Salary

Business Analyst Salary Stats You Should Know

Right when we get out of college, the one thing that keeps on nagging us is the choice of career. Choosing a wrong career can come with drastic effects. One of the most promising career choices is the job of Business analyst. In this article I am going to mention every single detail including the Business analyst salary. So keep reading and know everything about this profession before pursuing it.

Introduction

The career of business analyst has emerged in the 21st century and ever since it has been practiced we have only seen it in demands. This job works as a bridge between Information technology and business objectives of a company or firm. No matter the company is large or small, the business analysts contributes in the profitability of the company. Having a business analyst on panel can help the company in seizing maximum amount of opportunities.

Business analyst salary

 

What does a business analyst do?

The daily objective of a business analyst varies big time depending mostly on the organization they work in. in course of every project, following are Business analyst job description that has to be performed by the business analyst daily:

  • Evaluation of queries
  • Documentation of the data
  • Investigation of the submitted issues
  • Communication with a variety of people
  • Thorough and deep analysis of provided information

Once the business analysts are given any project, they will then formulate tasks that are going to help them in achieving the main goal of that project. These tasks include synthesis, analysis, planning and evaluation. The tasks enable the analysts to have a flexible approach in any project depending on the circumstances.

What are the tasks that business analyst in charge of?

To be honest the business analyst tasks fluctuate depending upon two things the demands of the enterprise and the company they are currently an employee of. Usually the skill that a business analyst possesses resides in us but for this profession these should be cultivated to make decisions on the basis of accuracy and facts. Following are the skills that are part of this profession:

Effective communication

The business analyst must always communicate well about the findings to the stakeholders. This skill involves excellent verbal and written communication. If a business analyst is unable to communicate well about the reports the results might not be implemented in correct manner. Incapability in this skill can lead to potential risk development and an ultimate threat to company’s success. A business analyst must have good communication regarding the project with the project manager including note taking and asking question and proper attention.

Thorough analysis:

You can see it very well that the title holds the word of analysis that means it is one of the most important aspects of the job. There is a large amount of data that a business analyst takes care of every day, it is the job of the analyst to go through this data and look for the trend relevant to every set of data.

The business no matter big or small apart from trend relevancy also depends on truthfulness, reliability and accuracy of the trend. If by any mean the business analyst comes in contact with any false trend than they should easily eradicate that trend from the findings otherwise all the finding will get corrupted

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A skill of questioning everything

For development of good understanding regarding a project, the analyst must conduct frequent interviews. This includes addressing of the expectation, objectives and a set of data that is collected previously about the project. The business analyst must have an excellent skill of investigation of every project that is allotted to them. Good investigation is required when the business analyst haven’t started analysis process on the project. The business analyst should always address ideas, concerns and the objective criteria first. The project always gets distorted if the ideas of a business analyst differ from the ideas of a stakeholder

Evaluation of the findings

Solving a problem is one of the aspects of business analyst and probably that is why they are hired for. They usually find out the issues and errors in the firm and then come out with the solution for implementation. An experienced business analyst evaluates the finding and research that he made in order to create the solution for every issue that the company faces.

What are the responsibilities of business analyst?

One of the most important responsibilities on a business analyst’s shoulder is the management of the company. The business analyst plays a big role in requirement management in which they have to list down everything a company needs for increasing the sales efforts and finding solution to the technical problems. Here are some other duties given to business analysts:

  • Communication of the key insights and discoveries to the product management team on occasional basis
  • They help big time in maintenance, documentation and designing out the systemic processes currently running the company.
  • They are responsible for evaluating every alerting requirement of the project
  • They also play a big role in integration of the team for any given project; they enhance the team bond with counseling.
  • They are on constant quest for ways that can enhance the monitoring, discovering the problems and providing a better value products to the customers
  • They are responsible for the quality assurance program that runs in a company.
  • They define the business analysis requirement along with the configuration process.

Business

What does a business intelligence analyst do?

Basically the business intelligence analyst deeply analyzes the given data in order to figure out the trends of market and business so that the profit and efficiency of the company increases. They have the option to work directly for any company or they can also work as the full time or part time consultant. There are a number of ways with which the analyst gathers the data or information like digging the data from the computers of the company with the help of software, going through the data provided by the competitor, looking through the trends of the industry in order to have a clear of image as to where the company is standing in the market. Most of the time this job requires the candidates to analyze the data like past trends and current condition of the company

What is the Business intelligence analyst salary?

For the business intelligence analyst, the average salary in a year is $66,000. This job has high potential of bonuses and profit sharing. Depending upon the level of experience the type of company the average salary can go as down as $47,000 and reach as high as $98,000. The individual participated in this profession survey were males (almost 63%). This job mostly comes with the medical coverage and a large number of employee associated with this profession are also receiving the dental insurance allowance from the employer. The individuals who participated in this survey have showed a high level of satisfaction from their job. The rate of bonuses that the profession receives in a year is $707 till $10,343 and the rate of profits sharing in a year was reported to be $479 till $10,429.

Who is a junior business analyst?

The role of a junior business analyst is to assist he senior business analyst or any other member of the project management team. Mostly they have business analyst entry level jobs. They have to evaluate and verify the potential of a system. They act like a bridge who work between a software developer and the end-user. They ensure that the product information is properly disseminated or not.

They play their part in the development of the system and carry out the exact instructions coming from the leading analyst. Once the senior analyst establishes the requirements of the ongoing project, it is then the responsibility of the junior business analyst to have a keen eye on the maintenance and the verification of the requirements accordingly. They work very closely to the management organization in order to assure customer needs, they come out with the ways with which the company can meet with the needs of the customers and thus give them benefitting and satisfying products.

They are the most contributing when the company wants to upgrade their product level and aim to give the customers better service. The junior business analyst analyzes and tests all the implications that are involved in the business. They are on constant quest of finding, documenting and making reports that can be used for improving the services in the company. They work as intermittent between the third party vendors and the employer of the company they are working at. Being in this profession makes it obligatory for them to stay updated with the trends and developments occurring in the world of business. Having the knowledge in this aspect will only be their source of authority in this field

Also Read: Pharmacy Technician Salary

Enlist sample junior Business Analyst jobs

Following is a sample of the jobs, duties and tasks that a junior business analyst is supposed to complete in a typical day:

  • The creation and designing of specification that are requested either by account management or by sales.
  • For jotting down the effective business process, they held meetings with managers and consultants
  • They keep a keen eye on the infrastructure elements like manuals, documents, periodicals and/or documents of the policy and have to update it regularly.
  • They contribute in creation as well as development of the functional requirement of the system, constraints, external interface and performances.
  • They give a thorough analysis to the requirements that are made by the customers they also check out the derived request in order to see its logic and relevance to the customer’s request.
  • They manage the requirement and make sure that the requirements are stored in the automated system.
  • They record, manipulate and write reports about the stored requirements in order to present them to the management.
  • They are known to for the supervision of the traceability information of the requirements; along with this they regularly record the status of the requirement throughout the duration of the project.
  • They also monitor the baseline requirements with the help of effective application. They also change controlling processes and tools involved.
  • They have big contribution in the development of Test Scripts and Test Plans, along with it they are also known to perform test execution as per requirement

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What is the required education for becoming a business analyst?

Having a degree of bachelor’s in Business or any related field is enough to keep you going in this field but many of the employers these days prefer those candidates who hold a master’s degree in business and administration. The masters in business and administration are a 2 year program for the post graduate students. In the initial year the candidate are encouraged to be enrolled in the economic, data analysis, marketing management, financial accounting and strategic management. Usually in the second year the candidates are required to select the courses that are affiliated with your career choice.

Certificates required for Business analyst:

This works as an alternative but a graduate or an undergraduate student can also acquire certificates in Business analysis. The certificate is given after a year of training and there is provided by several universities all over the world. Other than universities technical schools and some community colleges are also providing this course. The candidate can also take the business process analysis course, project management, business planning and testing and solution development.

There is a renowned organization known as Institute of Management consultants (IMC) which offers a course under the name of certified management consultant exam which runs in 3 levels like basics, experienced and management. The initial level of the course requires the candidates to possess a bachelor’s degree along with 3 till 9 years of consultation experience along with 5 satisfactory evaluations, opting for management and experience level in the certificate requires the candidate to have more work experience. Additional to the meeting requirement the candidates are required to pass an oral and written test for becoming certified. Certificates works as a proof that a business analyst is competent enough for the job and is very much able to stand out in the field of business analysis.

What are some additional requirements for becoming a business analysis?

With the formal training, the candidate must also go for some business experience in order to increase the wage and quality of the job. In order to gain the experience the beginners can work for entry level positions. Some of the basic opportunities are project coordination, accounting and business research assistance. The analysis of business however also require technology assessments so having a background of computer knowledge can also support and proves to be  fruitful for the future. Before looking for this job one must know that the job of business analysis is quite similar to the job of a consultation so having a good grip on the features of processes running in accompany is very important for the candidate.

Whether you hold a bachelor’s degree or master’s degree, one must have a sheer knowledge of whatever is going on in the corporate world. Every candidate must continue the education level in order to adapt the advancements and changes in the business world. Having a strong leadership skill and communication skill is always a must when it comes to this profession as the business analyst has to be in touch with the various people throughout their career.

What is the Entry level business analyst salary?

The business analyst salary entry level is $62,000 in a year as an average. Overall the entry level business analyst can earn as less as $42,000 than and as much as $82,000. Experience plays a very big role when it comes to the pay structure provided in this job. The job comes with bonuses and profit sharing both. The bonus that is given on yearly basis is around $10,000 and the rate of profit sharing is $6,000. Both the type of company and the area directly effects on the amount that a business analyst is earning. According to the survey, most of the candidate requires a medical insurance along with dental coverage form their employers. Almost all the individuals who have taken part in this survey have showed a great level of satisfaction in terms of their professional life Almost 63% surveyed individuals were men.

How much does a business analyst make a year?

Salary of business analyst in United States of America is around $67,000. The Business data analyst salary totally depends upon the geography and the type of company an employee is working at. The candidates associated with this job gets bonuses worth $10,000 on yearly basis and the profit sharing that they receive is around $8,000. Different companies provide different pay package to the employees, so the pay scale of the employee range in $43,000 – $100,000. Almost 58% of the participants of this survey were women and the rest were males. A large group of individuals associated with this job were given medical insurance and only a fair number of them are receiving dental coverage by the employer. The work is reported to be pretty enjoyable that comes with high end satisfaction from the employee.

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What is the Business analyst salary California?

According to a conducted survey, the it business analyst salary is $85,000 in a year in the state of California. The job is high end satisfying and provides the employees with both dental and medical insurance. In California mostly males have been hired for this job than females. The candidate is expected to earn a bonus of $12,298 on a yearly basis and the profit sharing that is provided to the business analysts in California is $5,087.

What is the business analyst salary Chicago?

In the initial years of the employment a business analyst is expected to earn anywhere between $62,535 in a year. Remember the more experience you have the better pay structure you will most likely to acquire from the employer along with better pay package. The bonus that the companies in Chicago offer is $493-$9,899 and the rate of profit sharing for entry level business salary analyst in this state is $1,965

What was the Business analyst salary 2015?

In the year of 2015 an average pay scale of the senior business analyst was $64,000.

What is the Business development analyst salary?

The business development analyst is basically a rooted field of the business analyst profession. This career choice is mainly linked with development of new business, Microsoft SQL servers and sales. Many of the individuals working in this profession shift to some other career with in 10 years in this particular field. The average salary in a year of a business development analyst is recorded to be $58,027, the more experienced you are the better earning you will most likely to get from this job. The yearly bonus provided in this profession is $11,502 and the profit sharing recorded in a year is $16,220. Having a 20 or more years of experience in this field can take the pay scale as high as $84,926 in a year.

How much is an Associate business analyst salary?

The salary of an associate business analyst is around $53,676 in a year. Most of the people change to any other profession within 10 years of time period.

Conclusion:

Having a good job in this highly competitive work is very difficult these days. In this article I have discussed almost every aspect of the job of a Business analyst. Over the job is highly satisfactory that covers the medical and dental insurance and the business analyst salary is worth mentioning.

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Business Analyst Salary Stats You Should Know
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Business Analyst Salary Stats You Should Know
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In this article we have mentioned one of the most promising job salary that is of a Business analyst salary, the job has started gaining..
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