Business Analyst vs Financial Analyst: Find the ideal career

With titles like Business Analyst and Financial Analyst, it’s easy to find oneself confused. Although they might sound somewhat similar, each carries a unique set of responsibilities, skill sets, and perspectives that cater to distinct aspects of a business. Despite both titles containing the word ‘analyst,’ these professionals operate in different spheres, each contributing to the overall success and prosperity of an organization in their unique way. 

Who is a business analyst?

A business analyst is a professional who uses data to assess the processes, systems, and operations of a business and identify areas that can be improved. They are instrumental in guiding businesses in improving processes, products, services, and software through data analysis. Some of the roles of a business analyst include requirement gathering & analysis, business process improvement, data analysis, project management, risk management, and more. 

Who is a financial analyst?

A financial analyst is a professional who studies various financial data and uses their findings to help companies make business decisions. They work in a variety of sectors, including banking, insurance, investment services, manufacturing, and healthcare. Their analysis forms the basis for strategic planning, investment activities, risk management, and financial forecasting.

Roles & responsibilities: Business analyst vs financial analyst

Before we see how to become a business analyst in India, let’s discuss the roles and responsibilities of a business analyst

Business Analyst roles & responsibilities

• Analyzing and evaluating a company’s current business practices to identify possibilities for improvement
• Research and evaluate current company practices as well as new IT advances to make systems more modern
• Attending meetings and presenting ideas and conclusions
• Staff members are educated and coached
• Creating initiatives based on the company’s needs and requirements
• Creating projects and keeping track of their development is a must
• User and stakeholder participation
• Working with partners, clients, senior management, and technicians

Also read: Important business analyst skills

Financial analyst roles and responsibilities

• Creating metrics to identify the company’s financial performance
• Drafting the company’s financial reports and discussing them with the stakeholders
• Analyzing and forecasting financial trends to initiate the budget of the company
• Keeping track of investment trends to help the company make upcoming investments
• Recommending and implementing various strategies for improving the company’s finances
• Auditing the discrepancies and miscalculations in the financial statements of the company

Read more: Easy guide on how to become a financial analyst

Skills: Business analyst vs financial analyst

Business Analyst	Financial Analyst
Understanding of statistics	Business valuation & financial modeling
Knowledge of business structures	Corporate finance and accounting
Needs analysis	Solid understanding of equity research, hedge funds, bonds, securities, etc
Expertise in data research	Proficiency in Tally, Hyperion, SAP, SQL, QuickBooks
Expertise in Microsoft Excel, Word, PowerPoint, PowerBI	Data analysis
Excellent communication, problem-solving, decision making	Knowledge of financial markets

Salary: Business analyst vs financial analyst

The average salary for a business analyst in India is INR 8.5 LPA. However, your salary will depend on various factors like master’s degree, technical knowledge, relevant skills, and the company you work for. You can also explore business analyst jobs abroad. In the US, the average salary for a business analyst is USD 94,425 per annum.

The average salary of a financial analyst in India is INR 5.7 LPA. If you want to explore this job opportunity in the US, the average salary is USD 74,647 per annum.  

Educational qualification: Business analyst vs financial analyst

Business analyst educational requirement

To become a business analyst, having a business-related degree is helpful. You can be a business analyst with an undergraduate or a postgraduate degree. However, the chances of landing a good job as a business analyst after an undergraduate degree are very low in India. Hence, many people opt for a master’s degree, a PG diploma, or online certification or degree. 

The following educational qualifications can help you to become a business analyst:

• MBA in business analytics
• MSc in business analytics
• PGCP in business analytics

Read more: Concepts in business analytics

Financial Analyst educational requirement

A financial analyst needs to have a lot of quantitative skills, so pursuing a degree in a related field can help you. The following educational qualifications can help you to become a Financial Analyst:

• MBA in Finance
• B.Com Hons (Eco/ Accounting/ Finance)
• BCom (Financial Markets)
• PG Diploma in Finance/ Accounting/ Economics/Statistics/ Mathematics

Conclusion

If you are looking to become a business analyst, then you can enroll for an online MSc in Business Analytics offered by Manipal Academy of Higher Education, through Online Manipal. You can also choose an online MBA in Business Analytics. 

If you are looking to explore a career as a financial analyst, you can pursue your online MBA in Finance offered by Manipal University Jaipur. 

With Online Manipal, you can attend classes scheduled at convenient timings, access extensive e-learning materials and e-books, study at your own pace, interact with peers & faculty, and get placement assistance services, all at an affordable price.