Research Analyst Salary
For Research Analysts, higher-than-average salaries can be found at Wood Mackenzie, where the average employee brings in around $79K relative to the national average of $52K annually for those in this line of work. Research Analysts can also look forward to large paychecks at Booz, Allen, and Hamilton ($75K), The Advisory Board Company ($58K), and AC Nielsen Corp ($54K). This report is based on responses to the PayScale 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
- Present results in written and oral formats.
- Interview clients or team members to identify information needs and deliverables.
- Use a variety of sources to research and analyze topics, becoming an expert in a field.
- Collect and analyze quantitative data.
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, Statistical Analysis, Presentations, and Technical Writing are correlated to pay that is above average, with boosts between 4 percent and 13 percent. At the other end of the pay range are skills like Online Research, Database Management & Reporting, and Microsoft Office. For most people, competency in Data Analysis indicates knowledge of 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.
Although individuals who have less than five years' experience earn $50K on average, people with five to 10 years benefit from a notably larger average of $60K. Research Analysts claiming one to two decades of experience make an estimated median of $71K. Research Analysts who have stuck around for more than two decades see earnings that are no higher than those of folks who have worked for 10 to 20 years.
Pay Difference by Location
With a pay rate for Research Analysts that is 16 percent greater than the national average, San Francisco offers a comfortable salary for those in this profession. Research Analysts can also look forward to large paychecks in cities like Boston (+15 percent), Arlington (+13 percent), Portland (+11 percent), and Philadelphia (+11 percent). The lowest-paying market is Salt Lake City, which sits 22 percent below the national average, proving that location is a significant contributor to overall pay. Employers in Houston and Austin also lean toward paying below-median salaries (5 percent less).