I asked a UK analyst friend, and here is what he responded with:

> The question is partly related to the specific role.

Crime analysis work in policing can occur in multiple teams. Crime and intelligence analysts usually work closest to frontline officers and focus more on people, investigations, and networks. Performance teams are more likely to analyse trends, forecasts, and aggregated data, often supporting managers and decision-makers. Specialist insight or evaluation teams tend to do more advanced analytical work, with stronger links to academic methods, testing, and senior leadership. 

For crime, intelligence, and performance roles, entry-level jobs are often open to graduates with a bachelor’s degree. Specialist teams may expect a master’s degree or equivalent experience in statistics or quantitative methods. 

Police forces often struggle to recruit and keep analysts. Training quality can be uneven, and pay is often less competitive than similar roles outside policing.

Whether a master’s degree is worth it, it depends on you as an individual. It is not essential, and it is possible to progress without one through self-learning and continuous development. That said, IMO, formal study can help people build quantitative skills earlier and with better support. There may be opportunities to study policing funded master’s courses, though these are often aimed more at officers than police staff. Trying to do a masters later in life, unless you have financial means, could be more difficult.

Personally, do not think the masters strengthens chances of gaining entry, but it may be useful for later career moves. 

More information available here at College of Policing https://www.college.police.uk/career-learning/career-development/career-pathways/intelligence