Research Analyst Salary in Canada during 2024

Salary details

The average Research Analyst salary lies between USD 73,476 and USD 99,548 in Canada. It represents the overall compensation/gross salary amount for the working year (before deductions like social security, taxes and other contributions), not including equity/stock options or similar benefits.

Region represents the primary country of residence of an employee during the year (or residence for tax purposes). All data shown are full-time equivalent (FTE) salaries. Part-time salary information has been extrapolated to its FTE value.

Last updated: Dec. 15, 2024

Top 20 Job Tags for Research Analyst roles

The three most common job tag items assiciated with Research Analyst job listings are Research, Python and Statistics. Below you find a list of the 20 most occuring job tags in 2024 and the number of open jobs that where associated with them during that period:

Research | 501 jobs Python | 336 jobs Statistics | 292 jobs Excel | 233 jobs R | 232 jobs Data analysis | 191 jobs SQL | 188 jobs Economics | 162 jobs Engineering | 162 jobs Mathematics | 143 jobs Security | 137 jobs Finance | 136 jobs Machine Learning | 104 jobs Power BI | 99 jobs Computer Science | 99 jobs Tableau | 97 jobs SAS | 95 jobs Data visualization | 84 jobs Market research | 83 jobs Data Analytics | 70 jobs

Top 20 Job Perks/Benefits for Research Analyst roles

The three most common job benefits and perks assiciated with Research Analyst job listings are Career development, Health care and Competitive pay. Below you find a list of the 20 most occuring job perks or benefits in 2024 and the number of open jobs that where offering them during that period:

Career development | 313 jobs Health care | 245 jobs Competitive pay | 136 jobs Flex hours | 131 jobs Equity / stock options | 125 jobs Startup environment | 116 jobs Insurance | 111 jobs Team events | 105 jobs Wellness | 94 jobs Flex vacation | 87 jobs Medical leave | 70 jobs Salary bonus | 62 jobs Parental leave | 53 jobs 401(k) matching | 46 jobs Conferences | 37 jobs Transparency | 18 jobs Relocation support | 15 jobs Flexible spending account | 13 jobs Fitness / gym | 9 jobs Home office stipend | 9 jobs

Salary Composition

In Canada, the salary composition for a Research Analyst in AI/ML/Data Science typically includes a fixed base salary, a performance-based bonus, and sometimes additional remuneration such as stock options or profit-sharing. The fixed base salary is the most significant component, often constituting 70-85% of the total compensation package. Bonuses can vary widely, ranging from 5-20% of the base salary, depending on the company's performance and individual achievements. Additional remuneration, such as stock options, is more common in larger tech companies or startups, where equity is used as an incentive. The composition can also vary by region, with major tech hubs like Toronto and Vancouver offering higher salaries compared to smaller cities. Industry also plays a role; for instance, financial services and tech companies might offer more competitive packages compared to academia or non-profits.

Increasing Salary

To increase your salary from a Research Analyst position, consider the following steps:

• Skill Enhancement: Continuously upgrade your technical skills, especially in high-demand areas like deep learning, natural language processing, or big data analytics.
• Advanced Education: Pursuing a master's or Ph.D. in a relevant field can open doors to higher-paying roles.
• Networking: Engage with industry professionals through conferences, workshops, and online platforms like LinkedIn to learn about new opportunities.
• Certifications: Obtain advanced certifications that are recognized in the industry to demonstrate your expertise.
• Leadership Roles: Aim for roles that involve team leadership or project management, as these often come with higher pay.
• Switching Companies: Sometimes, moving to a different company can result in a significant salary increase, especially if the new company values your specific skill set more.

Educational Requirements

Most Research Analyst positions in AI/ML/Data Science require at least a bachelor's degree in a related field such as computer science, data science, statistics, or mathematics. However, a master's degree is often preferred and can be a significant advantage. Some roles, especially those in research-intensive environments, may require a Ph.D. in a relevant discipline. Coursework in machine learning, data mining, statistical analysis, and programming is highly beneficial.

Helpful Certifications

While not always mandatory, certain certifications can enhance your profile and demonstrate your commitment to the field. Some valuable certifications include:

• Certified Data Scientist (CDS)
• Google Professional Machine Learning Engineer
• Microsoft Certified: Azure Data Scientist Associate
• AWS Certified Machine Learning – Specialty
• TensorFlow Developer Certificate

These certifications can validate your skills and make you more competitive in the job market.

Experience Requirements

Typically, employers look for candidates with 2-5 years of experience in data analysis, machine learning, or a related field. Experience with specific tools and technologies such as Python, R, SQL, and machine learning frameworks like TensorFlow or PyTorch is often required. Experience in a particular industry, such as finance, healthcare, or technology, can also be advantageous.

Related salaries

Want to contribute?