Forecast Analyst Salary
Pay for Forecast Analysts in the United States sits in the ballpark of $56K annually. Total incomes of Forecast Analysts incorporate potential for, in a few cases, more than $8K from bonuses and close to $10K from profit sharing; these performance components cause packages to range between $40K and $83K. Career length is the biggest factor affecting pay for this group, followed by geography. Male Forecast Analysts who responded to the survey are more common than women; more than half (66 percent) are men. Work is reasonably fulfilling for most Forecast Analysts — the majority report average levels of job satisfaction. Nearly all enjoy medical while a strong majority get dental coverage. Vision coverage is also available to a majority. This overview is based on answers to PayScale's salary questionnaire.
Job Description for Forecast Analyst
Forecast analysts are tasked with receiving and processing incoming data such as sales analytics, marketing information, and product costs, as well as providing useful marketing and sales models. They are expected to provide the most optimal path forward to generate revenue for a given period of time and use this data to organize and create projects as well as set their schedules. The analyst will then lead teams in the implementation of these tasks.Read More...
Forecast analysts may be required to create technical documents for ongoing projects and are expected to lead teams in presentations to demonstrate the values and ideas derived from the data. They may also need to provide this information to outside businesses or clients in order to demonstrate plans of action. Leadership and communication skills are important in this position, as are data analysis skills and the ability to multitask. Strong public speaking skills are also necessary, as forecast analysts often work with large concepts and must ensure that they are understood by coworkers and supervisors.
A bachelor’s degree in an analytical or data processing field and three to five years of experience in business or data processing are generally required for this position. Forecast analysts typically work during regular business hours, and little to no travel is necessary.
Forecast Analyst Tasks
- Track, analyze, and evaluate operations in order to provide accurate forecasts.
- Suggest workflow/supply chain improvements based on analyses.
- Create regular reports and forecasts, and evaluate past forecasts.
- Acquire and interpret data.
Forecast Analyst Job Listings
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Popular Skills for Forecast Analyst
Forecast Analysts who responded to the survey indicated only a few skills that they use on the job. Most notably, skills in Financial Analysis, Data Analysis, Forecasting, and Microsoft Excel are correlated to pay that is above average. Skills that seem to negatively impact pay include Inventory Management. For most people, competency in Data Analysis indicates knowledge of Microsoft Excel.
Pay by Experience Level for Forecast Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $52K, but survey participants with five to 10 years of experience earn a significantly higher median of $65K. People with 10 to 20 years of experience make an average of about $73K in this role. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $64K.