Financial services data analytics (2024)

FAQs

How is data analytics used in financial services? ›

Data analytics enables finance executives to turn structured or unstructured data into insights that promote better decision making. Data analytics helps finance teams gather the information needed to gain a clear view of key performance indicators (KPIs).

Salary. Data analysts typically earn a national average salary of $67,271 per year . In comparison, financial analysts earn about $67,786 per year . While these salaries are similar, they may vary based on your education, experience level and location.

A data analytics certificate essentially represents a course completion acknowledgment. It's a credential you obtain after finishing a specific course. While having this piece of paper is commendable, its real value lies in the skills acquired. Your newfound abilities overshadow the certificate itself.

The Google Data Analytics Certification consists of 8 courses that cover various aspects of data analysis. Each course is divided into modules, and the entire program is estimated to take around 6 months to complete if you dedicate 10 hours per week to learning.

Data analysts are more likely to design financial reporting and compile investment insights to guide finance decision making. For this role, the ability to apply statistical methods to interpret a wide variety of existing data sets is key. Meanwhile, data scientists are more like data engineers.

Financial businesses employ big data to build complex decision-making models using numerous predictive analytics and monitoring spending patterns. Through this, industries can choose the financial products they wish to offer. Each day, thousands of new pieces of data are produced by all of these services.

The Intersection of Data Science and Analytics

Roles like data scientists, machine learning engineers, and AI engineers rank among the top earners in the analytics field. The estimated salary for data scientists in the US starts at around $100,000 per year and increases with experience and specialization.

Professionals with expertise in Data Analytics and the CFA certification are well-suited for portfolio management roles. They can leverage their analytical skills to construct well-diversified portfolios, monitor performance, and make data-driven adjustments to optimize returns.

Achieving a healthy work-life balance is particularly vital for Financial Analysts, who often face long hours, tight deadlines, and the stress of high-stakes decision-making.

Is data analytics harder than coding? ›

No data analytics isn't easier than programming.

If you want to learn programming and get into a software development job, you need to learn data structures, system design, object-oriented methodologies, etc. You also need to design new algorithms to solve new problems. This is not the case in data analytics.

A: Learning data analytics can be challenging, especially if you're new to programming, statistics, and data manipulation. However, with dedication, the right resources, and a strategic approach, it's definitely possible to overcome the challenges and become proficient in this field.

At about 10 hours of study per week, many learners complete a Google Career Certificate in three to six months.

While completing a Google certification in one week might sound ambitious, with the right guidance, resources, and determination, it's entirely possible.

As of May 13, 2024, the average annual pay for a Google Data Analytics Certificate in the United States is $81,518 a year. Just in case you need a simple salary calculator, that works out to be approximately $39.19 an hour. This is the equivalent of $1,567/week or $6,793/month.

For financial services, the importance of data quality cannot be overstated. It is the backbone for risk management, regulatory compliance, customer satisfaction, operational efficiency, and competitive advantage. Investing in high-quality data isn't just an operational necessity; it's a strategic imperative.

Financial analytics offers in-depth insights into your financial status that'll improve financial visibility, profitability, and the value for the business and stakeholders. Being able to measure and manage assets like cash and equipment will be crucial in financial management and accounting efforts.

Accounting data analytics helps precisely measure and visualize the company's financial information and trends. It adds value to the company by helping boost revenues, reduces costs and boosts profitability. Companies use data analytics to monitor both structured and unstructured data.

Enhanced decision-making: data analytics provides valuable insights into customer behavior, market trends, and risk factors. Banks can leverage this information to automate decision-making processes, such as credit scoring, fraud prevention, and personalized product recommendations.