The field of business analytics is becoming more important than ever before, with big data playing an essential role in many businesses. The profession of business analytics is steadily growing and proves to be well-paid, with numerous opportunities for growth in various directions. Becoming a business analyst requires individuals who are natural problem-solvers with good interpersonal skills. Business analytics is a versatile field that offers different specializations, such as cybersecurity, within the profession.
A Business Analyst is responsible for collecting and analyzing company data to identify needs and recommend solutions. They work with the entire team to eliminate redundancies and improve efficiency. In this role, business analysts identify vulnerabilities in corporate processes and devise data-driven solutions for improvement. As a liaison between IT and management, the Business Analyst transforms the findings of data her specialists and programmers into actionable solutions.
To become a business analyst, individuals typically begin with a Bachelor of Business Administration degree to acquire a solid foundation in accounting, analysis, finance, and marketing. After completing a degree, individuals gain several years of hands-on experience in areas such as software development and quality assurance. From there, a master’s degree in business analytics or an MBA degree can lead to senior positions. Alternatively, individuals can obtain a certification. The International Institute of Business Analysis (IIBA®) provides a core business analysis certification that’s accepted industry-wide.
Business analysts require a particular set of skills, including analysis, communication, problem-solving, project management, interpersonal, and time management skills. Proficiency in these areas will lead to effective performance when identifying business problems, collecting and analyzing data, and finding solutions. In addition, business analysts must possess listening skills to assimilate information from management and IT departments and recognize problems to propose solutions. Interpersonal skills require flexibility when working with multiple levels of an organization.
The US Bureau of Labor Statistics (BLS) predicts an 11% increase in employment of management analysts (a similar role to business analysts) from 2021 to 2031. BLS also forecasts that management analysts will create on average 101,900 job openings per year during ten years, with more job openings expecting as analysts switch careers and retire. The average salary for entry-level business analysts is roughly $60,400, while analysts with 10 to 19 years of experience can earn around $75,600 annually. Business analysts with over 20 years of experience earn $79,000 or more.
In conclusion, business analytics is a growing profession providing various opportunities for specializations within the field. Becoming a business analyst requires specific qualifications, skills, and experience. The future outlook for business analyst’s employment remains positive. It’s an exciting profession for those challenges and enjoys problem-solving while having a good grasp of data analysis.