Highest Paying Careers in Data Analytics 2023
If you are considering prospering your career in data analytics, then there is no better time for it. The job outlook in this sector is extremely promising at the moment, and they also span several industries.
In the future, there might not be one industry in big data in which machine learning, data analytics, and AI do not play a role. The nature of the data analytics career path often allows flexible schedules, remote work, and even self-employment. Additionally, several data analytics experts get high median salary packages, even if they are entering entry-level positions.
According to The Bureau of Labour Statistics, data science is among the top 20 growing occupations, and it has a 31% growth projected for it over the next ten years. Additionally, the job opportunities and the skill set in this sector go beyond the digital and tech spaces.
A Data Analytics Career Path: Why?
There are many practical reasons why you should consider a data analytics career for yourself, such as:
- Higher-than-average salary packages
- Several opportunities for experts
- Great scope for career advancement
Other than these, there are some less obvious reasons why you should choose this as your career path, such as:
- Day-to-day work is interesting as it is based on problem-solving.
- A great combination of interpersonal communications and technical work.
- Skills from data science courses can be used in many different careers.
- Working hours and the environment are typically flexible.
- Very few compulsory qualifications, as skills are greater than certificates or degrees in a data analytics career scope.
- Many learning resources
- A large variety of options is available.
Here are a few of the highest-paying jobs that you can get with a career in data analytics.
1. Business Intelligence Analyst
The main job of a business intelligence analyst is to extract value from the business data. Generally, at the companies, the BI analyst has to be comfortable in data analysis, SQL, creating models, and data visualizations.
Along with most of the roles in the data analytics field, this position also requires great communication skills. In India, the average salary of an entry-level Business Intelligence analyst salary is Rs. 7 Lakhs.
2. Data Analyst
The data analytics objectives in the job of a data analyst are exactly what the title implies: analysing industry and company data to extract value. Data analysts have a position in every industry, although the title they have can vary with the industry they are working in. Some have names specific to the industry, such as Healthcare Data Analyst, Business Analyst, or Intelligence Analyst.
Unlike data scientists, data analysts have no need to be proficient in machine learning. Most of the job positions of a data analyst require them to have SQL and programming skills along with statistical knowledge, skills in data visualization, and comfort with the workflow of data analysis. The average salary of a data analyst based in India is Rs. 4.4 Lakhs.
3. Data Scientist
Just like other data analytics opportunities, data scientists also collect and then analyse data. After that, they communicate effective and actionable insights based on the data.
Generally, data scientists are a step above data analysts as they can understand data from a much more informed point of view, which will help in making efficient predictions.
These positions demand strong expertise in data analytics as well as software tools. It also helps with programming languages like R or Python, and data visualization skills so that they can communicate their findings.
These positions are rewarding and challenging at the same time. The average salary of a data scientist with 4-9 years of experience is Rs. 14.3 Lakhs in India.
4. Data Engineer
With the position of data engineer, you would be focusing on a much larger dataset. Your job details would include optimizing the infrastructure around different processes of data analytics.
For instance- a data engineer can focus on the process by which you capture data so that the acquisition pipeline efficiency can be improved. They might also upgrade the database infrastructure so that queries are faster. Thus, the average salary that a data engineer is entitled to in India is Rs. 8.1 Lakhs.
5. Quantitative Analyst
The position of quantitative analyst is another sought-after data analytics career options, especially in finance firms. These professionals use data analysis to find potential risk management problems or financial investment opportunities.
They might even move out on their own and build trade models for predicting stock prices, exchange rates, commodities, etc. Some quantitative analysts even go forth and open their own firms after experience in the industry. The average salary of a quantitative analyst in India is Rs. 12 Lakhs.
6. Data Analytics Consultant
Similar to a lot of these positions, the main role of an analytics consultant is to give effective insights to a company based on its big data so that it can make data-driven business decisions.
An analytics consultant might specialize in a particular area of research or industry. So, the difference between an in-house data analyst or data scientist and a consultant is that a consultant might work for different companies in the industry for some time periods. They can also choose to work with more than one company at one time and focus on some particular projects that have clear objectives.
This position is most suited for someone who likes change and has an interest in a specific field of study. Another enticing aspect of this role is that they often work remotely.
The basic salary of a data analytics consultant is Rs. 9 Lakhs.
The Bottom Line
There are several more enticing job positions in a career in data analytics. This may include an operations’ analyst, a marketing analyst, a project manager, an IT Systems analyst, or a transportation logistics specialist. This shows that the options you have in a career in data analytics are endless. You can upskill through Emeritus India’s various data science programmes.
