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Key Takeaways
- While both work with data, a data analyst transforms raw business information into actionable insights about customer behavior, operational efficiency, and market trends, whereas a financial analyst focuses specifically on financial data to guide budgeting, investment decisions, and long-term financial planning.
- The choice between hiring a data analyst or financial analyst should be based on your immediate business challenges—prioritize a data analyst if you need to understand customer behavior patterns or optimize operations, and choose a financial analyst if your focus is on budgeting, financial forecasting, or investment strategy.
- Both analyst roles can be performed remotely, allowing companies to consider offshore hiring options that can reduce costs by 30–70% compared to US-based hires while still maintaining high-quality output and real-time collaboration, especially when working with professionals from time zone-aligned countries in Latin America.
Data is at the heart of every business decision, so having data professionals on your team is definitely a valuable asset.
Among the many types of data analysts, two roles that often get mixed up are data analysts and financial analysts. While both work with data and analyze information, their areas of focus are quite different. So, which one does your business need? It depends on your goals.
In this article, we’ll look at the data analyst vs. financial analyst roles, going over their responsibilities and helping you decide which is the right fit for your business. We’ll also cover hiring costs so you can make an informed choice when choosing the ideal data specialist.
What Is a Data Analyst?
A data analyst examines raw data, spots patterns, and helps companies make informed decisions. Most have degrees in mathematics, business analytics, statistics, or computer science, along with experience using various visualization tools and statistical methods.
Businesses thrive on data, whether it’s for tracking customer behavior, measuring sales trends, or improving operations. That’s why it’s no surprise that nearly 88% of companies worldwide consider investing in data and analytics a top organizational priority.
To get real value, businesses need someone who can turn numbers into insights, and a data analyst can do just that.
Here are some of the key responsibilities of a data analyst:
- Collecting, cleaning, and organizing data for analysis
- Identifying trends and strategic opportunities using business intelligence (BI) tools
- Creating clear reports and dashboards for stakeholders
- Conducting A/B testing and statistical analysis
- Collaborating with teams to improve decision-making
Some might also compare data analysts to data scientists, but know that, unlike a data scientist who builds predictive models with a strong emphasis on data science, a data analyst makes sense of data that already exists.
So, if your company already has the data but a skills gap prevents it from being used to its full potential, a data analyst can help.
What Is a Financial Analyst?
A financial analyst looks at revenue trends, market conditions, and financial reports to guide business strategy. They analyze where money is coming from, where it’s going, and how to maximize profitability.
Every business requires some level of financial literacy. Budgeting, forecasting, and risk management are all necessary for long-term success.
But while companies often have a general understanding of their financials, a financial analyst brings a deeper level of insight, helping businesses make smarter decisions about growth, investment decisions, and expenses.
A financial analyst’s main tasks include:
- Analyzing financial statements and company performance
- Forecasting revenue and assessing financial risks
- Developing budgets and investment strategies
- Conducting market research to support financial decisions
- Presenting financial reports and recommendations to managers
Unlike a data analyst, who focuses on broader business trends, a financial analyst zeros in on the company’s financial health. Most of them have degrees in finance, economics, or accounting.
How to Decide Which One You Need
Both analyst roles utilize data, but they focus on different areas. Here’s a financial analyst vs. data analyst comparison to see which one fits your business needs.
Nearly any growing business can benefit from both types of analysts, regardless of your industry.
Your company is constantly generating both operational and financial data. A data analyst helps you unlock insights from your customer behavior, marketing campaigns, or internal processes, while a financial analyst ensures you’re making the most of your capital, spotting financial risks before they become problems, and preparing for sustainable growth.
Don’t have the budget for both right now? The decision often comes down to your most pressing current needs. If you’re struggling to understand why customers are churning or which marketing channels actually work, a data analyst should be your priority. If you’re planning a funding round, navigating a cash flow crunch, or need to optimize your investment strategy, start with a financial analyst.
Many of our clients initially hire for just one role and then add the other as they experience the value that specialized analysis brings to their decision-making process.
How Much Does It Cost to Hire a Data Analyst or a Financial Analyst
The cost of hiring for analyst roles depends on several factors, including experience level, industry, and technical expertise. One of the biggest cost factors is deciding where to hire from.
While in-house hiring is best for on-site collaboration, this comes with higher overhead costs. The good news? Both roles can easily be done remotely.
A remote financial analyst and data analyst can do most, if not all, of the work through online software and apps. You just have to set effective remote collaboration strategies in place so that everything runs smoothly.
Hiring remote US-based experts can help you access top talent outside your city or state who share your culture and work practices. However, you may still struggle to find highly specialized skills, as the competition can be intense.
Instead of limiting your search to US-based candidates, you can explore offshore hiring. Offshore experts offer competitive rates, especially in regions with lower living costs, while maintaining high-quality work.
Here’s a quick look at how US and Latin American salaries compare. Latin America is a popular destination for nearshoring, a type of offshoring where businesses hire from nearby countries for real-time collaboration.
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(See our data roles and finance roles salary guides for more in-depth information about specific roles in each field.)
Depending on your budget and preferred level of involvement, you can hire independently for full oversight or browse freelance platforms for contract-based/short-term projects, which may save money but require more effort.
If you want to save time and not exhaust your resources from the complex hiring process, a data analyst recruitment agency can connect you with pre-vetted candidates so you get the right hire when you need it.
While this may feel more expensive upfront, it can save you money in the long run by reducing the resources spent on the sourcing and screening process—plus, they’ll usually take care of all the logistics of hiring abroad if that’s the route you choose.
Final Thoughts
The right analyst can transform your business’s approach to decision-making. Whether you choose a data analyst to unlock insights from your customer and operational data, a financial analyst to strengthen your financial strategy, or both, these professionals pay for themselves by turning raw information into actionable intelligence.
However, hiring one analyst locally can get expensive—let alone two. Offshore hiring expands your talent pool while keeping costs lower compared to hiring in the US.
Near connects US businesses with top-tier data analysts and financial analysts in Latin America. Our rigorous vetting process ensures you interview only the most qualified candidates: professionals with the technical skills, communication abilities, and cultural fit your team needs. Our clients typically make a hire within 3 weeks, cutting months off the traditional recruitment timeline while saving 30–70% on costs compared to US-based hires.
Ready to strengthen your analytical capabilities without the lengthy recruitment cycle or budget strain? Book a free consultation call to discuss your needs and see how we can help you find the perfect data or financial analyst for your team.
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