A Comprehensive Guide To Business Analyst Salary
Business analysis is one of the hottest professions right now, with a handsome business analyst salary. The dependency on data is always high, driving the high demand for business analysts. Business Analyst makes complex data simpler and presentable that makes it easier to take important decisions in no time. Business Analyst understands the various aspects, systems, and processes of an organization, and then recommends improvement areas to meet organizational goals and objectives.
The business analyst job is not mundane but full of challenges and excitement. Business analysts’ core responsibilities involve process improvement, cost efficiency, and system effectiveness. This blog would give insight into the average business analyst salary across levels, different locations, and companies hiring business analysts as well.
Business Analyst Salary Across Levels and Locations
Business analyst salary is one of the best amongst similar professions in the industry. Business analyst salary may vary depending on multiple factors like industry, location, experience, specialization, and so on and so forth. The various parts of a corporation’s compensation package can vary from company to company.
The average Business Analyst salary in India is Rs.8lacs. However, it varies across levels, locations, and company wise. In the end, the average salary is Rs. 3lacs. At the mid-senior level, the average salary is Rs 8lacs and the average salary at the senior level is Rs.15 lacs.
Gurgaon i.e., called corporate hub has a good amount to offer as an average business analyst salary. While the average salary of a fresher starts at Rs. 4 lacs, it can go up to 18 lacs for a person with a good amount of experience in the field.
Mumbai i.e. is called the economic capital of the company and has so much to offer not only in the corporate arena but in every field. The average salary of a fresher begins at Rs.4 lacs and can go up to Rs.16 lacs for an experienced candidate.
Bangalore i.e. the IT hub and has substantial demand for Business analysts offers huge opportunities in this field. The freshers are offered around Rs.3 lacs and a candidate with 10 to 12 years of experience can get up to Rs.15 lacs as well. The average salary in the city is Rs.8 lacs for a person at the mid-career level.
Chennai also has a lot to offer in terms of opportunities in this field. The average salary is around Rs. 8 lacs. A beginner may start at Rs.3 lacs and by gaining experience over the years can go up to Rs. 15 lacs.
In Pune, while the starting package is almost at the same level as other cities, however, it can go up to Rs. 18 lacs with experience of about 10 to 12 years.
In Hyderabad, the average business analyst salary offered at the mid-career level is around Rs. 8 lacs. However, one can earn up to Rs. 14 lacs by gaining experience and knowledge over the years.
The maximum range given here is indicative of the market average of a business analyst’s salary. Over the period by gaining experience, skills, and knowledge, one can go even beyond that. The key is to keep learning and upgrading as it’s an extremely dynamic field.
Here is the representation of the average salary across levels and multiple locations.
Minimum and Maximum Salary
The minimum salary that a Business Analyst can get at entry level ranges between Rs.2 lacs to Rs.3 lacs. The maximum salary of a Business Analyst ranges between 15 lacs to 18 lacs and even beyond that.
Business Analyst Salary Across Companies
The demand for business analysts and similar roles isn’t restricted to just any particular sector like IT but there are other sectors like retail, e-commerce, and even finance that have huge data dependency. However, the IT sector has a huge demand for roles like Business Analyst, Data Scientist, Data Analyst, Business Engineer, and so on and so forth.
The top IT companies providing jobs in this field are TCS, HCL, Cognizant, Wipro, IBM, etc. The average business analyst salary provided by these companies ranges between Rs.6 lacs to Rs.8 lacs. Wipro provides a high business analyst salary i.e., around Rs. 8 lacs. While the average business analyst salary in IBM and TCS is Rs. 7 lacs.
Businesses in the retail sector that handle large amounts of data also hire business analysts. American Express here tops the charts and has quite a handsome amount to offer as an average Business Analyst salary. The average salary offered by Amex is Rs.14 lacs.
The league is followed by Amazon, which also provides the best in the industry. The average business analyst salary here is Rs.11 lacs.
Finance companies like Accenture, Delloite, KPMG, and McKinsey also provide multiple opportunities for budding professionals in this field. Along with handsome compensation, they provide a secure and exciting career path.
Skills Required To Be a Business Analyst
As a Business Analyst, one needs to possess multiple skills as their job demands the same. It involves a deep understanding of the core business, its systems, processes, and organizational goals. One needs to be well-versed in articulation and have an agreement while dealing with various departments of the organization.
Strong Analytical Skills – In order to study and interpret the Organisational data and financials thoroughly to take the most appropriate decision, an analyst must be strong in analytical skills. It is the responsibility of a business analyst to determine the fundamental causes of any problem and to put the best possible fix in place.
Communication and Coordination– The analyst can’t work in solitude. The process of data collection, interpretation, analysis, and presentation involves coordination with various departments at various levels. It becomes imperative for an analyst to have a balanced approach while at work.
While obtaining the support of various departments for the implementation of any new change that is for the organization’s advantage, one must be courteous while remaining firm.
Business Knowledge– An analyst must possess the powerful business acumen to analyze and interpret the data in an appropriate direction in achieving organizational objectives. System and process improvement is one of the primary areas of a business analyst’s job. So, it is essential to have a thorough comprehension of it.
Technical Expertise– One needs technical skills to process large data sets, manage data, analyze data, and present data effectively. This improves decision-making for cost- and business-effectiveness.
Project Management– A business analyst’s duties also include managing a variety of projects with a range of goals, including process improvement, building efficiency, or financial analysis. To successfully complete the tasks allocated and make the projects assigned a success, a business analyst must have great managerial abilities. Following project completion, there will be ongoing analysis to see whether the expected results have been obtained.
Decision-making– Business analysts participate in crucial decisions that determine an organization’s future. They must therefore assess each aspect and its effects before putting it into practice.
Negotiation skills– A business analyst needs to deal with various departments for the implementation of any new improvement. It becomes essential to have everyone’s agreement with regard to the outcome of the improvement suggested and to maintain a cordial relationship with respective stakeholders.
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Tools Used By Business Analysts
While managing so much at work, a business analyst must be well-versed in technology. To undertake meaningful decisions and spend quality time on analysis rather than data management, business analysts must be accustomed to various tools used to minimize the manual efforts involved in handling the routine stuff.
There are a variety of tools available that can be used at different stages of Project management. Using these tools not only helps in automating the work but it gives more accurate results. The commonly used are-
- Tools that are used to understand Business needs– Hubspot, Creatio, Oracle Netsuite, Integrate.io, Wrike.
- Data presentation – Raw data is presented in diagrams, flowcharts, etc using tools like MS Visio, Bizagi, Lucid charts, Axure, Balsamiq
- Data evaluation Tools – MS Excel, SWOT, R data manipulation
- Data Collection tools– for collecting and managing data from various sources the tools used are SQL, Teradata, and hive
- Project management tools– JIRA and Trello
- Collaboration tools– Zoom, teams, Skype, Gotomeetings
- Data presentation– The most commonly used tool for the final representation of data in PowerPoint.
Graduation– A fresher must complete a Graduation degree in fundamental subjects like economics, Finance, Commerce, Statistics, Analytics, etc, as these are the core areas to gain an understanding of the associated subject matter. There are Institutes that offer Analytics specific graduation courses as well.
Post-Graduation/MBA– While one can graduate and start the workforce as a fresher, taking post-graduate coursework, especially an MBA, provides one an advantage and gets them preference in hiring by top firms. Also, it aids in creating better future chances.
While there isn’t any prescribed qualification it is essential for growth that one should aim for regular upgradation in the field. The market has many courses to offer that will help professionals to enrich their knowledge and build a base for future growth.
Quick Tips on How to Develop Your Business Analyst Career.
- Attain a Graduation degree in any quantitative field like Economics, Statistics, Commerce, or Finance.
- Though not mandatory, it is highly recommended to obtain a degree in a business-related subject or an MBA.
- Engage in a variety of projects that are relevant to your industry to gain valuable work experience.
- Implement and gain proficiency in the usage of business analytics tools as they are going to be primarily used during work.
- Sign up for classes in business analytics and data analytics to build a strong foundation and gain conceptual clarity of technical tools and data representation.
- The next step towards building a strong career is to promote your work by building a business analyst portfolio.
- Perhaps the most crucial thing is to remember to keep learning new skills and upgrading one’s knowledge even after landing a good job.
Roles and Responsibilities
Knowing and understanding any job description is crucial before undertaking any course or choosing a career path. One may study well and enter the field without knowing what is expected of them could lead to poor results. If you don’t enjoy what you do you may not go a long way. It becomes imperative to get familiar with the kind of work handled by a business analyst.
Here are the basic roles and responsibilities that a business analyst has to deal with every day –
- Clear-cut understanding of Business, its goals, and objectives. As a business analyst is expected to bring improvement that can help in the achievement of business goals and objectives it becomes crucial to have a deep understanding of the same.
- Clarity of stakeholder’s expectations in terms of deliverables and timelines
- Systems and processes -One of the key tasks is to suggest improvement in existing systems and processes. It involves interaction across various levels and functions. It’s crucial to have an agreement with the impacted parties while bringing in any change.
- Financial analysis – Financials are a true indicator of an organization’s health. Business analysts must undertake the financial analysis in their routine and look for dark areas and highlight where the company is doing well. By flagging the risk areas on time and taking corrective measures potential loss can be avoided.
- Budgeting and forecasting- It’s highly significant that the business targets are set right and in line with management’s expectations. Budgets are built based on past trends and incorporate optimal future growth based on business inputs.
- Project management and monitoring- The first step before undertaking a project is to understand the requirement clearly, clarity of outcome, and deadlines. Post implementation the next step is to monitor whether the desired outcome is delivered or not.
- Data processing and analysis- An important part of a business analyst’s job is to collect data, process it into meaningful information and then draw their analysis based on the same.
- Business usual reporting and analysis
Check here for the best: Business Analytics Courses in India
The Potential for a Career as a Business Analyst
The demand for a Business Analyst role has risen many folds in the last few years. It has been projected by the US Bureau of Labour Statistics that demand for business analyst roles is going to increase by 14% in the coming decade. The dependency on data and technology is at an all-time high post-COVID-19 scenario.
Tech-based Organisations need a structured approach toward meaning representation of the data. This is only possible with people trained and qualified in this field.NAs we observe a greater emphasis on the development of agile analysis, data analysis, digital, product owner, and cybersecurity analysis skillsets, the variety and complexity of business analysis jobs continue to change.
The government has been supporting digitization across all sectors, and as industries and enterprises grow, there will be an increasing need for such positions. However, to survive in the market, one must keep up the pace and keep upgrading to upskill and gain knowledge of upcoming tools and technical expertise.
By gaining knowledge and experience in the field of Business Analyst, one can move up the ladder and become a Project manager, Functional Consultant, or even IT PMO. Business analysts will continue to play a crucial role in assisting firms in adopting new technologies, making data-driven decisions, and remaining competitive in a business environment that is rapidly changing.
Business Analyst Certification Course
Business analysis certification is recommended as it gives an extra edge over others. It aids the prospective candidate in laying a solid basis for future professional development. It not only aids in enhancing comprehension of the subject matter but also exposes students to practical training by teaching them about and allowing them to use a variety of tools.
Even if one is skilled in analytical and technical skills, structured learning would help boost confidence. Certification not all adds up extra points to your resume, but also helps in landing with respectable organizations with a good income. Before enrolling for a certification course, it is important to look for certain factors and then take a call accordingly.
The following list contains some of the crucial elements-
- One must go through the course curriculum in detail to understand whether it covers all the necessary points as per the expectation.
- The next important thing to consider is the mode of learning, i.e., online, or offline.
- The cost of the course is another crucial factor to be considered
- Duration of the course
- Affiliation and reputation of the institute
- Campus placements
- Alumni’s reviews
1. What do business analysts do?
A business analyst’s efforts are mainly directed toward the achievement of organizational objectives by understanding and analyzing the organization’s systems and processes and improving its effectiveness. A business analyst job typically involves data management, data analysis, Project management, System and process improvement, and routine reporting. A business analyst’s job also involves liaison with people at different levels and functions across the organizations to have a clear understanding of the systems and processes.
2. Is a business analyst and a data analyst the same?
A business analyst is mainly involved in data analytics, project management, and data presentation while a data analyst job is typically involving data management. Basically, the business analyst’s work profile is wider in scope than the data analyst’s.
3. Is a business analyst a well-paid job?
A regular fresher may begin between Rs. 3 to 4 lacs. The average business analyst salary is Rs. 8 lacs which may go up to 18 lacs and even beyond that with consistent efforts by gaining industry knowledge and skill upgradation. However, a business analyst’s salary is dependent on multiple factors like location, level, experience, and industry.
4. What’s the future scope in the field of business analysis?
Digitization is eminent in every field nowadays. Businesses are growing and their demand for data and analytics is on the rise. With the ongoing demand and increasing dependency on data, the demand for business analysts is promising as well and is also going to increase in the future.
5. Is it mandatory to do MBA to become a business analyst?
Though it is not mandatory to do MBA for becoming a business analyst. After doing graduation in any quantitative field, one may join as a fresher in the industry. However, it is recommended to do MBA as it adds value to a CV and is given preference by certain organizations for recruitment. There are many reputable Institutes that offer graduation and post-graduation courses in Business Analytics.