Hell, today even a doofus in KMart is an "associate". And every customer is a "client" or a "guest". It's all part of living in Bullshitastan.
Associate is relative to whatever the peer is. This can be a walmart worker or law partner. An analyst is relative to the profession. Usually below management but that is not to say that they are not highly paid. i.e. A telecom analyst in NY can make 270K/year.