Canada’s economy is one of the fastest-growing in the world in recent years. As a result, tech companies have headquarters in the country’s major cities.
The demand for data analysts has skyrocketed. According to Glassdoor, the average salary for a data analyst in Canada is $64,970, with an average additional cash compensation around $4,850. In this article, you’ll discover what factors impact your salary as a data analyst in Canada and how to increase your wage. Firstly, let’s remind the role of a Data Analyst in an organization.
The specific role of a Data Analyst
A Data Analyst is a professional who collects, processes, and performs statistical analysis on data. They use this data to support decision-making and strategy within organizations. Data analysts typically have a strong understanding of mathematics, statistics, and computer science. They use this knowledge to extract insights from data. Of course, depending on the type and size of the organization the Data Analyst works for, one’s missions can change or lean more towards specific tasks.
Data Analyst is a job title we tend to see less than Data Scientist. This trend is largely on the rise with the development and hyper-growth of the needs for Data-oriented profiles. Find the main differences between a Data Scientist and a Data Analyst here.
Factors that impact Data Analyst salaries in Canada
A Data Analyst salary depends on various factors. As you may know, an entry-level data analyst doesn’t earn the same salary as an experienced professional working in a large company. Here are the main factors that impact data analyst salaries in Canada.
Level of Experience
One of the biggest factors that impact data analyst salaries in Canada is your level of experience. As a Data Analyst gains experience, they are typically able to take on more complex projects and can command a higher salary. Entry-level data analysts typically earn around $50,000 per year, while experienced data analysts can earn upwards of $100,000 per year.
Company size and industry
The size of the company you work for can also impact your salary as a data analyst in Canada. Larger companies typically have larger budgets for data analysis and can afford to pay higher salaries. On the other hand, smaller companies may have limited budgets and may only be able to offer lower salaries.
Location of the company
The location of the company can also impact your salary as a Data Analyst in Canada. Cities with a high demand for data analysts, such as Toronto and Vancouver, typically have higher salaries compared to smaller cities.
This is also explained by the previous point. Indeed, large companies usually have their headquarters in the main cities of a country. For example, you will find the offices of Amazon, Meta or IBM in Toronto.
Skills to increase your salary as a Data Analyst in Canada
If you want to get a better salary as a Data Analyst, you can change industries or work in a bigger city like Toronto, Oakville or Vancouver. Another way is to develop your skills.
SQL (Structured Query Language) is a database management language that allows you to extract data from databases and manipulate it. Of course, every Data Analyst knows SQL. Nonetheless, having a strong understanding of SQL and its use is a massive asset to help you work on larger and complex data sets. Leading to increase your salary.
Machine learning is a subfield of Artificial Intelligence that involves building algorithms that can learn from data. As a data analyst, having knowledge of Machine Learning can help you increase your salary as it allows you to make more accurate predictions and extract insights from data.
Communication and business
Soft skills are as important as hard skills if you want to increase your salary as a Data Analyst. The Data Analyst has a key role within the company. The results of the missions participate in the company’s decision-making process through the professional’s reports and tables. This is why the data analyst must also have an increased business sense, as well as an excellent verbal and written communication. Moreover, these skills are a considerable asset in job interviews as well as in negotiating your salary.
Conclusion on data analyst salary in Canada
The average data analyst salary in Canada in 2023 is $64,970. The factors that impact a Data Analyst salary are level of experience, location and the company one works for. Mastering SQL, improving Machine Learning skills and your business acumen are the fastest way to increase your salary as a Data Analyst. This job is less sought after today than that of Data Scientist. Nevertheless, the development of the market makes this profile a must for the years to come.