How to Become a Research Analyst: Career Guide, Courses, Jobs, Scope, Salary

What Does a Research Analyst Do?

A research analyst is in charge of research, analysis, interpretation, and presentation of market, trade, finance/accounting, economics, customers, and other data related to the field in which he or she works. The researcher typically manages numbers and data very quantitatively, analytically, logically, and well. Research analysts carry out a wide range of tasks according to their company's needs. Forecasting is the primary role of research analysts, which varies by company and industry.

Some of the job responsibilities may include the following given below -

• Creation for leadership teams of charts, graphs, and presentations.
• Analyze results from past years and analyze variance performance.
• Develop recommendations for the future improvement of business activities.
• Identify trends and make improvement recommendations.
• Provide trends and forecast analysis and recommend optimization measures.
• To organize and analyze data, use Excel functions.
• Improvement of processes, including standard and ad-hoc reports, identification, and driving.

Types of Research Analysts

In addition to the financial sector, research analysts are also found in other sectors. Data analysis is not an easy task that you can accomplish with the software. In addition to software, you need someone who can gain key insights from the majority of available data. The following are different types of research analysts in general:

Operations Research Analyst

• Research analysts use complex mathematical models to assist companies in identifying the most efficient processes for the manufacture and distribution of their products and services. Different analytical and mathematical methods are used to identify business strategies and support informed decision-making by business owners.
• The problem solvers are operation research analysts. Organizations use operational research analysts to decide which are critical to their operations' success.
• Research analysts for operations can assist companies, manufacturing firms, airlines, technology firms, government agencies, and others. They work with business leaders to tackle issues that lead to lower operating costs, efficiency, and profits.

Market Research Analyst

• Market research analysts assist a company in increasing its product/service market share. In general, market research analysts deal with the customer's workforce, market conditions, etc.
• They help identify a potential market in which their company's products/services are in great demand. Companies want to understand who their clients are, what they need, and the way they buy it. Market research analysts provide their clients with information to help them gain a better understanding of themselves.
• Market research analysts work for different kinds of organizations, examine market conditions and identify opportunities for the development of product or service sales.

Equity Research Analyst

• In the securities and investment industry, equity research analysts are found. Equity research analysts can either work for a sales company or a buy-side company. They compile reports and projections that contribute to security acquisition or sales.
• They use a complex research analysis to analyze the customer's portfolio and assist their superiors in making informed decisions.
• Equity research professionals are responsible for producing investment opportunity analysis, recommendations, and reporting which may be of interest to investment banks, institutions, or their customers. A group of analysts and employees in an investment bank, an institution, or an independent organization is the Equity Research Division.

Financial Research Analyst

• Financial analysts deal with the organizational/company financial process. They analyze the company's current financial performance and develop ways of improving future performance. In general, financial analysts focus on stocks, bonds, investment performance, so on and so forth.
• Financial analysts examine and use financial data to help companies make business decisions. Their analysis is often intended to inform companies' investment decisions. In addition to the preparation of financial models to predict future economic conditions of any variety, an analyst must know the current developments in the field in which he specializes.

Economic Research Analyst

• Economic research analysts deal with various economic factors such as interest rates, exchange rates, inflation, etc. They assess the company's performance in relation to the business environment.
• In the analysis of tax terms and levels of employment, economic research analysts also participate. An economic analyst conducts research, produces reports, and formulates plans to address economic issues related to goods and service production and distribution.
• In general, their daily work includes data collection, analysis, research into relevant topics, preparation of presentations and technical reports, and consultation with their employers.

Steps to Becoming a Research Analyst

There are some simple yet important steps to becoming a research analyst.

Decision Making

Aspirants must understand that after the required educational qualifications, they can only choose this career. In this case, a mathematical and statistical background is ideal.

Subject Choices

The Research Analyst does not have specific requirements. However, the following skills can help you advance in your career: Finance, Business, Mathematics, Statistics, Mathematics, and Marketing are all areas of study.

Entrance Exam Preparation

The NISM-Series-XV is carried out once a year specifically for this post and it includes several entry tests for research analysts. Candidates should not be intimidated by the curriculum, but rather have a strategy for covering and revising the curriculum two times.

Selecting the Correct College

There are several online websites, such as Collegedunia, that recommend the best colleges by location, ranking, fees, and positioning. Candidates must take advantage of such sources and visit the website to learn more about the training, the faculty, and the placement opportunities.

After Qualifying Exam

Once students have completed their Bachelor's in the corresponding course and qualified for their exam according to the criteria of their qualifications, they have several options: They can either start as an entry-level research analyst. You can opt for an internship to learn about the role. You can graduate from relevant subjects, making it easier to position yourself in the job market as a research analyst.

How to Become a Research Analyst in India?

The path towards becoming a research analyst begins right after class 10, with a preferred choice of business or mathematical streams to get to know topics that help you to pursue a B.Com or BSc. (Mathematics) or BSc. (Statistics).

School Level Preparation 

• Candidates must have a commerce background in their 10+2.
• They must have Maths or Statistics as a preferred subject.
• They must aim to score well in their 10+2 to take admission in the top colleges.

How to Become a Research Analyst after the 12th? 

UG Preparation

• After completing the 12th course, the candidates must graduate from UG in the subjects concerned.
• Different companies usually expect a future market research candidate to have a Bachelor's degree in Market Research or a related field, such as computer science, math, or statistics.
• In these subjects, many institutes offer courses based on entrance exams. These entry tests vary according to their criteria from place to place.

PG Preparation

• After graduating, students can work in Market Research, Marketing, Statistics, and Business Administration for a Master's degree.
• Some internships are an excellent way to gather and analyze data, write reports and carry out surveys.

Courses to Become a Research Analyst

BBA (Marketing)

The BBA (Marketing) course enables businesses, government decision-makers, and financial managers to handle currency risks, stock issuance and debt repayment, and other domestic and international financial aspects.

Admission Process

• Students must pass the 10+2 class with at least a 50% marks for admission to the BBA marketing course.
• Some universities admit only on the 10+2 mark list of merit, but some universities take the common entrance test in finance for the BBA.

B.Com (Statistics)

BCom Statistics is an undergraduate course in Statistics. BCom statistics deals with the science of numerical and categorical data gathering, analysis, organization, interpretation, and presentation.

Admission Process 

• Candidates must have passed their 10+2 from the commerce stream.
• They must have studied both Mathematics and Statistics as their compulsory subjects.
• Candidates must at least score 60% or above to take admission in top college.

How to Become a research analyst: Abroad 

In countries such as the UK, USA, Canada, and Australia, candidates can study various Research Analysis courses. There are individual rules and eligibility criteria in each country. The pay package provided by these countries varies considerably from what is available in India. Foreign universities provide far superior pay packages and infrastructure. Check out the details below:

How to Become a Research Analyst in the UK?

• Students interested in studying at any of these colleges mentioned below in the UK must focus on eligibility and on the necessary documents to ensure a smooth admission process.
• 10+2 with at least 65% marks in any degree.
• Students who are 18 years old and of Indian nationality can apply for the BBA, BSc, and BCom programs.
• In total, 75-80% or more of 80% requested (in mathematics and English respectively)
• By submitting IELTS (6.5-7.0) and TOEFL iBT (90-100) scores, international students must prove their excellence in English competence.

The Top Colleges in the UK are as follows:

How to Become a Research Analyst in the US?

• Candidates should get grades of 12 or equivalent and have grades of 12 in mathematics, physics, and chemistry.
• The applicants must pass the SAT examination. On their SAT mathematics paper, candidates have to score 760.
• The candidates must pass the IELTS or TOEFL English skills test.
• The candidates must obtain a score of 80% during their graduation examination in the case of PG programs.
• You also have to take the GRE examination.

The Top Colleges in the US are as follows:

How to Become a Research Analyst in Canada? 

• In addition to 2–3 references, the candidates must submit personal statements.
• Candidates must also present financial proof.
• Some work experience of 1-2 years would be helpful.
• Some universities require applicants to take the SAT examination. (Cutoff's overall score is 1200).
• In the 12th and equivalent examinations, candidates must score an average of 75%.
• Candidates would be required to pass an IELTS (6.5-7) and TOEFL English proficiency test (100).
• If they are admitted to PG, they need to score 75% on the UG level test and the GRE or GMAT exams must be taken.

The Top Colleges in Canada are shown below for your reference:

How to become a research analyst in Australia? 

Admission Process 

• Candidates need good mathematical knowledge.
• For applications, English proficiency tests, such as IELTS (6.5-7) and PTE (64), are required.
• A minimum score of 70 percent is required in their 12th boards or any equivalent examination.
• Master's candidates must receive a minimum score of 70% in their graduate examinations.

The Top Colleges in Australia are as follows:

Benefits of Career as Research Analyst 

One of the most highly profitable occupations in the world is a research analyst. The positions of research analysts are increasing at a high rate compared to the average job growth. The enormous demand for financial, business, professional, and other services from all sectors of business has contributed to this rapid growth. More people are therefore aspiring to be research analysts. This profession has its advantages. Let's look at them carefully:

Salary 

• The average salary of research analysts in India varies from INR 3,00,000 – INR 5,00,000 per annum.
• At the beginning of their career, research analysts can earn around INR 300,000 per annum.
• With more than ten years of experience as a research analyst, one can earn INR 10,00,000 per annum.

Job Security 

• Everything revolves around information, whether it's a big business or a small company.
• Any company requires research analysts to obtain this information.
• Therefore, organizations will need professionals or research analysts to manage this efficiently.
• They do research, and then collect, analyze and evaluate all the data, depending on the decision-makers who make the necessary business choices.
• But the availability of qualified professionals in the profession of research analysts is limited. Those with genuine talent and abilities have an advantage in business.

Positive Impact of Career 

• It opens up the possibility of pursuing a career in a foreign country.
• They are part of every organization's decision-making team.
• Since the profession of data analysts is not limited to a particular field, professionals can choose the industry they like.
• This profession includes high salaries and huge incentives.

Unique Experience

• The most unique experience a research analyst can have is the satisfaction that their research interpretation helps the top management to decide.

• The trends and predictions of research analysts contribute to the efficiency of business operations and management.

Skills Required to Become a Research Analyst

Salary of a Research Analyst in India

The salary of a research analyst is shown in the tables below based on various parameters:

Average Annual Salary

The following table shows the average annual salary for a research analyst:

Specialization Wise

Gender Wise Salary

Experience Wise