As companies try to match up and adapt to the modern workforce, they are not leaving any measures aside to attract the top tech talent. Data analytics and statistics have become a routine line of work in almost all industries, and along with it comes the various programming languages and tools to make the data analytics intervention and integration more effective.
To better understand what companies are looking for in terms of skills in technology, various surveys are conducted, basis the job requirements on the recruitment portals, specifically for the IT sector. The conclusion is, that these are indeed very exciting times, because on one end we see a rise in machines which in turn increases productivity, and on the other we see automation and efforts towards it increase tremendously. We are seeing the onset of the driverless car, to delivery drones, which are changing the way the analytics industry works. Therefore, it becomes essential at such times to continuously upskill ourselves to be lucrative in the job market.
Since a while now Big Data has been quite the buzzword in the industry, while it still continues to stay popular, there is a growing interest in Machine learning, predicted in the coming year. Especially since companies are moving towards consolidating and democratising Artificial Intelligence, and a huge part responsible for achieving that is Machine Learning.
In the year 2018, the combined knowledge and expertise in Big Data along with Machine Learning ensure the opportunity of you securing a job with a healthy pay package. In addition, open source tools will continue to dominate the analytical landscape with a combination of R and Python being more in demand, than just the knowledge in SAS. These tools are popular with Big data and Machine Learning professionals equally.
It is interesting to note that big data has evolved from a simple descriptive analysis or clustering analysis to machine learning techniques. And thus enters Spark and Tableau, while Spark assists to run machine learning algorithms without much difficulty on large data sets, Tableau makes it possible to create powerful visualisations on data sets irrespective of the size.
Certain jobs with specific skill sets which were popular in analytics in the year 2017, continue to hold the ground and expand its scope, like….,
Data Analysis, it manages to stay as one of the most popular skills, it is considered as the ability to apply critical thinking to interpret numbers and to use specific programming languages and tools to distinguish when patterns in data are meaningful so that actionable output can be suggested to the stakeholder.
Data Management is a skill relating more towards how the data is structured, with the restriction on access, and the knowledge of all the different approaches to storing data. A Database Administrator is a job that requires data management skills.
Business Intelligence, it is the practice of gathering information and insights from the database to make informed business decisions. Business Analyst, Business Intelligence Developer, Customer Insights Analyst are a few jobs which require the business intelligence skill set.
Data Warehousing is a process of collecting data from different sources, combining large amounts of data to enable analytics. These day’s data is collected from various sources by the companies and data warehousing lets it all sit in one place. A Data Engineer is a job that requires data warehousing skills.
With easy and affordable processing and storage facilities, the basic hurdles have been eradicated. Instinctive computing power is replacing traditional statistical models. And as we progress in the world of Deep Learning, Machine Learning, Artificial Intelligence, we will be placing more faith in machines, and to build such machines will need to adapt the skillset required.
Many choices make decision making that more complicated. Today unlike a decade ago, there are many opportunities an individual has after college. Take a look at LinkedIn or any other networking or job placement site, and a trend is obvious where individuals move their career graphs, not only from one organisation to another but also a shift in industry, vertical and profession is very evident. Gone are the days when you had to pick a profession and stick with it for the next 30 or 40 odd years of your professional life.
A positive to this trend is that there are many opportunities available in the market for young professionals to accurately tap their talent, by taking a wise decision. The downside is, if you have a clouded vision, or if you are unable to identify the right opportunity, you might limit your growth.
One way to avoid the quandary is to understand the career options available, and closest to you and your demographic.
In India with the current scenario, Finance and Analytics are two streams that hold a lot of promise in the coming years, due to various influencing factors.
There are a few questions you can consider getting clarity on before you embark on the selection process.
Know your calling
First and foremost a young individual needs to get clarity on their own skill sets, what are you good at, what do you like, what are you passionate about, that will give you working pleasure? Don’t have broad aspirations, narrow it down by asking yourself questions until you get a definite answer. Passion cannot be the only point of consideration.
Your passion could be singing, but do you have a good voice? Or any formal training?
A skill inventory needs to be done to analyse the prerequisites and gauge the training required.
For example, do you like numbers, do you have the working flexibility with numbers? If the answer is yes then that is a starting point.
To pursue a career in finance you don’t need to be an expert in numbers, the process can be trained skills can be acquired, in fact, you can do law and still be a legal advisor in the field of finance.
Similarly, if your answer is no to numbers, but you have a keen sense of observation, and a fair understanding or flexibility in working with data, then becoming a data analyst with some fair amount of training can also be considered as a career option.
Mental Stock Taking:
There are two types of professional personalities.
Promotion-focused individuals, they are the creative types, entrepreneurs, quick working, opportunist.
Prevention Focused Individuals, opposite of the above, basically people who prefer to maintain their status quo.
One needs both the qualities to succeed, but it is important to realise which direction your personality sways mostly towards.
Say you are looking to pursue a career in the field of finance, and after watching movies like Wallstreet you want to be an investment banker. But your personality is more like that of a prevention-focused individual, then maybe pursuing your career as a Financial Analyst is recommended. Similarly, the field of analytics also offers a variety of titles based on your efficiency, either as an innovator or an individual contributor.
It is believed that you need to invest 10,000 hours into a profession to succeed or become an expert in it. Hence taking a decision based on what others think about your capabilities is not the best advice. After all, you will need to invest about 3.5 years to hit the target of 10,000 hours, so if your interest is elsewhere, then it will be an impossible and excruciating task.
Consider factors like:
What lifestyle do you prefer, what is a success according to you, what atmosphere you think you will strive in, what kind of money will make you happy at each phase of your work lifecycle. Where do you want to live? after all your choice is also highly dependent on the demography.
To seek accurate answers, or to develop skill sets consider associating with a facility which offers both finance and analytics career options to get unbiased advice and training and recruitment support. Such facilities have expert career counselors who know the market trends and are networked to offer you advice and help survive in the industry of your choice.
In the modern scenario, your work and personal life are inseparable. You will see people from finance enter the analytics world and vice versa. Hence you are never stuck, but it becomes very important to start right. Therefore, in the field of finance and Accounts there are many options, become self-aware and take the right guidance and choose the right path.