Across the world, people send an average of 188 million emails, watch 4.5 million YouTube videos, and exchange 18.1 million text messages each minute.
Cut short; we generate over 2.5 quintillion bytes of data each day.
Naturally, this generates and adds to an ever-increasing pile of data, which brings forth the need for someone who could analyze huge heaps of data and help make sense of it.
Enter Data Analysts –
Data Analysts are professionals who translate numbers, statistics, figures, into plain English for everyone to understand.
Given the circumstances, there’s always an increasing scope for Data Analysts at the workplace, and it may be an excellent choice for those who have a strong foothold in mathematics, statistics, computer science or business backgrounds. This position includes data mining, fluency in languages like SQL, Python, etc. to extract the relevant insights from the data sets as well as channeling those ideas through visualizations and reports.
With such growing demands, a Data Analyst can have a salary expectation of INR 4,04,660/- or USD 83,878 on an average according to PayScale.
Here are some of the Data Analyst Salary trends in 2019 for India and USA:
Data Analyst Salary in India (Source: Payscale.com)
Data Analyst Salary in USA (Source: Payscale.com)
The companies across the world are thoroughly valuing analytics and its potential in changing the market trends, leading the decision makers of the companies to invest more and more in the technology, people and processes. This has led to the shift of Data analytics from I.T. and finance to most business functions. The reports by the U.S. Bureau of Labor Statistics indicates that the Data Analysts are projected to see faster than average growth of 19% from 2014-2024, thanks to the continuous growth of data generation and the need to refine and extract relevant insights from the same.
The following graphs show the difference in the number of data scientists in India and the USA who have been in this field for years and their working percentage:
India: Data Analyst USA: Data Analyst
So, the next question that arises is:
Does the salary hike come with experience?
Data analytics can yield your earnings, which are well above the median of $47,000 for a full-timer in the U.S., but it is subjective from one organization to another based on the years of experience.
According to Zippia, the average entry-level business/data analyst salary having 2 years of experience and a bachelor’s degree is $54,000 which can rise to $70,000 in just 2 to 4 years of experience in the USA. Generally, a senior analyst with more than 6 years of experience commands a higher salary of about $88,000 but, with a specialization in the field can make the salary can soar as high as $100,000.
Data Analyst Salary Trends in India (Source – Payscale)
For a data analyst in India, having 1 – 4 years of experience has a gross earning (including tips, bonus and overtime pay) of Rs 3,96,128, while a mid-career Data Analyst with 5 – 9 years of experience can make up to Rs 6,03,120 based on the organization and the location of the working place. And if you are a matured and experienced Data Analyst who has been in the industry or 10 – 19 years can earn an average total compensation of Rs 9,00,000.
According to Analytics India Magazine reports, some of the trends that were observed in the Data Analyst salary in 2018 were:
– 78% of the analytics professionals in India are under the salary bracket of 0 – 6 Lakhs at their entry level, but since there has been a rise in the number of freshers in Data Analysis in India, this is an excellent indication for maturing the industry.
– The salaries for 4 – 6 years of experienced remain stable at 8.7 Lakhs.
– For the Senior Data Analyst having substantial experience of 12 or more years has witnessed a sharp 20% rise in their salaries last year.
While the data analyst salary in 2019 can increase steadily over the first five to 10 years, afterward it would prove to be increasingly challenging to obtain raises without working on broadening of your skills. Therefore, many data analysts who are unable to work up their ways to success end up in switching their careers as the critical difference of data scientists to that of data analysts lies to the former’s superior knowledge in advanced programming, data modeling, machine learning and more leading them to have a higher pay to that of data analysts.
As mentioned before, data scientist job openings and payments are subjective from one organization to another leading many data analysts to perform in the scope of the work of the data scientists according to the company’s requirements. It is, therefore, better to understand the scope and details of the work before you can choose your work scenario in such places.
Data Analyst Salaries in Different Industries:
Data analytics now run in the very foundation of every industry, and due to that, there has been a remarkable increase for the data analysts in the number of paths to choose from as it adds a lot of value and enhances the industries to make steady progress in their respective genres.
This progress can impact directly to the data analyst salaries as these people are directly responsible for some of the decision-making processes for the organization with the help of data extracted and analyzed using the tools like Excel, Tableau, and SQL. Their salaries can range from $54,700 to $69,000 at the entry level.
Data Analysts Salary Trends in India By Industry
For the financial analysts who work with the financial accounts of the company to predict its performance and study the macro and microeconomic trends, creating economic models and forecasts. According to the 2017 Robert Half Salary Guide, the financial analysts at an entry-level can make up to $52,700 to $66,000 based upon bonuses and commissions.
The market research analysts also use sales, competitor research, and customer survey data to design the landscape for a product to optimize the segmentation, targeting and positioning efforts. Such useful insights need a strong skill of communication, compelling storytelling and a very refined quantitative data analysis – calling for a significant pay at the starting level ranging from $51,000 to $65,000.
Similarly, for the data analysts in the healthcare industry manage analytics within the hospital settings to streamline the daily administrative workflow and operations. The salary for these individuals may range from $46,000 to $80,000 and can come with branch or stream specifications as well.
Now that you’re well aware of the salary systems for data analysts and how it works in the industries, the next thing you need to know is,
Top Data Analyst Employers in India Right Now
For the Data Analyst titles, employers like Accenture, Tata Consultancy Services and Ernest & Young (E.Y.) are some of the top respondents. However, the reported salaries are highest at HSBC, making the average pay to be at Rs. 6,50,000.
Data Analyst Salary Based Upon the Company Type:
In 2018, the Captive analytics centre was the highest salary providers in Data Analytics with an average of 15.2 Lakhs – resulting in an increase of 8% to that of 2017. While the Consulting firms and Domestic firms have 14.9 and 13.4 Lakhs as the average analytics salaries, the largest I.T. companies have lowest analytics salaries in India at 10.1 Lakhs because of the negative impact and attritions that the I.T. sector in India has endured the last year. This has only reflected on their overall salaries, including that of analytics.
Despite IT firms showing a negative trend in the data analysts salaries, the demand for efficient data scientists and analysts seem to be on the rise and is inevitable, thanks to the ever-increasing amount of data online and the competitive market. As for the salaries across the analytical and predictive modeling skills, R remains to be the most in-demand with the highest salaries, followed closely by Python.
With that information in mind, you can now lay out a better roadmap to your goal now!
Shaheen is currently studying at the University of Warwick. She is majoring in BSc Economics with a minor in Politics and International Studies. She completed her high school at the United World College of South East Asia in Singapore and JB Petit High School for Girls in Mumbai.
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