In the past few years, there has been an exceptional growth of businesses in the world. Business growth has resulted in the establishment of a fiercely-competitive era. Such an era has given rise to healthy competitiveness among people in business. Every business person falls into the race to rise to the top. However, we all know that there is only one winner in the race.

The winner wins the race because of his team’s collaborative effort. From python developers to machine learning architects to data analysts, every team member contributes to the business success. One such member who makes the most effective and financial-savvy decisions is called Business Analyst. 

In this post, we will be discussing the Business Analyst Salary guide and Career guide. But before that, let’s hop on to know more about Business analysts.   

Who is a Business Analyst?

Business analysts work in enterprises to analyze and document the business’s market environment, systems, and processes. Their analysis helps the business to improve its quality of products and services. These employees are responsible for bridging the gap between IT and the enterprise, improving the efficiency of the business.

Business analysts play a huge role in making effective business decisions as they thoroughly review the procedures and processes of an organization. They guide how to run business operations and integrate new processes into them. 

Roles and Responsibilities of Business Analyst:

Business analysts cover a wide range of roles and responsibilities. They aid in increasing the company’s productivity, along with devising creative technological solutions. Budgeting and forecasting help them to run organized business plans. Also, they plan and monitor business processes and report business requirements to the stakeholders. 

So, a business analyst who fulfills all these responsibilities dutifully is rewarded greatly. They are respectably compensated based on their level of experience, skills, and capabilities. A business analyst’s career is full of challenges, but the recognition and job satisfaction are all worthwhile. You are exposed to multiple domains: be it Banking, IT, Finance, or Government. Therefore, it gives you several opportunities to progress in your career. Although it is a demanding career, you will never be out of work as you can jump from one domain to another. Your skillset will help you to excel in every field of work. Business analysts develop quite a few soft skills and communication skills in their careers. So, do you want to become a business analyst? And do you want to advance your career in it?

Let’s dive into a brief career guide of business analysts.

Qualifications required:

You require at least a bachelor’s degree in business administration. Some organizations also prefer a master’s degree. Since business analysts are not restricted to working in a specific organization, they come from different backgrounds. They can have their undergraduate degree in economics, psychology, business, finance, or marketing. 

Career path: 

You start as an entry-level business where your job may include industry/domain expert, developer, and quality assurance. During this time, you should look for things that interest you. You should develop your interests, and it will help you to advance into higher management positions. 

After gaining three to five years of experience, you can move higher up in the profession. You can either become a project or product manager, consultant, or senior business analyst. Eventually, you can progress to become chief technology and operating offer or a project management director in 8 to 10 years of experience.

Further, certifications and training in business analysis help you to progress your career. It is the fastest way to increase your salary potential.

business analyst salary guide

Business Analyst Salary Guide:

Like many other roles, the salaries of business analysts are dependent on a variety of factors such as education level, years of experience, job function, location, and company size. 

Entry-level business analyst

An entry-level business analyst in the US earns about $55,793, according to Glassdoor.com. This is significantly more than the average salary a median person earns, which is around $38K. 

At this stage, you polish your skills in data analytics and Python. You learn more about project management and how to bring improvements to the organization. 

Mid-career business analyst

According to Glassdoor.com, the average salary of a mid-career business analyst in the US is $85,381 yearly. 

In your mid-career, you will have more command over data analytics. You will appear more confident as you possess solid knowledge. Your knowledge about data engineering and data analytics tools can give you a solid edge in your career. In the meantime, you will also be developing your strategic planning and financial modeling skills. In short, at this stage of your career, you know the direction you are getting in. Also, you are aware of practical aspects of business analysis. It all contributes to you choosing a career path based on your strengths. 

Senior-level Business Analyst

Glassdoor.com suggests that, on average, a senior-level business analyst earns $86,327 annually.  

By the time you have 8 to 10 years of experience, you are looking forward to moving into other data-related fields. Moving into data science is a good option. The profit margin is also higher in this profession. 

Take Away

With the rising competition in the corporate world, business analysts have become a must-have. They have a respectable position in all sectors of private and public organizations. And they contribute to the multi-dimensional growth of the organization. Becoming a business analyst is the routeway of learning or specializing in data analytics. It can open several doors of job opportunities for you. 

We, at Wolf Careers.Inc, provide you with certifications and training programs on how to become a successful business analyst. Please register with us today!