Last updated on September 25th, 2024 at 10:28 am
Business analysts conduct extensive data analysis and form conclusions on the performance of a business. As a business analyst, your main responsibility is to close the communication gap between your company’s business and the complex and sophisticated data systems.
Throughout the business analytics process, you will support the company’s decision-making process by considering all available data and improving the profit margin.
You will also need a clear understanding of the shareholder’s requirements and convey them to the developers so they can work as needed.
A business analyst’s work includes prescriptive analytics, predictive analytics, discovery analytics, and descriptive analytics. This blog will shed light on the career opportunities of aspiring business analysts and the salaries they can expect at each stage of their careers.
Role and Responsibilities of a Business Analyst
Requirements management is an important part of a business analyst’s role and responsibilities. Because of the complexities of today’s business climate, most businesses want someone who can keep up with continuously changing requirements while incorporating current advances.
1. Data analysis
Data analysts constantly analyse data and stay on the lookout for problems that might cause issues in the future. As a data analyst, you are required to help save the company’s time and money by using the provided data to find any issues in the present processes that are causing double the effort or creating problems that others have yet to recognise.
2. Change management
Change is an integral part of the business analytics process, and business analysts are considered agents of change since they have to oversee and modify things as they go.
You need extensive knowledge of change management, which involves testing new or updated processes and tracking the results after they are implemented.
3. Presenting findings
As a business analyst, you will hold meetings and present your findings to relevant shareholders to communicate the results. As an important part of the steps in business analytics process, you will need everything you’ve learned through the data to convince the shareholders whether changes in the organisation are necessary or not.
4. Tech research
In the tech research business analytics process, you have to research technological breakthroughs to update outdated systems and processes. Your role in the steps in business analytics process is to review data and IT breakthroughs to create solutions for problems in your company, protect customers from theft and hacking, and reduce compliance risks.
5. Developing projects
Many of the roles of a business analyst fall under the special project label. In the process of business analytics, you will be responsible for developing initiatives that will help your organisation overcome the issues in today’s corporate environment.
Training, coaching, and collaborating with other employees will be part of your job, and you will also work directly with clients, senior management, technicians, and partners.
Career Path of Business Analysts
After completing your business analytics course you will enter the sector as an entry-level analyst and will have to work your way up to senior roles. In some cases, business analysts can change to roles such as product managers or project managers.
If you’re interested in the business analytics process, you will need a bachelor’s degree in either computer science or business administration.
If you want to pursue a certification, you can enrol in specialised business analytics course, which will prepare you for the job within four months of admission. Some businesses also require potential employees to have a master’s degree or equivalent certification.
Some popular career paths in India after completing a business analytics course are:
- Junior Business Analyst: This entry-level role in the business analytics process is designed for recent graduates or individuals with minimal experience. Junior business analysts assist senior analysts by collecting data, conducting analyses, and preparing reports.
- Senior Business Analyst: This position requires several years of experience and involves overseeing a team of business analysts. Senior business analysts are responsible for identifying business difficulties, developing solutions, and ensuring their successful implementation.
- Business Analyst Manager: This position requires significant expertise and includes leading a team of business analysts. As a business analyst, you are responsible for guiding your teams to achieve the organisation’s objectives and goals.
Career Growth and Progression in Business Analytics
The process of business analytics has evolved as an important sector in today’s data-driven landscape. Business analysts play an important role in analysing data and making informed decisions to help their companies. If you have the right mindset and skills, business analytics can be a lucrative and exciting career opportunity.
Foundational Skills and Entry-Level Roles
After completing your business analytics course, your knowledge of the foundational skills will help in your career in business analytics.
You will work on entry-level data analytics roles which include using tools like Excel, and gain a good understanding of statistical analysis. Working in these entry-level roles will help you cement your standing in the sector for future growth.
Leadership and Strategic Roles
Business analyst specialists with extensive expertise and a good track record of success can advance to leadership roles. Some of these roles are integral to the business analytics process like setting strategic directions, managing teams, and aligning analytics with overall goals of the business.
Your technical, business, and communication skills will be tested to the limits of these leadership roles.
Specialisation and Advanced Training
As you gain experience, you can choose a specialisation in specific business analytics sectors. You can specialise in machine learning, predictive modelling, big data analytics, or data visualisation.
At this stage, you must earn a certification in your preferred specialisation as these certifications open new lucrative, high-paying career paths.
Continuous Learning and Adaptation
Staying relevant in this rapidly evolving business sector has become an integral part of working as a business analyst. A professional who has come through a business analytics course or certification needs to be up-to-date with emerging technologies, evolving best practices, and industry trends.
Engage in developing yourself professionally by participating in online communities or attending conferences to learn more about the business analytics process.
Global Opportunities and Industry Impact
As businesses globally see the value of data-driven decision-making, there is a rise in the global demand for competent business analysts. You should latch onto these opportunities as they can help you work across different sectors and even abroad.
As a business analyst, you can influence the steps in the business analytics process needed for your company’s success and make it a global leader.
Factors Influencing Business Analyst Salary in India
The average salary of a business analyst in India is set based on experience, education, industry, company size, and location. To maximise your potential, you should develop your skills according to market demands.
As companies rely on data-driven insights for decision-making, business analysts’ roles will become increasingly important, assuring a good income trend in this profession.
Let us take a closer look at some of these factors:
1. Experience and Expertise
One of the most important factors influencing the salaries of fresher business analysts after they complete a business analytics course in India is the level of expertise they bring to the table.
As an entry-level professional, you may earn a lower wage than your more experienced peers with a demonstrated track record of successful projects and a thorough awareness of industry best practices.
As your skill increases, so does your earning potential.
2. Industry Vertical
Your salary also depends on the industry in which you’re working. Business analysts who work in sectors with a complex business analytics process and high demand, such as healthcare or finance are compensated better since they have to use the specialisation knowledge. Whereas, those who are working in less specialised industries might receive lower compensation.
3. Company Size and Structure
A business analyst’s salary also depends on the size and structure of the company. If you’re working in a large MNC, you will get better compensation since MNCs have larger budgets for skilled individuals. Unlike MNCs, smaller businesses offer lower pay since they might have to work on a tighter budget.
Geographic Location
The geographical location of work plays an important factor in salary differences amongst business analysts. After completing your business analytics course, you can either stay in your city or move to a metro city like Bangalore, Mumbai or Delhi. These metro cities offer better salaries compared to smaller towns or cities. The cost of living is another factor.
Jobs You Can Get With a Business Analytics Degree
Data Architect
After completing your business analytics course, you can work as a data architect. You will manage your business’s data infrastructure. Management of said infrastructure involves creating, executing and maintaining technical systems for storing processing, and analysing data throughout the business analytics process.
You will be responsible for building and administering data management frameworks, translating business objectives into technological requirements, and coordinating with shareholders to improve data usage. In short, a data architect connects the gap between IT and business needs.
Data architects earn between INR 14 LPA – 50 LPA, with an average salary of INR 27.3 LPA.
Key responsibilities:
- Develop business data management frameworks
- Ensure data security and compliance
- Implement data management processes
- Develop data models and tactics
Data Scientist
Data scientists churn through the present data to examine the business’ needs and determine what changes the business needs to adapt to the market. As a data scientist you will have to theorise and forecast market conditions based on the predictive models to make the most of the business analytics process.
Key responsibilities:
- Identify patterns and trends in datasets to gain insights.
- Develop data models and algorithms to predict outcomes.
- Share recommendations with other staff members and personnel.
- Use Python, R, SAS, or SQL for data analysis.
- Stay up to date with the latest developments in data science.
- Apply machine learning techniques to enhance the quality of data or product offers.
A data scientist is a good career path after completing your business analytics course, thanks to the lucrative salary packages you can get. As a data scientist, you are important to the business analytics process. Hence you can earn between INR 3.8 LPA – 28 LPA, with an average salary of INR 14.4 LPA.
Business Analyst
After completing your business analytics course, you can jump into a business analyst role. As a business analyst, you will work to identify areas that need improvement, increase productivity and improve business processes. You will also work closely with other staff members to discuss their research and help change the business analytics process.
Key responsibilities:
- Use SQL and Excel to analyse huge data sets
- Develop financial models to inform business choices
- Create tables, charts, and other visualisation elements
- Plan enterprise architecture
- Forecast, budget, and conduct financial analysis
- Identify and prioritise the business’ technical and functional needs
Business analysts earn between INR 3 LPA – 17 LPA, with an average salary of INR 9.7 LPA.
Quantitative Analyst
Quantitative analysts use inferential and descriptive statistics to research the market and find solutions to financial issues. You will use the financial model and environmental studies to evaluate the business’ performance.
As a quantitative analyst, you will work with financial analysts and create measures to evaluate the market and security trading platforms. You will provide detailed reports on findings and convey an interpretation of the financial data to aid decision-making. You will also have to check the data accuracy.
Key responsibilities:
- Test
- Consult
- Make Modelling Decisions
- Perform Coding
- Conduct Statistical Analyses
- Present and Interpret
- Design Quantitative Models
After completing your business analytics course, you can work in sub-sectors of quantitative analysis such as in risk management, algorithmic trading, and library quantitative analysis.
As a quantitative analyst you can earn anywhere between INR 2.6 LPA – 38 LPA, with an average salary of INR 18.6 LPA.
Wrapping Up
As you’ve learned by now, the business analytics process is an ever-growing part of today’s digital age, with companies choosing the online model to do business. As a business analyst, you will have access to a wide range of in-depth knowledge of business analytics.
And you’re not just limited to business analytics! The course will allow you to branch out into other career opportunities like IT, or finance thanks to your qualifications.
So, what are you waiting for? Kickstart your business analytics career by enrolling in Imarticus Learning’s Senior Management Programme in Business Analytics programme! Join today to learn more about business analytics career prospects.
Frequently Asked Questions
- Is a business analyst an IT career?
You can work in IT with a degree in business analysis. Your role in the business analytics process is to analyse IT systems and technological issues.
- Is an MBA required for a business analyst?
You don’t need an MBA to take a business analyst course. However, having an MBA degree will give you an edge over competitors.
- Who qualifies for business analyst?
As a minimum qualification, you need to have a bachelor’s degree in a relevant field, such as economics, finance, IT, or business.
- What is the business analytics process?
Business analysts use the business analytics process to operate or review your company’s business operations.
