In 2013, the fast-growing advanced analytics segment of the business intelligence field surpassed the $1 billion mark. That momentum continues. Fueled by the need to make advanced analytics accessible to more users and broaden business insight, advanced analytics professionals are in demand by companies in virtually every industry.
Average salaries for advanced analytics managers are 77 percent higher than those posted for all jobs nationwide, as noted by indeed.com. Currently, this figure is hovering at approximately $102,000, with professionals in many positions and geographic markets earning significantly more. The U.S. Bureau of Labor Statistics predicts that salaries for all management analysts will grow significantly for the foreseeable future.
So if you think your future lies in advanced analytics, the door is wide open.
Big Data Accelerates Growth
Advanced analytics involves the grouping of analytic techniques used to understand past performance and predict future outcomes.
The field has existed for more than two decades, but in recent years, “Big Data” has accelerated interest in its importance to business. An increasing number of business functions have experienced the need for more sophisticated capabilities to help foster data-based decision making and improve final results.
Experience & Expertise
Generally, managers of advanced analytics have a solid business background and experience developing analytical and quantitative solutions for business decisions and problems. Their undergraduate and graduate degree areas of study may vary, but often they include specialization in statistics, economics, mathematics and/or software development.
Also included in the analytics manager skill set are strengths in:
- Data and social media mining
- Econometric forecasting
- Predictive modeling
- Text analytics
- Marketing Mix Modeling
- Computational linguistics
- Fluency in statistical development languages
As noted above, Big Data is an increasingly important concept. Tools like Hadoop, have been developed to tackle large, multiple sources of data. Very importantly, advanced analytics professionals are being challenged to develop a strategic mindset that enables them to creatively consider and process data from existing and emerging sources in an attempt to better understand the past and predict future outcomes.
Often the most successful analytics professionals have the following skills: oral and written communication and presentation; natural ability to work well in multidisciplinary teams; flexibility and adaptability, and creative problem solving. It helps to have experience managing professional research teams and multiple projects.
Find Your Next Job as an Advanced Analytics Manager
At O’Connell Group, we specialize in the placement of analytics and professionals in related disciplines of consumer marketing and market research, from the experienced associate to the C-suite executive. Contact one of our insights and analytics recruiting experts to request a consultation and learn more as you advance your analytics management career.