Business Analyst Career Path
Business analysts have the opportunity to support the organizations and make them successful through data-driven insights. It is a career of new challenges, problems and opportunities every day. Business analyst career path will be a fit for you, if you enjoy assisting people, identifying problems, and solving problems.
But, at the same time, business analyst job offers huge salaries, multiple job opportunities, and has high job satisfaction.
Reasons To Become A Business Analyst
New businesses of each and every size are opening each day. They need business analysts to help them through. Business analysts are still in a high demand.
The US Bureau of Labor Statistics estimated that the demand of business analysis fields will be highly in demand.
For example, Market Research Analyst, who conducts market research and studies market conditions, determine potential sales and analyze data. Projected jobs for this role will be 130,000 – growth of 18%.
Similarly, Management Analyst, who look and recommend for new innovative ways to enhance organizational efficiency. It is projected to add 93,000 more jobs in U.S. alone – growth of 11%.
Projected high demand and increased number of jobs shows that it is relatively secure employment option with relatively high salary. For example, business analysts in less technical position earn a five-figure salary and even six-figures for the senior positions.
High demand of business analysts also shows that business analysts can relocate to new cities, countries and can work remotely. High demand also shows that there are increased opportunities for the business analysts.
Business analysts have the ability to excel in their careers because of the high transferability of their skills. They can easily move to new jobs or new job roles and responsibilities. Business analysts have both technical and soft skills which help them in advancing in their careers.
Business analysts have a unique skill of overcoming difficulties in a unique way, along with other different skill and expertise. They contribute towards development of the organization, its strategies, enhancement of its systems and processes, and managing the programs and projects.
These various types of skills, expertise and along with experiences help them to advance to higher positions in their career, and provide high level of job satisfaction and security.
Read more: How To Become A Business Analyst
Business Analyst Career Path
There are varieties of businesses operating now-a-days, so is the career path of the business analyst. Business analyst has know how of each and every aspect of business operation. They can work in any type of business, sector and organizations.
Career growth and possibilities in business analysis are unlimited. Here are the most common categories of business analysis and many more also exists;
Data Scientist
After a lot of skill, experience and knowledge business analyst can at most achieve the job title of data scientist. Data scientists are the problem solvers of the organizations and they work on more advanced level than business analysts.
Data scientists use mathematics, computer science and statistics to dig out patterns in data-sets and helps organizations in decisions making. They interpolate and co-relate different data sets.
Data scientist’s job is very complex because they work upon the data that is scattered and non-numerical. They develop co-relation between them which is a highly challenging task to do.
Data scientists help in developing strategies and make predictions through machine learning and different statistical techniques. This field is more of puzzle because it is more dependent on right development, experimentation, and exploration of solutions.
IT Business Analyst
IT business analysts are focused on operations and processes businesses carry out. They play the role of a bridge between IT and executive division, enhance IT services quality, and evaluate business needs.
Businesses are growing bigger and bigger, they prepare detailed IT strategies to transform overall business. They identify business needs and problems, and determine an appropriate solution that fits the business needs.
Business analyst incorporates technology into business management, and helps businesses achieve their strategic goals. They are more focused towards business information system.
Quantitative Analyst
Quantitative analyst use mathematical and statistical methods in problems related to financial and risk management. They develop and apply complex mathematical models used by businesses to do business and financial decisions.
They work with numbers and they are also known as financial analyst, financial engineers. Quantitative analysts prepare predictive forecasts that are valuable in business and financial decision makings.
Quantitative analyst tries to keep risk out business and financial decisions. They come with an in-depth knowledge and a master degree in one of the field, mathematics, statistics, economics, or finance. They are known as the subject specialist of their field.
Management Analyst
Management analysts identify and recommend ways to improve organization’s overall efficiency, also known as management consultants. They are more focused towards how businesses are running and overall operational efficiency.
Management analyst comes from business background that is business administration. They are not tech-based as IT business analysts, but still they rely heavily on the data. They also interact with internal and external stakeholders.
Management analysts performs operations to assist managers do their job. Such as, conducting researches, analyzing data insights, and using that data to prepare estimates and forecasts.
How Much Does A Business Analyst Make?
Business analyst salaries vary according to their professional experience, skills, knowledge and location. Average base salary of business analyst, according to Indeed, is $82,147 per year in United States.
While, it also shows that for minimum 1-2 years of experience, business analyst earns $78,343 and for more than 10 years of experience business analyst earns $92,034 a year in United States.
In United States, top three highest paying cities for business analysts are;
- New York, NY
- Chicago, IL
- Atlanta, GA
Business Analyst Demand
Business analyst jobs are already in high demand and that demand is expected to be increased in near future. The field of business analyst covers various further sub-domains like management analyst, financial analyst, market research analyst, operations research analyst and more.
Categories that are aligned with technologies are expected to see increasing demand over the next decade. COVID-19 pandemic has also accelerated the investment of companies in business analysts, which shows that the actual demand will actually rise.
Business Analyst Job Outlook
In recent years, businesses have grown at a vast level and so the demand of a business analyst. The US Bureau of Labor Statistics (BLS) estimated the job growth between ten year period of 2020 and 2030, range from 7-25% growth.
Most of the business analyst’s careers are centered in the large populated regions where there are headquarters of large corporations.
Read more: Business Analyst Job Description
The Bottom Line
Business analyst must continue to change and modify themselves, and stay in contact with continuously changing dynamics of market and technology to stay relevant in the field.
Business Analyst Career Path FAQ
1. Is business analyst a good career path?
Business analyst is a good career path, because business analyst job offers huge salaries, multiple job opportunities, and has high job satisfaction. Business analyst career has limitless possibilities.
2. What is the career path of a business analyst?
If you have an expertise of both business management and IT, you can emerge as senior business analyst and business consultant.
3. How can a business analyst advance your career?
A step by step guide on pursuing business analyst career path;
- Learn Fundamentals of Business Analysis
- Polish Your Business Analysis Skills
- Take A Course
- Get A Business Analyst Certification
- Earn A Degree
- Start Working On Projects To Enhance Your Skills
- Apply For Business Analyst Jobs
4. How can I grow as a business analyst?
A step by step guide on pursuing business analyst career path;
- Learn Fundamentals of Business Analysis
- Polish Your Business Analysis Skills
- Take A Course
- Get A Business Analyst Certification
- Earn A Degree
- Start Working On Projects To Enhance Your Skills
- Apply For Business Analyst Jobs
