What Are the Duties of a Research Analyst?
There are many different types of research analysts ranging from market research analysts to financial research analysts, to operations research analysts. While there are differences in what they focus on, all of these research analysts share some common duties. They gather and organize data and help management make informed decisions. The future job prospects of research analysts are good with the BLS predicting that the number of research analysts will increase in the coming decades.
Other People Are Reading
-
Gathering Data
-
Entry-level research analysts in areas such as market research may gather data in the field by conducting or overseeing surveys. After the data is gathered, it must also be compiled by research analysts. The quality of the raw data will have an impact on the quality of recommendations that are made based on the data. Hands-on experience with the process of gathering data can benefit a research analyst.
Analyzing Data
-
Analysts in some fields must spend many hours poring over mountains of complex data. In the financial world, in particular, there is a lot of data for research analysts to work with because of the fact that public companies are required to make regular Securities and Exchange Commission (SEC) filings and generally want to give investors as much information as possible. Research analysts in the financial world have their recommendations taken particularly seriously due to the complexity of the subject matter they are researching.
-
Drawing Conclusions
-
Research analysts are often expected to distill their findings into specific conclusions and predictions that can be used by managers. In some cases, as with operations research managers, analysts work to develop mathematical models that can be used to simulate various potential outcomes.
Presenting Findings
-
Research analysts frequently have to present their conclusions in meetings. This means that working as a research analyst requires strong interpersonal, as well as analytical, skills. Managers look for clear recommendations and accurate predictions that can be backed up by facts.
Backgrounds of Research Analysts
-
A bachelor's degree is generally required to become a research analyst. The most helpful majors are those dealing with mathematics, statistics, or specifically with research design. Analysts can further their careers by spending extra years in school and earning a master's or a Ph.D in a related field of study, such as statistics.
-
References
- Photo Credit financial charts image by Chad McDermott from Fotolia.com
