A business analyst is a professional who supports data-driven decisions to establish and grow an organization. They understand the business objective, its requirement, and the problem areas to help businesses in order reduce costs, and improve efficiency and effectiveness using various data visualization tools such as SQL, tableau, excel, etc. Business Analysts can be a part of various industries such as healthcare, finance, hospitality, etc. The US Bureau of Labor Statistics (BLS) suggests that by the end of 2030, the business analyst career is estimated to grow by 25%. To understand what exactly business analysts do, let’s take a closer look.
What Does a Business Analyst Do?
Essentially, a business analyst’s job is to understand the business or client’s requirements in order to determine the areas of improvement for them to boost productivity and stabilize the business. An effective Business Analyst collaborates with people throughout an organization and analyzes the risk involved in delivering products as promised.
Key Roles and Responsibilities of Business Analysts
The business Analysts role revolves primarily around the following points.
- Obtaining the Requirements – In order to succeed in delivering a project successfully, a business analyst is responsible for gathering and understanding requirements from the stakeholders, clients costumes, etc., and probing them with relevant questions so that a fair timeline can be set for the delivery of the final product.
- Documentation & Validation – The documentation of the project can seem irrelevant to some, however, it is essential for the successful completion of the project and for identifying any challenges that may arise. This document aids with the overall project cycle, including identifying what the goal is, the roles, and responsibilities of the people involved, validation of the steps taken to accomplish the task, problematic areas, meeting minutes, schedules, and approval processes.
- Communication and Collaboration – As part of the business analyst’s job, he or she spends most of the time meeting with different teams, including IT, project managers, development teams, and stakeholders, to create an action plan and to understand how to deliver the project accurately and on time with enough testing before handing it over and communication the same to everyone involved via minutes of meetings to ensure everyone is on the same page.
Scope Of Business Analyst
The business Analyst career has exponential growth as this job can not be automated and requires a human touch. Moreover, technology and tools such as Power BI, excel, coding tableau, etc help the business analyst to perform their work effectively. The term business analyst was previously known as “Operations Research” and “Management Science” because it uses various scientific and operations tools such as charts, statistics, forecasting, etc.
The growth of a business analyst career is also expected because most businesses nowadays focus on providing top-notch services and products, making the consumer experience positive in which a business analyst role becomes crucial as they help them deliver the same using their expertise and various tool and skills.
Every small and large organization requires a business analyst to assist them to grow by recognizing opportunities to expand their business and resolving problems in their business and day-to-day operations that are limiting their performance.
Furthermore, when you cooperate with multiple teams, you have a better chance of growing and being recognized since it not only increases your understanding of how different teams perform but also develops relationships throughout the hierarchy, which helps the professional progress in a company.
Scope of Business Analyst In India and Abroad
The demand for a business analyst is universal, regardless of country, as long as you have the necessary expertise and knowledge to complete the assigned job. Keep in mind that different countries may have different criteria for hiring a business analyst. In general, if a person has strong domain knowledge and is able to comprehend the business demand, that is what counts the most.
Business Analyst Career Options
Business analysts often begin their careers as entry-level jobs such as business analyst associates and can advance to senior roles such as senior business associate, subject matter expert (SME), and business process improvement manager, among others, with relevant experience. There are several business analyst career pathways available in various sectors, including –
- Health Care Clinical research / Pharma companies
- Finance / Banking /Investment sector
- Human resource management / Talent acquisition
- Retail / E-commerce
- Logistics / Supply Chain
- FM-CG /Consumer Durable
In general, a business analyst can work in the following roles:
- Business Model Analyst – Collaborate statistically with management to develop a roadmap for developing policies and strategies for approaching the market with a new product or service.
- Business Developers – As the name suggests, they help a business identify the opportunity areas for business expansion.
- Systems Analyst – In this role, they work with IT mostly to meet technological and business-related requirements.
- Process Designers – They help in designing and improving the process related to business operations.
Other Common Roles in a Business Analyst Career May Include –
- Analytics experts on big data
- Analysts specializing in market research
- Analysts of financial data
- Experts in project management and business operations.
- Analysts in operations research.
- Management consultants.
- Researchers of computer systems
- Analysts of data security
- Managers in advertising, promotions, and marketing.
Business Analyst Salary
- In India, a business analyst can anticipate earning an estimated income of ₹ 8,00,000.
- It is mostly determined by the city and organization in which the individual works, as well as relevant experience and job positions.
- A business analyst career equips you to make a meaningful impact, which is why businesses provide above-average pay packages based on the job position you are selected for.
Why Choose a Business Analyst Career?
Many people nowadays aim to be business analysts since the demand for these professionals is increasing every day, regardless of the industry in which they operate. Before beginning your business analyst career, you must understand why so many individuals choose this path.
- Job Prospect in a wide range of industries
Business analysts are required in every industry due to the skills and information they possess, which have a direct influence on the growth of the business. Every industry, such as banking, finance, hospitality, education, and media, requires business analysts to make decisions in order to set apart their company from their competitors in the market.
- Salary Packages
Due to the growing need for business analysts across all industries, compensation packages have improved over time. Freshmen may expect to earn between 3 and 5 LPA, while those with 2-4 years of experience can earn up to 8 LPA. As they advance their career, they earn up to an average package of 15 LPA.
- The road to a successful career
In contrast to other professions, a business analyst’s career has virtually limitless potential in terms of diverse roles and sectors, and as a result of proper knowledge, tools, and commitment one may succeed well in this field. It is also ideal for individuals who want to explore other industries, as this job allows you to do so without changing your career path.
- A significant level of liberty
Due to the nature of the work that business analysts perform, they are constantly required to adjust their approach and communicate with other teams, which enables them the freedom to work as per the changing job requirements, which is highly rare to occur in a career where the task must be done by the book.
- Various Learning Opportunities and Challenges
They have the chance to encounter many scenarios where they may acquire some new method or talent to accomplish a certain task, which not only helps them grow professionally in their career but also enables them to implement some of those things in their personal situation.
Since they operate in an ever-changing environment, they need to adjust themselves according to the company or industry needs, which offers them the opportunity to come across various scenarios where they could learn some new technique or skill to execute a particular task. Their work teaches them to be highly adaptive.
- Coordination and Collaboration at various levels
Business analysts typically cooperate with a wide range of groups, including the finance team, project managers, clients, stakeholders, operations and IT managers and teams, and so on, in order to complete a project successfully. It strengthens the person through fostering leadership abilities as well as teamwork and helps to establish strong relationships with them.
- Growth Prospects
Business analysts help businesses understand new trends and make decisions that are good for their expansion and future growth, which has a direct impact on individual growth because the knowledge they gain and the relationships they build over time, due to the nature of their work, help them lead to the top in their organization, both in terms of salary and job roles. Business analysts typically conduct extensive research, which can provide an incentive to improve their abilities.
- Impactful work
This profession allows you to comprehend the challenges that organizations face, therefore those who pursue a business analyst career have an effect on many businesses and people’s lives. They help organizations in resolving complicated business challenges that may benefit a large variety of individuals. They also make their colleagues’ lives and tasks simpler by suggesting process improvements.
How Does One Go About Making Their Business Analyst Career a Success?
Before we deep dive into this topic, let us take a quick look at a few tips that help business analyst effectively do their job. These recommendations may appear trivial, but it has a significant impact on a business analyst’s career.
- Before beginning any project, thoroughly research the requirements so that you may ask your client relevant questions.
- Review the business analyst basics you studied during your training or bachelor’s degree program since often all you need to complete a task successfully is included within the fundamentals.
- Upskill your presentation skills as they make a huge impact while delivering the project and it is a great way to create a long-lasting impact.
An Individual Can Consider Below Mentioned Things in Order to Create a Path for Themselves to Pursue a Business Analyst Career.
- Getting a Degree or Diploma –
A bachelor’s degree is typically required for initial or associate-level job roles in an organization. Organizations may need individuals with a Master’s degree in a relevant field, such as an MBA, to move to more senior levels. If you lack a suitable degree, you can pursue any business-related diploma.
- Getting relevant experience –
A person can gain relevant field experience by taking on side projects or internships at various businesses if they desire to change careers or pursue a job as a business analyst.
- By enrolling in a Business Analyst or Data Analyst course –
These courses assist you in becoming job ready and learning the skills and tools essential for the profession, such as tableau, SQL, Advance Excel, Python, and so on. Some courses also include internship and project assistance, allowing you to put your skills to work in a real-time manner.
- Getting Certifications –
There are several Certifications available to help one start or advance their business analyst career.
- ECBA Certification –
ECBA stands for Entry Certificate in Business Analysis. It is an internationally recognized entry-level certification course that teaches you the principles of business analysis.
- CCBA Certification –
CCBA stands for Certification of Capability in Business Analysis. This is appropriate for those with at least two to three years of experience. Someone who has completed a few projects because they teach you things like strategy analysis, elicitation, and collaboration, among other things.
- CBAP Certification –
CCBA stands for Certification for Business Analysis Professional. As the name implies, this certification is best suited for professionals who already have senior-level expertise and have been in the sector for a long time.
- CPRE Certification –
CPRE stands for Certified Professional for Requirements Engineering certification. This certification is divided into three levels: foundation, advanced, and master.
- PMI – PBA Certification –
PMI -PBA stands for Professional in Business Anlaysis certification. It is given by the Project Management Institute. It is best appropriate for programmers, project managers, and those who work with project teams.
Best Companies That Hire Business Analysts –
- ZS Associates
- EXL Analytics
- Mu Sigma Analytics
- Fractal Analytics
- Latent View
- UST Global
Also Check: Business Analytics Courses in India
Job Description Of Business Analyst –
- Team Player –
A business analyst needs to collaborate with various teams and managers in order to understand the business requirement which makes this skill very important. If a person doesn’t know how to work with the team in cooperation, he/she may never be able to fulfill the requirement of the job.
- Problem-Solving skills –
One of the key roles of a business analyst is to analyze the issues the organization or client is facing and work toward building a step-by-step strategy to eradicate the issues. They are responsible for providing valuable feedback in order to improve the process.
- Data Analysing skills –
Business Analysts must know how to comprehend the data available or given to them in order to provide in-depth points which can be useful for project completion.
- Communication skills –
Business analysts must know how to effectively communicate with teams and stakeholders and make them understand the process requirement because if everyone is not on the same track then it can create havoc and delay the deliverables. They must also know how to make stakeholders or clients understand the importance of the given proposal and how the business could benefit from it.
- Advanced Excel skills –
Business analysts must be proficient in excel in order to make various reports and document things properly.
- Research Skills –
One of the key factors that play an important role in day to day life of business analysts is the research that they do for a particular task or business requirement. If the individual is not equipped with this skill, it can impact their business analyst career negatively.
- Technical Skills –
- Presentation skills –
Business analysts must have good presentation skills as it makes an excellent impression on their clients and stakeholder. It is equally important to present difficult steps taken during the project in the form of charts and graphs, making it easier to comprehend.
Frequently Asked Questions :
Q1. What are some of the difficulties that business analysts encounter?
The primary difficulty that people could encounter is working with teams. It may be caused by a variety of circumstances, such as the difficulty to have meetings that are convenient for everyone given their varying time zones if you work for a multinational corporation with employees from across the world. The language gap can provide another challenge. Also, because business analysts operate in a continuously changing environment, it can sometimes be challenging for them to understand and assess market trends.
Q2. Is Business Analyst and Data Analysts Jobs similar?
Data analysts and Business analysts both are data-driven jobs. However, data analyst works closely with data whereas, business analyst tends to be more focused on business requirements and providing data-driven solutions. A data analyst uses more technical skills in their day-to-day work whereas a business analyst uses a combination of technical skills, soft skills, and research skills. Both jobs are good-paying jobs and have a great market value.
Q3. How long does it take to become a business analytics expert?
The role of a business analyst is vast. Especially when you go up the hierarchy as it requires great knowledge of statistical data, business understanding, and various technical skills. One should focus on gaining experience in this field to get good exposure to the variety of scenarios that may come which can help them become an expert in the field. One can also read books and pursue a variety of courses to gain knowledge about the same.
Q4. Is pursuing a business analyst career a good option?
Being a business analyst is a good career option if you are interested in learning new things on a regular basis. It is also a good option for people who like to do research and communication with people as most of the work is dependent upon the same. This career also offers good salary packages and career growth.
A business analyst career is great for people who like liberty in their work and need a variety of tasks to work on. It is a very promising career as it expands at a great scale because nowadays almost every industry or organization has become customer-centric. Their main goal is to provide customer delight. Business analysts play a great role in order to expand the business by providing great insights into the latest trend that the company can follow in order to grow its business and make products and services as per the latest requirements.
Also, many people get anxious about whether they will get jobs or not. Business analysts’ jobs are everywhere nowadays and in every sector. With the right skill set and business knowledge, people can get into various sectors such as – finance, banking, healthcare, hospitality, etc. For some getting into this field may seem overwhelming and confusing but it is all about the right approach and commitment.
One can get more insights about the job roles and responsibilities by connecting with like-minded people and understanding the roles and responsibilities involved to perform the job to get a clear understanding of whether they want to pursue their career as business analysts or not. You can also pursue various short-term courses if you are not sure if this is the right industry for you or not. Also, even if you are not sure whether to pursue this career or not, learning about these skills can help you with your own business as well as teaches you some of the key skills which are required to expand any business.