Business Analyst Career Guide – Courses, Jobs, and Salary
Business analysts are responsible for solving problems of an organization in any part of its chain to improve and streamline operations and organizational efficiency. Thanks to the abundance of analytics-related opportunities in the country, these professionals can acquire versatile skills and grow exponentially. As their core skills revolve around analytical thinking, they can use their expertise in different fields. So, if one enjoys problem-solving, they can hone their analytical skills through different programs and certifications.
What is business analysis?
Business analytics or analysis is a field of study that analyzes business processes, systems, and data to identify business opportunities. Those with a degree in business analysis are called analysts, and their key responsibility is to gather and analyze organizational requirements, facilitate communication between stakeholders, and recommend solutions.
Education and specialization
One does not need to have a degree to become an entry-level analyst. They can opt for management training, courses, or certifications to do the job. Nevertheless, here are all the educational paths one can take:
1. Bachelor’s degree in business or related fields
To become a business analyst, most people start with a bachelor’s degree in business administration. Here, the programs usually cover subjects like accounting, analytics, finance, and marketing.
2. Master’s in business
A master’s degree in business analysis or administration, i.e., an MBA, which is usually a one to two-year specialization course, can help one hone their analytical techniques, strategic decision-making, and business processes. According to a survey conducted by the International Institute of Business Analysis (IIBA), a professional association, 36% of business analysts have a master’s degree as their highest level of education.
3. Business analyst certification
Many recognized institutions provide beginner courses for those who want to get a kickstart for their business analyst, while some also offer add-on business analyst certification for mid-level professionals or professionals with prior experience.
4. Business analyst specialization
As an analyst, one can specialize in different areas, as follows:
Business data analytics: Business data analytics involves the use of specific methods to study business data, for instance, data analysis involving tools like Microsoft Excel and programming languages like Python or SQL. Entry-level analysts often have a bachelor’s degree, but for higher positions, they may need a master’s degree or a certification.
Cybersecurity: This is another must-have skill for business analysts, as the risk of theft, fraud, and unauthorized use is prevalent in the IT industry and the world of social media. To dive deeper into cybersecurity, one can get certified in programs with this specialization.
Product ownership analysis: Product ownership analysis mainly involves assistance in the development and delivery of great products and services to customers. Here, the analysts set standards and practices that ensure top-notch quality.
Strategic business analysis: This type of analysis involves assessing the business’s potential, possible opportunities, and how well the business can exploit them. Strategic business analysis also involves assessing the business’s strength against threats and competition. Based on these assessments, analysts make comprehensive short-term and long-term decisions regarding them.
Costs involved
The average cost of a business analyst course is around $19,749 per year, but this can vary depending on the institution and type of course (whether on-campus or online) one chooses. This may not include course material costs and living expenses.
Business analyst jobs
Business analysts are typically expected to help businesses detect problems or opportunities, analyze them, and find solutions for any inconsistencies in the organization. Here are a few roles involving such responsibilities:
Requirements analyst: Here, the professional gathers and documents stakeholders’ requirements and makes actionable plans to meet those objectives.
Data analyst: This role involves the collection and analysis of market trends, insights, and other data to make informed decisions utilizing various techniques and data visualization tools.
Process analyst: This type of analyst examines existing processes, identifies areas of improvement for the organization, and develops actionable plans to optimize workflow and operations.
Systems analyst: Here, the analyst examines the current tech and infrastructure of a business and seeks to enhance different systems that may need upgrades to improve work and process efficiency.
Product manager: This role involves overseeing product development, from defining features to managing timelines. A product manager also ensures that customer needs are aligned with business goals, guiding the product’s success in the market.
Financial analyst: At times, analysts can also be assigned the job of dealing with a company’s financial data, from budgets to forecasts. They may be required to provide insights into optimizing the costs of the organization on all levels to ensure sustainability.
Salary of business analysts
According to the U.S. Bureau of Labor Statistics (BLS), the average salary of an entry-level management analyst is around $86,234 to $93,000. Those with master’s degrees or a business analytics certification can also expect a greater salary than those without.
