Data is the new oil, it is at the center of nearly all industries today and is already the driving force behind our real-time economy. However, as businesses around the world confront tremendous problems in the coming year, ranging from the supply chain crisis and inflation to the green transition, leveraging the power of data will become even more critical in allowing organizations to remain competitive.
To remain future-ready, organizations now are hiring and deploying big teams with data-related roles to promote organizational development in order to satiate their desire for data-driven choices and remain relevant in the coming years.
If you're wondering, Who exactly are Data Analysts? How does one go about becoming a data analyst? What do they do, and how much is the data analytics salary in India for both freshers and experienced, then this blog will provide reliable information to all of your questions.
Who exactly are Data Analysts?
Before understanding who data analysts are, first, let's go through what data analysis is, this will give you a brief understanding of what a data analyst's role and job might look like.
The practice of extracting insights from data in order to make better business decisions is known as data analysis. The process of analyzing data generally involves four iterative phases: Identifying the data to be analyzed, collecting and cleaning it in preparation for analysis, analyzing and interpreting the findings of the analysis, and finally interpreting the outcomes of the analysis.
Now, the job of data analysts revolves around the data analysis process only. To retrieve, process, and analyze massive volumes of data in general. Data analysts also create systems and databases to assist them in carrying out these tasks. A skilled data analyst is detail-oriented and can convey complex facts in a straightforward, orderly manner. They have a solid grasp of comprehending the data with good mathematics abilities.
The role and job of a Data Analyst vary depending on the sector, including social media, digital marketing, finance, business intelligence, and others. But still revolves around the basic things discussed above.
Is Data Analyst a Good Career?
Could you imagine using your phone without personalized service? The obvious answer is no. The same is true for businesses; without data-driven insights, they may lose their competitive advantage in an increasingly competitive environment. As data becomes increasingly valuable, people with data analytics abilities will see more than just restricted growth. As the reliance on data grows, the supply-demand imbalance in the analytics business will widen. To make data-driven judgments, millions of analysts will be needed.
So, if you are wondering about the data analyst scope in India then for a reality check, you can go to LinkedIn and search for Data Analyst in the jobs section. You will easily find forty thousand plus data analyst positions available across various industries and businesses.
In terms of pay, believe it or not, Data Analyst salaries are greater than average IT wages. The average data analytics salary in India is ₹6,00,000 rupees. This average might rise as the data business evolves or as long as there is an innovative strategy for data collecting, storage, and expanded consumption.
Image source: Glassdoor
Work-Life Balance as a Data Analyst
Aside from the pay grade, many aspiring data analysts are concerned about work-life balance in data analyst jobs. To put it simply, work-life balance is entirely dependent on the organization or team with whom you will be working. But generally, most data analysts work 40 hours per week and have plenty of time outside of the job for hobbies, relaxation, or a Kaggle tournament if they want.
A fact is, that the data domain has ranked the highest, in a study conducted by Glassdoor, on work-life balance. On a 5-point scale, the data domain received a 4.4 rating.
So we can say that data analyst positions come with several benefits, one of which is work-life balance.
Data Analyst Salary in India For Freshers & Experienced
There are many factors that affect the salary of data analyst in India. For the data analyst role, these factors include Experience, Location, Company-type, and Skills. We will discuss each of these factors here.
Salary By Experience
Experience is basically how acquainted you are with the requirement and the corporate culture that you’ll be working in. Companies value it more as experience in the sector improves one's capacity to devise more realistic solutions, as well as having more broad knowledge, working agility, and greater leadership qualities.
The following is the average salary of a data analyst in India depending on experience:
- Data analyst fresher salary: ₹3,80,000 per year.
- Having two to three years of experience: ₹4,20,000 per year.
- Having three to four years of experience: ₹4,80,000 per year.
- Having four to five years of experience: ₹5,40,000 per year.
- Having five to six years of experience: ₹5,70,000 per year.
- Having six to seven years of experience: ₹5,90,000 per year.
Image Source: ambitionbox
However, this trend might not continue in the future. In the coming years, the experience will have very little influence on your hiring. When it comes to selecting a candidate, most startups and companies now prioritize abilities and skills over experience.
Salary By Location
Location is another major factor that affects the salary of an individual for almost every role and industry. As most of the data analysts are hired in the IT industry, cities that are IT hubs have a high demand for data analysts.
The table below gives an overview of the average salary per annum ranging from 5LPA to 6LPA for these IT hubs. This salary estimation is based on salaries reported to Glassdoor by Data Analyst employees.
However, with the shift that lockdown brings in, enabling firms to operate remotely or work from home, the location may no longer be a major deciding factor in income.
Salary By Company-Type
Data Analysts' salary is affected by the type of company and the industry in which it is operating. Industries such as Natural resources and Mining, Scientific, and Technical Services, Utilities, Entertainment, Hardware and Networking, Software and IT Services, Finance Energy and Mining, and Manufacturing offer different-different pay grade to data analysts.
Down below is the list of some of the major companies that hire for the data analysis role with good compensation.
- LatentView Analytics,
- Tata Consultancy Services (TCS),
- HCL Technologies,
- Tiger Analytics, and
Salary By Skills
As discussed above entry-level data analyst's salary in India is around ₹3,56,363 per year, which might be too low for some. Skills are the only method to work and earn your dream salary if you are a new graduate or have minimal professional experience. Firms prioritize employees with abilities and skill sets. The skills listed below are highly compensated and are in great demand for the data analyst job; by improving on these skills, you might end up with a better job than an experienced employee.
SQL, Python, Data Analytics, Analytics, Power Bi, Tableau, Analytical, Data Mining, Data Management (DBMS), Advanced Excel, Data Visualization, Business Intelligence, and Machine Learning.
According to a recent trend on several salary reporting platforms and agencies, the starting salary of data analysts in India may increase and easily surpass the current average score of ₹3,56,363 in the coming years.
In India, the potential for Analytics and opportunities for data analysts are at their peak. With the increasing amounts of data created, organizations rely heavily on the availability of data, tools to extract it, the need to obtain insights from it, as well as a person handling all these jobs for them.
We hope you enjoyed reading our blog - “Data Analyst salaries in India For Freshers & Experienced”.
The last departing note from our side for you is - "The true determinant of your income is the talent you possess, your mastery of them, and how rapidly you advance and help the firm thrive". And if you want to learn more on how to become a data analyst from industry professionals who comes from big companies like IBM, Airbnb, Flipkart, Microsoft, and Google, then please feel free to explore Board Inifinity’s Course, titled “Learning Path - Become a Data Analyst”.