How to become a business analyst in 2023?

Key takeaways:

• Business analyst is a promising profession that has enormous job opportunities across the world. It helps to straddle the line between IT and the business to bridge the gap, improving efficiency.

• Business analysts are increasingly important in recent scenarios, in performing successful business operations and have to deal with different layers of industries.

• In the learning path of Business analytics, one should learn all the skills and analyse the business needs to become a successful business analyst.

As organisations continue to expand steadily while meeting the customers’ and clients’ requirements, the role of business analysts is also increasing in demand. According to a recent survey by the Bureau of Labour Statistics, the demand for business analysts and management analysts will grow to 14% by 2030, which is significantly higher than other professions.

Business analytics is all about transforming information into insights. This profession has a strong record of helping organisations in improving efficiencies, thereby strengthening the demand across all business verticals, coupled with competitive salaries and a wide range of employment opportunities.

But do you know how to start a career in analytics? Let us take a look at the requirements, ways, and responsibilities needed to become one.

What exactly is a business analyst?

A Business Analyst, also known as BA, is a professional who focuses on helping a business deal with change by practising effective business analysis. This discipline includes identifying the specific needs of the business and planning solutions to the problems. 

Simply put, these professionals have to deal with the facts and data in a data-oriented mindset and should keep up with the recent market changes. With this, they will develop the procedure and structure by evaluating the model or technology implementation. 

Read more: Data Analyst vs Business Analyst: What’s the difference?

What is the role of a business analyst?

As data becomes more valuable to businesses, so does the role of business analysts. The roles and responsibilities of a business analyst differ from organisation to organisation. Moreover, the name of a business analyst is also mentioned by various titles, including business process analyst, process analyst, and product manager. 

The major four levels of a business analytics in an organisation are,

• Strategic management – One of the most critical levels, where a business analyst evaluates and determines the strategic plan for a company.
• Business /Operation model analysis – At this level, business analysts will evaluate the company’s existing policies, enabling them to employ new ones and predict the efficiency of the previous ones.
• Defining and designing the process – The step involves designing the business process by the business analyst using their critical skills.
• Analysis of IT and technology business – This last level encompasses the rules and requirements of technical systems, which a business analyst should take care of to avoid severe consequences.

Responsibilities of an 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

ALSO READ: 5 ways how business analytics can help your business grow

Why should you pursue a profession in business analytics?

As a business analyst, you are responsible for bridging the gap between IT and the organisation by implementing data analytics to assess the processes, determine requirements, and provide data-driven recommendations. Hence before you plan on how to start your career in analytics, here are some reasons to pursue the profession,

• Independent work process: Business analysts have to regularly face new tasks and unprecedented challenges. Hence they don’t have to follow a set of rules and procedures. It gives them a higher level of independence, trust, and freedom to approach issues.
• Impactful action: Unlike other professionals, Business Analysts can see the positive impact of their work on the benefit of the organisation, clients, and employees. Witnessing such direct improvement will act as a powerful motivation tool.
• Effective collaboration: Business Analysts need to communicate and collaborate with different departments, allowing them to learn from a wide range of people.
• Significant growth opportunities: Business Analysts are regularly motivated to learn new skills and implement new ideas, thereby improving as a professional. This will positively impact your career growth, leading you to acquire a top management position. 

Read more: Career options with an M.Sc. in Business Analytics

Salary of business analysts by industry

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

A report from PayScale has revealed that the average salary for a Business analysis is around USD 67,762 in a year in the United States. While the salary range for Business Analysts in India is approximately INR 7,50,000 per year.  

Nonetheless, after some years of experience, business analysts who have been in their entry-level position could drive their career path forward to pursue advanced, challenging positions as senior business management, projects manager, and more. The average salaries based on experience level per annum are mentioned below,

Experience level	Salary range
Entry Level ( >1 year of experience)	INR 3,63,813
Early Career Level (1-4 years of experience)	INR 4,22,408
Mid-Senior Level (5-9 years of experience)	INR 8,48,120
Experienced (>10 years of experience)	INR 12,84,643

What are the requirements to become a Business Analyst?

With the rapid changes and unpredictable economic conditions, organisations are looking for an expert Business Analyst. Having multi-functional expertise and critical skills for a business analyst is important before venturing into the real challenging world. Below are the top requirements to become a business analyst.

• A degree in the domain: You should have a relevant degree in the field, which will help you gain domain knowledge with experience.
• Analytical skills: You should possess excellent analytical, logical, and critical thinking skills to interpret business requirements and choose the best solution to overcome challenges.
• Data visualisation: You must know how to use data visualisation tools like PowerBI to create reports, dashboards, forecast data, and make critical decisions.
• Communication skills: Having good communication and negotiation skills to interact with clients and stakeholders is essential for a Business Analyst to achieve a profitable result.
• Programming: A good knowledge of programming languages such as Python is important for business analysts, which helps solve complex problems and implement faster data analysis.
• Microsoft Excel: Proficiency in MS Excel is a prerequisite to generating dynamic reports for businesses. 

How to become a business analyst?

Is Business Analytics a good career? Yes, pursuing a career as a Business Analyst is highly rewarding and lucrative if you are an analytical thinker who is good at solving business problems. But how can you start a career in analytics? Below we have compiled the ways  to guide you start a career in business analytics.

Frequently asked questions (FAQs)

Bottom line

Considering the growth opportunities and competitive benefits, it is no wonder most critical thinkers are taking on this interesting career path. Online Manipal offers flexible and standardised online PGCP and Master of Science in Business Analytics courses that will help aspiring individuals kick start their careers as business analysts. 
At the end of the course, you will be equipped with a business analyst’s practical and competitive skills with a comprehensive understanding of the role in both traditional and agile-based projects.