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Is a Career in Data Analysis right for you?

Here are a few questions to see if a career in data analysis is right for you.

1. Do you rely on getting a lucky outcome? Or would you prefer to calculate how to get the highest odds of winning!

You might do this while playing card games or board games and think that this doesn’t apply outside of games; but a data-minded person bases their decisions mostly on facts and calculates the most rational outcome.

If you are generally capable of understanding when analyzing the rational side of everything – and not just the emotional – is the best course of action then this is a major quality seen in good data scientists.

 

2. Do you enjoy stats and math?

Working with numbers, calculating relationships between data sets and rationalising real life data are all daily occurrences. So if you enjoy mathematics and statistics then you could be a perfect fit.

If you go straight to the Sudoku or crossword sections in the daily paper and enjoy solving them, then this is a good sign that you have a right mindset. Data analysts sometimes spend hours studying mathematical concepts in order to accurately model the data in an effective manner.

3. You understand the benefits of practical business.

Analysis is just the start of the work. Once you have understood the number and stats, you need to show others why they are important. The story that the data shows, the predictions it makes and most importantly in the business world, how you use that data to make more money or grow a business.

Sometimes this requires Data scientists to get a little creative and make the reports easy for others to understand. A great Lead data analyst will make the data easy to understand and make it obvious why the data matter.

Do you prefer being practical and business-minded? Then you are on the right track.

 

4. You have fun while coding

Knowing how to code is a data scientist’s best friend. Being able to write scripts, automations and programs will allow you to analyse incredibly large sets of data from the comfort of your own chair.

You sit in front of your computer for hours, and type. For some people this is relaxing; for others this is boring.

If you can imagine yourself coding for hours and you can also imagine that you would actually love to do that, that’s another check mark on your list.

5. You enjoy working in multidisciplinary teams

The way most efficient companies are run is with one larger central data scientist team. Each member then liaises with a different part of the company.

This can mean that most of your time will be spent outside of the data team. And most of these people have a very different mindset that data scientist’s. If you can make friends of all sorts of type of people and communicate effectively then you will be on the right track.

If you want to learn more about data analyst or have a look through some job opportunities, then check out empiric.

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Is Investing Simple?

Types of investment fund

Investing your money sounds complicated and risky, but choosing the right fund manager to help you along the way is key to increasing your savings while you grow your business.

There is more than 1 type of private investment fund and they all have different risks and potential rewards. Some require millions (which can be shared among a group of investors) and some require much less Here are the most common types of private investment funds.

Money Market Funds.

 

These are funds are regarded as one of the safest investments. Being compared to storing your money in a bank but with a higher ROI.

Money Market Funds are a type of fixed income mutual fund that invests in debt. The aim is to pick debts which have short maturities and minimal credit risk, this ensures that the return is least risky.

When you buy this debt, you ensure that the creditor (person loaning money out) gains money (not all of what they are owed) and you take on the potential for the debtor (person borrowing money) to give you what you paid plus the interest that the creditor (now you) is owed.

This category of funds are known as Fixed Income Funds, and are basic. Buy investments that pay a fixed rate of return. They aim to invest in return for regular payments into the fund. This is achieved mostly through interest that the fund earns.

Equity Funds

 

Equity funds are mutual funds that invests solely in stocks. Equity funds are also known as stock funds.

Here, money is pooled together by investors to purchase a variety of stocks to diversify investment portfolio. Basically a group buys stocks from multiple companies and not just a single company.

Increases in one stock price might not have a significant impact on the portfolio growth and these funds are more time intensive to manage. You will need private investment fund management.

 

Balanced Funds

 

This type of fund is a mixture of both fixed income funds and equity funds. Most of these funds follow an analytical approach to split money among the different types of investments. They usually to have more risk than fixed income funds, but less risk than equity funds.

Specialty funds

This type of fund has a focus on specialised agendas such as real estate investments, commodities or socially responsible investing. For example, a socially responsible fund may invest in companies that support environmental protection, human rights and diversity, and may avoid companies which are involved in industries such as alcohol, tobacco, gambling, weapons and the military.

 

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