In our previous article, we discussed the role of a Data Analyst and its importance in businesses. With the increasing demand for Data Analysts, what is current Data Analyst salary?
The latest updated salary for Data Analysts
According to the Vietnam IT Market Report 2022 by TopDev, the salary range for Data Analysts in Vietnam varies between 8 to 35 million VND per month, depending on factors such as the specific job position, level of experience, and qualifications of the candidate. This range reflects the diverse nature of the data analyst role in the Vietnamese IT market.
In comparison to other positions within the IT industry, the average salary for Data Analysts is slightly higher and is considered to be quite competitive. This elevated salary scale is reflective of the growing demand for professionals with strong analytical skills and the ability to derive actionable insights from complex datasets.
However, it’s important to note that these salary figures are not uniform and can be influenced by a multitude of subjective and objective variables, including the company’s size, industry, geographic location, and the candidate’s proficiency. Therefore, a candidate’s negotiation skills and prior experience can also significantly impact the final salary offer.
Factors affecting Data Analyst salary:
Position and level:
The average salary for Data Analysts varies depending on the position and level of the applicant.
- Fresher Data Analyst: 8 to 15 million VND per month
- Data Analyst: 15 to 25 million VND per month
- Senior Data Analyst: 25 to 35 million VND per month
Similar to many other positions in the IT industry, the average salary for Data Analysts is also affected by the applicant’s experience.
- 0 to 3 years of experience: 18 million VND per month
- 3 to 5 years of experience: 35 million VND per month
- 5 to 10 years of experience: 47 million VND per month
Industry and company:
Data is now one of the most important factors for businesses, especially for large businesses or foreign businesses that want to gain a competitive edge in the market. Some industries that have a large amount of data and are investing heavily in data science include finance, banking, real estate, and sales. Therefore, businesses in these industries are willing to pay salaries that are 10 to 20% higher than the average salary for Data Analysts to attract employees. Consequently, the salary of a Data Analyst is positioned higher than other positions within the company. This trend has led to a significant number of young people rushing to study data analysis courses to meet the market’s immense demand.
As a result, companies with larger customer data scales tend to prioritize investing in data management and analysis, resulting in higher salaries for Data Analysts.
- Technical skills and experience play a pivotal role in defining the salary scale for Data Analysts. Candidates with a robust understanding of programming languages, statistical analysis, data visualization tools, and experience in handling complex databases often command higher salaries within the industry. Additionally, individuals who possess expertise in machine learning, artificial intelligence, and big data technologies may earn a premium due to the specialized nature of their skills and the growing demand for these capabilities in the market.
- Soft skills also greatly impact the trajectory of a Data Analyst’s career. Proficiency in communication, presentation, and teamwork can significantly enhance their effectiveness in collaborating with cross-functional teams, conveying complex findings to non-technical stakeholders, and contributing to a positive workplace culture. Consequently, professionals with strong soft skills are often better positioned for career advancement and salary increases.
- Another significant factor influencing Data Analyst salaries is the geographic location of the employment. Typically, Data Analysts working in major cities such as Hanoi and Ho Chi Minh City are likely to receive higher compensation compared to their counterparts in smaller cities. This discrepancy is often linked to the variations in the cost of living, market demand, and the overall economic dynamics of these urban centers. As a result, professionals seeking higher remuneration may consider pursuing opportunities in these metropolitan hubs to leverage the potential salary benefits associated with these locations.
Tips Data Analyst for improving salary:
Improving salary in any position, including Data Analyst, is a process of striving and depends on many different subjective and objective factors. In this article, SmartOSC will suggest some ways for you:
- Attend professional courses and bootcamps: Professional courses and bootcamps will help you equip yourself with the necessary technical skills and knowledge to work in the Data Analysis industry and the Data Analyst position.
- Gain real-world experience: Real-world experience is one of the most important factors that help you improve your technical skills and experience. You can participate in projects or experience the position of a Data Analyst Fresher to gain experience.
- Join Data Analysis communities and forums: Joining Data Analysis communities and forums is a great way to learn from experienced professionals in the industry. You can find out new knowledge, share experiences, and find job opportunities here.
- Self-study: In addition to attending courses and bootcamps, you can also self-study to improve your technical skills and knowledge. There are many free or paid online learning resources available.
- Stay up-to-date on new knowledge and skills: The Data Analysis industry is developing very rapidly. You should regularly update your knowledge and skills to meet the needs of the market. You can attend courses, conferences, or self-study to update new knowledge.
The current landscape reflects a notable upward trajectory in the remuneration for Data Analysts, manifesting as a reflection of the industry’s recognition of the pivotal role that data plays in informing strategic decision-making. The competitive nature of these salaries underscores the growing demand for professionals skilled in harnessing the power of data to derive meaningful insights. With the burgeoning reliance on data-driven decision-making across various sectors, the role of the Data Analyst is poised for continued growth and development in the future, promising a multitude of opportunities for career advancement and professional fulfillment.
SmartOSC is actively recruiting individuals at various experience levels to strengthen its Data Analytics team. As the company expands its operations and expertise in this field, it invites aspiring candidates to explore career opportunities on its SmartOSC Careers website and take the first step toward becoming valuable contributors to its innovative projects.