Applied Scientist vs. Compliance Data Analyst

The Battle of Two Careers: Applied Scientist vs Compliance Data Analyst

Table of contents

As the world becomes more data-driven and AI/ML technologies continue to evolve, new job roles have emerged to deal with the challenges and opportunities presented by these changes. Two such roles are Applied Scientist and Compliance Data Analyst. While both roles deal with data, they differ significantly in their definitions, responsibilities, required skills, educational backgrounds, tools and software used, common industries, outlooks, and practical tips for getting started in these careers.

Definitions

An Applied Scientist is someone who uses scientific methods and Data analysis techniques to solve real-world problems. They work in a variety of industries, including healthcare, finance, and technology, and are responsible for designing and implementing complex algorithms and models that can be used to make predictions and decisions based on data.

A Compliance Data Analyst, on the other hand, is someone who is responsible for ensuring that a company or organization is complying with relevant laws and regulations. They work in industries such as Finance, healthcare, and government, and are responsible for monitoring data and identifying any potential compliance issues.

Responsibilities

The responsibilities of an Applied Scientist are varied and depend on the industry they work in. However, some common responsibilities include:

• Designing and developing algorithms and models to solve complex problems
• Analyzing data and identifying patterns and trends
• Collaborating with cross-functional teams to develop and deploy solutions
• Communicating results and findings to stakeholders

The responsibilities of a Compliance Data Analyst include:

• Conducting audits and reviews to ensure compliance with laws and regulations
• Analyzing data to identify potential compliance issues
• Developing and implementing compliance policies and procedures
• Communicating with stakeholders to ensure compliance

Required Skills

To be successful as an Applied Scientist, one needs to have the following skills:

• Strong analytical and problem-solving skills
• Proficiency in programming languages such as Python, R, and Java
• Knowledge of Machine Learning algorithms and techniques
• Strong communication and collaboration skills

To be successful as a Compliance Data Analyst, one needs to have the following skills:

• Strong analytical and problem-solving skills
• Knowledge of relevant laws and regulations
• Proficiency in data analysis tools such as Excel and SQL
• Strong communication and collaboration skills

Educational Background

To become an Applied Scientist, one typically needs to have a graduate degree in a relevant field such as Computer Science, mathematics, statistics, or engineering. Some positions may require a Ph.D. as well.

To become a Compliance Data Analyst, one typically needs a bachelor's degree in a relevant field such as accounting, finance, or business administration. Additional certifications such as Certified Compliance and Ethics Professional (CCEP) or Certified Fraud Examiner (CFE) may be required.

Tools and Software Used

Applied Scientists use a variety of tools and software, including:

• Programming languages such as Python, R, and Java
• Machine learning frameworks such as TensorFlow and PyTorch
• Data visualization tools such as Tableau and Power BI
• Cloud computing platforms such as AWS and Azure

Compliance Data Analysts use a variety of tools and software, including:

• Data analysis tools such as Excel and SQL
• Compliance management software such as Convercent and LogicGate
• Risk assessment software such as RSA Archer and MetricStream

Common Industries

Applied Scientists work in a variety of industries, including:

• Healthcare
• Finance
• Technology
• Energy
• Retail

Compliance Data Analysts work in industries such as:

• Finance
• Healthcare
• Government
• Insurance
• Legal

Outlook

According to the Bureau of Labor Statistics, the employment of computer and information Research scientists (which includes Applied Scientists) is projected to grow 15 percent from 2019 to 2029, much faster than the average for all occupations. This growth is due to the increasing demand for computer and information technology in various industries.

The employment of Compliance Officers (which includes Compliance Data Analysts) is also projected to grow 8 percent from 2019 to 2029, faster than the average for all occupations. This growth is due to the increasing complexity of regulations and the need for organizations to comply with them.

Practical Tips for Getting Started

To become an Applied Scientist, one should:

• Pursue a graduate degree in a relevant field
• Gain experience in programming and data analysis
• Build a portfolio of projects to showcase skills
• Network with other professionals in the field

To become a Compliance Data Analyst, one should:

• Pursue a bachelor's degree in a relevant field
• Gain experience in data analysis and compliance
• Obtain relevant certifications such as CCEP or CFE
• Network with other professionals in the field

Conclusion

Both Applied Scientist and Compliance Data Analyst are exciting and rewarding careers that offer opportunities to work with data and make a positive impact in various industries. While they differ in their definitions, responsibilities, required skills, educational backgrounds, tools and software used, common industries, outlooks, and practical tips for getting started, they share a common goal of using data to drive decision-making and solve complex problems.