineers have extensive skills in both data analytics and programming. They bridge the divide between software engineering and data analytics by developing and implementing machine models that use algorithms to assess data, identify patterns, and make increasingly accurate predictions.
Data Analytics Manager
Data analytics managers are primarily responsible for oversight. They oversee and manage the collection, analysis, interpretation, reporting, and visualization of data, helping business leaders make better strategic decisions. They work to ensure integrity, accuracy, and efficiency in data systems.
Management Analyst
Management analysts perform data analysis specifically to improve operational efficiency and effectiveness to enhance performance while maximizing productivity and profits. Management analysts utilize a range of enterprise resource planning (ERP) tools to collect organization-wide data that can be used to evaluate and optimize almost any process within a business.
Business Intelligence (BI) Manager
A business intelligence manager is responsible for providing data-driven recommendations and guidance to propel business growth. While they sometimes lead and manage teams of data specialists, their primary responsibility lies in translating data into meaningful information and effectively communicating those insights to business leaders and stakeholders.
Marketing Analytics Manager
When it comes to evaluating the performance of marketing campaigns, channels, and efforts, marketing analytics managers lead the charge. They create data mining tools to pull, track, and categorize data from a variety of marketing-related sources. They then analyze the data to assess performance and use the information to improve the return on investment (ROI) of marketing costs.
Financial Analytics Manager
Financial analysts or analytics managers focus on the development and implementation of analytical strategies to improve business finances. They help business leaders identify key performance indicators (KPIs) that are relevant to the business’s goals and develop the tools to measure the data necessary for tracking those KPIs. They leverage the insights gained from financial data and enterprise-wide data to help develop and implement sound financial strategies.
Operations Research Analyst
An operations research analyst focuses on optimizing business operations, from supply chain management to logistics. They use statistical models and mathematics for data analysis and modeling to identify problems and opportunities for improvement in complex organizations.
Risk Management Director
Risk management directors rely on data analytics to identify, assess, and mitigate potential vulnerabilities and risks in businesses. In this position, data analysts should also be familiar with risk management, compliance regulations, and cybersecurity.
Healthcare Analytics Manager
Through the lens of healthcare administration, analytics managers oversee and implement the collection, organization, and analysis of data intended for the improvement of:
- Healthcare operations
- Collaboration
- Patient care
- Patient experiences
- Patient outcomes
- Decision-making
Supply Chain Analytics Manager
Supply chain analytics managers develop and implement data-based models while overseeing business operation analysis to optimize procurement, product planning, inventory management, and other supply chain processes. They work to reduce costs while maximizing productivity and keeping businesses flexible enough to withstand shifting market pressures.
Fraud Analytics Manager
Fraud analytics managers lead and oversee the development and deployment of data-based strategies for preventing, reducing, and identifying fraud. They leverage data analytics and machine learning to quickly detect anomalies that indicate fraud and vulnerabilities where fraud could occur.
Strategic Analytics Consultant
Strategic analytics consultants use business strategy and data analysis expertise to provide business guidance and advice. They work with organizations to help analyze data, identify trends, and offer actionable insights to improve performance. Consultants typically work for (or run) consulting firms, or they can act as independent contractors.
The Future Is Data-Driven
Without signs of slowing, data is driving the future. That’s why earning a graduate degree in data analytics could help you secure a rewarding career path as you acquire specialized knowledge, expand your technical expertise, and develop the leadership skills required for high-level positions.
Advance Your Data Analytics Career With JWU Online
The strategic use of data fuels the modern business world. At Johnson & Wales University (JWU) Online, our Master of Science in Data Analytics is designed to train and prepare students for advanced careers in data analytics.
Learn to integrate mathematics, statistics, and computer science to design and optimize models for collecting, organizing, and interpreting data. You will also gain a firm grasp of the application of analysis in data-driven business decisions, strategies, and performance optimization while learning to make legal and ethical recommendations for data usage in business.
Wondering what you can do with a data analytics degree? If you’re ready to take your skills, technical knowledge, and career to the next level, our online program can help you build the credentials and experience to achieve your goals in data analysis.
For more information about earning your degree online, complete the Request Info Form, call 855-JWU-1881, or email [email protected].