How To Become A Forecasting Analyst: What It Is and Career Path

What is a forecasting analyst and how to become one

Updated January 8, 2025

3 min read

Quoted Expert

Reshad Osmani PhD

Much like weather forecasters predict weather patterns, forecasting analysts use current data of the company they are working for to predict future production levels and future sales. They examine inventory levels, speed of production, and demand for products or services to ascertain a company's optimal production levels and potential future sales.

Tasks that you will be performing as a forecasting analyst include tracking, analyzing, and evaluating operations in order to provide accurate forecasts. Moreover, suggesting workflow and supply chain improvements based on analyses, creating regular reports and forecasts, and evaluating past forecasts. Lastly, acquiring and interpreting data amongst other responsibilities.

Essential skills needed include analytical, strategic thinking, multitasking, communication, and problem-solving. Graduates with a bachelor's degree in economics, statistics or similar, can qualify for entry-level forecast analyst positions, often working under the direction of a senior analyst. A master's degree is usually necessary for higher-level research jobs and senior roles. Certifications such as a Graduate certificate in economic forecasting may also aid in qualifying for this position.

The average hourly salary for a traditional workweek is $33.11, which amounts to $68,868 annually. The career is expected to grow in the near future and create even more opportunities for this profession.

What general advice would you give to a Forecasting Analyst?

Reshad Osmani PhD

Assistant Professor of Economics, Website

As a new graduate starting your career, I recommend staying curious, being open to learning from others, seeking feedback, building networks, and being proactive in tackling challenges. Keep developing your analytical skills, stay adaptable, and remember that mistakes are opportunities for growth. Learning by doing should be your number one priority.

ScoreForecasting AnalystUS Average

Salary

5.4

Avg. Salary $69,708

Avg. Salary $59,228

Stability Level

4.9

Growth Rate 19%

Growth Rate 0.3%

Diversity

3.0

Race

American Indian and Alaska Native 0.13%

Asian 12.69%

Black or African American 5.00%

Hispanic or Latino 11.93%

Unknown 4.96%

White 65.29%

Gender

female 44.72%

male 55.28%

Age - 34

Race

American Indian and Alaska Native 3.00%

Asian 7.00%

Black or African American 14.00%

Hispanic or Latino 19.00%

White 57.00%

Gender

female 47.00%

male 53.00%

Age - 34

Stress Level

4.9

Stress level is manageable

7.1 - high

Complexity Level

8.2

Complexity Level is challenging

7 - challenging

Work Life Balance

4.6

Work Life balance is fair

6.4 - fair

Key steps to become a forecasting analyst

Explore forecasting analyst education requirements

Most common forecasting analyst degrees

Bachelor's

74.7 %

Master's

15.6 %

Associate

6.4 %

Start to develop specific forecasting analyst skills

Skills	Percentages
Supply Chain	8.94%
SQL	8.78%
Data Analysis	7.12%
Strong Analytical	6.31%
SAS	5.20%

Complete relevant forecasting analyst training and internships

Accountants spend an average of 1-3 months on post-employment, on-the-job training. New forecasting analysts learn the skills and techniques required for their job and employer during this time. The chart below shows how long it takes to gain competency as a forecasting analyst based on U.S. Bureau of Labor Statistics data and data from real forecasting analyst resumes.

Research forecasting analyst duties and responsibilities

Manage National/Global RFP project process by creating pricing models and coordinating pricing efforts of different ManpowerGroup brands.
Enter sales and freight information in company ERP software program.
Work with logistics to track shipments to distribution center and ensure customer delivery dates are met.
Develop and execute the POS and inventory forecasts and analysis for mass merchants and national /international sales accounts.

Prepare your forecasting analyst resume

When your background is strong enough, you can start writing your forecasting analyst resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a forecasting analyst resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Forecasting Analyst Resume templates

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Apply for forecasting analyst jobs

Now it's time to start searching for a forecasting analyst job. Consider the tips below for a successful job search:

Browse job boards for relevant postings
Consult your professional network
Reach out to companies you're interested in working for directly
Watch out for job scams

How do forecasting analysts rate their job?

-/5

5 Stars

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1 Star

Forecasting Analyst reviews

A zippia user wrote a review on Apr 2022

Pros

Engagements with customers and understanding their needs, enabling business to stock what moves only

Cons

Dealing with customers when shipping lines have delayed their planned consignment

A zippia user wrote a review on Nov 2019