Becoming a Business Analyst
If you have a knack for problem-solving and a love of IT, a career as a business analyst may be perfect for you. These professionals analyze problems within a business and work with senior personnel to identify ways to solve them. Business analysts also assist in the implementation of new technologies and persuade internal and external stakeholders of the benefits of such innovations. Their job description also includes research of the latest technological developments and presenting ideas in meetings. A recent survey conducted by the Bureau of Labor Statistics indicated that the demand for management analysts will grow by 14% between 2018 and 2028.
The job of a business analyst requires the use of several tools, but Microsoft Excel is perhaps the most important. Excel has been around for many years and remains one of the most powerful and versatile reporting tools. BAs use Excel to summarize data, create pivot tables and different charts, and plan editorial calendars and budgets. They also use Excel to create revenue growth models for new products and services, list expenses, and show how close a product’s budget is to meeting its target sales.
Depending on the employer and the type of job, business analysts can specialize in one specific industry or can broaden their knowledge and work in a broader context. In order to achieve the best level of success, business analysts should gain experience working on a variety of projects in varying fields. Once they have the necessary experience and expertise, they can specialize in a specific industry. There are many benefits to becoming a business analyst, including career development and increased income.
A business analyst is a critical player in many companies, working to improve processes and increase employee productivity. Their role is to provide support for business information systems and help to implement change. Business analysts are also responsible for defining strategy and enterprise architecture, as well as analyzing business problems across multiple departments. They also manage requirements, which are constantly changing and evolving in today’s complex business environment. And with this knowledge, they are in demand. But what makes a business analyst successful?
To qualify for a management position in business analysis, you may need to earn an advanced degree in business. A master’s degree in business administration or business analytics is often required. These programs take about one year to complete. Some universities offer supplementary online courses on business analysis. The modules typically last a couple of weeks, and cover a variety of topics. Some of these courses are self-paced and allow you to learn at your own pace.
Salary for a business analyst varies widely from country to country. For example, those in Boston, Seattle, and San Francisco make significantly more than their counterparts in other cities. A business analyst in any of these cities can expect to earn an average salary of US$80,000, plus an annual bonus of up to four thousand dollars. With the right experience and education, a business analyst can make anywhere from seven figures to ninety-thousand dollars.