The data analytics industry is growing rapidly and the need for data analysts in different industries is increasing significantly. Essentially, Data analytics is the process of gathering, arranging, and studying data to see patterns and create plans to help businesses make data-driven decisions.

The data analytics market is estimated to reach US$329.8 billion by 2030, exhibiting a CAGR of 29.9% from 2022 to 2030. This growth is attributed to the increasing adoption of big data and predictive analytics solutions. The latest reports suggest that the global data analytics market size accounted for US$31.8 billion in 2021.

By 2023, people with the right skills and experience will have a good chance of finding a well-paying job in data analytics. In this blog post, we will explore 11 high-paying jobs in data analytics. 

Why Choose a Career in Data Analytics?

Why is a career in data analytics an excellent choice? Here are some reasons:

High in demand‍

With businesses and governmental organizations increasingly focusing on data-driven decision-making, data analytics has become one of the most sought-after skills in the job market. According to the Bureau of Labor and Statistics, it is projected that the number of data analysts hired will increase by 25% over the ten years from 2020 to 2030 compared to the average for other occupations.

High earning potential

Data analytics is one of the most in-demand skills in today's job market, and it has a high earning potential in the United States. According to sources:

• The average salary for a data analyst in the United States is $84,459. 
• The average additional cash compensation for a data analyst in the United States is $51,594. 
• The average total compensation for a data analyst in the United States is $136,053.

What skills are required to become a Data Analyst?

Educational Qualifications 

The minimum requirement for a data analyst in 2023 is a degree in a data-related field. It could include a Bachelor's degree in data science, computer science, economics, Management information systems (MIS), applied mathematics and statistics, or a related field. Some employers may also require a Master's degree in a related field. Additionally, many employers require prior experience in data analysis or a related field. 

Technical Requirements

Data analysts should also deeply understand data mining, data analysis, and data visualization techniques. With the emergence of new technologies such as machine learning, one must also know of these topics.

One must also have a good understanding of the tools and technologies used to work with data. It includes programming languages like Python and R and Tableau and Power BI software for visualizing data. One should also know how to use databases such as MySQL and NoSQL.

Data analysts should also have strong analytical and problem-solving skills. It includes interpreting data, identifying patterns, and drawing insights from it. 

Soft Skills

Proficient data analysts should also have strong communication and interpersonal skills to communicate their findings and recommendations effectively to stakeholders. These include critical thinking, communication, presentation skills, and intellectual curiosity. 

Now, let's look at the 11 highest-paying career opportunities in 2023:

11 High-Paying Roles in Data Analytics

Data Scientist

What do they do?

Data scientists use data analytics to extract insights from data and develop strategies to help businesses make informed decisions. They analyze large datasets, identify trends, and develop algorithms to improve the accuracy of their analysis. Data scientists are typically highly skilled in statistics and data structures and are in high demand in the data analytics industry.

What is the earning potential?

The average salary for a data scientist is $1,21,165 per year in the United States. 

Data Analyst

What do they do?

Data analysts collect information, organize it into categories, and study it to tease out trends. They use computer programs and applications like SQL and Excel to analyze the data and derive patterns and insights. They make plans, models, and equations that help companies make decisions based on their collected data.

What is the earning potential?

The national average salary for a data analyst is $72,296 annually in the United States.

Business Intelligence Analyst

What do they do?

Business intelligence analysts use data to help businesses make better decisions. They look at the latest trends, develop strategies, and suggest ways to make the business run more effectively. Business intelligence analysts are highly sought after for their ability to make data-driven decisions.

What is the earning potential?

The average salary for a business intelligence analyst in the United States is $87,751 per year.

Database Administrator

What do they do?

Database administrators are responsible for managing and maintaining databases. They design databases, create backup systems, monitor security, and troubleshoot issues. Database administrators are highly sought after for their ability to manage and maintain large volumes of data.

What is the earning potential?

The average database administrator's salary in the United States is $131,431 annually.

Machine Learning Engineer

What do they do?

Machine learning engineers use data analytics to develop algorithms and applications that automatically identify patterns and make predictions. Machine learning engineers are highly skilled in mathematics, statistics, and computer science and are in high demand as the need for automation increases.

What is the earning potential?

The average salary for a machine learning engineer is $1,36,124 per year in the United States.

Data Visualization Engineer

What do they do?

Data visualization engineers are responsible for creating visual representations of large amounts of data that allow users to discover meaningful patterns, trends, and insights. They communicate their findings clearly to stakeholders and have the necessary skills to create interactive visualizations. 

What is the earning potential?

The average data visualization engineer salary in the United States is $129,911 annually.

Cloud Data Engineer

What do they do?

Cloud data engineers use data analytics to develop applications and systems hosted on cloud computing platforms. They develop architectures, strategies, and models that help businesses store and analyze data on cloud computing platforms. Cloud data engineers are highly sought after for their ability to develop applications and systems that are hosted on the cloud.

What is the earning potential?

The average cloud data engineer salary in the United States is $130,666 annually.

Big Data Architect

What do they do?

Big data architects design and build data architectures to help businesses store, process, and analyze large amounts of data. They develop data analytics systems that can process and interpret large volumes of data quickly and accurately. Big data architects are highly sought after for their ability to design reliable and efficient data architectures.

What is the earning potential?

The average big data architect's salary in the United States is $159,670 annually.

Financial analyst

What do they do?

Financial analysts are responsible for researching and analyzing financial data to help businesses make sound investment decisions. They use various tools, such as MySQL, Tableau, and SAS, to examine past and current trends in the markets, as well as the financial statements of companies.

What is the earning potential?

The average salary for a financial analyst is $76,566 per year in the United States. 

Operations Analyst

What do they do?

An operations analyst uses data analytics to ensure an organization's operations are running smoothly and efficiently. This includes monitoring the organization's performance, reporting any issues, and making recommendations for improvement. 

What is the earning potential?

The average salary for an operations analyst is $63261 per year in the United States. 

Marketing Analyst

What do they do?

Marketing analysts use data analytics to analyze the performance of marketing campaigns, gather insights from customer data, and identify opportunities for improving the success of future campaigns. They research customer trends, develop marketing strategies, and monitor the effectiveness of marketing initiatives. 

What is the earning potential?

The average salary for a marketing analyst is $62187 per year in the United States. 

Conclusion

The high-paying data analytics careers mentioned previously are just a few opportunities for data analytics professionals in 2023. With the right skills and experience, professionals can look forward to a lucrative career in the data analytics industry.

Cogent University offers the most relevant courses to prepare students for data analytics careers.