Data is everywhere. And it is hard to make sense of so much data without proper analysis. Businesses depend entirely on their data for their planning, performance, and future strategies. They need professionals who are experts in handling business analysis to track their sales, launch new products, and make data-driven decisions. This is where Business Analysts come into the picture.
Business Analysts are the link between all the internal departments by gathering, circulating, and managing the data of the company. Business Analysts are also known as Management Analysts and they work for all kinds of businesses, government agencies, and non-profit organizations. The job role of business analysts can vary depending on the company and requirements. Business Analysts study the different business processes and formulate policies based on the results to improve the overall performance of the business. They work to eliminate the inefficiencies and enhance the position of the company.
Business Analysts Demand
Business Analysts are in-house staff members in many organizations that monitor the business processes and implement performance-enhancing solutions. Many business analysts also work as consultants who analyze and provide recommendations to businesses on a contractual basis. Business Analysts who work as a consultant specialize in specific industries like manufacturing, health care, information systems, etc. Business Analysts are also hired for different business projects like expansion in the international market, the introduction of a new product, the development of an e-commerce strategy to name a few.
Business Analysts Qualifications
Business Analysts’ qualifications include a bachelor’s degree or a business analyst course from a reputed institution. Candidates with a degree in business disciplines can also apply for the job role of a business analyst. A fundamental understanding of subjects like business analytics, business administration, business information systems, etc. is required to kick-start your business analyst career. Students with degrees in accounting, human resources, finance, operations management, and logistics can also apply for jobs in this field. Many online certificate business analyst course is also helpful to gain the basic knowledge and skills to build a career in business analysis.
With these degrees or courses, one can get entry-level jobs in this field. To become a senior business analyst, one can pursue an MBA (Master in Business Administration) or any other relevant degree. You can do it after gaining some experience in the field or you can choose to pursue your master's degree immediately after bachelors. However, it is not necessary to do a master's degree to take your career ahead in this field. Good work experience, skills, and talent can take you far on its own in this field.
Business Analysts Career Path
After gaining eligibility for the business analyst role, you can apply for internships or entry-level roles like business analyst intern, junior business analyst, etc. These jobs will equip you with the necessary understanding of business analyst roles. Once you gain some work experience, you can move to senior roles which have greater influence and responsibilities. There are various job titles under which you can find business analyst roles. Some of these are:
● IT business analyst
● Data business analyst
● Data analysis scientist
● Quantitative analyst
● Business analyst manager
A senior business analyst might be the head of the business analysts team in a big organization. Top-quality analysts can also move up the corporate ladder and get high-level management roles. The major career pathways for a business analyst are Lead business analyst and Project manager. One can get these roles easily with a good working experience paired with a business analyst course. The salaries in the business analyst job role are also quite lucrative with an average salary of INR 6,07,210. With experience, the salary keeps on increasing. There is also the option of becoming self-employed by opening your own business analysis consultancy.
Overall, the career pathway of a business analyst is very exciting, meaningful, and valuable. This field has a good scope and one can easily make a substantial career in it with interest, knowledge, and passion.