Data Analyst Salary with Master’s Degree

A data analyst utilizes data to obtain information about specific topics. This process usually begins with conducting surveys, where data analysts look for survey participants and collect the necessary information. That data is interpreted and presented in charts or reports. Data analysts may also use online databases to store their survey data.

Professionals who want to become data analysts usually need a master’s degree and know computer programs such as Microsoft Access, Microsoft Excel, SharePoint, and SQL. Data analysts also need to have strong communication skills. They also must have a solid line of communication with the companies where they work. Data analysts need to be able to work well with clients, supervisors, and managers to meet business goals.

Major tasks of data analysts are to collect, analyze, and report vital data to meet the needs of customers and to identify new data sources and methods to enhance data collection, reporting, and analysis. They also need to collect customer requirements, determine technical problems, and create reports to meet the needs of data analysis.

Data Analyst Salary with Master’s Degree

If you are interested in a data analysis career, you will need a master’s degree for many companies.

SEE ALSO: Top Ranked Online Master’s in Business Analytics Degrees

Before you make this serious educational commitment, learn more about what your salary potential is in the field. Below is detailed salary information for data analysts.

Bureau of Labor Statistics

The Bureau of Labor Statistics maintains salary information for database administrators, which is related to data analyst. The median salary for database administrators in 2018 was $90,000, with the top 10% with master’s degrees earning more than $138,000. You also can gain a higher salary if you have at least five to 10 years of work experience in data analysis. Top industries for salary were: (BLS.gov)

  • Insurance carriers: $96,400
  • Computer systems design: $95,900
  • Data processing, hosting, and related services: $95,500
  • Management of companies and enterprises: $94,900
  • Educational services: $74,700

Another related field to data analyst is operations research analyst. The median salary in this field is $83,300, with people with the most experience and master’s degree earning more than $136,000 per year. Top-paying industries are as follows: (BLS.gov)

  • Federal government: $113,000
  • Manufacturing: $92,100
  • Professional, scientific, and technical services: $86,700
  • Management of companies and enterprises: $85,200
  • Finance and insurance: $82,300

Payscale.com

According to Payscale.com, the average data analyst salary is $59,700, but those with a master’s degree can earn up to $84,000 early in their career. (BLS.gov). Some reported salaries from companies that employ data analysts are:

  • Centene Corporation: $61,000
  • Kaiser Permanente: $68,000
  • Booze, Allen, and Hamilton: $68,000
  • com: $71,000
  • JP Morgan Chase: $68,000
  • Humana: $51,000
  • UnitedHealth Group: $66,000
  • EY: $66,000

Top skills required for data analysts are below, with corresponding salaries:

  • Data analysis: $59,900
  • Microsoft Excel: $56,299
  • SQL: $63,103
  • Database management and reporting: $59,000
  • Statistical analysis: $61,189

Your experience level as a data analyst will dictate your salary:

  • Zero to one years of experience: $54,000
  • One to four years of experience: $59,000
  • Five to nine years of experience: $66,700
  • 10 to 19 years of experience: $68,800
  • 20 years or more of experience: $71,400

Your salary can also vary based on your location:

  • San Francisco: +30%
  • New York City: +8%
  • Washington DC: +8%
  • Seattle: +7%
  • Boston: +6%
  • Atlanta: +1%
  • Chicago: 0%

Ziprecruiter.com

Ziprecruiter.com reports the average salary for data analysts is $66,600 with a range between $25,000 and $118,500. Most in the field earn in the range of $46,500 and $80,000. Professionals with a master’s degree will probably earn $80,000 or more. (Ziprecruiter.com)

Job Outlook For Data Analysts

The Bureau of Labor Statistics reports job demand for data analysts will rise by 9% by 2028, which is faster than average. Growth in the field is being driven by the higher data demands and needs for all companies in all areas of the economy. Data administrators and data analysts are needed to organize and present data in a way that makes it easier for analysts and managers to understand. (BLS.gov)

There also is a growing popularity of database-as-a-service, which allows database administration to be done over the Internet by a third party. This could boost the need for data analysts and database administrators at cloud computing companies. The employment of data analysts and administrators in this area is expected to grow by 21% by 2028.

Employment of data analysts in computer system design and related services will grow 24% by 2028, which is much faster than average. The greater need of cloud services by small and medium-sized businesses that do not have their own IT departments could boost the need for data analysts in this area.

Data Analyst Salary by State

StateHourly WageAnnual Salary
New York - Data Analyst Salary$35.32$73,467
Massachusetts - Data Analyst Salary$35.03$72,866
New Hampshire - Data Analyst Salary$34.38$71,505
Maryland - Data Analyst Salary$32.64$67,890
Hawaii - Data Analyst Salary$32.28$67,145
Alaska - Data Analyst Salary$32.28$67,138
Nevada - Data Analyst Salary$32.28$67,138
Montana - Data Analyst Salary$32.28$67,138
North Dakota - Data Analyst Salary$32.28$67,138
Wyoming - Data Analyst Salary$32.28$67,138
Idaho - Data Analyst Salary$32.28$67,138
Vermont - Data Analyst Salary$32.22$67,027
Nebraska - Data Analyst Salary$32.18$66,938
Connecticut - Data Analyst Salary$32.14$66,854
Washington - Data Analyst Salary$32.09$66,754
Rhode Island - Data Analyst Salary$31.77$66,084
California - Data Analyst Salary$31.74$66,012
Virginia - Data Analyst Salary$31.58$65,688
New Jersey - Data Analyst Salary$30.94$64,352
Arizona - Data Analyst Salary$30.79$64,036
West Virginia - Data Analyst Salary$30.73$63,912
Colorado - Data Analyst Salary$30.65$63,754
Pennsylvania - Data Analyst Salary$30.55$63,535
South Dakota - Data Analyst Salary$30.50$63,448
Minnesota - Data Analyst Salary$30.50$63,433
South Carolina - Data Analyst Salary$30.45$63,331
Oregon - Data Analyst Salary$30.42$63,276
Tennessee - Data Analyst Salary$30.39$63,213
Delaware - Data Analyst Salary$30.31$63,044
Utah - Data Analyst Salary$30.22$62,863
Kentucky - Data Analyst Salary$30.17$62,759
Kansas - Data Analyst Salary$30.04$62,486
Ohio - Data Analyst Salary$29.99$62,376
Indiana - Data Analyst Salary$29.84$62,067
Oklahoma - Data Analyst Salary$29.77$61,914
Wisconsin - Data Analyst Salary$29.66$61,688
Iowa - Data Analyst Salary$29.62$61,604
Louisiana - Data Analyst Salary$29.52$61,397
Maine - Data Analyst Salary$29.38$61,112
Texas - Data Analyst Salary$29.08$60,488
Alabama - Data Analyst Salary$28.85$60,016
Georgia - Data Analyst Salary$28.85$60,010
Arkansas - Data Analyst Salary$28.83$59,966
New Mexico - Data Analyst Salary$28.59$59,466
Mississippi - Data Analyst Salary$28.43$59,141
Michigan - Data Analyst Salary$28.32$58,898
Illinois - Data Analyst Salary$28.25$58,759
Missouri - Data Analyst Salary$27.70$57,606
Florida - Data Analyst Salary$27.16$56,498
North Carolina - Data Analyst Salary$24.73$51,435

Source: Ziprecruiter.com, January 2020.

Summary

There should be a strong demand for data analysts in the future. IBM predicted in 2017, the demand for data scientists and data analysts would grow by 28% by 2020. An article in Forbes made the following predictions about data analyst-related jobs: (Forbes.com)

  • Jobs requiring skills in machine learning pay around $114,000. Data scientist jobs pay $105,000 and data engineering jobs pay $117,000.
  • 59% of all data analyst and science jobs are in finance, insurance, professional services, and IT.
  • Annual demand for data analysts, data developers, and data engineers will reach 700,000 openings by 2020.

Earning a master’s degree in computer science or data science will make you a strong competitor for one of these high-paying jobs. If you want to make as much money as possible in this growing field, it is recommended to earn one or more of these certifications: (CIO.com)

  • Certified Analytics Professional
  • Certification of Professional Achievement in Data Sciences
  • SAS Certified Data Scientists Using SAS 99
  • Microsoft Certified Solutions Expert
  • MapR Certified Data Analyst
  • EMC Proven Professional Data Scientist Associate