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The differences between research analysts and data 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 research analyst, becoming a data analyst takes usually requires 2-4 years. Additionally, a data analyst has an average salary of $74,342, which is higher than the $70,232 average annual salary of a research analyst.
The top three skills for a research analyst include data analysis, data collection and research projects. The most important skills for a data analyst are data analysis, python, and power bi.
| Research Analyst | Data Analyst | |
| Yearly salary | $70,232 | $74,342 |
| Hourly rate | $33.77 | $35.74 |
| Growth rate | 19% | 11% |
| Number of jobs | 81,374 | 167,520 |
| Job satisfaction | 4.5 | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 65% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
A research analyst is responsible for providing a company with insights and advice concerning finance, investments, and expenditures. Utilizing their analytical skills and extensive expertise in marketing, they analyze the trends and significant factors to conclude which decision should be the best to make. They can also take part in conducting an in-depth analysis of a business and examine which areas require improvement or has potential. Furthermore, they may work with a company or independently as a freelance analyst.
Data analysts are responsible for interpreting the company's statistics and providing sound recommendations to the organization. They manage the organization's data sets, usually related to market performance, finance, or human resources. They are in charge of studying the available data, spotting trends, interpreting what the data and the trends mean, and recommending suggestions that will help the organization perform better. Their recommendations should also be relevant and backed up with strong analyses. Data analysts are expected to have a good grasp of the current market trends in the industry.
Research analysts and data analysts have different pay scales, as shown below.
| Research Analyst | Data Analyst | |
| Average salary | $70,232 | $74,342 |
| Salary range | Between $45,000 And $107,000 | Between $53,000 And $103,000 |
| Highest paying City | Seattle, WA | Richmond, CA |
| Highest paying state | Washington | New Jersey |
| Best paying company | The Citadel | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between a research analyst and a data analyst in terms of educational background:
| Research Analyst | Data Analyst | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between research analysts' and data analysts' demographics:
| Research Analyst | Data Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 50.8% Female, 49.2% | Male, 50.2% Female, 49.8% |
| Race ratio | Black or African American, 4.7% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.7% American Indian and Alaska Native, 0.1% | Black or African American, 7.5% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.9% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |