Research Analyst

• Introduction
• Who is a Research Analyst?
• Research Analyst Job Description
• Roles and Responsibilities
• Research Analyst Salary Trends in India/US
• Skills Required to be a Research Analyst
• A Day in the Life of a Research Analyst
• How to Become a Research Analyst?
• What are The Advantages of a Research Analyst Course?
• FAQs
• Conclusion

Introduction

Research Analyst plays a vital role in an organization. They do research on the competitors’ strategies and find critical insights that will help the organization to grow. That’s the reason, every organization needs a research analyst. With the passage of time, the organizations are growing and at the same time, the competition is also increasing for an organization to grow over their competitors. Research Analyst collects all the information related to financials or about the current market and reports important facts to the various stakeholders. 

Research Analysts are required to have a wide scope of abilities and skills. Organizations search for that kind of research analyst who is good in both soft and hard skills. To get an entry-level job as a research analyst, a bachelor’s degree in statistics, mathematics, economics, or finance is sufficient. Research Analysts have to do various tasks such as research on competitor’s strategies, market research, analyzing, and presenting reports associated with markets, competitor organizations, customers, and finance. If you wish to become a research analyst, you can check out Great Learning Academy’s marketing research online course and enhance your skills.

Who is a Research Analyst?

A research analyst is a professional who is responsible for doing research-related work on the market, finance, customer, and competitor organizations, and presenting reports of all this research to the stakeholders of the company. A research Analyst is one having excellent financial and accounting knowledge and also must possess strong analytical skills. 

Research Analyst prepares investigative reports for organizations on securities, funds, or assets for the client or company use. These reports give recommendations to the organization with a ‘buy’, ‘sell’, or ‘hold’ notation. 

The reports provided by a research analyst are used for making decisions and strategies to edge over the competitors in the market. 

A research analyst also helps the organization to understand customer needs, and demands by assessing the market reports of different companies. This will help the organizations to grow the business and in making good customer relations.

Research Analyst is not limited to only a single role of assessing the finance or accounts industry, but there are multiple roles of Research Analyst such as:

• Operations Research Analyst: An operation research analyst is the one who is responsible to determine business strategies that will help grow the organization. These analysts are excellent at problem-solving and they give their suggestions to the business owners on how they can grow their business.
• Financial Analyst: Financial Analysts are responsible to make reports related to the finance/accounts of the organization that will help the organization to make meaningful decisions. They analyze the financial situation of the company and come up with new ideas and strategies to enhance performance in the future. 
• Market Research Analyst: A Market Research Analyst has to do research on the market to help the organization increase the market capitalization of its products and services. Market Research Analysts play a vital role in an organization’s growth. 
• Customer Research Analyst: A Customer Research Analyst is responsible for researching customers’ bases and interests. The reports provided by Customer Research Analyst include information on how customers’ interests are changing with time which will help the organization to develop new products related to customer needs and interests.
• Stock Research Analyst: Stock Research Analyst is responsible for the reports and information on securities and investments of the organization. They are responsible for providing the reports that include the recommendations of ‘buy’ or ‘sell’ equities or stocks for the investments.
• Economic Research Analyst: Economic Research Analysts are involved in the analysis of economic-related research such as inflation, exchange rates, taxation, and interest rates, etc. They are responsible to evaluate the firm’s performance by concerning the economic values of the business. They play an important role as they provide reports on taxation terms and interest rates of the market. 

Research Analyst Job Description

Research Analysts assess market information and get valuable insights for the organization to help buy, sell, or invest their profit for the business growth. Research Analysts are responsible for researching competitors’ strategies, plans, and growth, and creating a report for their organization with a number of strategies to get an edge over the competitor. As an analyst, you are required to continuously provide valuable information related to finance, equity, or stock markets. Your day-to-day tasks involve research, collecting, analyzing, and presenting valuable information to the stakeholders. 

Below we will see a complete job description example that an employer gives in job postings.

Job Description Example :

We are looking for a research analyst for our organization who is excellent in analytical skills and has good mathematical skills. The research analyst’s responsibilities include researching, collecting, analyzing, and presenting valuable information to help the organization take effective business steps. The Research Analyst should be prepared to work on multiple roles, such as business operations, finance/accounting, and marketing of the organization. To become a Research Analyst, your analytical skills should be excellent and your mathematical skills must be good. Research Analysts should be flexible to work with our organization. 

Research Analyst’s Roles and Responsibilities:

• Do research on marketing, strategies, customers, and equities to grow the business of your organization.
• Create reports mentioning recommendations for buying or selling of stocks and investments.
• Present effective strategies to the business development teams.
• Analyzing data by using different software.
• Assessing market trends and mentioning the changes in reports for improvement.
• Compiling and interpreting data points for better understanding.

Also read: Data Analyst Salary trends 2022

Required Qualifications:

• Bachelor’s degree in analytics, statistics, business, finance or any other related field is a must.
• The candidates should be able to perform analytical tasks and mathematical calculations.
• The candidate should be a good problem solver.
• Strong written and communication skills are required.
• Working knowledge of the market and finance industry is required.
• Excellent presentation and report-making skills are musts.

Preferred Qualifications:

• Candidates who have completed their Master’s degree in Analytics, Statistics, Mathematics, Business, or Finance are preferred.
• Candidates who have experience working in an organization as a Research Analyst will be our priority.
• Our preferred candidate should be able to manipulate large and complex data by using various analyzing software tools. 
• Candidates should be familiar with generating documentation and reports.

Roles and Responsibilities

Research Analyst’s roles and responsibilities include multiple activities to create the raw data related to the organization’s financials, investments, and market capital into valuable business insights or meaningful reports. 

The roles of a Research Analyst revolve around doing research stuff on multiple terms and creating reports after the analysis of that information. The roles include the following:

• To do research, the analysts go through the historical data from multiple sources such as the internet, databases, and by collaborating with other companies. The data which is collected for research is raw data, and this data should be transformed into meaningful data or in reports to share with the company’s stakeholders. Their role is to examine and verify the data to only include meaningful information in reports. 
• After the collection of data, research analysts use various models such as mathematical, analytical, or statistical models to find the pattern of data that will help to get the insights of data. The ultimate goal is to only include the important points in the final reports.
• Other roles and responsibilities of Research analysts include embracing the collected information to help the managers see the business value. Research Analysts’ roles include preparing presentations of reports to give a better view and idea to the managers and stakeholders for better understanding the business value. 
• Another role includes interpreting the data they’ve collected from research. They have to demonstrate what they’ve learned from the data and what steps can help the business to grow. 
• Research Analysts also have to design methods and strategies for the business’ growth. They are responsible to give the right information to the organization regarding financial terms and market research. 

Research Analyst Salary Trends in India/US

The average Research Analyst Salary in India is 375,375 Rs. Per year while in the US, the average salary is $57524 per year. A career in this field is really growing and demanding. In this section, we will see the Salary Trends in India and US for the Research Analyst profiles.

• Research Analyst Salary: Based on Company

In this section, we will see different employers payscale for Research Analyst role:

Average Salary Based on Company in India

• Crisil: Average Salary : 695,674
• Frost and Sullivan: Average Salary : 469,787
• EY (Ernst & Young) : Average Salary : 650,000
• MarketsandMarkets: Average Salary: 585,415
• Factset Research Systems Inc. : Average Salary : 252,882
• Beroe Inc: Average Salary : 497,632
• Thomson Reuters: Average Salary : 375,000
• Global Data: Average Salary : 442,500
• Evalueserve : Average Salary: 566,250
• Morningstar, Inc. : Average Salary : 339,706
• Deloitte: Average Salary: 550,000
• SG Analytics Pvt. Ltd. : Average Salary : 348,171

Average Salary Based on Company in the US

• The Cadmus Group Inc. : Average Salary: $50,677
• Ipsos : Average Salary : $49,359
• Gartner Group Inc. : Average Salary : $62,659
• Mathematica Policy Research Inc. : Average Salary : $69,041
• Jones Lang LaSalle: Average Salary : $56,653
• CNA Corporation (CNAC), The : Average Salary : $120,882
• McKinsey & Company, Inc. : Average Salary: $72,404
• The Nielsen Company : Average Salary : $53,480
• HIS Inc. : Average Salary : $66,226
• ICF International : Average Salary : $56,990
• CBRE Group : Average Salary : $54,000
• Hanover Research : Average Salary : $58,958

• Research Analyst Salary: Based on Experience

Average Salary Based on Experience in India:

• Entry Level Research Analyst: 301,623 Rs./Year
• Mid-Level Research Analyst: 625,213 Rs./Year
• Experienced Research Analyst: 813,892 Rs./year

Average Salary Based on Experience in the US:

• Entry-Level Research Analyst: $51,628/Year
• Mid-Level Research Analyst: $65,943/Year
• Experienced Research Analyst: $71,012/year

• Research Analyst Salary: Based on Skills

Research Analyst Salary in India based on Skills:

• Microsoft Excel Skills: 369,919 Rs. /year
• Research Analysis Skills: 376,137 Rs. /year
• Market Research Skills: 411,482 Rs./year
• Data Analysis Skills: 436,790 Rs. /year
• Online Research Skills: 328,570 Rs. /year
• MS Office Skills: 364,219 Rs. /year
• MS Word Skills: 409,021 Rs. /year
• Financial Analysis Skills: 631,426 Rs. /year

Research Analyst Salary in the US based on Skills:

• Microsoft Excel Skills: $54,555 /year
• Research Analysis Skills: $57,212/year
• Market Research Skills: $56,152/year
• Data Analysis Skills: $57,846/year
• Online Research Skills: $53,361/year
• MS Office Skills: $53,119/year
• MS Word Skills: $51,615/year
• Statistical Analysis Skills: $61,258/year

Sources: payscale.com

Skills Required to be a Research Analyst

Research Analysts have to play various roles in an organization, which requires them to be strong in analytical skills, strategic planning, and expert in problem-solving skills. Research Analysts have to work more with numbers and raw data which requires their mathematical skills to be strong.

Let us see the required skills to become a Research Analyst:

• Strong Mathematical and Statistical Skills
• Excellent Analytical Skills
• Communication and writing skills
• Presentation skills
• Research Skills
• Strong Problem Solving Skills
• Technical Skills
• Logical Ability
• Critical Thinking Skills
• Organizational Skills
• Financial Skills

A day in the life of a Research Analyst

Working as a research analyst, you are required to conduct research, analyze, and interpret data to help the organization find solutions to various problems. Your facts and information should be accurate and you should be able to give the right solutions to the organization. A day of Research Analyst depends on the organization they are involved in. If the organization has a product and various competitors in the market, then the research analyst has to do research on the customer base, competitors strategies to attract new customers, market capital, etc. While if the organization only deals with services, then the research analyst has to do research on online discussion forums about the services, gathering data and using only meaningful data to present a report to the organization with effective solutions and strategies. Research Analysts are required to do research on a daily basis about new market trends and generate reports including the facts and solutions about the trends for the organization to grow their market capital. 

How to Become a Research Analyst?

To become a Research Analyst, you are required to complete your bachelor’s degree in Analytics, statistics, mathematics, business, or any other related field. Some companies require only a bachelor’s degree for an entry-level research analyst while some companies require a master’s degree to be completed in related domains to become a research analyst. If you want a hike in the salary, then you should have a Master’s degree and some experience in the field. Or what you can also do is to get a job after your bachelor’s degree as an Entry-level Research Analyst and your salary will increase with the increase in experience in this field. The more experience you gain, the more salary hike you will achieve. 

Let us see some simple steps to become a successful Research Analyst:-

1. Earn a Bachelor’s degree in any of the fields such as Analysis, Statistics, Mathematics, Finance, or Business.
2. Complete your Master’s degree in the same field or relevant field of Research Analyst.
3. Complete an Internship to get hands-on experience and practical knowledge.
4. Earn specialization certifications in relevant fields from well-reputed platforms.
5. Apply for new openings in companies of your choice.

Bonus: If you’re interested to become a cloud research analyst, there are a few things you can do to get started. First, consider pursuing a degree or certification in cloud computing. This will give you the technical skills you need to analyze and optimize cloud systems. Additionally, familiarize yourself with the different types of cloud services and how they work. Finally, stay up-to-date on the latest cloud research to ensure you’re providing accurate and helpful insights to your clients or employer.

What are the advantages of a Research Analyst course?

a. In-demand career: As every organization wants to get an edge over their competitor and get success in the market, Research Analysts are always needed by an organization as they play a vital role in the success of an organization. The career as Research Analyst is really demanding and is going to increase in the future. 

b. High salary: A degree in Research Analyst or other related fields may help to earn you a higher salary than your expectations or more than that. Positions that require higher educational qualifications may offer you a larger salary than entry-level roles in this field. 

c. Multiple opportunities: Earning a degree in Research Analyst will not only bind you to a single position as a Research Analyst but you can get opportunities for various roles in an organization such as financial analyst, market analyst, or any other role.

d. Interesting role: As a research analyst, you will have to research different factors such as the market, finance, customer, and other organizations that will be an interesting job. You will not have to stick to research on a single factor and that will be a beneficial part of this role. 

e. Meet career requirements: Many career opportunities in Research require a bachelor’s or master’s degree. Earning a degree could help you meet the requirements to get a perfect role or position in an organization for your career. The educational requirements are mandatory for these kinds of roles as they should possess the right knowledge in this domain. 

FAQs

• What are the roles that a Research Analyst has in an Organization?

There are various roles that a Research Analyst has to perform in an organization such as:

• They are involved in the research of market trends for their company.
• They should also know to use analytical softwares that will help them for research, analysis, and creating forecast reports.
• Research Analysts have to prepare presentations for the reports they created for leadership terms and communication purposes.

What are the skills required to become a Research Analyst?

The required skills to become a Research Analyst includes:

• Analytical Skills
• Written and Communication Skills
• Presentation Skills
• Numerical skills
• Statistical Skills
• Financial Knowledge
• Marketing Skills
• Problem Solving Skills

• Is Research Analyst a good career choice?

Choosing Research Analyst as a career can be a good choice for you if you have interests in research-related work. You may start building your career as a Research Analyst by taking the right steps such as your educational qualifications and possessing the skills which are required to get this role. Research Analyst can be a good career choice if we look from the perspective of its high demand in the market or from a salary point of view.

• Is it hard to become a Research Analyst?

Nothing can be so easy to get or so hard that it can’t be achieved. It totally depends on you that how much effort you give to get the proper knowledge. You should have interests in this field if you really want to create a career in this domain. You have to be good in Mathematical skills, analytical and statistical skills. You should have the financial knowledge and you are required to be a good problem solver. Although Research Analyst plays a very important role for an organization, the role is really challenging and hard. But still, if you get the right direction, then definitely you can create a career in this field.

• Is Research Analyst an important role for an organization?

As we have discussed multiple times in our blog, that a Research analyst is a very important role for an organization and is responsible for its success. Every organization needs a top-notch Research Analyst who can help them get over the edge of their competitor organizations. 

Conclusion

Research Analysts play a vital role for an organization and they are required by almost every organization. They help companies to get an edge over their competitor companies by presenting various analyst reports on finance, products, customers, and strategies. They also help organizations identify the challenges and their effective solutions for growth in the future. Successful Research Analysts possess excellent analytical skills and organization skills. To become a Research Analyst you have to gain the required skills and complete certification courses. 

Choosing Research Analyst as a career option will benefit you as the demand for research analysts is growing day-by-day in organizations. You can start building your career in Research Analysis by taking the right steps as we discussed in our ‘How to become a Research Analyst’ section of this blog.