What does a Research Analyst do?

Let’s be honest, one of the main aims of any organization is to get an edge over their competitors. A company puts as much effort into competing in the marketplace as it does on increasing its sales because of their interrelation.

However, getting over one’s competitor is not as simple. To achieve the purpose, you must first get your hands to the valuable data insights of your company. And this is where a Research Analyst steps in. Research analysts play a major role in the investment, buying, and increasing the sales of a company’s products or services by getting the most out of the company’s big data.

So if you are an employer looking to hire a research analyst for your company, or simply a job seeker pursuing the career of analyst, here is all that you need to know about research analysts and what they do.

Once you get over with a complete understanding of the duties and responsibilities of research analysts, it will become easier for you to find the respective job on large job search engines like fratres.net, etc. So buckle up, and let’s begin.

What is a Research Analyst?

Beginning with the Introduction Research Analysts are the ones who provide real value to a company’s data. Without them, data is just a pile of information lying there uselessly. Research Analysts collect the data, works on it, understand the core strategic value behind it, analyze it deeply, and then translate it into valuable hidden insights to provide the company with a competitive edge for buying and selling in the marketplace.

Data in Research Analysis:

In research analysis, Big and unconstructed data has to go through three stages before been translated into insights:

Analysis: After the data has been collected, research analysts reason and inquires about the hidden patterns in it, in order to reveal various business opportunities by using mathematical and statistical strategies.

Presentation: In the next step, a research analyst gathers the insights and solutions that have been collected and shapes them in proper reports for better presentation before employers and managers.

Interpretation: After the presentation has been completed, research analysts explain their ideas in meetings so that the employers can better understand the value of business opportunities. ]

Skills Required for Research Analyst

If you are to apply as a research analyst then you’re gonna be needing a few skills to prove yourself eligible for the post. When seeking the Job as a Research Analyst on some of the large job search engines like that of fratres.net, you have to make sure to encompass the following skills to meet their requirements:

·         First of all, a research analyst must have a bachelor’s degree in any of the business-related fields.

·         A research analyst needs a strong mind in mathematics and statistics and has to be good with numbers

·         Must have an inquisitive personality as well as good observation skills for details

·         Should be logical and organized professionally

·         Reliability is also required in a research analyst

·         Must have the ability to deal with a large amount of information at a time

·         Needs expertise in excel as well as accounting and financial analysis.

·         Has to be skilled in critical and analytical thinking as well as highly developed communication skills

Once you excel in these basic above-discussed skills, you’ll easily get a job as a research analyst in any of the renowned departments like that of insurance companies, pharmaceuticals, manufacturing firms, medical institutions, advertising agencies, and government organizations.

Duties and Responsibility of a Research Analyst

Being a research analyst means you’re gonna have to fulfill the following responsibilities and duties towards your company:

·         A Research Analyst Provides Necessary recommendations and advice to the senior managers and administrators in order to make a better and improved decision regarding business processes which may including selling and buying products based on the data insights. 

·         They have to carry out both, qualitative and quantitative research on big data and unstructured information to provide enhanced consultation

·         They must have complete expertise in using advanced technology in order to carry out real-time analytics as well as the organization of data by operating various analytical software.

·         The responsibility of a research analyst also includes keeping the information of his company up-to-date according to the current market requirements as well as identifying current market trends.

·         A research analyst has to provide his stake-holder or manager a Complete Analytical Report of estimation and forecast in order to make better decisions.

·         Apart from forecast analysis, they also have to carry out a variance analysis of a company which is characterized by inquiring about the differences between planned and forecast business budgets.

·         Last but not the least, the duty of a research analyst also includes preparing presentations, charts, and graphs of their analysis and solution for the leadership team.