How to Become a Data Research Analyst – A Guide

Q: Is it necessary to showcase the skills in the resume? OR How much important to show the skills in the resume?

Showing your skills in the data research analyst resume is a crucial point. You should create a “skill section” to introduce your skills and remember to add it whenever you obtain a new one. Another vital thing is to add a phrase or describe a little of your skills from your prior work experience to convince others that you mastered those skills perfectly.

September 12, 2023 Mallika Basu Data Analytics, Knowledge

Are you considering yourself to become a research analyst? If your answer is yes, then you are on the right page. In this article, we will give you the detailed information you need for how to become a data research analyst.

Let’s start with the basic knowledge then.

First, we all know for a fact, that we have entered into a data-driven condition where data is a significant component of our daily life; whether it is a business organization, a healthcare facility, or a tech company, data is the essential component, and decisions build on it. Second, regarding this matter, organizations hire research analysts for their capability to understand the market better than anyone and to have an upper- hand against their competitors. In short, a research analyst can be considered an invisible hand but the most valuable one and is responsible for bringing an upswing for an organization.

Before delving deep into the knowledge of how you become a research analyst, you should have a clear concept of the difference between a data analyst and a research analyst. To comprehend the difference clearly, we need to know their daily work routine, like what is the most prior thing in their regular job or the area of focussing, what skills they need to have to fulfill their duty, what tools they use, etc.

6 Vital Differences Between Data Analysts and Data Research Analysts

Area of Focus

A research analyst’s prime sector of focus is collecting data from different sources and confirming the legitimacy of the collected data. They maintain a distinct focus on the sources and the outcome gathered from the derived data. Research analysts basically spent more time collecting data than analyzing the derived data.

A data analyst is all about analyzing the derived data to make it presentable in a form so that others can understand it easily. They don’t spend time collecting data from different sources.

Source of Data

There is practically no limit to sources for research analysts to gather data. Only the genuineness of the extracted data and the legality of using the derived data are two crucial points they consider as their high priority. Simply saying, they can obtain data from public sources as well as from private domains.

As for data analysts, the sources of the data are always the organization’s data warehouse or an organizational data mart. A data warehouse is a place where all the information is stored regarding customers and marketing for a specific organization. In short, data analysts don’t gather information from external sources; they only use the datasets available to them.

Tools

As we already mentioned before, research analysts have nearly limitless sources to obtain the data; this gives them access to perform research freely to verify the authenticity of the sources. Research analysts use their tools to achieve their prime objective. They conduct interviews and surveys, use research papers, and follow the latest news and opinions to do their job. They sometimes use Power BI and Tableau for specific cases.

Data analysts use tools to analyze the derived data and give a presentable pattern to make it simple and clear to others. They mostly use programing language and statistics for analyzing, visualization, and making charts to complete their task.

Skills

Research analysts should have specific educational qualifications and skill sets to fulfill their tasks. They are usually very focused on their arena; this is a primary skill to get the job done. They give their full attention to collecting data and ensuring the legitimacy of the sources. They use their expertise to understand the outcome from the derived data and good communication skills for presenting interpreted data to others.

For data analysts, being skilled in statistics and having a deep knowledge of a programming language would be sufficient. With these two skill sets, data analysts should also have good communication skills to present their findings for others to understand the fact easily.

Role & Responsibility

Research analysts focus on gathering the data, analyzing the derived data, drawing suitable conclusions, and giving suggestions for betterment based on those conclusions. They always go for quantity. Sometimes, they make policies and protocols to conduct research for better results.

Data analysts use large data sets stored in the organization’s warehouse to obtain information to understand patterns and trends. They don’t have any external data source to work with. They usually go for quality.

Intended Audience

Research analysts usually submit their findings to the higher management of the organization. The higher management is the intended audience for research analysts. Although, the status of the hire management can differ from sector to sector. For example, in the marketing industry, it would be the Marketing Vice president to whom a research analyst would answer or submit a report. But in the financial sector, a fund manager is the targeted audience.

As for data analysts, the intended audience won’t be the same always as research analysts. Sometimes, it can be a much lower authority in the hierarchy. Such as, in the marketing sector, a marketing manager or a sales manager would be the targeted audience for a data analyst.

Now let’s have an introduction to research analysts to understand it better.

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What is a Data Research Analyst?

A data research analyst works as a shepherd in an organization. They administer detailed supervision on everything, starting from collecting data from primary and secondary sources to furnishing recommendations for better results in business.

Their primary aim is to gather data and verify the authenticity of the sources and the derived data. They use various techniques and tools to perform this duty. After analyzing the derived data, they establish the information required to meet their particular objective. Based on that information, they make suggestions for the future betterment of the organization. They sometimes implement new policies or processes to facilitate an effective and efficient operational structure in the organization for enhancement. They also ensure to stay updated on the latest technology and new rules regarding the industry.

Types of Research Analysts

Research analysts are called for in every industry for future progress. Although they work mainly in the finance industry. Their most known job titles are:

Market Research Analyst
Financial Analyst
Equity Research Analyst
Operation Research Analyst
Economic Research Analyst

Market Research Analyst

Market research analysts work as weather forecasters of the market. They research market conditions by collecting and analyzing data on consumers and adversaries. They also give recommendations on projecting future products or services.

Financial Analyst

Financial analysts help organizations in financial planning and budgeting. They research and analyze past years’ financial data and give suggestions on future cost optimization and revenue generation of organizations. They also find the cause of past losses through their analysis and advocate recommendations to avoid such incidents in the future.

Equity Research Analyst

Equity research analysts work in the stock market. They analyze organizations’ performance to keep track of stocks and administered guidance to investors and investment advisors on buying and selling a specific stock.

Operation Research Analyst

Operation research analysts are known as the think tank of organizations. They help organizations to work effectively and efficiently. They use different techniques, such as mathematics, statistics, and data mining to administer solutions for the organizations to perform well.

Economic Research Analyst

Economic research analyst helps organizations in solving the economic problems of product lines. They analyze data and situations to understand the problems better. Then they use mathematical models and statistical techniques to prepare plans of action to encounter the economic problems of production lines.

Responsibilities of Data Research Analysts

Collect data from different sources, including personal and public.
Analyze derived data for authentication and legitimacy of sources.
Analyze past years’ performance and operational results to improve future performance.
Research market trends, conduct surveys, analyze customers’ behavior towards specific products or services, and give recommendations on future products or services.
Use various techniques, like mathematical, statistical data modeling, etc., and different programming languages to improve organizations’ operational models and advocate suggestions for future business progress.
Use data analysis and speculations to provide direction in the decision-making of organizations.
Use operational data to improve the day-to-day business of organizations.
Always give advice on future improvement after analyzing derived data.
Store data in an organized way for future use related to specific organizations.
Administrate different research methodologies, such as applying new policies, protocols, and processes for better improvements.

What are the Requirements to Become a Data Research Analyst

A Bachelor’s degree in a specific field, like finance, mathematics, business, economics, etc. needed to enter this arena.
A Master’s degree or MBA in finance is another professional degree for this position.
PG or doctorate in finance, mathematics, statistics, economics, etc., will help to achieve a higher position in this field.
Certification in a specific field would be advantageous in this position.
Knowledge of programming languages is vital in this field.
Experience in research methodology and data management would be a privilege.
Problem-solving, communication, and team-working skills are crucial for this position.
Basic knowledge of corporate strategies, market policies, etc., is accountable in this field.

7 Essential Skills to Become a Data Research Analyst

Besides educational qualifications, you will need some specific skills to become a research analyst. With time, patience, and practice, you can hone these skills. With these skills, you will make a significant difference in your career as a research analyst.

Let’s begin to understand these skills.

Research Skills

Research skills will help you verify the authenticity of the sources and the derived information. Research analysts use different research methodologies for this purpose. Your knowledge of your organization’s needs will help you to conduct your research to get accurate insights from the data to make better strategies for the betterment. Practice with real-life projects will help you to hone this skill.

Analytical Skills

Analytical skills will help you to understand the pattern and find insights from raw data. Research analysts use statistics and various data sets methodology to analyze the data. This skill is very crucial to determine the right insights for future improvements. Do practice with live projects; so that you can master your analytical skill.

Mathematical Skills

Strong mathematical skills will help you do your work not just appropriately but also in an easy way. Research analysts use this skill to assess the information derived from the sources and make recommendations for future improvement based on that assessment. One should make an effort to master this skill with practical-based projects.

Tech Skills

Specific programing language skills and keeping yourself up-to-date with any tech-related software would be appreciable in this line of work. This skill will help you considerably at your workplace and make a notable difference in your career as a research analyst.

Reasoning Skills

Reasoning skill is the most crucial skill to have for a research analyst. This skill will help you with almost everything in this profession, starting from understanding the pattern to forecasting future strategies. Honing this skill should be your foremost choice to become a research analyst.

Communication Skills

Communication skills, including writing a report, working with different team members, and presenting recommendations to the organization head and stakeholders, are vital for a research analyst. This the analyst’s foremost responsibility to present the findings in a simple form for others to understand easily.

Organizational Skills

A research analyst should know the basics of how any organization works and what the responsibilities of a research analyst are. To work with other teams and build sound proactive team communication organizational skills can be beneficial.

7 Fundamental Steps of How to Become a Data Research Analyst

Let’s discuss the fundamental steps of how to become a research analyst in 7 steps.

Obtain the Required Educational Degree

If you are serious about becoming a research analyst, first, you should have a bachelor’s degree in mathematics, finance, business, or economics. After a bachelor’s degree in a particular field, you can effortlessly get into an entry-level data analytics job. Secondly, you will need a master’s degree in finance or business if you want to go higher as a research analyst. And, as for becoming a SEBI (Securities and Exchange Board of India) registered research analyst, you will need a PG degree or diploma.

Understand the Role & Responsibilities of Research Analysts

To become a research analyst, you need to know their role & responsibilities in detail, and it is a must. Their role & responsibilities are what they do every day at their workplace. In short, gathering data from different sources and checking the derived data for authenticity is their primary concern. Next, they use their various research methodology to bring out insights from the obtained data and make suggestions to the organizations’ heads and stakeholders based on the insights they collected for future improvement of the organizations.

Grow Specific Skills of Research Analysts

After you understand the role & responsibilities of research analysts, you will know what skills you need to hone for yourself. Some skills you can learn, but you need to practice to master those skills. Data analysis, data management, python, research projects, etc., are examples of some specific skills you need to master, along with you will need some soft skills, like problem-solving skills, communication skills, etc.

Get Certifications

Getting a certification will definitely help you fast enough to achieve your goal of becoming a research analyst. Obtaining CFA ( Chartered Financial Analyst) certification after Bachelor’s degree or PG will help you just as. In addition, complete the Research Analyst Certification Examination to become a SEBI registered research analyst. It requires a minimum of 5 years of work experience. After Bachelor’s degree or MBA, you can have relevant work experience to appear in this certification program.

Accomplish Relevant Internship

During or after your Bachelor’s degree, you should join an internship to understand firsthand the role & responsibilities of research analysts. The internship will help you to know your capability and to upgrade the skills required to become a research analyst. Therefore, based on your interest in consulting firms, get an internship in insurance companies, BFSI sectors, and other government organizations.

Build Your Research Analyst Resume Properly

To become a research analyst, you should build your data research analyst resume appropriately. It is a crucial step to make your career. Present all your educational qualifications required for this position, along with your skills certification. Add your prior experiences and certificates to your resume. The most important thing is that you add your skill certification to your resume whenever you get a new one.

Apply for a Data Research Analyst Job

After shaping up your resume with your credentials, you should start browsing job posts for relevant positions, or you can reach out directly to your preferable organizations.

How to Become a Data Research Analyst Externally

A degree in mathematics or statistics and strong knowledge in programming is always a plus point for your career as a research analyst. Although, it is also possible to become a research analyst without one. You can develop your skills through internships, apprenticeships, or even by taking an entry-level job.

There are different categories of skill improvement courses available select any one of those and grow your skills at your own pace with these courses.

Some of the Best Ones Are –

Data Analysis Immersive (Full Time) from General Assembly
Data Analytics (Part-Time) from General Assembly
Intro to Statistics from Udacity
Data Visualization with Tableau from Udacity
Databases and SQL for Data Science with Python from Coursera
Statistics / Data Analysis: Survey Data and Likert Scales from Udemy
Complete Data Wrangling & Data Visualization with Python from Udemy

Career Advancements of Research Analysts

As we already know, research analysts conduct research and analysis on several aspects of organizations, like marketing, finance, communication, technology, human resource, etc. They also develop analytical code and datasets to run their research methodology to give recommendations for improving business situations. They play a vital role in any organization for symbolic changes both on the inside and outside of the organization.

Research analysts have a prospective job description in the whole world. With globalization and digitization, competition among sectors and industries is sky-high; therefore, these professionals are in-demand for their workability in research, analysis, and suggestions on how and where to improve. With a master’s degree, the possibility of thriving in the career is a must. Research showed that, from 2018 to 2028, the demand for research analysts will increase by 20%.

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Professional Courses from IIM SKILLS

Concluding thoughts on How to Become a Data Research Analyst

At the end of the day, it’s your decision to make whether you want to become a research analyst or not. But, if you are interested in working with numbers or statistical modeling and conducting research, we hope you will find this article helpful to become a data research analyst.

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FAQs on How to Become a Data Research Analyst

Q 1. What is the role of a research analyst in B2B?

In B2B, research analysts conduct research on a particular market, industry, or company by gathering and analyzing data related to them. They basically research market trends, analyze industry and market data, then make their speculations and give recommendations on future market trends for the benefit of a certain organization.

Q 2. Is it possible to become a research analyst without a degree in mathematics or statistics?

Yes, it is possible. A degree in mathematics or statistics indeed helps you to become a research analyst. But it is also possible without a degree in the specific arena if you have a keen interest in working with data, along with problem-solving skills. If you are genuinely passionate about this type of thing, just go for it; because a career as a research analyst is worth it.

Q 3. Is it necessary to showcase the skills in the resume? OR How much important to show the skills in the resume?

Showing your skills in the data research analyst resume is a crucial point. You should create a “skill section” to introduce your skills and remember to add it whenever you obtain a new one. Another vital thing is to add a phrase or describe a little of your skills from your prior work experience to convince others that you mastered those skills perfectly.