Whenever looking for a job, one of the first thoughts that strikes an individual is “What will be my pay scale?” As a business analyst, there are a lot of opportunities available to an individual as of 2024 because this job role is quite in demand.
As per a report published by the US Bureau of Labor Statistics projects, business analytics salary will experience a steep growth of somewhere around 10% between the years 2022 and 2032. This will also make the profession of business analytics, grow faster and steeper than any other profession for that matter. Business analysts are in demand already, and it is expected to experience more growth in the coming years.
The COVID-19 pandemic has acted as a catalyst for the digital revolution and has acted as a mean factor for the demand of business analysts. However, there is a lack of analytically-driven individuals, and hence, business analytics job salary have scaled greater heights. it acts as an incentive to draw competent and skilled personnel towards a company.
Factors Affecting Business Analyst Salary
Business analysts have to perform various and diverse functions within an organisation. Business analytics salary depends upon various factors. The following are the determinant factors of business analytics job salary:
- Location: business analytics careers are a wide domain and their salaries highly depend upon the job location one chooses to work in. For example, a person who is a business analyst in Bangalore city will have a higher pay scale than a person working in the same job role in Thiruvananthapuram. It is decided by the cost of living index and the popularity of the job role in a particular city.
- Specific role: business analytics salary also differs based on the job title or job role of an individual. A person who is a business analyst in finance, IT or marketing will have a higher pay scale compared to a business analyst in the sales or technical department.
- Skillset: Skillset makes a huge difference in the salaries of individuals for a job role. A business analyst having varied and diverse skills with effective performance will be paid a higher salary. On the other hand, business analysts possessing limited skills will be paid considerably less.
- Experience: One of the most important determining factors of business analytics salary is the amount of experience an individual possesses. An inexperienced person will earn relatively less than a person who has a considerable amount of experience in this field.
- Industry/Sector: another significant factor is the sector in which an individual is working. A business analyst working in the IT sector will have a higher pay scale than a business analyst working in the healthcare sector. The rise in technology has prioritised the technological sector, enabling the business analyst of this industry to be more in demand than those of the sales, and consultancy sectors.
- Certifications/Credentials: Accredited certifications in business analysis are a powerful way to stand out in a competitive field. These programs not only enhance your knowledge and skillset but also demonstrate your commitment to the profession, potentially leading to higher earning potential and faster career advancement compared to uncertified peers.
Business Analytics Salary in 2024
Business analysts are critical for organisations of all sizes, making them a sought-after skillset worldwide. Their dynamic roles and the impact they bring command lucrative salaries. However, business analytics salary vary depending on various factors such as skills, certifications, location and experience.
Business Analyst Salary: Based on Experience
One major parameter affecting a business analyst’s salary is their experience. Candidates with more experience are offered a higher salary. Given below is the salary structure of business analysts, which varies based on their experience.
Beginner
The average junior business analytics salary in India is INR 5 lakhs per annum. If someone wishes to upskill themselves in this domain, they can enrol for the Senior Management Programme in Business Analytics, IIM Calcutta by Imarticus and explore the advantages of this course.
Intermediate
The average salary of an intermediate-level business analyst in India with almost 5 years of experience is INR 12.7 lakhs annually.
Advanced
The average salary of a senior business analyst with an immense amount of experience for more than a decade in India is INR 18.3 lakhs annually.
Business Analytics Salary: Based on Location
Another main factor that affects business analytics jobs salary is the location of the job. Here is a comparison of the salaries of business analysts based in different countries and cities.
India
Business analytics salary in India vary based on which city or state in India one is working in. In the table given below, the salaries of business analytics professionals working in different cities in India are mentioned:
| City | Average Salary |
| New Delhi | INR 4.5 lakhs per annum |
| Mumbai | INR 4.3 lakhs per annum |
| Pune | INR 4.7 lakhs per annum |
| Kolkata | INR 4 lakhs per annum |
| Hyderabad | INR 4.2 lakhs per annum |
| Noida | INR 5.3 lakhs per annum |
USA
Different cities in the United States have varied salaries for business analytics careers. The most popular cities with this job role are stated as follows:
| City | Average Salary |
| Plato | USD 94,715 per annum |
| Tampa | USD 93,967 per annum |
| Chicago | USD 86,593 per annum |
| Phoenix | USD 85,908 per annum |
| Dallas | USD 79,289 per annum |
| New York | USD 99,444 per annum |
United Kingdom
Here are the salaries in the United Kingdom depending on the cities:
| City | Average Salary |
| London | GBP 53,941 per annum |
| Westminster | GBP 45,570 per annum |
| Richmond upon Thames | GBP 36,822 per annum |
| Uxbridge | GBP 42,460 per annum |
Australia
The business analytics salary is based on which city in Australia they work in. The table shows the salaries of the top cities:
| City | Average Salary |
| Melbourne | AUD 1,05,260 per annum |
| Sydney | AUD 1,04,626 per annum |
| Brisbane | AUD 1,06,850 per annum |
Canada
Different cities in Canada have different salaries for business analytics experts. The salaries of different cities have been elucidated below in the mentioned:
| City | Average Salary |
| Montreal | CAD 82,544 per annum |
| Toronto | CAD 74,648 per annum |
| Ottawa | CAD 77,535 per annum |
Singapore
AWS security experts are paid differently in different cities in Singapore. The following table shows the salaries of the top cities:
| City | Average Salary |
| Woodlands | SGD 82,358 per annum |
| Bedok | SGD 75,049 per annum |
| Outram | SGD 80,561 per annum |
Business Analyst Salary: Based on Industry
Business analytics careers differ in job roles based on industries. Hence, business analytics salary are also different in several sectors. The sector which is booming offers higher packages to its employees when compared to the industries facing stagnant and low returns.
Salaries of business analysts based on various industries are given in the table:
| Industry | Average Salary |
| IT services and consulting | INR 9.5 lakhs per annum |
| financial services | INR 10.6 lakhs per annum |
| hardware and networking | INR 9.1 lakhs per annum |
| engineering and construction | INR 10.1 lakhs per annum |
| fashion and textile | INR 11 lakhs per annum |
| investment banking, venture capital, private equity | INR 12.3 lakhs per annum |
| oil, gas, petrochemicals | INR 23 lakhs per annum |
| marketing and advertising | INR 7.5 lakhs per annum |
| sports and recreation | INR 10.1 lakhs per annum |
| banking, insurance, accounting | INR 11.6 lakhs per annum |
Business Analyst Salary: Based on Job Title
A business analyst has to perform various operations, and it is not possible for one single person to be equipped with the skills that are required in every sector. That is why various designations or job titles have been assigned to the individuals working as business analysts.
Business analytics salary varies based on the job title as well. Summary of salaries on the basis of job titles have been enumerated as follows:
| Job Title | Average Salary |
| business analyst in data science and analytics | INR 9.7 lakhs per annum |
| business analyst in project and program management | INR 10.7 lakhs per annum |
| business analyst in product management | INR 11.1 lakhs per annum |
| legal and regulatory business analyst | INR 7 lakhs per annum |
| media production, and entertainment business analyst | INR 4.2 lakhs per annum |
| business analyst in IT and information security | INR 10.5 lakhs per annum |
| procurement and supply chain business analyst | INR 9 lakhs per annum |
| business analyst in content, editorial and journalism | INR 8.6 lakhs per annum |
| business analyst in UX design and architecture | INR 6.3 lakhs per annum |
| business analyst in customer success, service, and operations | INR 9.9 lakhs per annum |
What Can You Do To Increase Your Salary?
Business analysts are responsible for managing dynamic tasks, which require various types of hard and soft skills. The ever-evolving digital era makes the role of business analysts even more challenging as they need to match the industry demands now and then.
However, one can enrol for business analytics courses in order to improve their skills, which will ultimately result in a salary hike.
Individuals can consider the following tips which will help them to elevate their annual salary packages:
- Gain advanced degrees such as master's and PhD and earn a specialisation in a particular field.
- Take up effective certification courses that are beneficial for improving one’s skill set.
- Seek an opportunity where one can take up managerial and leadership positions that can validate their expertise and result in increased income.
- One may explore the booming industries in order to secure a high salary package.
Future Trend
The LinkedIn 2021 Report for Jobs On The Rise reflected that there has been a great demand for job positions involving digital skills, and there is no sign for them to go down. The report shows that there will be more than 150 million job opportunities in the tech field in the world in the next five years. The field of business analytics is predicted to grow at the rate of 5.9% in the next decade as stated in the report published by Emni Burning Glass.
And the market for business analysts is expected to grow enormously in the coming years. It is the best opportunity for the younger generation to take up business analytics as a profession. This job will provide great exposure to the individuals and will also fetch them lucrative salaries.
The market for business analytics will increase and so does the investment in the sector. It is the ideal time for individuals to market themselves to employers and to secure a decent salary package.
Conclusion
In the rapidly evolving technological era, business analytics is considered to be a very important job role and every organisation needs efficient business analytics professionals in each department. Hence, this is a booming job role offering lucrative packages to individuals.
If you have a knack for the tech industry and have considerable knowledge about business operations, then this can be the right job role for you. To enhance your knowledge and skills, you can enrol on various business analytics courses. You may sign up for the Senior Management Programme in Business Analytics, IIM Calcutta by Imarticus. This will help you to gain hands-on experience, and you can thrive as a business analyst in the competitive corporate world.
Frequently Asked Questions
- What is the salary of a business analyst in future?
Business analytics salary will only grow in the near future. At present, it shows an estimate of INR 10.5 lakhs annual pay in 2024, in India.
- What is the salary of a business analyst with four years of experience in India?
An intermediate-level business analyst who has an experience of four years can earn up to 9.5 lakhs to 10 lakhs in a year.
- What is the highest salary of a business analyst in India?
The salary of a business analyst ranges from 6 lakhs to 15 lakhs per year in India. However, an experienced business analyst may earn more than 15 lakhs annually.
- Is business analyst a high-paying job?
Business analysts are paid a higher salary than professionals in other business roles. It is a high-paying job and is expected to grow more in future.
