Analytics managers coordinate analytics tasks for their organization, including developing effective strategies for collecting data, analyzing information, conducting research, and implementing analytics solutions for their products or services.
Who Is an Analytics Manager?
An analytics manager is responsible for developing and implementing analytics strategies. They are also responsible for analyzing data to find insights, communicating the findings of their analysis to other employees, and communicating the findings of their analysis to senior management. The role of an analytics manager is to ensure that the company has access to all the data it needs and can produce meaningful insights from it.
It is a managerial position, which will require you to manage other employees and establish processes within your department. You may even need to consider hiring new people to meet your organization's needs and how they relate to data collection, analysis, and reporting. Because of all this responsibility, you can expect the analytics manager's salary to be high compared with other organizational positions.
However, to pursue your career in this field, check out courses on Business Management Online to acquire the skills necessary to launch your career in the field. The course will help you understand the core terminologies of business management so that you can apply risk management techniques to tackle unforeseen challenges in your organization.
Analytics Manager Salary in 2024
1. Analytics Manager Salary: Based on Experience
- Beginner: The entry-level business analytics manager's salary is approximately $48K.
- Intermediate: An intermediate analytics manager's salary is around $116,537.
- Advanced: Talking about the average senior analytics manager salary, you can expect it to be approximately $200K. The analytics lead salary, and senior business analytics manager's salary is usually around this figure.
The average business analyst manager's salary is $103,621, while the data analyst manager's salary is $83,062. The analytics product manager's salary is $152,450
2. Analytics Manager Salary: Based on Location
India: The salary of Analytics Managers in India can be around ₹12,03,374 per year.
- Highest-paying cities in India::
- Gurgaon - ₹16,84,084
- Chennai - ₹12,80,196
- Bengaluru - ₹12,66,803
US: Analytics Managers in the United States earn an average salary of $110,746 per year. Analytics Managers in the United States also receive additional cash compensation.
- Highest-paying cities in the US:
- San Francisco - $135,648
- New York - $128,574
- Washington DC - $126,823
- UK: Analytics Managers in the United Kingdom earn an average salary of £52,972 per year when working in the field.
- Highest-paying cities in the UK:
- Reading - £62,196
- London - £59,955
- Bristol - £53,554
Australia: In Australia, analysts who work in the position of Analytics Manager earn an average salary of $125,391 per year.
- Highest-paying cities in Australia:
- Melbourne City Centre VIC - $153,510
- Sydney NSW - $141,924
- Melbourne VIC - $136,896
Canada: Analytics Managers in Canada earn an average salary of $82,580 per year.
- Highest-paying cities in Canada:
- Toronto - $113,763
- Regina - $108,680
- Vancouver - $92,905
Singapore: An Analytics Manager can expect to earn a salary of $129,777 per year in Singapore on average.
- Highest-paying cities in Singapore:
- Shenton Way - $151,717
- City Hall - $125,185
- Outram - $123,623
Factors Affecting Analytics Manager Salary
- Location: Location is a key factor in determining an analytics manager's salary. The location where you live and work will affect your salary. When searching for a job, it's important to consider how much the geographical location will affect your potential earnings. Factors such as living costs in the specific area, the organization's budget for that location, future scope, and so on are considered when determining your compensation.
- Industry/Employer/Company: The industry, employer, and company you work for can all affect your salary. The data analyst manager's salary is usually higher in the banking and finance industry. It is followed by insurance, healthcare, and retail.
- Experience: Employers consider the experience the most important factor when deciding whether or not to hire you. The greater your experience in the field, the higher your salary. The analytics lead salary is almost entirely determined by their experience. The more experience you have, the better your chances of earning a higher salary. In this respect, it's helpful to know that experience can be gained through education, certification, and work experience. Analytics managers can advance to a senior manager position, director of analytics, or Chief Technical Officer.
- Demand and Supply: Analytics managers are in high demand today. The job market is growing rapidly, and there will be an increased demand for analytics managers in the future. As more companies need analytics managers, their salaries are increasing as well.
- Credentials/Certifications: Certifications are a great way to show your employer that you have the skills to do the job. Certification can be a good way to boost your salary by getting you paid more than someone with similar experience who doesn't have a certification. Certifications are also great because they help you get your next job, whether it's in analytics or something else entirely. Having an analytics certification shows other people (potential employers) that you're committed and dedicated enough to invest time into improving yourself in this field and maybe even beyond.
- Skills: The analyst manager's salary is high because of the skills required to do the job. The most important skill needed for an Analytics Manager is data management, followed by business intelligence and data analysis. It's also important to have programming skills such as R and Python. Other essential skills include data visualization, reporting, data mining, and warehousing.
The following are some other key skills needed for an analytics manager:
- Business knowledge - You need strong domain knowledge from your field of expertise in order to understand business problems better so that they can be solved using analytics tools.
- Business intelligence - You need to know what BI tools are available and when they can be used. For example: If you want to build a sales prediction model, you should know the various BI tools like Tableau or Qlik.
- Data science - You need to know how to solve business problems using analytics tools such as R and Python. Other essential skills include data visualization, reporting, data mining, and warehousing.
- Data management - You need to know how and where to store data, what type of database is best suited for your use case, and how to access data from various sources like Excel spreadsheets or databases.
How To Improve Analytics Manager Salary?
If you want to improve your salary, you can do a few things. First, make sure that you're pursuing the right credentials and experience. If you don't have a degree or certification in analytics or statistics, this may be holding back your earning potential.
Second, focus on building your skillset. You can do this by learning new technologies and tools to use in your analytics work. For example, if you need to build an analytics dashboard, you should know data visualization techniques like Tableau or Qlik.
Third, take on leadership roles in the organization where you work. This will show that you're ready for more responsibility and higher pay.
Finally, consider taking some analytics courses online. Even if your career doesn't directly involve using analytics, understanding how data works and how to interpret it will make you more valuable to employers in any industry.
1. Certifications
Certifications can be an excellent way to demonstrate your knowledge and skills to the company you're applying for a position. Many companies offer performance-based pay increases, promotions, or other forms of advancement based on certifications earned by their employees. Certifications also help individuals with little-to-no experience get jobs in analytics roles that they otherwise would not have been able to apply for. Some certifications for analytics managers are:
2. Degrees
A bachelor's degree in data science, statistics, or engineering is the most common qualification for this position. However, candidates with a business or computer science background can also excel in this role if they have the solid technical knowledge and analytical skills.
Additional degrees may help me find a career as an analytics manager. Candidates with undergraduate degrees in mathematics, economics, and statistics are highly desirable by employers because of their ability to think critically about data sets.
3. Experience
The more experience you have, the more money you can make. It is not always true, but it is generally the case that people with more experience earn higher salaries than those with less.
Experience is a good indicator of skill level and future success. In addition to what your specific job entails, having a lot of experience means that you have been able to perform well over time and that your employer has rewarded you for it. In essence, this indicates how much knowledge or skill set an individual has acquired over time.
Why Are Analytics Managers Paid So Much?
The main reason why analytics managers are paid so much is that they are highly skilled and in demand. They have to communicate effectively, work with people from all levels of the organization, and ensure that their team's analysis is used effectively. Their role is crucial for a company's success, which is why it can be difficult for companies to find suitable candidates for this position.
Analytics managers are also paid well because they are often required to travel. They may need to attend meetings with clients or visit a company's office in another location. This can be expensive for companies, so they may choose to pay analytics managers more than similar roles.
Looking to dive into the world of data science? Discover the best data analytics bootcamps that will equip you with the skills you need to excel. Unleash your potential and unlock endless opportunities in this exciting field. Don't miss out!
Conclusion
Analytics Manager is a lucrative career path with plenty of job opportunities and excellent salary packages. If you are considering a career in analytics and want to know more about what it takes to succeed in this field, then it is recommended that you pursue a relevant course. You can check out the KnowledgeHut Business Management online Courses to have a fair idea about various business management practices and define business goals, shape project outcomes, and deliver measurable results for your organization.
