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Published : Wednesday, 13 May, 2015 12:18 PM
Analytics professionals in India receive more than 50% hike in their salaries from one level to another. From Analyst to Senior Analyst, an analytics professional can expect almost 76% average hike in the salary, from Senior Analyst to Manager, it is almost 68%. The average salaries for analytics professionals has seen a rise of 21% from the same last year, says the IndianAnalytics Industry Salary Trend Report prepared by Great Lakes Institute of Management in partnership with Analytics India Magazine. The study showcases the salary trends in the analytics industry across cities, experience levels and sectors.
For putting this study together, intensive primary and secondary research was done over a couple of months. Around 40,000 people including Analytics Experts, HR Professionals, Students, and Academicians across the country were consulted for the inputs. Various job portals were also considered to gather data.
According to the study, the cost of living plays a role in determining the salaries offered as well as the increment given to the analytics professionals. The cities with a higher cost of living have higher salaries. The salaries can also vary considerably depending on role and years of experience. Professionals see a hike of more than 50% from one level to another which is higher than in most industries. With E commerce and Retail/FMCG emerging as the highest paymasters for its analytics professionals, the type of industry also plays a crucial role in deciding the salary of analytics professionals.
Observing the findings of the study, Prof. Bappaditya Mukhopadhyay, Programme Director, PGPBA, Great Lakes Institute of Management, Gurgaon said, “Business Analytics undoubtedly, has become one of the most sought after professions in the contemporary business environment. What explains the ever increasing demand is the fact that not only it creates cost effective strategies for organizations, it also creates valueInformation, which otherwise were hardly used in the decision making space are now being thoroughly analysed to drive value. A part of that value is now being transferred to the Analytics professional. With every passing day, more advanced technology and computational facilities are making this process even more efficient and value enhancing.”
Key finding of the study:-
Overall Salary Trends:
Salary Trends across Cities:
Salary Trends across Experience Levels:
Salary Trends across Industries:
In general, captive centres (eg: ecommerce, retail, telecom) paid higher salaries to retain their talent.
• As compared to captives, analysts that work for service providers either in the IT/ITES or Media/Advertising sectors have the opportunity to move around domains and gain expertise. This isthe advantage that affords service providers the luxury of paying lower salaries but still attracting high quality talent.
Summarizing the report, Dr. P.K. Vishwanathan, Professor (Analytics), Director, PGPBABI, Great Lakes Institute of Management, Chennai, said“Past few years have witnessed emergence of Business Analytics as a cutting edge strategy for players to have competitive advantage in the marketplace. This has triggered a leapfrog jump in jobs in analytics world with attractive compensation alongside that is increasing leaps and bound. Ability to sift insights from data, capability in statistical modeling, leveraging on technology, and adept in the use of state of the art software dominated by R are the fine ingredients organizations will look for while recruiting data analytic professionals”.
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