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The differences between forecasting analysts and analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a forecasting analyst, becoming an analyst takes usually requires 2-4 years. Additionally, an analyst has an average salary of $73,007, which is higher than the $69,708 average annual salary of a forecasting analyst.
The top three skills for a forecasting analyst include supply chain, SQL and data analysis. The most important skills for an analyst are customer service, troubleshoot, and data analysis.
| Forecasting Analyst | Analyst | |
| Yearly salary | $69,708 | $73,007 |
| Hourly rate | $33.51 | $35.10 |
| Growth rate | 19% | 11% |
| Number of jobs | 31,811 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 67% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
A forecasting analyst is responsible for predicting a business's future production and financial condition by analyzing the company's current data statistics. Forecasting analysts evaluate the company's sales performance, inventory levels, production speed, and turnaround time of deliverables. They also study the latest industry trends, identifying business opportunities from consumer demands and interests to develop revenue resources to maintain the business' financial stability. A forecasting analyst must have excellent communication and analytical skills, especially on creating report models and finance measurement accuracy.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Forecasting analysts and analysts have different pay scales, as shown below.
| Forecasting Analyst | Analyst | |
| Average salary | $69,708 | $73,007 |
| Salary range | Between $53,000 And $90,000 | Between $53,000 And $99,000 |
| Highest paying City | Seattle, WA | Jersey City, NJ |
| Highest paying state | Washington | New Jersey |
| Best paying company | Apple | The Citadel |
| Best paying industry | Manufacturing | Technology |
There are a few differences between a forecasting analyst and an analyst in terms of educational background:
| Forecasting Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between forecasting analysts' and analysts' demographics:
| Forecasting Analyst | Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 55.3% Female, 44.7% | Male, 52.4% Female, 47.6% |
| Race ratio | Black or African American, 5.0% Unknown, 5.0% Hispanic or Latino, 11.9% Asian, 12.7% White, 65.3% American Indian and Alaska Native, 0.1% | Black or African American, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |