The main reason people want to become business analysts is; this field gives them an opportunity to work with Big Data. Big Data includes translating and converting the data into learnable programming tools and information, and then implement them to make a company leaner, sustainable, more productive, and successful.
- The main job of a business analyst is to analyze the business model and growth of a company
- The job responsibility of a business analyst includes identifying the vulnerabilities, market fluctuations, the areas of challenges, and even predicts important turning points of the business
- A business analyst identifies problems, opportunities, and solutions for a business
- The minimum educational requirements of a business analyst is a Bachelor’s degree in business or related field or an MBA
Job Responsibility Of A Business Analyst
A business analyst is responsible for the implementation and support of business information systems across multiple departments of a company. Another very important responsibility of a business analyst is to identify the problem and opportunity of the business. He has to deep-dives, researches, and develops any problem-specific solution for the business. The solution includes architecture, tools or software applications, methods, etc. So it is quite clear that a business analyst is an expert in a specific system and they also play a big role in marketing and finance. A Business Analyst job description typically includes:
1. Creating a detailed business analysis
2. Outlining problems, opportunities, and solutions for a business
3. Budgeting and forecasting
4. Planning and monitoring
5. Financial modeling
6. Variance Analysis
9. Defining business requirements
The Minimum Requirements Of A Business Analyst
If You Want To Pursue A Career As A Business Analyst Then You Will Require A Bachelor’s Degree In Business Or Related Field Or An MBA. Whilst Any Degree Is Helpful, The Following Subjects Are Useful For A Business Analyst:
1. Business Studies
2. Business Administration
4. Information Technology
Other Requirements For A Business Analyst Are:
1. Minimum 5 years of experience working with senior decision-makers
2. Strong communication/interpersonal skills
3. Proven analytical background
4. Advanced Excel skills
Reasons People Want To Be A Business Analyst
1. Increased Demand
2. Flexible Profile
3. Excellent Salary and Perks
4. Autonomous Working
5. No Boring Days
6. Chance to Use the Past Experience
7. Helpful to Others
The demand for a business analyst is increasing day by day. Now companies understand the value of a business analyst for the development of a business. A skilled and experienced business analyst can ensure the businesses are using their resources, manpower, and money wisely. A poor investment decision can ruin your business and a business analyst can prevent that from happening. Business analysts develop and maintain analytical tools as well as deal with the quality of data in information systems. In fact, a business analyst works as a communication bridge between the IT and business teams.
Usually, a business analyst has a flexible profile. It means the role of a business analyst might differ from company to company. In some companies, a business analyst might have to look after the technical side of a project while others are strictly handling the business part. Some might remain busy working to streamline workflow while others are defining and adjusting processes. Many business analysts take care of technological solutions to problems. So as a business analyst, you have a vast range of possibilities to grow your career naturally.
Excellent Salary And Perks
The national average salary for a Business Analyst is $68,346 in the USA. Moreover, the top 10% earn more than $150,000 per year. Apart from the salary, a business analyst gets huge compensation for their work. The way the demand for a business analyst is increasing, the salary will definitely rise in the future. Research shows the demand for a business analyst will grow at 19% over the next 10 years.
A business analyst works with several departments in a company. The work involves engaging with different levels of management. It includes a lot of flexibilities in the working process and entrusts them to accomplish their tasks independently. This type of working environment gives the business analyst opportunity to explore creative ideas to meet customers’ expectations.
No Boring Days
One of the main reason professional changes their jobs is the monotonous nature of the employee’s profile. A survey from Korn Ferry Institute states that 33% of people change their job because they are bored with the kind of work they are getting and need a new challenge. But this is not the case for a business analyst. Usually, most of the projects for business analysts are short to medium term so they won’t become bored doing the same work over and over again.
Chance To Use The Past Experience
Nowadays most jobs require past experience and the post of a business analyst is also not an exception. If you want to become successful as a business analyst then you need to have a vast range of knowledge and real-world understanding experience gained from study and life experiences. Every project might require a different set of skills to solve the problem. So a real-world experience is a must to become successful in this sector.
Helpful To Others
A business analyst solves complex business problems so they easily understand the main point of a problem. So a business analyst knows how to help a person, a business unit, or the company by saving money or making the right decision for the investment. This way a business analyst can help a person or a business to overcome any type of problem.
FAQs About Business Analyst
1. Is Business Analyst A Technical Job?
No, a business analyst is not a technical job. The job description of a business analyst doesn’t specifically require technical skills to apply for the job.
2. Does Business Analyst Require Coding?
No, a business analyst doesn’t require any coding. Though business analysts work alongside technology professionals and software development processes but they don’t require any skill or knowledge about coding.
3. Is Business Analyst A Dying Career?
No, a business analyst is not dying in fact; it is the opposite of dying. Every day, the demand for a business analyst is increasing and all types of companies are looking for skillful professionals in this sector.
4. Is MBA Really Necessary To Become A Business Analyst?
An MBA is not mandatory to become a business analyst but many companies might prefer MBA over a Bachelor’s degree. Depending on the company requirement, there are many entry points available for a business analyst. So there is nothing to worry about if you don’t have an MBA.
5. Can Anyone Be A Business Analyst?
Yes, anyone with proper knowledge and skill can become a business analyst. In this sector, a Degree is not necessarily required but if you have a degree in the relevant business field then it can help you develop your career quickly.
Last Updated on October 19, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.