Team Aug 25, 2024 No Comments
Business analysts analyze data and make smart strategies to help organizations improve their systems, processes, products, or services. This way, organizations can identify opportunities, increase efficiency, mitigate risks, and maximize profits.
So, you won’t be surprised if we tell you that there’s a huge need for skilled business analysts in the job market. Just see the numbers, the global business analytics market is expected to grow at a CAGR of 9.63% and reach a valuation of $176.14 billion by 2031. The rising demand is clearly evident.
If you want to know more about what business analysts do, you are in the right place. We have discussed everything from the salary of business analysts to the best courses for becoming one.
Business analysts understand how a business works, identify what can be improved, and come up with effective solutions. But to do that, they must first understand what the organization needs, what problems it’s facing, and what goals it has.
Then comes the analysis part. Business analysts gather and analyze large sets of data using industry-relevant tools to find useful insights. This helps them propose an effective solution, which can be anything like software implementation, streamlined processes, organizational changes, improvement in products or services, etc.
They have to communicate their solutions and strategies to clients or stakeholders. This way, they help organizations reduce costs, increase their efficiency, and achieve their goals. They also help organizations understand the impact of changes in the market and deal with them effectively.
No wonder why business analytics has become an essential need for organizations to stay competitive in this rapidly changing market. And that brings us to the next and most-asked question…
Business analysts earn an average salary of ₹7,22,500 per year in India, according to a Glassdoor report. Different factors like location, years of experience, company size, etc., can influence this number.
Entry-level business analysts with not much work experience usually earn the lowest salary. But it keeps increasing as you gain more experience and expertise.
For instance, senior business analysts with 2-4 years of experience can earn between ₹10 lakhs to ₹20 lakhs. And principal business analysts with over 8 years of experience can earn between ₹14 lakhs to ₹27 lakhs.
So, it’s clear that business analytics is a promising career path with good earning potential. Now, let’s look at what skills you would need to be one.
Just having a degree isn’t enough. You need some set of skills to effectively do your job as a business analyst. We have listed some of the technical skills here:
You will also need soft skills like communication and negotiation to communicate your findings and deal with clients and stakeholders. Next, problem-solving and analytical thinking skills are also necessary for handling complex business problems better.
So, if you can learn the above skills, you will become a valuable asset for an organization.
You understood what a business analyst does and what skills they need. Now, it’s the tools and software that help them perform their job. Although there is no specific standard tool, here are some of the common ones:
The specific software you will use mostly depends on your company and the type of work you do. However, the above tools are the most popular ones, so being familiar with them can help you get a head start in a business analyst career.
You will find many certification courses for business analysts on the internet. If you want to master the in-demand skills and land high-paying jobs, you can join Ivy Professional School’s Business Analyst Certification course.
This is a live online program, so you can learn industry-relevant skills and clear your doubts by interacting with instructors from your home. The course will teach you data analytics, visualization, predictive modeling, machine learning, etc, using tools like Excel, SQL, Python, R, and Tableau.
You will also work on industry projects to gain hands-on experience and build your portfolio. This will help you showcase your expertise to employers. Besides, Ivy Pro provides you with placement support like resume building and interview preparation to help you land your dream job.
Now you know what business analysts do, how much they earn, and what skills they must have. Business analysts are basically problem solvers who first evaluate how an organization works and then find ways to make it better. If you like to play with numbers and solve business problems, a career in business analysis might be a great choice for you. If that’s the case, join a comprehensive course, learn the skills, gain experience, get certified, and start your journey.
Eeshani Agrawal holds an MS in Civil Engineering from Texas A&M University (USA) and has over 16 years of experience in data visualization, storytelling, and analytics. She has consulted for top engineering, manufacturing, and consulting firms worldwide and has coached over 9,000 professionals and students from leading institutions like IITs, IIMs, and ISI.
Leave a Reply