The predictive analytics field is growing exponentially, with the market predicted to grow to 274.3 billion U.S. dollars by 2022.
From retailers determining how much of a specific style to order, to financial services companies creating credit risk models, predictive analytics are being used to drive business decisions.
Demand for this field and the roles required shows no signs of slowing down, and predictive analytics salary ranges continue to increase.
If you’re considering expanding your existing skillset or are completely new to the field, understanding what you can expect for a predictive analytics salary is the first step. Here’s everything you need to know.
What Can You Expect for a Predictive Analytics Salary?
The range for a predictive analytics salary is quite wide as it includes everything from data analyst roles all the way up to management positions. If you’re looking for a career with growth opportunities, predictive analytics offers many opportunities to progress and take on more responsibility.
Glassdoor reports the average national salary for predictive analytics roles in the U.S. is $70,989, with the lower end starting at $49,000 and the top end at $106,000. Salaries in the field can be even higher, depending on the education and skills of the person in the role, with some companies offering hybrid roles that rely on a strong background in both predictive analytics and data science.
According to Indeed.com, predictive analytics salary expectations can range anywhere from $73,000 to $93,000 — New York City, Washington, Seattle, San Francisco, and Chicago have the highest concentration of jobs. However, employment opportunities can be found from coast to coast, even in some unexpected places, like Fort Bragg, North Carolina.
What Do People in Predictive Analytics Roles Do?
The field of predictive analytics is focused on identifying future outcomes through the use of statistical algorithms, data, and machine learning techniques. The goal is to use historical data to assess what possible outcomes may occur in the future.
The predictive analytics salary range is based on candidates having qualifications such as a degree in statistics or business analytics with a focus on computer science, math, or economics.
Employers often look for candidates with a strong background in statistics including experience working with data in Excel, as well as general programming and data knowledge including SQL or Tableau.
The skills required for these roles include critical thinking, problem-solving, data visualization, and a strong understanding of machine learning concepts. The higher level of skill you have, the higher your predictive analytics salary is likely to be.
The predictive analytics field encompasses many roles at various levels, including:
- Business Analyst
- Business Intelligence Analyst
- Marketing Analyst
- Data Analyst
- Business Systems Analyst
- Product Manager
- System Analyst and Management Consultant
The demand for individuals with these skills will continue to rise as more businesses understand the impact that predictive analytics can have on reducing risks, detecting fraud, optimizing marketing strategies, and improving operational processes.
Some of the key industries leveraging predictive analytics are banking and financial institutions, retail, manufacturing, aerospace, oil and gas, healthcare, and the public sector.
Acquire the Skills to Land a Role with a Top Predictive Analytics Salary
As the field of predictive analytics continues to grow, so do the opportunities. If you’re looking to increase your earning potential and gain a higher predictive analytics salary, you can achieve this with the right skills and training.
Looking to increase your earning potential and uplevel your skillset so you can land the predictive analytics role you’ve always wanted? The Udacity Predictive Analytics for Business Nanodegree gives you the skills to apply predictive analytics and business intelligence to solve real-world business problems.
With real-world projects from industry leaders and technical mentor support, you’ll learn predictive analytics essentials including data wrangling, classification models, A/B testing, and more.
Predictive analytics is just one of the fields that is integral to the new world of work. Explore all of Udacity’s courses and Nanodegree programs to find your next career.