What Does a Research Analyst Do?
Research Analysts typically work for corporations across industries and contribute their expertise to a specific department or overall business operations. They work closely with other Research Analysts to analyze data, prove or disprove hypotheses and present their findings to business professionals. Their job is to gather past and present industry data to make predictions. They may also be responsible for offering their professional opinion about whether a company should pursue certain business opportunities.
Research Analyst Skills and Qualifications
A Research Analyst also has particular skills and qualifications in order to perform their job well. These should be learned and improved on throughout the university level and entry-level work.
The following are the major skills and qualifications of a Research Analyst:
- Research analysts should know how to use a computer in order to perform data research. Statistical software and creating charts and graphs is done via a computer.
- Communication skills are important in order to present the results of the data collected. Analysts present their findings to clients and managers.
- The ability to communicate effectively with all types of people is important, as research analysts deal with co-workers, managers, clients and vendors in their job.
- Research analysts should use their advanced organizational skills in order to multi-task effectively and meet deadlines.
- Analytical skills is very important as a research analyst because they deal with mathematical models, statistics and the gathering of data to reach conclusions.
Research Analyst Salary Expectations
The average salary of a Research Analyst is $67,423 per year. This is based on the past 36 months of salary reports and present salary reports.
Research Analyst Education and Training Requirements
Research Analysts should have a minimum of a bachelor’s degree in a subject like marketing, finance, economics, business or a similar field. As a Research Analyst, companies prefer candidates who have a master’s degree in finance or similar subjects. Those with a Chartered Financial Analyst designation have proven to have the necessary credentials as a Research Analyst.
Those who pass the Series 86/87 have proven to have the necessary knowledge to work as a Research Analyst for FINRA-member brokers.
Research Analyst Experience Requirements
Research Analysts can gather experience during their university studies by taking part in internships with financial institutions, the government or non-profits. Working in accounting, marketing, sales, research is important experience that counts. Positions which require analyzing data, creating reports and collecting data are very helpful in starting as a Research Analyst.
Some companies do offer some training to recent graduates or those who took part in internships and help them grow within the company if they see great potential. The certifications available for Research Analysts can prove knowledge in the area.
Job Description Samples for Similar Positions
As an employer, if you are not quite looking to hire for a Research Analyst, take a look at the following similar positions with their job description samples: