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Hello! I’m looking to get into a new profession. I enjoy working with numbers, and I often hear about data analysts. But will the time and effort spent on learning this new career pay off later? How much does an entry-level data analyst make?
Hi, Susan! In short, yes. If we look at average salaries, you can cover the investment in the bootcamp within your first couple months at a new data analytics job. We have done the research for you to save you a bit of time. Here are our findings.
Entry-level data analyst salaries can vary depending on factors such as the industry, location, and company size.
According to Glassdoor, the average annual salary for a beginner specialist, regardless of the industry, is $48,362. However, the most commonly offered figure ranges from $39,000 to $60,000. You can find more detailed information about the journey of a beginner data analyst in this articleData Analysis Career Guide for 2023: Tasks, Skills, and How to Become a Data Analyst. Even a beginner specialist will make enough money to cover the costs of the bootcamp in just a few months.
How does data analyst income vary across industries?
Data analyst salaries largely depend on the industry in which they work. Two specialists with the same skills — but with expertise in different fields ― will receive different salaries. For example:
Technology: The tech industry offers higher salaries for entry-level data analysts due to the high demand for data-driven insights and analytics. Depending on the company, salaries range from $42,000 to $65,000.
Finance: This industry heavily relies on data analysis for decision-making, risk assessment, and market research. Banks, investment firms, and insurance companies offer an average salary of $48,000 to $73,000.
Consulting. In this area, data analysts assist with projects and provide data-driven recommendations to the clients of firms such as McKinsey, Deloitte, and Accenture. Salaries can vary depending on the firm’s reputation and location, with the average estimated between $39,000 and $60,000.
Healthcare: The demand for data analysts in the healthcare industry is increasing, resulting in respectable salaries. Hospitals and pharmaceutical and healthcare companies increasingly rely on data for decision-making, so an average salary varies from $37,000 to $55,000.
E-commerce: E-commerce and retail rely on data analysis for customer behavior and sales forecasting. They use data to optimize inventory and drive sales. Specialists in this field can expect an average salary between $39,000 and $60,000.
Marketing and advertising: Data analysts play a crucial role in this field by analyzing customer data, campaign performance, and market trends to optimize strategies. Entry-level data analyst salaries can vary from $58,375 to $83,875.
How do data analysis specializations impact salary?
There are things other than industry and company size that can influence your paycheck. Data analysts come in different shapes and sizes. Let’s take a look at what they do and how much they earn.
Business analysts: Business analysts focus on using data to gain insight into business operations and strategy. They work closely with stakeholders to understand their goals and requirements and then use data analysis techniques to identify trends and opportunities for improvement. That is why they use SQL (Structured Query Language), business intelligence tools such as Tableau and PowerBI, and Agile methodologies like Scrum and Kanban. Entry-level specialists can expect an average salary of $51,500 to $85,500, according to ZipRecruiter.
Financial analyst: A financial analyst specializes in analyzing financial data to support investment decisions, risk assessment, and financial forecasting. They examine financial statements, market trends, and economic indicators to provide valuable insights for financial planning and investment strategies. For these tasks, they use Microsoft Excel, SQL, Python, or R. Novice financial analysts can earn between $65,000 and $103,000 annually, according to Glassdoor.
Marketing analysts: Marketing analysts examine customer data, conduct market research, and use statistical models to assess the impact of marketing efforts and identify target audiences. They help companies optimize their marketing strategies and allocate resources to achieve desired outcomes. In order to do that, they need to be familiar with Excel, SQL, Python or R, Google Analytics, digital advertising platforms like Facebook Ads Manager, and CRM systems. The average salary of entry-level specialists is between $52,000 and $75,000, according to Glassdoor.
System analysts: System analysts gather and analyze requirements from business stakeholders and collaborate with the development team to ensure the successful implementation of information systems. And after the system goes live, they are responsible for its ongoing maintenance. The work of a system analyst requires SQL and Python. According to Glassdoor, entry-level system analysts can earn anywhere from $57,000 to $89,000 annually.
As you can see, even a novice data analyst can make good money! That means that your investment in the bootcamp will pay off in no time. In fact, you could be on your way to acquiring the necessary skills yourself with the help of TripleTen bootcamp.