How to Become an Associate Analyst

Associate analysts make $68,000 a year ($32.90 an hour), on average. The range in pay for an associate analyst starts from as little as $50,000 a year to as much as $92,000 a year. Factors such as location and industry type impact how much an associate analyst can make.

Highest paying states for associate analysts:

• New York averages $87,414 a year ($42.03 an hour)

• Connecticut averages $87,304 a year ($41.97 an hour)

• Alaska averages $80,427 a year ($38.67 an hour)

• New Jersey averages $74,637 a year ($35.88 an hour)

• District of Columbia averages $74,182 a year ($35.66 an hour)

Lowest paying states for associate analysts:

• Wyoming averages $37,990 a year ($18.26 an hour)

• Oklahoma averages $48,115 a year ($23.13 an hour)

• South Carolina averages $48,672 a year ($23.40 an hour)

• Louisiana averages $49,151 a year ($23.63 an hour)

• Kansas averages $49,673 a year ($23.88 an hour)

Industry type and associate analyst salary:

• Finance averages $88,626 a year

• Energy averages $81,594 a year

• Technology averages $63,138 a year

• Health Care averages $62,465 a year

• Manufacturing averages $60,606 a year

Yes, an associate analyst is higher than an analyst. However, they are both considered entry-level positions.

For instance, an analyst position is typically an entry-level role in the firm, usually reserved for post-undergraduates. On the other hand, associate analysts are considered a position one tier above, requiring an MBA or prior analyst experience.

In some organizations, associate analyst positions are appointed based on the job experience. The role of each position can vary between start-ups to corporate. Sometimes smaller firms have analysts perform various tasks that take more responsibility but do not have an associate as their supervisor.

Overall, it takes two to three years to move from an analyst to an associate analyst position. However, you do not need previous analyst work experience to hire an assistant role with the right education. Once you become an associate, responsibilities and leadership roles fall on you as you become accountable for analysts' performance in the firm.

The skills required for an associate analyst include setting up reporting systems and collecting data, using analytical skills to understand how the collected data affects business decisions, and preparing reports that detail findings and recommend solutions.

The associate analyst performs various functions, which vary slightly based on the industry:

IT/Systems associate analyst responsibilities:

• Participating in the research and development process of new applications, hardware, or related peripherals

• Performing the documentation related tasks for particular projects or all projects in general

• Conducting periodic assessments to check the functioning of systems or applications and seeking feedback from users

Business associate analyst responsibilities:

• Assisting in the development of new strategies to enhance the efficiency of the current business processes

• Assisting in the development of new system models and allotting time and budget for every new project

• Assisting in designing workflow and the selection of materials and power for the projects

• Seeking and recommending advanced technologies that can contribute to projects and business development and generate profits while reducing operating costs.

Investment banking associate analyst responsibilities:

• Gathering, examining, and analyzing financial statements of clients and also assisting the senior analysts in reviewing the financial position of clients

• Researching the market, preparing presentations, writing and circulating letters, and many other tasks

• Helping to design business cases for all use cases and preparing various automation frameworks

• Monitoring all product and service sales cycles, assisting customers and clients in choosing appropriate products, and providing a regular assessment of all business strategies.

The level of an associate analyst is one notch above an analyst, but it is still considered an entry-level position.

For most companies, an analyst is the bottom of the totem pole. This is a great entry-level position for recent graduates of a bachelor's degree in various areas, including computer science, software engineering, banking, information systems, MIS, or business information. This will largely depend on the three main industries you work in as an associate analyst - business, investment banking, and IT systems.

In many cases, an analyst can work their way into an associate analyst role. This usually takes three to 5 years of experience working as an analyst. In other cases, companies will hire associate analysts candidates with an MBA and no prior work experience.

The role of each position can vary between start-ups to corporate, but typically an associate analyst is always above an analyst. Smaller firms have analysts perform various tasks that take more responsibility but do not have an associate as their supervisor.

After an associate usually comes a specialist or consultant, which takes two to three years to reach. Then senior specialist or consultant, which takes three to five years to reach. Finally, you move into manager, senior manager, or partner. Becoming a partner can take upwards of 20 plus years.