Career Definition of a Commercial Analyst
Commercial analysts help improve the efficiency of a company's operations. They are responsible for gathering data and assessing it. This includes information related to their finances and operating costs. They can track data about things like product sales to determine the best time of year to sell specific products or to identify markets that are seeing sales increases or declines. Their objective is to use this type of information to improve sales figures and company profits by altering the product pricing or through other strategies. They also consider other ways to improve the company's finances, which can include reducing expenses or adjusting operating procedures.
In addition to investigating data about the company they've been hired by, commercial analysts will also research information about their competitors. This can help them determine if sales declines are part of a larger trend in the industry. They can also identify effective marketing tactics other companies have used to increase their sales and use that information to inform their recommendations for their own company. Commercial analysts may be employed by a company that they exclusively work for. They may also work as consultants and perform these duties on behalf of a number of businesses. Those who work as consultants may need to travel to different locations to perform some of their duties. All commercial analysts are responsible for presenting recommendations to managers and others who can make business decisions.
|Educational Requirements||Bachelor's degree|
|Job Skills||Analytical skills, time management skills, computer skills, communication skills, organizational skills, customer service skills, interpersonal skills, research skills|
|Median Salary (2017)*||$58,891|
|Job Outlook (2016-2026)**||12% (management analysts)|
Sources: *PayScale; **U.S. Bureau of Labor Statistics
To become a commercial analyst it is necessary to earn at least a bachelor's degree. Some positions may require a master's degree. Individuals can study finance, business, marketing or other similar disciplines.
Commercial analysts must have strong investigative skills to ensure they have all of the information they need to form accurate conclusions. They also need to have excellent analytical skills in order to effectively process the information they collect, and they need computer skills to use appropriate software for these tasks and to produce reports. They need time management skills to effectively meet deadlines. Organizational skills are particularly important for those who work as consultants since they may be managing a number of clients at the same time. Communication skills are important because their work involves producing recommendations and giving presentations about their conclusions.
Career Outlook and Salary
The median annual income for commercial analysts in 2017 was $58,891, according to PayScale. Their duties are comparable to those performed by management analysts, who the U.S. Bureau of Labor Statistics projects will see a 12% job growth rate from 2016 to 2026. This rate is much faster than the average of all occupations.
Those who are considering a career as a commercial analyst may also be interested in other careers that involve using similar skills or performing similar duties. Information about inventory analysts, operations research analysts and industrial engineering technicians can be accessed via these links.