Modern-day businesses have drastically changed traditional job profiles & have made way for new professionals with niche skills.
One such job profile is of a business analyst.
In recent years, the growth of business analysts has grown drastically & continues to grow at an impressive rate.
In this blog, we shall discuss business analyst salary, scope & career graph. So let's get started!
Who is a Business Analyst?
A business analyst in simple terms is someone who analysis the businesses, products, or services of a company & provides apt technological solutions to maximize efficiency.
A business analyst studies data i.e data analytics to find spaces for technological involvement.
However, a business analyst needs to balance the financial aspect & technological aspects in the right proportion.
Though most businesses generally want to switch to more technologically advanced systems, however the financial cost of the same plans a crucial role.
Why is There a Need for a Business Analyst?
As stated above, it's the job of a business analyst to ensure a marriage of technology & businesses in the right manner.
A report by the Bureau of Labor Statistics estimates the need for business analysts to increase by 14% by 2024.
Similarly, Analytics India Mag reports that India has at least 1.2 million business analysts and the report suggested that in the past year of 2020, India was pegged to have the highest number of business analysts.
Sectors such as retail, banking, healthcare & eCommerce promise a pivotal role in increasing hiring trends of business analysts in India.
What Does a Business Analyst Do?
A business analyst is that one connection that identifies & fills up gaps within various departments throughout different projects.
Majorly a business analyst needs to communicate with various stakeholders to identify, document & analyze requirements which may be important in solving various business problems.
Here are some roles of a modern-day business analyst:
- Exploring opportunities for growth & minimizing threats to improve a business process.
- Active involvement in designs & modification of technological systems in different projects.
- Gathering, analyzing & documenting business requirements.
- Strong communication network with system architects for efficient system implementation.
- Testing the systems in place & creating user manuals for the same.
What Qualifications Does a Business Analyst Need?
To start a lucrative career as a business analyst, here are the courses you need to follow:
- Diploma course in business analysis after completing 10+2 from a recognized education board.
- Undergraduate program courses can also be undertaken after passing 10+2 from a recognized education board.
- A post-graduation program in business analytics spans for 3 years & the aspirant needs to complete his/her graduation beforehand.
Career Path of a Business Analyst
Here are the in demand career path for a business analyst.
However, strong verbal communication skills & an analytical mind are the two most important skills which every business analyst should have no matter whatever career path they choose.
Below are the roles & salaries of various career path roles of a business analyst.
IT Business Analyst
IT business analyst opens up doors to excel in career to fit in the shoes of a project manager, senior project manager & so on.
If the required skills are on point, then career growth is inevitable.
An IT business analyst assesses the business goals of a firm, coordinates with other key stakeholders to ensure quick resolution of the problem.
It's also the job of the IT business analyst to ensure strong internal communication within an organization.
Average salary of a IT business analyst in India ranges between ₹ 3 Lakhs to ₹ 19 Lakhs with an average annual salary of ₹ 7 Lakhs.
Quantitative analyst deals majorly with numbers. A quantitative analyst works in the financial industry & uses various statistical techniques to measure, evaluate & prepare financial projections based on research.
A quantitative analyst develop statistical models to make precise decisions ensuring profit, investment safety & managing risk well.
Average salary of a IT business analyst in India ranges between ₹ 4 Lakhs to ₹ 34 Lakhs with an average annual salary of ₹ 12 Lakhs.
Lead Business Analyst
A lead business analyst is the think tank who thinks, talks just data.
A lead business analyst leads a team of analysts who analyze, forecast & spots various trends that may be spotted in the data analysis helping the business make an informed decision.
A lead business analyst collects & interprets data into a piece of readable efficient information.
A lead business analyst also analyses results & identifies patterns & trends in various data sets provided.
He/she also acts as a communication bridge between various teams & stakeholders to ensure efficient & flawless communication.
Forecasting trends post-data analysis is also an important skill that every lead business analyst should have.
Average salary of a Lead Business Analyst in India ranges between ₹ 6.9 Lakhs to ₹ 26.4 lakhs with an average annual salary of ₹ 15.3 Lakhs.
Business Analyst Manager
A business analyst manager initiates research which makes decision-making easier for various stakeholders.
A business analyst heads a team that synchronizes data-driven projections analysis & valuations.
A business analyst manager also expertise in training entry-level business analysts.
Average salary of a Lead Business Analyst in India ranges between ₹ 6 Lakhs to ₹ 31.6 lakhs with an average annual salary of ₹ 15 Lakhs.
What is the Role and Job Description of a Business Analyst?
Some of the major sectors where Business Analysts have a promising start are retail, banking, healthcare, eCommerce, hospitality, manufacturing among others.
- Identifying problems, opportunities & finding a relevant solution for the business.
- Preparing a budget & forecasting near expenditures for ongoing projects.
- Efficient monitoring & planning in advance for smooth technological transition.
- Preparing a variance analysis.
- Fixing up appropriate pricing.
- Identifying technological gaps & providing relevant technological solutions.
What is the Salary of a Business Analyst Based on Location?
Here is the average salary of a business analyst in the major metropolitan cities of India.
Average salary of a business analyst in Mumbai ranges between ₹ 3.2 LPA to ₹ 14.4 LPA with an average annual salary of ₹ 7.0 LPA.
Average salary of a business analyst in New Delhi ranges between ₹ 3 LPA to ₹ 14 LPA with an average annual salary of ₹ 6 LPA.
Average salary of a business analyst in Bangaluru ranges between ₹ 3.3 LPA to ₹ 16 LPA with an average annual salary of ₹ 7.2 LPA.
Average salary of a business analyst in Pune ranges between ₹ 2.9 LPA to ₹ 16 LPA with an average annual salary of ₹ 7.9 LPA.
The difference in the average salary ranges of various cities is due to the variation in the cost of the living in various cities.
The Tier 1 cities usually offer more salary range to employees due to the high property rentals, expensive transport, etc. Whereas companies in Tier 2 cities pay less as the cost of living in these cities is comparatively quite less.
What is the Salary of a Business Analyst Based on Experience?
1.The average salary of a business analyst for entry-level experience (1-3 years) is INR 5.5 LPA
2.The average salary of a business analyst for Mid-level experience (4-8 years) is INR 9 LPA
3.The average salary of a business analyst for senior-level experience (9+ years) is INR 10 LPA
What is the Salary of a Business Analyst Based on the Company?
Here are some of the popular companies along with the salaries they offer for the position of business analyst:
Top Paying Companies for Business Analyst
Here is the list of top paying companies for business analyst in India.
A career as a business analyst is a sure shot to success, however, the right mindset & adequate skills are what prove to be a deal-breaker in pursuing a career as a business analyst.
We hope the blog has made a lot of things clear & shall help you to make an informed decision with regards to career growth.
Best of luck!