How to become a business analyst in 2023?

In the dynamic world of business, roles that bridge the gap between raw data and strategic decision-making are rapidly gaining importance. One such role that stands out is the business analyst, a professional who translates data into actionable insights, helping to steer the course of an organization. If you’re intrigued by the prospect of becoming a business analyst and playing a pivotal part in shaping business strategy, then you’ve landed at the right spot.

Who is a business analyst?

A business analyst is an expert who utilizes data to evaluate a company’s procedures, systems, and operations, pinpointing areas ripe for enhancement. Their critical role involves steering businesses towards the optimization of processes, product offerings, services, and software, all achieved through meticulous data analysis. They collect, analyze, and interpret data to understand trends, patterns, and business insights. In many cases, business analysts are also involved in project management, helping to plan and execute projects, and ensuring they meet the business objectives and requirements. In simple words, business analysts analyze data to make informed decisions that ensure that organizational goals are met.

How to become a business analyst?

To become a successful business analyst, you will need a relevant degree and the right knowledge and skills.

Pursue a master’s degree in business analytics

Most employers prefer candidates with a master’s degree in business analytics rather than a bachelor’s on their resume, since a bachelor’s degree will not help you gain the necessary knowledge and skills. To achieve a higher position in business analytics jobs in India, you should pursue a master’s in business analytics that could help you advance your sought-after, transferable skills and knowledge in business analytics.

Get certification in business analytics

Even after gaining a master’s in business analytics, you might want to add value to your education through online courses. Reviving the skills a business analyst expects by acquiring a certification course in business analytics is the best way to learn business analytics. It will help you to gain a holistic understanding of the profession and expand your skills, making you more competitive in the field of business analysis, where employers are actively hiring candidates with strong analytical skills and business expertise.

Work on projects to improve your practical data analytics skills

Whether you are a fresher planning to do an internship or an experienced individual who wants to enhance your skills, make sure to look for opportunities to work on projects. It will ultimately improve your practical data analytics skills and bring you one step ahead in your business analyst career.

Develop visualization and presentation skills

While expanding your knowledge of the profession and building skills are crucial, developing your visualization and presentation skills is equally important. Taking part in industry events, conferences, workshops, forums, and other events in the relevant sectors will provide you with exciting opportunities and aid in career development. With the rich resources and experience in visualization tools like Power BI and Tableau, you can land your dream job.

Apply for relevant business analyst positions

After completing your certification or graduation course and honing your skills, you can now start applying for relevant positions. As a beginner, starting as an entry-level business analyst role demands little to no experience and guides you on how to start a career in analytics and build a prosperous professional path.

Responsibilities of a business analyst

• Evaluating business processes, predicting, designing, and employing the solutions
• Staying ahead on the latest technologies to automate the business processes and enhance efficiencies
• Budgeting and forecasting
• Communicating feedback to other team members and management
• Planning and monitoring projects, in correspondence with regular requirements
• Conducting detailed marketing research and competitive analysis
• Managing competing resources and leading teams
• Persuading internal and external stakeholders on the benefits of new strategies or technology.

Why you should become a business analyst

In-demand domain

As businesses increasingly rely on data to drive decisions, the demand for skilled business analysts is soaring. Companies across industries recognize the value of using data to improve their operations, making this a profession with strong job prospects.

High salary

Business analytics is a field that tends to offer competitive compensation, reflecting the high demand and the specialized skills required.

Cross-industry opportunities

Business analytics isn’t limited to a specific industry. Whether it’s healthcare, finance, technology, retail, or others, all sectors need professionals who can interpret data and use it to drive business strategy.

Professional growth

A career in business analytics can provide excellent opportunities for professional growth. The experience you gain can lead to higher-level positions, such as senior business analyst, analytics manager, or director of analytics.

Impact

Business analysts can have a significant impact on a company’s success. They help to guide strategy and improve operations, which can lead to increased efficiency, better customer service, and higher profits.

Salary of business analysts

The salary range of Business Analysts depends on the individuals’ experience level, the organization’s location, and the industry type. In general, Business Analysts in the financial and technical fields earn more compensation than in the other fields. 

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.

Read more: Top business analytics jobs in 2023

Business analyst salary in Bangalore

Data suggests that the average salary of a business analyst in Bangalore is INR 10.5 LPA. Here are some of the top companies in Bangalore hiring business analysts. 

• Accenture
• Amazon
• Deloitte
• Citi

Is an MBA useful for business analysts?

An MBA in business analytics updates professionals with the latest tools and skills required in the field. Business analytics and big data are high-growth areas but also possess cut-throat competition. A master’s degree can help you achieve an edge over your competitors, whatever industry you are in. 

It cultivates one;s knowledge in various fields, such as social media analytics, database management, data mining in business analytics, market data science, etc. It simplifies the decision-making process and improves its quality and efficiency. 

How does an MBA help boost the career of business analysts? 

Ability to gain business insights

Business insights are vital for a firm’s smooth function, improvement, and constant upgradation of firm and processes. An MBA for business analysts enhances necessary skills which help professionals acquire essential business insights. This helps the firms better understand their customers, products/service, and workflow. 

Enhanced knowledge

An MBA helps business analysts enhance their knowledge in data analysis, qualitative analyst, predictive modeling, market research analyst, business intelligence expert, and more. 

Skill enhancement

An MBA degree focuses on furnishing a professional’s analytical and other skills, such as leadership, problem-solving, decision-making, etc. They are taught using real-life scenarios to understand how they should act and perform under different circumstances. 

Domain expertise

A lot of technical skills revolving around domain expertise are also taught to MBA students. These include data programming techniques, statistical and mathematical tools, linear programming, etc. They can choose from three analytical domains: descriptive, predictive, and prescriptive. 

Management skills

Managerial roles demand that candidates possess management skills, as they might get a job as a leader or a manager in an organization. Therefore, MBA focuses on the management skills of individuals to help them prepare for the upcoming challenges in higher roles. 

Higher pay scale

Online MBA adds value to your career. Along with the enhanced skillset and the heightened role, it also helps you land a higher pay scale. 

Role of business analyst in the education sector

Business analytics plays a significant role in the education sector by providing insights that can help improve the quality and effectiveness of education. It aids in data-driven decision-making, enabling educational institutions to enhance various aspects of their operations. 

Read more: Become a domain leader after an MBA in business analytics

How can business analysts pivot in the education sector?

Business analysts can be pivotal in addressing the education sector’s challenges. They can use their expertise and job responsibilities in data analysis, process development, and strategic planning to assist educational institutions in becoming more efficient, effective, and responsive to the demands of their stakeholders. Business analysts in the education sector can pivot in the following ways:

Data analytics

Business analysts can assist educational institutions in leveraging data to make data-driven decisions. They can analyze data on student performance, teacher effectiveness, and operational efficiency to determine areas of enhancement and devise strategies to address these areas. For example, a business analyst might use data to determine the most successful teaching strategies and recommend modifications to the curriculum or instructional methods.

Process improvement

Business analysts can assist educational institutions in streamlining their processes and workflows to become more effective and efficient. For example, a business analyst could examine the lengthy and confusing student enrollment process and suggest modifications to make it more streamlined and user-friendly. 

Stakeholders’ resistance to behavioral change can be overcome with the help of business analysts. They can assist in communicating to all stakeholders the benefits of the process improvement. In addition, it can assist in identifying resource deficits by prioritizing the use of available resources and finding opportunities to leverage technology to optimize processes.

Strategy formulation

Business analysts can assist educational institutions in developing strategic plans that are consistent with their mission and objectives. They can collaborate with stakeholders to determine priorities, create strategies, and establish measurable objectives. To accomplish this, business analysts can employ various data analysis techniques to gain insight into the preferences and requirements of students, instructors, and other stakeholders. 

They can also perform market research to identify new growth and innovation opportunities. A business analyst could, for instance, assist a school district in developing a strategic plan that focuses on enhancing student achievement, parent engagement, and teacher effectiveness. They can do so by collecting data and conducting an analysis of the current status of the education sector, identifying the voids, and evaluating the district’s strengths and weaknesses.

Frequently asked questions

How do I get a job in business analytics with no experience?

You should develop domain knowledge if you don’t have experience or want to move from a different career to a business analyst role. You can enroll in an online business analytics certification course and get involved in the project work to become an expert in the field.

Can I learn business analytics on my own?

Yes, you can learn the basics of business analytics on your own. It involves a certain amount of hard work and adequate course materials. Suppose you are from a different domain or a working professional. In that case, it will be best to enroll in relevant online degree or certification courses that will help you to learn at your own pace, anytime and anywhere.

Does business analytics need math and Python?

Yes, but business analytics doesn’t involve the in-depth implementation of concepts in math and Python. Considering the primary language for the profession is numbers, math is a building stone for the career. Hence it is expected to have expertise in fundamental concepts, including correlation, causation, and test hypothesis.

What are the subjects needed to learn in business analytics?

In general, business analytics combines the field of business, management, and computer science. The important subjects that need to be learned in business analytics are finance, business analytics, account management, business management, human resource management, sales, and marketing.

Who can study business analytics?

Any interested candidate can pursue a career in business analytics. However, if they are not from a relevant academic background, including Science or Commerce, it will help them to explore math and statistics at a higher level.

Is coding required for a business analyst?

Coding is not necessarily required to work as an analytics professional. Even though business analysts deal with IT processes, the ability to write coding will help advance their career to new heights.

Can a fresher become a business analyst?

Yes, there are various business analytics jobs for freshers. They can make their way towards a career as business analysts in entry-level positions. However, they need to complete relevant online certification courses from reputed institutions to acquire great knowledge and industry experience.

Conclusion

Embarking on a career as a business analyst promises an exciting journey in a field that blends data, technology, and business, offering both intellectual challenges and gratifying rewards. With the demand for business analysts steadily on the rise across industries, there has never been a better time to join this dynamic profession.