What a Research Analyst Do?
Research analyst investigates, examine, find, and revise facts and theories using a variety of methods. They investigate and prepare reports on equity securities of the company, a specific industries or market. These analysts are categorized as; operational research analysts and market research analysts. Operational analysts focus on the analysis of internal operations and market analysts analyze organization’s external operations.
Research analyst gathers, organize and analyze data in order to find out issues and provide particular solutions. They also develop software programs to support their daily functions. These analysts need to have greater communication skills, computer knowledge and math aptitude. They work for manufacturing firms, information technology companies and for a federal government. Research analysts are responsible for:
- Gather information, review and interpret the particular information to identify issues and provide the solutions.
- Carry out research and analytical tasks on issues related to the aspects of the field of education.
- Prepare the report for the analysis and evaluation of data.
- Works on small projects and deliver the desired result by meeting the deadlines.
- Respond to the queries from the various internal and external clients.
- They participate in research and writing brief notes, speech, reviews and presentations.
- Develop metrics for evaluation organizations performance.
- To prepare report on country program, projects and follow up on portfolio issues.
- They report to the manager and head of a department.
- They need to be flexible and must have the capability to work individually as well as with the team
- Analyze data using traditional and advanced methods.
- Help companies to develop new products by providing useful information
- Focus on an internal organizational operation as well as on external operations.
- Require having strong computer skills, communication skills, analytical and math skills.
- In some cases, they also develop software programs to support their daily functions.
- These analysts create data that helps the company to make decisions that impact their bottom lines.
- Conduct survey to understand consumer’s preference and help their client to understand what people want.
As work analyst is categorized into two types, the work environment depends on their role. The operations research analyst work in offices and sometimes they conduct site analysis before starting their analysis. The market research analysts are employed throughout the economy. These analysts spend their most of time working independently to conduct the research and analyze the data. They must be capable of moving around between work in the field, in an office and headquarters depending on the particular task, they are working on. They need to travel to meet the investors and attend industry conferences.
These analysts have to work full time during regular business hours. They work under tight schedules and deadlines. Their working hour also depends upon whether they are working in a team or individually. In general, they work 75-80 hours a week and sometimes they work on weekends too. Most of their time spends in doing the higher level thinking for the high-quality outcome.
The average salary of a research analyst is Rs 347455 per year. It takes 10 years to move to other position in this Job. Some skills such as financial modeling, data modeling, online research and market analysis, are needed to increase the pay.
How to Become a Research Analyst:
To become a research analyst the entry level is bachelor’s degree. For the top research one must have master’s degree or PhD. They should have the degree in operations research, management science, math, computer science, analytics or another technical or quantitative field.
Skills and Personal Qualities:
Math Skills: They need excellent math skills and must be able to work with statistics. Mostly they work with numbers from their survey and data in the form of statistics.
Computer Skills: They must have excellent computer skills because most of their work done with the help of the computer. To retrieve information from the computer, organize and store that information in the computer software. They work with the spreadsheets, databases on regular basis. They create the report on their analysis in word processing software.
Communication Skills: Commonly they discuss their result with the head of the department, so these skills must be needed. They have to give the presentation on their analysis at conferences and seminars. They have to write the brief report on their analysis that provides information about their results.
Discernment: The primarily needed quality to become a successful research analyst is the ability to look in the right place for the information. They must be able to filter the information using different methods.
Trends Spotting: The research needs to be trend spotting. They identify trends and patterns as possible to make solid predictions about future.
Flexibility: They must be able to work in tight deadlines and schedule. They have to work in the office as well as in the field and also need travelling to meet the investor and attend conferences. So flexibility is required to become a research analyst.
There is a vast scope of careers if you have at least the entry level education qualification. After some experience and having the master’s degree and PhD, one can go for top research work. Research analyst can start their career in many fields as; marketing, management business operation, financial policies and public policy. Initializing career in the particular field and gaining some experience one can be able to move up to the management level.