Business analysts are professionals that make data-driven decisions to maximize an organization’s potential. As businesses increasingly seek to increase their efficiency and reduce costs, business analytics has become central to any organization. Let’s take a closer look at what business analysts do, how you can become one, the top skills for business analysts, and the business analyst salary you can expect once you’re hired.
How to Become a Business Analyst
The first step of any career is to get familiar with what that position entails and the field as a whole. The basic role of a business analyst is to identify a business’ needs and problems and identify opportunities for growth. While you’ve likely had some exposure to these responsibilities through your work experience in a related field, you will need to have a clear understanding of data analysis principles. Here are some ways to build a career in business analytics:
- Get an MBA degree or a degree relevant to the business domain
- Gain relevant work experience working in various industry-specific projects
- Start working with business analytics tools
- Take up data and business analytics courses
- Develop data visualizations and practice presenting them
- Develop a business analyst portfolio where you can showcase your work
Business Analyst Salary for Freshers
The average business analyst salary for freshers is $70,660 per annum. At this level, you should be well aware of the general business framework, methods, and technologies.
Business Analyst Salary for Experienced
The average business analyst salary for experienced professionals is $83,008 per annum. At this level, you should be able to evaluate and measure business frameworks and how they influence an organization and its clients.
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Average Salary of Business Analyst in India
The salary of business analysts in India ranges from ₹400,000 to ₹1,500,000 per annum. Their average pay is ₹700,000 per annum.
Amazon Business Analyst Salary
The typical salary of a business analyst in Amazon ranges from $9,795 - $1,47,476 per annum. Their average pay is $83,022 per annum.
McKinsey Business Analyst Salary
The typical salary of a business analyst in McKinsey ranges from $10,729 - $1,71,615 per annum. Their average pay is $93,240 per annum.
Related Job Titles Along With Their Salaries
Here are some job titles related to business analysts along with their salaries.
Job title |
Salary |
|
Data Analyst |
Average $64,859 per annum |
|
Business Intelligence Analyst |
Average $86,268 per annum |
|
Business Systems Analyst |
Average $81,989 per annum |
|
Analyst |
Average $60,885 per annum |
|
Operations Analyst |
Average $68,976 per annum |
|
Reporting Analyst |
Average $66,066 per annum |
Companies Hiring Business Analysts
Here are the top companies hiring business analysts along with their salaries.
Company |
Salary |
|
Intuit |
Average $131,708 per annum |
|
Fannie Mae |
Average $119,022 per annum |
|
Pacific Gas & Electric Company (PG&E) |
Average $117,679 per annum |
|
EY |
Average $112,790 per annum |
|
UBS |
Average $109,335 per annum |
|
Thermo Fisher Scientific |
Average $108,570 per annum |
|
Barclays |
Average $107,129 per annum |
|
Accenture |
Average $103,513 per annum |
|
Intel |
Average $100,970 per annum |
|
Lockheed Martin |
Average $97,635 per annum |
Frequently Asked Questions About Business Analysts
1. What degree do I need to get to become a business analyst?
A bachelor’s degree in a business or any other related field is preferred. However, some companies require a master’s degree as well. Other relevant areas of study include finance, computer science, business administration, and information systems.
2. What certifications do you need to become a business analyst?
The International Institute of Business Analysis (IIBA) is the world’s leading association that provides business analysis certification. There are a number of exams such as the ECBA, CCBA, and CBAP exams that you will require in order to become a business analyst.
3. How much can I expect to get paid as a business analyst?
The average business analyst’s salary depends on experience and geography. If you’re unsure about the salary, you can check out websites like Glassdoor, Payscale, or Indeed’s Salary Calculator to get to know more about salaries based on location, industry, and experience.
4. Is a business analyst an IT position?
A business analyst works closely with IT and business teams. They also need to possess technical skills and computer knowledge to come up with the best solutions for a business. This is why most companies consider it as a technical role within the IT department.
5. Can business analysts work from home?
Business analysts can certainly work from home, but this depends on the company’s policy and their work assignments.
Top Skills for Business Analysts
Business analysts play a critical role in every aspect of a business, from generating new strategies to creating enterprise architecture. Here are the top business analyst skills that will help you to become a successful one.
- A good understanding of the business objectives
- Ability to think critically and analytically
- Good communication, negotiation, and interpersonal skills
- Cost-benefit analysis to assess the costs and benefits expected
- Quick decision-making skills
- Hands-on knowledge of programming languages
- Mastery over dashboards and reports creation
- Good knowledge of Microsoft Excel, database, and SQL
- Documentation and presentation skills
Overall, business analysts have varying degrees of both hard and soft skills. This helps them see the big picture and the scope of the challenges within their industry.
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Are You Ready to Become a Business Analyst?
The unique blend of technology and business makes business analytics an ideal career option for anyone with an interest in working with data. As companies realize the growing importance of business analytics, this field is growing at a rapid pace. If you are interested to learn more about business analytics, you can sign up for Simplilearn’s Business Analyst Master’s Program in collaboration with IBM that has been designed to train you on all three aspects of Business Analysis - planning and monitoring, requirements elicitation, and requirements management and communication. You will learn all about the latest business analysis tools, get to work on real-world projects, and attend Masterclasses from IBM experts. Sign up for this course today and master business analytics.
