What is a Research Analyst? Explore the Research Analyst Career Path in 2024

Yes, you should consider a career as a research analyst, especially if you have strong math, statistics, and analytical skills. The job outlook for these professionals is promising, with the job demand set to increase over the next decade. You will have a wide range of employment opportunities and a higher-than-average annual salary to look forward what is research analyst to. Using mathematical and statistical models, these professionals analyze data to find patterns that might reveal business opportunities. After the analytical process, they compile their findings in reports and presentations to facilitate decision-making by stakeholders. Because the job pays well and requires little interaction with clients, we consider the research analyst position to be one of the best non-customer-facing jobs.

As an important cog in the investment industry, they draw insights from financial data and send their reports to investment firms. They examine bonds, stocks, securities, and other financial instruments to help businesses make informed decisions about spending money to make a profit. A research analyst’s job requirements vary across different industries and organizations. However, you need strong math and statistical skills to work in related positions. Research analysts often work in the financial industry for banks, insurance companies, private equity, and asset management firms. However, you can also work in the finance departments for a range of industries, including health care, manufacturing, marketing, aviation, public policy, technology, government, and many more.

A research analyst is a professional who prepares investigative reports on securities or assets for in-house or client use. Other titles for this function include securities analyst, investment analyst, equity analyst, rating analyst, or simply “analyst.” There is a growing recognition of the importance of data-driven decision-making in enhancing business efficiency, competitiveness, and innovation. This emphasizes the role of Research Analysts in providing insights and recommendations.

The versatility of this field means that there are several types of research analyst careers. These professionals can work in many sectors, including healthcare, technology, marketing, finance, government, and management, among others. Market research and statistical data are important tools for companies today.

Gain Relevant Experience

It’s possible to narrow the differences between research analysts and financial analysts. Generally speaking, financial analysts focus on analyzing investments and market performance. They rely on a fundamental understanding of business valuation and economic principles to create reports and make recommendations; they are the behind-the-scenes experts. Research analysts occupy a less prescriptive role than financial analysts.

For example, if you plan to work for a retail company, experience in customer service or as a retail assistant may also be beneficial. For those inspired by the potential of this dynamic field and seeking to advance their skills or pivot their career path, the Data Analyst Masters course offered by Simplilearn emerges as a compelling option. This program will equip you with the necessary tools, techniques, and knowledge to excel in data analysis.

If you can take an internship as part of your bachelor’s degree, it’s a great way of gaining relevant on-the-job experience. Other options include entry-level positions such as a research assistant or a position in finance. In this article, you’ll learn more about the role of a research analyst, including duties and responsibilities, salary, and job outlook. With our steps below, you’ll learn how to become a research analyst and the various positions that may interest you. An experienced research analyst has some of the most portable skills in the job market today.

1. A research analyst assesses financial data to understand market trends, save money, and make predictions about company assets, investments, and financial stability.
2. You can refine your search by specifying a geographic location, industry, company size, or other criteria.
3. For instance, the healthcare industry requires analysts to interpret patient care, treatment outcomes, and operational efficiency data.
4. The work conducted by a research analyst is in an effort to inquire into, examine, find, or revise facts, principles, and theories for internal use by a financial institution or an external financial client.
5. Researchers choose the appropriate method for the type of data they are working with to ensure their methods are ethical and produce accurate and reliable results.

To be a successful research analyst, you need to have strong research skills, such as finding relevant and reliable sources, designing and conducting surveys or experiments, and applying appropriate methods and tools to analyze data. You also need to have critical thinking and problem-solving skills, as you will have to interpret the results, identify patterns and trends, and draw conclusions and recommendations. Additionally, you need to have communication and presentation skills, as you will have to report and explain your findings to various audiences, such as clients, managers, or stakeholders, using clear and concise language, charts, graphs, or tables. Depending on the specific field or industry you want to work in, you may also need to have some domain knowledge, such as finance, marketing, health, or education, and some technical skills, such as using software like Excel, SPSS, R, or Python. Research analysts are finance professionals who analyze securities data to make recommendations to their own firms or outside clients.

This has increased the need for analysts who can use these technologies effectively. Yes, you can study to become a research analyst from home, either by taking the best data analytics courses online, enrolling in an online bootcamp, or finding an online degree program. As long as the program you find is available in your area and well-reviewed, you can learn research analysis a few hours at a time, in between other tasks. The US Bureau of Labor Statistics (BLS) estimates that the job prospects for market research analysts will improve by 22 percent over the next decade as demand for related services increases. This means that you are likely to enjoy many employment opportunities in this role. A research analyst’s job involves transforming raw data into actionable insights on behalf of a company or organization.

Types of industries and projects

Additional qualifications, such as relevant certifications or courses in data analysis, statistics, or the specific industry of interest, can facilitate this transition. Professionals who have advanced research skills, such as extensive knowledge of fundamental analysis, can pursue opportunities in all sectors of the investment industry. Certain fields, such as healthcare, finance, and technology, demand particularly strongly for Research Analysts. For instance, the healthcare industry requires analysts to interpret patient care, treatment outcomes, and operational efficiency data. At the same time, the finance sector relies on analysts for market trends, investment opportunities, and risk management.

CAREERS

There is a broad range of industries and companies that hire analysts to perform research. You can refine your search by specifying a geographic location, industry, company size, or other criteria. You can then easily apply for positions directly through LinkedIn, and also check to see if you have any 1st, 2nd, or 3rd-degree LinkedIn connections at the company. One of the best ways to find job opportunities for analysts is by using the LinkedIn “job search” function and generating a list of research analyst jobs on LinkedIn. There are several key skills you should have in order to be successful in the field of research analysis.

What are the best degrees for becoming a research analyst?

You should consider earning a Bachelor’s or Master’s Degree in Marketing, Math, Statistics, Business Administration, Data Science, or Market Research. Most research analyst positions require candidates to have a degree in one of these fields. However, some positions might require more advanced education, such as a master’s degree, which takes two to three years to complete. There are plenty of reasons why you should consider pursuing a career as a research analyst.

The best way to become a research analyst is by earning a Bachelor’s or Master’s Degree in Business Administration, Math, Statistics, or a related field. Employers typically prefer candidates with undergraduate degrees from universities, whether that be a prestigious private university like Harvard or a respected state college like Penn State. As a research analyst, you need to be able to work with data using several statistical and mathematical models. Buy-side analysts will determine how promising an investment seems and how well it coincides with the fund’s investment strategy. Sell-side analysts are those who issue recommendations of “strong buy,” “outperform,” “neutral,” or “sell.”

Financial analysts collect and analyze data but always within the context of a prior deductive understanding of how markets should function. Their thinking is systemic and, particularly at more senior levels, subjective. Give a research analyst a series of inputs, and they can calculate the most efficient way to maximize output. If the research analyst works in the securities business, it’s likely that recommendations may be made based on some predetermined criteria.