A business analyst plays a very important role in any business organization. Their main task involves analyzing figures and making reports about the company’s performance. They may either work for a small company or a large one which has certain departments and sections. Just like any other career, the business analyst salary is influenced by a number of things. One of which is the level of education attained by the candidate. Most of the business analysts employed today have completed an academic training in a relevant area of this field. Some hold a degree in business administration while others in business management. Finishing a course in computer science and information systems can also boost up one’s credentials as this involves dealing with business software. Completing multiple degrees in this field is a sure way to increase one’s average business analyst salary.
Another option is to branch out into other areas of the business industry such as investment banking, financial services, insurance and a lot more. Although it is not a requirement to venture into such things, it will help an aspiring business analyst climb up the corporate ladder faster. This is the reason why most business analysts tend to swerve into other vocations. They train on how they can perform the tasks of consultants, financial analysts and investment managers.
Aside from the educational attainment, work experience is also an important factor that affects the salary of a business analyst. Those who have less than 1 year of experience have an average yearly pay of $40,000 to $50,000. Candidates who have garnered 1 to 4 years of experience get paid around $44,000 to $62,000 in a year while the ones who have 5 to 9 years of work experience earn $52,000 to $74,000. Individuals who have been in the industry for 10 to 19 years can earn around $58,000 to $83,000. And seniority pays really well as those who are backed up with 20 years of work experience receive a yearly business analyst salary of $60,000 to $87,000. As discussed earlier, it truly helps increase ones salary if one diverges into other areas of this field. Take for example the title of a project manager. This individual is in-charge of supervising, coordinating, directing and executing anything that is concerned with the company’s business strategy, commitment and goal. It is his or her task to control the project staff as well as the budget. They are the ones who make sure that their team meets the deadlines and demands of the business. They provide updated reports regarding the development of the company’s projects to its stakeholders and present solutions and strategies on how they can alleviate any problem. Project managers are also expected to be an expert in trouble shooting and negotiating. They should be able to keep their project team organized and focused.
The salary scale of a project manager is also affected by their work experience. If they have less than 1 year of experience, then their expected annual wage is around $35,000 to $51,000. Someone who has 1-4 years of experience can receive $40,000 to $62,000 while an individual with 5-9 years of experience earns $50,000 to $79,000. Someone with 10-19 years of being in the industry enjoys a yearly pay check of $58,000 to $91,000 while a senior project manager with 20 years of experience receives $63,000 to $102,000. As a preparation for this position, a candidate is strongly encouraged to pursue an academic degree that is relevant to the field. The options include courses in Bachelor of Science in Information Technology Project Management, Business Project Management, M.S. in Project Management Master of Science and a lot more. Securing an undergraduate certificate for Project Management is also a good move. Overall, being a business analyst pays really well. The rate of an entry-level position is around $38,966 to $62,310 in a year. A business systems analyst I in the United States has an average yearly pay of $50,353 while a business systems analyst II earns around $65,319. Aside from the fact that there are numerous opportunities for advancement in this career, it is also very stable and the demand is positively growing each year.
Business Analyst Job Description
A business analyst is usually hired by big companies or a small consulting firm. Either way, they use the same set of principles to guide them in their work. It is their responsibility to assess the business that they work for as a whole and look into the internal and external communications that go on within the structure. It is their duty to come up with strategies that will aid in the productivity of the company that they work for. Of course, they will discuss these solutions and suggestions with the executives before they can implement it. There are times when a business analyst will be asked to focus on a certain department or area of the company. For example, they should garner key points on how to reorganize the corporate structure in a cost-efficient way. This should suit the allotted budget and at the same time lead to the progress of the business. They can also conduct a study on the recent technological advancements that can be advantageous for the company’s business needs.