Research Analyst Salary
With a median pay of $79K, Wood Mackenzie Research Analysts make much more than the national average ($52K annually) for those in this field. Research Analysts will also find cushy salaries at Booz, Allen, and Hamilton (+$75K), Corporate Executive Board (CEB) (+$67K), and Jones Lang LaSalle (+$64K). This snapshot results from replies to PayScale's salary survey.
Job Description for Research Analyst
Research analysts must carefully examine data and produce meaningful information for their employer. This can involve not only drawing meaning from the data, but also checking to make sure the data is correct and using it to validate ideas and theories. When not examining or verifying information, a research analyst must work with their superiors to demonstrate what they have learned from their data and how it can be applied in the future for their business.Read More...
Research analysts can be found in both the private and public sectors and are necessary for most financial businesses to operate successfully. Depending on the company and field, a research analyst can find themselves looking over data for any number of things. Research analysts rarely work alone; in most cases, multiple analysts are examining and verifying data.
Research analysts should have a bachelor’s degree in accounting, business, or a relevant field; they may also benefit in additional education in the sector in which they work. In addition to analyzing data, a research analyst reports their findings to their company regularly, so they should be well versed in creating and giving presentations.
Research Analyst Tasks
- Use a variety of sources to research and analyze topics, becoming an expert in a field.
- Collect and analyze quantitative data.
- Present results in written and oral formats.
- Interview clients or team members to identify information needs and deliverables.
Common Career Paths for Research Analyst
For Research Analysts, progressing to an Analytics Manager role may result in a significant raise. On average, an Analytics Manager can earn $99K annually. It is not uncommon for a Research Analyst to continue on to become a Senior Research Analyst or a Data Analyst.
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Popular Skills for Research Analyst
Research Analysts seem to exploit a large range of skills on the job. Most notably, skills in Financial Analysis, Technical Writing, Statistical Analysis, and Presentations are correlated to pay that is above average, with boosts between 5 percent and 14 percent. At the other end of the pay range are skills like Online Research and Database Management & Reporting. Most people who know Data Analysis also know Microsoft Excel and Market Research.
Pay by Experience Level for Research Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average beginner in this position makes around $50K, but folks who have been around for five to 10 years see a markedly higher median salary of $61K. The average pay reported by folks with 10 to 20 years of experience is around $73K. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $70K.
Pay Difference by Location
Boston offers some of the highest pay in the country for Research Analysts, 16 percent above the national average. Research Analysts can also look forward to large paychecks in cities like San Francisco (+15 percent), Arlington (+12 percent), Atlanta (+11 percent), and New York (+9 percent). Research Analysts in Salt Lake City make 22 percent less than the national average, proving that location is a major factor in pay. Workers in Houston and Austin earn salaries that trail the national average for those in this profession (11 percent less and 3 percent less, respectively).
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