Research analysts have the expertise to apply their mathematical aptitude, scientific approach, and engineering skills to define effective processes that make it possible to achieve efficiency.
The use of technology and computers has made for easy data access, storage, and the easy availability of reports allows organizations to adopt the new technology, and hire analysts to achieve optimum growth and efficiency.
Research Analysis also known as Operations research or Management Science was primarily used extensively by the military during time of war. However, during times of peace, this knowledge has translated to the business and economic world.
Hired essentially for strategic planning & forecasting, Research Managers find many job opportunities at the senior level. Many Research Analysts work as consultants both for private and government companies. Their services are also used in the area of Defense and security where military leaders rely on operations research analysts to test and evaluate the accuracy and effectiveness of new weapons systems and strategies.
Operations research Analysts begin their task by getting a briefing for managers who outline the problems and the current processes of the organization. The Research Analysts then conduct independent research which enables them to identify the root of the problem. They may break the problem into smaller components for their research. They then apply their mathematical aptitude and analytical understanding to their research findings. This leads to the formulation of strategic solutions which helps in the smoothing of the organizational systems, in strategic decision making, and future planning. They re-allocate resources, measure performance, analyze large databases, identify loopholes, and solve a wide array of problems. Sometimes they even re-design the production lines.
While many organizations hire Research Operations Analysts as consultants, there are companies where there is a separate department and a Research Analyst team is in place. The job requirement of Research Analyst will continue to grow at the rate of 11 percent in the next decade.
A master's degree in operations research gives an edge to Research analysts and helps them acquire more lucrative projects. A Master's degree in Mathematics, Information systems, engineering, business, and computer science also qualifies an individual to enter into Research Analyst. Dual graduate degrees in operations research and computer science are especially attractive to employers. In USA, there are more than 130 programs in Operations Research and related studies.
Analyst work with a lot of database and research material uses qualitative research methods and needs to analyze reports from different angles to arrive at concrete processes. Their knowledge of a computer is a must. Having an analytical aptitude, problem solving aptitude, and logical thinking is also imperative.
Working on internship projects or undertaking part-time assignments enables the budding Research Analysts to prepare for the future and provide them the practical exposure they need.
The career graph for the Operations Research Analyst picks up fast. However, the initial work experience plays a key role. They begin as assistants working on routine managerial tasks while they gain insight of the industry they are working for.
The skill sets of a Research Analyst allows them to be hired in a wide spectrum of industry – financial, telecommunications, government agencies, insurance companies, computer system design firms, and consulting organizations. They are also hired in the area of defense and security.
Like all other professions the salaries of the Operations Research Analyst depends on the qualification level and the experience they hold. Their salary ranges from $42,000 to $110,000.
Diversity of application makes the career of a Research Analyst very lucrative and allows his expertise to be used in many organization and more so in times of financial crisis such as the current one. As businesses and government agencies continue to contract out jobs to cut costs, opportunities for operations research analysts will be best in management, scientific, and technical consulting firms. Therefore when the economy grows or faces a crisis, the need of the Research Analysts will always be there.
