The prosperity and growth of a company depends on responsible and accurate data analyzation. A company depends on the Analytics Manager to perform a number of tasks with the goal of gathering all of the necessary data and produce a comprehensive analysis from it. This analysis is then used in important decision-making choices that will affect the company’s bottom line and (hopefully) lead to profits. The Analytics Manager must develop analytical approaches in order to answer business questions that deal with the past and present data that the company’s production and transaction activity produces. This happens when the Analytics Manager structures, manages, and extracts data from several applications. Then this data is organized by applying statistical methods and data modeling to summarize data in a coherent manner for the top executives in a company. The executives then use this information to make important strategic decisions that will help the company be more efficient and yield higher profits. So the company’s ability to progress and grow weighs heavily on a competent and proficient Analytics Manager.
Overview of an Analytics Manager Salary
According to Payscale.com, the median Analytic Manager salary in this country is $90,789 a year, or around $44.00 an hour (this figure has been updated as recently as 6/20/2015). The pay rate for this position ranges from $65,000 to $132,000 a year. There are many factors that go into an Analytic Manager’s salary.
EARNINGS FACTORS OF AN ANALYTICS MANAGER SALARY
An Analytics Manager’s salary can vary depending on company location, size, and the employee’s experience and skill set. In terms of location, San Jose boasts the highest average salary for the position at 33% above the national average. Likewise, San Francisco (+15%), Boston (+13%), and Charlotte (+8%) round out the top earning cities in the country. On the other hand, Denver (-9%), Minneapolis (-11%), and Detroit (-14%) are at the bottom rankings in terms of pay scale for the Analytics Manager position.
ANALYTICS MANAGER SALARY VARIATIONS
As with location, the company itself also plays a large part in the salary. Corporations that deal with large quantities of data, such as web-based entities, will generally pay more. For instance, web companies Expedia and Accenture have a starting Analytics Manager salary of $125,000 and $135,000, respectively.
Experience has the largest impact on salary for Analytics Managers. Those entering the field at the entry-level (0-5 years experience) make around $83,000 a year. There is a large jump in salary of approximately $18,000 for those individuals with 5-10 years experience (the average for these individuals is $101,000). Those with 10-20 years experience see only a slight increase, making around $109,000. However, employees with 20 plus years experience don’t see much of an increase from the previous tier. Those with 20 years or more experience make around $111,000. This means that someone with more than 20 years experience could make only $2,000 more than some one with 10 years experience.
One would think that the more skills brought to the table the more beneficial it would be to the salary, but this is not the case with the Analytical Manager position. The two skills that most positively impact Analytics Manager salaries are People Management (+25%) and Big Data Analytics (+24%). On the flip side Strategic Marketing (-5%), and Web Analytics (-7%) had a negative affect on salaries.
ANALYTICS MANAGER JOB DESCRIPTION
An Analytics Manager Job Description varies from company to company, but all require that the position analyze, interpret, and visualize data to help users meet their analytical reporting needs. The Analytics Manager accomplishes this by creating, designing, and maintaining data reports that are easy to understand and representative of the company’s needs using query, reporting, and visualization tools. The Analytics Manager’s tasks include generating relevant information that relates to data from prior statements and accounts. They must ensure that all data and information that they are reporting on is updated and review all strategies and procedures to make certain they comply with corporate practices. They are also responsible for ensuring that their employer follows any necessary regulations, procedures, and laws that may need to be taken into consideration.
In order to capture and make use of the required data the Analytics Manager must establish metrics and ensure that the processes are in place. They must then provide reports that translate the gathered information into a relevant business model at a project and portfolio level. Metric tracking, insight analysis, and reporting are crucial tasks for the Analytics Manager position.
A majority of the Analytics Manager’s time is spent on the computer. Most of this consists of data management, gathering information, and preparing presentations for reporting the data in layman terms for the user. This leads to the Analytics Managers key attribute – the ability to interact with others in a proficient and effective manner. For data collection a group effort is needed. Analytics Managers must collaborate with business associates to ensure the most efficient and effective ways to maintain, collect, and report their findings. It is crucial to establish strong relationships with all members of the company and its customers and to maintain those relations over a long period of time
ANALYTICS MANAGER JOB OUTLOOK
Analytics deal with organizing a company’s statistical data. With the continued rise of the Information Technology field the Analytics Manager job outlook is positive. Each company is left with large quantities of data that must be analyzed in order to help a company take the best course of action to ensure growth. This is done by identifying negative trends and reversing them, and also to predict how to maintain and increase profits. For this reason Analytics Managers have an important role in today’s job market.
Perhaps the one downfall for those trying to get into the field is that many employers might prefer to either higher someone that does not have any experience from within the company, or to higher someone who already has a few years of experience as an Analytics Manager. For this reason not many employees are hired into the Analytics Manager position that don’t already have previous experience, making it hard for someone to jump into the position immediately. Case in point, only 1% of people hired as an Analytics Manager have less than 1-year of experience, while 26% have 1-4 years experience, and a whopping 46% of Analytics Managers hired have 5-9 years experience.
One common career path for an Analytic Manager to pursue is to move into a Director of Analytics position, and then on to an executive role. Because the Analytics Manager spends so much time interpreting data that is used by executives, it puts them in a unique position of understanding the decision-making role from a more intimate point of view in the company; they have interpreted the raw data personally over a long period of time. This puts them in a unique position on the corporate ladder.
ANALYTICS MANAGER EDUCATION REQUIREMENTS
When exploring how to become an Analytics Manager education and experience are the two biggest obstacles. A Bachelor’s degree in statistics, business administration, or computer information systems from an accredited university or four-year college is always a requirement. Some prospective employers might also require a Master’s degree.
Specialized training might be required to fit the individual need of the company. Every company has specific data that may differ from another. Familiarity with analysis tools, such as Microsoft Excel and Qlikview, is usually a must, as well as database querying and query design. Lean or Six Sigma certification or experience is a plus.
Because reporting is a large responsibility of the position strong communication and presentation skills are needed. Public speaking should not be an issue for the Analytics Manager.
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