As the data analytics area is a relatively new and growing industry, it can be somewhat difficult to come up with average salaries as data analysts work in a variety of industries - Financial Services & Insurance, Technology, Commercial, Health, Government etc. Previous work experience can be difficult to measure as some candidate’s backgrounds will have more transferable and more relevant analytical experience than others - e.g insurance analyst, pricing analyst, business intelligence analyst etc. This can make salary estimates difficult to measure.
Within Financial services the function of data analytics is relatively new. In relation to salaries there is some confusion in that the role of Data Analyst has been around for some time however not within the defined function of data analytics. To clarify the Data Analytics data analyst is a different talent to a standard data analyst and attracts a different level of talent and salary band.
Specifically within Data Analytics we have observed the following salaries to date:
Junior Data Analysts of around 0-2 years would start from €30-40k
Data Analyst with between 2-4 years experience would command a salary of between €40-50k. Team Lead style roles are not much higher and would start at €45k+. 5+ years relevant experience would likely start from €55k+.
€60k would be very much be at the higher end of the scale as more senior roles in data analytic teams , for example, business partner & manager would have a salary level of between €60-70k.
There is however a further group of individuals that are considered the most technical of them all and these include the software engineers and the actuaries so specifically those with advanced mathematical abilities. Whilst we can’t comment on the software engineering industry as Actuarial specialists we are seeing that with some companies there has been a movement of actuarial resources from both the role of Trainee Actuary and Actuary over to the Data Analytics area. These are almost in a category of their own and too few at this stage to have a norm in relation to salary, suffice to say that they have kept in line with their colleagues in the actuarial department. It is our view that in the future it is those candidates who have experience of both the data analytics function and actuarial work who will become the most sought after and commercially valuable individuals. Organisations who invest now will reap the benefit in years to come.