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:
- The average salaries for analytics professionals increased by 21% from the same time last year. This is an excellent increase given that the recruitment at entry level has been high last year. The salaries for mid to senior levels professionals have increased in the range of 25-40% last year.
- 14% of all analytics professionals command more than 15 lakhs salary. 37% command less than 6 lakhs
- Almost 12% of entry level professionals in analytics command more than 6 lakhs
Salary Trends across Cities:
- Mumbai pays the highest salary to analytics professionals at an average of 9.9 lakhs per annum, marginally higher than Bangalore at 9.8 lakhs average.
- After Mumbai, Bangalore and NCR, Pune has the highest average salaries at 8 lakhs per annum.
- Among cities, Hyderabad had the highest year on year hike in salary at almost 25%.
- In Mumbai, there are more analytics professionals in the 10 – 25 lakh range salary than any other city (at 31%).
- The demand for talent exists across levels, with the most number of jobs being at analyst / senior analyst roles. There has been an increase in the available jobs at mid and senior levels as well.
- Though Mumbai has traditionally offered the highest salaries because of its high cost of living and the trend still continues, Bangalore is fast catching up and its salaries are almost at par with that of Mumbai now.
Salary Trends across Experience Levels:
- From Analyst (0-3 years) to Senior Analyst (4-6 years), an analytics professional can expect almost 75% average hike in the salary.
- From Senior Analyst to Assistant Manager (7-9 years), it is almost 57%. Almost 85% of all analytics professionals in India with more than 12 years of experience can expect to have more than 15 lakhs per annum 45% have more than 25 lakhs per annum salary.
- Things are a lot perkier as a data analyst and trends show that at each level salary increment is upwards of 50%. The biggest jump in salary is from the Analyst’s to a Senior Analyst’s level.
- At the Director’s level, salaries are much higher in Bangalore, Delhi/NCR and Mumbai in comparison to Pune, Chennai and Hyderabad. At the Analyst’s level, salaries are almost at par across the cities.
Salary Trends across Industries:
- Ecommerce emerged as the highest paymaster paying its analytics professionals an average salary of 12.9 lakhs per annum.
- The lowest paymasters were the Media/Advertising and Pharma sectors with average salaries of 5 and 8.1 lakhs per annum respectively.
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”.