2020 is a year of opportunities for a lot many different fields and industries around the world. Although it has been a year of disarray, every difficult situation has always given rise to upliftment in certain industries, and this year is no different. LinkedIn, which is the world’s number 1 job search portal, reported that in 2020, there was a 15% increase in the demand for financial analysts and a 25% increase in demand for data scientists. This data clearly shows that these two industries are booming in their own might and rightly so.
If you are planning for a job in either of these industries, in this article, we will draw a Let’s get started.
The Difference Between a Financial Analyst and a Data Scientist
One of the first and most important aspects to understand in this regard is the difference between both these job roles, so let us quickly take a look at the definitions of each.
The role of a data scientist can be simply understood as being a professional who is responsible for analyzing, extracting and determining conclusions from the vast amount of data that is being collected by companies on a regular basis. The job role of a data scientist is to understand the data that is present and then determine business decisions, which will be most beneficial for the company both in terms of growth as well as profitability.
Now that you understand the role of a data scientist let us understand what a financial analyst does.
A financial analyst can be understood as a professional who analyses the financial information of a company and then takes decisions on the way forward so that the company can either increase their profit or take better decisions on their overall growth. The job of a financial analyst is to consider all the verticals that affect the financial health of a company and then determine if the company is making sound progress, or if it should make better decisions on the way forward.
Requirements for Each Career
One of the most fascinating aspects of both these careers is the fact that neither of them imposes hard and fast rules on the educational qualification you need to obtain to pursue these careers. Unlike other professions such as lawyers and doctors which mandate you to pass either the bar or the medical boards, these professions embrace all standard college degrees and put more emphasis on the skills a professional has.
Depending on the amount of competition each of these job roles have in the geographical location of your choice, the criteria for getting hired and the skills you need to acquire keep changing, and thus it is always a good measure to assess the demands of the employer before you proceed.
If you are looking for a career choice that embraces ambitious professionals like you and offers a lifestyle that is competitive, then both these career choices will be well suited for you. Along with this, both these career options offer high pay and other perks across the board, and thus you can be sure to get properly reimbursed for your job.
The choice between choosing either options comes down to you. If you fancy only financial data, choose to become a financial analyst, or if you want to work with a variety of data sets, choose the other.