How to become A Project Analyst

Often the unsung heroes of a successful project, Project Analysts are the glue holding the team together, the multitasking ninjas critical to the management and development of new projects, and the nerve centres of the project who possess strong analytical and problem-solving skills.

• Project Management Office Analyst
• Project Management Analyst

What do Project Analysts do?

A Project Analyst would typically need to:

• Play a significant role in project planning, budgeting and strategy development for an enterprise
• Conduct feasibility studies for project proposals by gathering data necessary to commence a project; present findings to senior management, team members and stakeholders
• Pinpoint what the project goals and requirements are
• Set out key performance indicators and metrics to help monitor and evaluate the project and help forecast and track progress and challenges
• Use the logical framework approach (LFA) for planning, designing, implementing and evaluating projects
• Understand how to analyse and extract valuable insights from verified data to optimise performance and guide the project
• ​​Identify problems and shortcomings; recommend suitable solutions
• Maintain project contracts and financials; carry out accurate and documentation of all projects
• Liaise with and facilitate communication among stakeholders; provide operational support to the team as they implement the project

Project Analysts typically work in their offices, but they may be needed on-site for certain projects. They may also travel to meet clients or attend project team meetings.

Project managers generally work regular business hours from Monday to Friday. Their schedules may vary, incorporating overtime or irregular hours, based on the industry they work in and the need to meet deadlines.

Finding a new job might seem challenging. Project Analysts can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

Project Analysts are generally employed by:

• Public & Private Sector Organisations
• Engineering Firms
• Software Producers
• Manufacturing Companies
• Commercial Retailers
• Construction Companies
• Interior Design Firms
• Architects

Professional associations and organisations, such as the International Association of Project Managers (IAPM), are crucial for Project Analysts interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more adds value to your resume while bolstering your credentials and qualifications.

• The imbalance between professional and personal life due to work pressures and long working hours to meet deadlines
• The need to motivate underperforming or inexperienced team members or tackle difficult employees
• Ensuring effective and open communication among team members
• Health problems caused due to sitting down for long hours and working on computers

Any academic program undertaken by a potential Project Analyst typically requires a period of supervised experience, such as an internship. Sign up for summer internships under the supervision of experienced project managers. You may get an opportunity to assist with tasks such as data collection, analysis, and preparing strategic reports. Specific duties vary according to the nature and size of the business. Internships will allow you to gain expertise in management and also be able to make connections and network with people you may work alongside shortly. 

You may also consider signing up for career fairs to meet with recruiters face-to-face, have them get to know you and make an impression.

Read about the profession and interview or job shadow experts working in project analysis to prove your commitment to course providers and prospective employers.

Some employers provide on-the-job training to newly hired Project Analysts. You may also acquire experience working as auditors, accountants, market research analysts, or computer systems analysts before landing the role of Project Analyst, internally or at another organisation.

Varying levels of qualifications are required for this role, depending on the employer and sector. Most may be more concerned with prior experience and skills, whereas others may want formal qualifications.

To become a Project Analyst, aspiring candidates must earn at least a bachelor’s degree in finance, business administration, public administration, or a related field. Back up your education with work experience, strong analytical & problem-solving skills, and top-notch research & presentation abilities.

Some Project Analysts may choose to pursue a master’s degree, such as an MBA (Master of Business Administration) degree specialising in project management, which employers value. An MBA may put you on the track to career progression, salary increase, enhanced professional reputation, and a wide network of contacts.

Certification demonstrates a Project Analyst’s competence in a skill set, typically through work experience, training, and passing an examination. When acquired from an objective and reputed organisation, it can help you stand out in a competitive job market, carry a significant salary premium of up to 18 per cent, increase your chances of advancement, and allow you to become an independent consultant. Successful certification programs protect public welfare by incorporating a Code of Ethics.

Project Management Professional (PMP) certification is highly valued across industries. You may also consider getting a certification in specific computer languages, such as Statistical Analysis System (SAS).

Performance, experience, and the acquisition of professional qualifications drive career progression. Employees with consistently high performance levels may be eligible for promotion every two to three years. 

You may advance within the firm by moving into executive management or taking the responsibility of working on more significant projects. Progression will likely result in new challenges and responsibilities accompanying greater repute and sizable paychecks. You may advance to become Project Manager or choose self-employment to become a Consultant.

Education, coupled with experience in the industry, will provide individuals with the tools for entry, survival and success in a competitive environment. Candidates with the necessary skills and a Master of Business Administration (MBA) degree have the best job prospects.

Continuing professional development (CPD) will help an active Project Analyst build personal skills and proficiency through work-based learning, a professional activity, 

formal education, or self-directed learning. It allows you to upskill continually, regardless of your age, job, or level of knowledge.

In-person or online courses in business analytics, statistics, and data visualisation techniques will help you stay updated with the latest tools and technology. Business administration courses will foster your business acumen, lending you a competitive edge in the job market.

What is Data Analytics?

Examining raw data to identify trends and draw conclusions about the information they contain is called data analytics. Data analysts use automated mechanical processes and algorithms to assist organisations in making better-informed and optimal business decisions. 

Potential Pros & Cons of Freelancing vs Full-Time Employment

Freelancing Project Analysts have more flexible work schedules and locations. They have full ownership of the business and can select their projects and clients. However, they experience inconsistent work and cash flow, which means more responsibility, effort and risk. There are no paid holidays, and sick/maternity/paternity leaves are almost unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.

On the other hand, a full-time Project Analyst has company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Yet, they may experience boredom due to a lack of flexibility, ownership, and variety.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

The Disney movie Inside Out is an entertaining yet inspiring film with a meaningful message. It tells of how the fate of a project is decided by how you treat your team.

Be the person who manages the project manager. If you are passionate about project management and have strong analytical and problem-solving skills, being a Project Analyst would be a promising career.

The beginning of a project is a bedrock upon which the project management team bases all decisions. As a Project Analyst, the plan you generate must be comprehensive. It must outline the need for the project, its goals and benefits, and incorporate its proposed requirements in terms of budget, resources, processes, and timelines. This way, you will help ensure that the project management team executes high-visibility projects efficiently to achieve mutual goals and benefits.