Who are analysts?

An analyst extracts valuable insights from voluminous data, identifies relationships, visualizes information and provides businesses with valuable recommendations aimed at improving products or optimizing business processes.

Who is an analyst?

The term "analyst" can have different meanings in different contexts. In a general sense, an analyst is a professional who analyzes data, information, or situations to identify patterns, trends, and draw useful conclusions.

On the fingers, an analyst transforms cluttered data into meaningful insights that help make important decisions. Using colors and shapes, the analyst creates stories that both children and adults can understand.

Interesting fact: In ancient times, people also used analytics, albeit in a more primitive form. For example, ancient astronomers were a kind of analyst, predicting the movement of the stars to determine the seasons.

What kinds of analysts are there?

The professions of analysts are many and varied, covering different fields and areas of expertise. Here are some of the types of analysts in IT:

• Financial analyst profession: this is a person who analyzes financial data, reports, and trends to make financial decisions.

• Data analyst profession: a professional who works with data, using various analytical techniques to extract information and gain insights.

• Business analyst profession: a person who studies business processes, formulates requirements, and provides recommendations to improve organizational performance.

• Systems analyst profession: a professional who analyzes and designs information systems, ensuring they meet business needs.

Interesting fact: Some analysts are even involved in criminal data analysis, helping to solve crimes using information from the digital footprint.

Now let's talk to you about each of them in more detail.

Financial analyst

A financial analyst is a professional who specializes in analyzing financial data and information to provide financial recommendations and support management decisions.

Here is a more detailed description of the tasks of a financial analyst:

• Analyzing financial data: a financial analyst performs detailed analysis of financial data such as income statements, balance sheets, cash flows, and other financial indicators. This analysis helps in understanding the financial health of the organization.
  
  
• Forecasting and modeling: he uses forecasting techniques and creates financial models to predict future trends and outcomes. This is important for developing strategies and making informed financial decisions.
  
  
• Investment evaluation: Financial analysts are also involved in evaluating investment opportunities. They analyze investment projects, assess risks and returns to help make investment decisions.
  
  
• Financial planning and forecasting: they are involved in developing budgets, financial plans and strategies to achieve the company's financial goals.
  
  
• Reporting and communication: financial analysts prepare reports that present analysis and recommendations. They also communicate frequently with other departments and management to provide information for management decisions.
  
  
• Market and competitor monitoring: financial analysts monitor financial markets, analyze competitors' activities and other factors that may affect the company's financial position.
  
  
• Risk analysis: assessing and managing financial risks is also an important part of a financial analyst's job.
  

Financial analysts may work in a variety of industries including banking, investments, corporate finance, insurance, and other fields that require analyzing financial data to make strategic decisions.

Data analyst

A data analyst is a professional who collects, processes, analyzes and interprets large amounts of data in order to identify patterns, trends and provide information for decision making.

Here's a more detailed description of the role of a data analyst:

• Data Collection: the data analyst is responsible for collecting data from various sources such as databases, web services, files and others. This can include both structured data (e.g., database tables) and unstructured data (e.g., text documents, images, videos).
  
  
• Data cleaning and processing: once the data is collected, the analyst cleans and transforms the data. This includes removing errors, handling missing values, standardizing the data, and other processes to ensure its quality and suitability for analysis.
  
  
• Data analysis: using a variety of statistical methods and analytical tools, the data analyst analyzes the data to identify patterns, trends and patterns. This may include descriptive statistics, machine learning, time series analysis and other techniques.
  
  
• Data visualization: creating visual graphs, charts, and infographics to present the results of the analysis. Data visualization helps to make findings more understandable and accessible to a wider audience.
  
  
• Decision making: the data analyst provides an interpretation of the results of their analysis, draws conclusions and formulates recommendations for decision making. This may include optimizing business processes, identifying new growth opportunities, and improving operational efficiency.
  
  
• Working with Big Data: in the case of big data, a data analyst may use specialized technologies and tools such as Apache Hadoop, Spark, and others to ensure efficient data processing and analysis.
  
  
• Reporting: preparing reports to present analysis results to management and other stakeholders.
  

Data analysts are widely used in a variety of industries including business, marketing, finance, healthcare, science, and many others where data analysis is a key element of strategic decision making.

Business analyst

A business analyst is a professional who analyzes business processes and systems in an organization to identify problems, optimize efficiency, and provide recommendations to improve company performance.

The role of a business analyst covers a wide range of tasks and includes the following:

• Business process research: a business analyst researches and analyzes the current business processes within an organization. This includes understanding the workings of different departments, the interactions between them and identifying key elements of the processes.
  
  
• Requirements gathering: it works with stakeholders such as management, users and others to identify and articulate requirements for systems, processes and projects. This may include identifying functional and non-functional requirements.
  
  
• Developing business solutions: the business analyst provides recommendations and develops strategies to improve business processes. This may include: implementing new technologies, changing company structure, optimizing operations, and other changes to achieve goals.
  
  
• Data and process modeling: using modeling tools, the business analyst creates graphical representations of business processes, data structures, and other elements to better understand their functioning and interrelationships.
  
  
• Testing and implementation: the business analyst may be involved in testing proposed changes, as well as in the process of implementing new systems or processes to ensure they function effectively.
  
  
• Monitoring and optimization: once changes are implemented, the business analyst monitors their effectiveness and conducts additional analyses to look for additional optimization opportunities.
  
  
• Stakeholder communication: he or she maintains open communication with various levels of management, departments and other stakeholders to ensure understanding and support for proposed changes.
  

The job of a business analyst is to ensure that technology and business processes work closely together and to improve the efficiency and competitiveness of the organization.

System analyst

A systems analyst (or information systems analyst) is a professional who specializes in analyzing, designing, and improving information systems in an organization.

The tasks of a systems analyst include working with business objectives, defining information system requirements, modeling data and processes, and ensuring effective communication between the various components of the system.

Here is a more detailed description of the role of a systems analyst:

• Business process research: the systems analyst analyzes the business processes in the organization and interacts with representatives from various departments to fully understand the business needs and goals.
  
  
• Requirements gathering: he collects and formulates requirements for the information system from users, business analysts and other stakeholders.
  
  
• System design: the system analyst develops information system models, including data structure, system architecture, and system processes.
  
  
• Technology selection: determines the appropriate technologies and tools to implement the information system, taking into account business requirements and technical constraints.
  
  
• Creation of documentation: the system analyst develops documentation describing requirements, system specifications, processes, test scenarios and other necessary documentation.
  
  
• Testing and debugging: participates in the process of testing the information system, identifies and corrects errors and defects, ensuring its proper functioning.
  
  
• Implementation and support: the system analyst participates in the system implementation process and provides real-time support, solving problems and ensuring smooth operation of the system.
  
  
• User training: conducts user training on the new information system.
  
  
• Monitoring and Optimization: monitors system performance, identifying potential improvements and optimizations to ensure the system meets changing business needs.
  

Systems analysts work closely with business analysts, programmers, and others involved in the information systems development process to achieve optimal results in accordance with the organization's goals and objectives.

What do I need to know and be able to do to become a sought-after specialist?

Becoming a sought-after analyst requires a combination of skills, knowledge and personal qualities.

Here are some key elements that can make you a successful analyst:

Analytical skills:

• The ability to analyze data and identify patterns.
• The ability to understand complex problems and decompose them into simpler components.
  

Technical skills:

• Knowledge of data analysis tools such as Python, R, SQL, Excel, and others.
• Experience with database management systems and understanding of basic programming.
  

Business Understanding:

• Knowledge of basic business processes and how organizations function.
• Ability to adapt to the specifics of the industry you are working in.
  

Understanding of statistics and math:

• Fundamentals of statistics and probability.
• Mathematical methods used in data analysis.
  

Data visualization abilities:

• Ability to create visual graphs and charts to present analysis results.
• Knowledge of data visualization tools such as Tableau, Power BI, etc.
  

Communication Skills:

• Ability to present analysis results clearly and understandably, both verbally and in writing.
• Ability to communicate effectively with various stakeholders.
  

Skill in formulating requirements:

• Skills in gathering and formulating requirements for information systems.
• Understanding of business requirements and translating them into technical tasks.
  

Experience with databases:

• Knowledge of database structure and experience writing SQL queries.
• Understanding of data storage, processing and retrieval techniques.
  

Ability to work in a team environment:

• Ability to collaborate effectively with other team members such as business analysts, developers and project managers.

Problem Solving Experience:

• Ability to quickly and effectively solve problems that arise during data analysis or project implementation.

Trainability and continuous learning:

• Willingness to constantly learn and keep up with new trends in data analytics and technology.

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How much do data analysts earn?

Analyst salaries can vary greatly depending on many factors such as experience, education, location, type of company, industry, and the analyst's specific role.

Here's a general overview of salaries for different analyst specialties based on data, for December 2023:

System analyst:

• Junior level: from 25,000 to 65,000 rubles per month.
  Abroad: from 280 to 700 dollars per month.
  
  
• Middle level: from 70,000 to 350,000 rubles per month.
  Abroad from 750 to 3,800 dollars per month.
  
  
• Senior level: from 370,000 rubles and more per month.
  Abroad from 4,000 dollars per month.

Data Analyst:

• Junior level: from 10,000 to 70,000 rubles per month.
  Abroad from 100 to 760 dollars per month.
  
  
• Middle level: from 80,000 to 350,000 rubles per month. Abroad from 80,000 to 350,000 rubles per month.
  Abroad from $870 to $3,800 per month.
  
  
• Senior level: from 360,000 rubles and above per month.
  Abroad from $3,900 per month.

Business analyst:

• Junior level: from 15,000 to 65,000 rubles per month.
  Abroad from 160 to 700 dollars per month.
  
  
• Middle level: from 75,000 to 380,000 rubles per month. Abroad from $75,000 to $380,000 per month.
  Abroad from $810 to $4,100 per month.
  
  
• Senior level: from 500,000 rubles and more per month.
  Abroad from 5,500 dollars per month.

Financial analyst:

• Junior level: from 25,000 to 50,000 rubles per month.
  Abroad from 270 to 550 dollars per month.
  
  
• Middle level: from 65,000 to 225,000 rubles per month. Abroad from 65,000 to 225,000 rubles per month.
  Abroad from 710 to 2,500 dollars per month.
  
  
• Senior level: from 225,000 rubles and above per month.
  Abroad from $2,600 per month.

Marketing analyst:

• Junior level: from 30,000 to 70,000 rubles per month.
  Abroad from 320 to 760 dollars per month.
  
  
• Middle level: from 70,000 to 100,000 rubles per month.
  Abroad from 800 to 1,000 dollars per month.
  
  
• Senior level: from 100,000 rubles and above per month.
  Abroad from $1,100 per month.

The data is collected from job search sites such as: Linkedin, HH.ru, Career.habr.com.

(P.S. Linkedin site is currently working only with the help of VPN service)

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