Reasons to Build a Career in Big Data Analysis
Big Data Analysis has gained major popularity in the past few years. Whether it’s a startup or a well renowned multinational firm, all companies wish to leverage it in the most profitable way possible.
If we talk about the financial sector, Big data Analytics plays a huge role in assisting CFOs in preparing themselves for economic changes, making forecasts as well as models, examining customer trends along with obtaining a competitive advantage.
The world of finance, as well as accounting, is incomplete without tools supporting Big Data Analytics. So, if you aspire to build a career in finance, Data Analytics skills can definitely take you places.
Lack of Big Data Expertise
A report by Robert Half and IMA® states that senior leaders working in the finance do not possess the skills that are required for analyzing an organization’s business intelligence. There is a deficit of individuals having technical skills that are crucial for performing Big Data Analysis, according to the employers belonging to the finance industry.
There is a high demand for professionals who not only have technical but also functional skills for identifying trends within significant data, executing data mining along with operational analysis, and applying statistical modeling together with data analysis.
Today, it is a fact that most of the professionals working in the field of finance and accounting lack technological awareness along with vital non-technical skills, for example, strategic thinking, decision analysis, process improvement and so on.
The demand for Big Data Analytics
Now that we have established the fact that there is a shortage of people in the finance industry who inherit knowledge related to Big Data Analytics. So how is it affecting businesses?
Multiple industries including healthcare, manufacturing, banking, insurance, real estate as well as any medium-sized to big organization require professionals that an undertake financial planning and analysis. And that involves organizing and evaluating the financial strategy of an organization.
Let us take a look at a few other roles that demand you to have Big Data skills.
- Business Analysts
- Business Systems Analysts
- Budget Analysts
- Treasury Analysts
- Cost Analysts
- Business Intelligence Analysts
- Data Analysts
- Financial Analysts
Whether you need Big Data skills or not completely depends on the career path you choose to take.
How to acquire Big Data skills?
There are various ways of obtaining skills in Big Data, however, the most popular one these days is by earning a Big Data and Analytics Certification. There are a number of relevant institutes offering Data Analytics Certification that can help you demonstrate your ability to work effectively with Big Data and make you look as an appealing candidate to employers.
Due to the high requirement for professionals possessing Big Data skills in various industries, the salaries offered to such individuals has gone quite up.
If you refer to the 2018 Robert Half Salary Guide, you will see that a professional working in FP&A (Financial Planning and Analysis) with a work experience of one to three years can expect a median salary of $65,000 in the year 2018.
However, if someone has an experience of three to five years as an FP&A professional, they can expect a median salary of $75,000. Moreover, the managerial jobs in FP&A pay around $115,000 at the midpoint.
We also have information on the salaries paid to Business systems analysts as well as data analysts. A business systems analyst with a work experience of almost a year is paid around $50,000 and if they reach the manager level, they can expect a median salary of $115,000.
Furthermore, a data analyst holding a work experience of one to three years can receive a median salary of $72,000 and a senior data analyst can fetch a salary of $92,000 at the midpoint.