Research Associate Meaning
A research associate is a person who assists with the analysis of markets, economy, investments, etc. and helps in data compilation, analysis, planning of the above activities and is employed by investment banks, financial institutions, brokerage firms, and academic institutions, etc.
A research associate does the following activities:
- Gathers data from various sources
- Organizes the data
- Accumulates the data
- Investigates and Analyzes the gathered and organized data
- Prepares reports for the other departments and levels
- It provides information useful for stakeholders, users, and help in decision making, etc.
Doing this, he would become an expert in the field he researches.
Roles of Research Associate
They perform many roles in an organization based on functions and responsibilities. He/she shall
- Be responsible for maintaining the integrity of work.
- Analyze the documents and extract relevant data.
- Be accountable for the delivery of periodical reports or databases as required.
- Assist in representation issues.
- Provide for improvement in the databases.
- Coordinate with other members of the team so that the data and/or the reports meet the database standards.
- Attend training sessions.
- Clearly, understand the instructions and/or specifications obtained from the senior team.
- Adhere to the timelines.
- Maintain a record of the tasks allocated and productivity obtained.
- Ensure that the deliverables are of high quality.
- Maintain confidentiality.
- Display the ability to prioritize and manage time for various tasks.
- Shall act as a trainer for internal personnel.
The top skills that are required by a research associate are:
- Technical skills required for that particular field,
- Planning capability,
- Ability to analyze data,
- Ability to draw proper conclusions,
- Attention to detail,
- Proper communication skills,
- Data collection skills,
- Critical thinking skills,
- Project Management skills,
- Problem-solving skills,
- Scheduling capability,
- Ability to deal with workload etc.
Qualifications and Requirements
- He shall have a bachelor’s degree or master’s degree in any of the subjects like economics, finance, business, investments, accounting, etc.
- He/ She shall demonstrate significant knowledge and depth in the area of research.
- He/ She should continually be updated about the latest developments in the areas of research.
- To be a research associate, one should exhibit the potential to publish articles and journals of high-quality content.
- It should possess excellent communication skills- oral, written, and interpersonal skills.
- He/she must be enthusiastic and self-motivated.
- Persistence to achieve personal research objectives and those of the team should be shown by the research associate.
- He/ She should be a team worker.
- Conducting independent research projects as well as in collaboration.
- Set objectives for research.
- Continually updating themselves in the field of their research.
- Participate in meetings.
- Prepare and deliver presentations to the project teams.
- Manage the projects.
- Supervise and train the subordinates.
- Learning and acquiring skills from senior researchers, analysts, etc.
Research Associate Salary
Though it would be difficult to put an amount beside the salary value of any professional, the average salary of research associates of top-notch employers is around $ 53,203 per year in the united states as per the indeed research on salaries of around 1400 employees for 36 months.
The average salary of a research associate in India is INR 4,71,233/- p.a. as per the glassdoor survey of 828 salaried associates.
Research Associate Job Prospects
Let’s discuss the following job prospects.
The normal average tenure of him is around 1-3 years. They spend 2 years at the very least before moving up the ladder to the post of senior research associate or research analyst. As the experience of the individual increases, there are many opportunities to move up in the line as the head of research.
The growth of the associate occurs within and outside the organization as well. He/ She, after being recognized as an exemplary candidate, would have employment opportunities in the marketing and sales department of a product based company.
- If one loves getting to the bottom of things, enjoys discovering new things not minding the strenuous and long hours of work, it may be the best for him/her.
- The duties, roles, and responsibilities might vary from company to company but the work will be similar to such i.e., conducting extensive research work. Though without the proper experience, one may not be considered for the role of a research associate, with an advanced educational background would be well suited for the role.
- Not only companies, but major universities hire such associates on a term or a temporary basis to aid them in some type of studies, to train students of those universities, organize statistical data, and create documents and other like tasks that require precision, knowledge, and experience.
This has been a guide to what is a research associate and its meaning. Here we discuss jobs prospect and salary of research associate along with its qualifications and responsibilities. You may also have a look at the following articles –