Using data to make decisions has become an important part of the business industry. As businesses become more efficient when it comes to predicting future opportunities, the need for data analysts in the professional world is continuing to rise. Students who want to pursue a career in this field opt for a data analysis degree.
What Is Data Analysis?
Data analysis helps people to dig out data from huge data sets. All organizations have huge sets of data related to their customers, their preferences, clients, usage of their products, quality of their services, and failure rate. This data can only be beneficial if the organization makes decisions built on it. Data analysis helps professionals organize information so that it can be utilized. This process may include compensating for missing components/details or cleaning data to get rid of false values. Data analysis allows them to choose the best possible technique in any given situation. For example, it lets professionals choose the best possible computer based or statistical technique according to the situation.
What Can You Do with A Degree in Data Analysis?
Data analysis has become a widely accepted phenomenon all over the business industry. Students who graduate with a degree in data analysis are prepared for multiple career paths. They usually have to deal with numbers but since the business sector requires it, their chances of finding employment increase. Students complete internships while they are studying and that helps them gain hands-on experience. Even though doing an internship is not mandatory, it is helpful.
These are some of the career options for data analysis graduates.
Financial Analysts
These professionals guide individuals and businesses who are making investment related decisions. They advise their clients based on the trends of the economy. Financial Analysts observe the performance of bonds, stocks, and other kinds of investments.
| Annual Median Salary, 2019 | $81,590 | |
| Job Outlook, 2018-2028 | 6% | |
| Annual Mean Salary, 2019 | $94,160 | |
| State with the Highest Employment Level, 2019 | California | 58,810 |
| State with the Highest Salary, 2019 | New York | $132,290 |
Source: US Bureau of Labor Statistics
Operations Research Analysts
Operations research analysts use improved analytical and mathematical methods to help different firms in solving their problems and making better decisions.
| Annual Median Salary, 2019 | $84,810 | |
| Job Outlook, 2018-2028 | 26% | |
| Annual Mean Salary, 2019 | $90,600 | |
| State with the Highest Employment Level, 2019 | California | 10,000 |
| State with the Highest Salary, 2019 | New Jersey | $110,320 |
Source: US Bureau of Labor Statistics
Mathematicians and Statisticians
Mathematicians and Statisticians use various statistical and mathematical techniques to analyze data and solve problems in multiple fields, including healthcare, business, and engineering, etc.
| Annual Median Salary, 2019 | $91,160 (Statisticians) | |
| Job Outlook, 2018-2028 | 30% (Mathematicians and Statisticians) | |
| Annual Mean Salary, 2019 | $95,680 (Statisticians) | |
| State with the Highest Employment Level, 2019 | California | 4,930 (Statisticians) |
| State with the Highest Salary, 2019 | Massachusetts | $119,620 (Statisticians) |
Source: US Bureau of Labor Statistics
What to Expect from a Degree in Data Analysis?
A degree in data analysis focuses on developing the knowledge of data analysis and skills like problem-solving, critical thinking, and analytical skills in students. Other necessary skills developed during these programs may include using Microsoft Excel, data manipulation, data visualization, and many more. The degree offers various topics like data analysis, data mining, probability, data projection, data analytics software, mathematics, and data gathering skills, etc.
How to Choose a Data Analysis Degree?
These are some of the things you should consider before choosing a program:
- Choose an accredited program
- Check if there are any scholarships available
- Consider the total cost and time required to finish the degree
- Check if the program is online or campus-based
Data Analysis Degree Admission Requirements
To pursue a bachelor’s degree, students are required to have a high school diploma. Some schools may need a SAT score. Those who wish to pursue a master’s degree should have a bachelor’s degree, a good GRE score, and minimum CGPA. Requirements may vary from institute to institute.