How to Become a Business Analyst

It takes 4-years to become a business analyst. Many business analysts earn a bachelor's degree in business administration, but other popular majors are computer science, accounting, information technology, information systems, and management information systems.

Yes, being a business analyst is a good job. Business analysts are rated #10 in the best business jobs, thanks to secure employment and extremely competitive salaries.

A business analyst is a good job for someone who enjoys wearing many different hats (i.e., technical and business) while working in many different sectors and levels at the company. A business analyst must be equally as good a data scientist as a business manager.

Yes, being a business analyst is a high-paying job. The median annual salary for a business analyst is $94,000. With that said, business analyst salaries vary depending on educational and on-the-job experience and where the job is located.

No, business analyst is not a dying career. In fact, a business analyst is one of the top 5 trending jobs right now. Every organization needs a business analyst.

The Bureau of Labors Statistics estimates the need for business analysts is expected to grow 14% from 2018 to 2028, which is much faster than the average for all occupations.

While being an analyst is often thought of as a single occupation, there are actually several different types of analysts with their own skills and specialties. Below are 8 types of analysts:

1. Analyst

   Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.

   Average Analyst Salary: $70,668

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2. Associate Analyst

   An associate analyst is a professional who is responsible for the research and investigation for a specific business process and department to help the senior staff make further decisions. Associate analysts must use their analytical skills to understand how the collected data can affect business decisions, then prepare reports that detail findings and recommend solutions. They must assist in developing new business models that can generate profits while reducing costs. Associate analysts can work in various industries ranging from finance and operations to information technology (IT) and marketing.

   Average Associate Analyst Salary: $68,428

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3. Staff Analyst

   Staff Analysts are employees who oversee the activities related to the employees. They monitor the performance of the employees and assess whether particular employees suit the role they have. They also assess the current roles in the company to see if those roles are really needed. Staff Analysts ensure that the manpower allocation in the company is efficient. They analyze staff-related data to check whether there are more areas for improvement. Staff Analysts may also be assigned to come up with projects related to improving productivity.

   Average Staff Analyst Salary: $85,736

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4. Product Analyst

   A product analyst job utilizes data analysis software and notates trends in market research. Primarily, analysts project the costs of product development and marketing. They think of the possibilities for profit and sales and monitor the performance of products on the market to come up with a better product. Their responsibilities include company product evaluation, product understanding, and product rating reviews. Familiarity with Microsoft Office Suite, strong communication skills, and proficiency in database software is necessary for this job.

   Average Product Analyst Salary: $74,440

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5. Control Analyst

   A control analyst is a professional who is responsible for identifying weaknesses in the work process of an organization and implement methods to minimize risks. Control analysts are required to supervise the process for incident reports and provide technical guidance to their personnel. They must prepare monthly general ledger account analysis and balance sheets reconciliations that are according to the generally accepted accounting principles (GAAP). Control analysts should also assist with the organization's ISO audit procedures and findings.

   Average Control Analyst Salary: $69,169

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6. Resource Analyst

   A resource analyst is responsible for conducting data and statistical analysis, analyzing trends research, and identifying cost-reduction opportunities that would generate revenues and increase profits. Resource analysts evaluate budgeting and financial transactions and implement strategical methodologies to improve business operations, project management, and customer relationships. They also monitor the resource management of the business by coordinating with third-party providers and the senior management to facilitate operational concerns and requests for collaborative partnerships with the clients.

   Average Resource Analyst Salary: $64,403

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7. Business Analyst Associate

   A business analyst associate job supports collaborating with financial reporting and developing strategies and initiatives that optimize costs and improve internal and external reporting. They work closely with business analysts to help make improvements in streamlining reports and review the process requirements by constantly communicating with the clients or end-users. The role should also call for a solid understanding of regulatory and requirements in reporting as well as experience in forecasting, budgeting, and financial analysis shared with a comprehensive understanding of key performance indicators.

   Average Business Analyst Associate Salary: $64,000

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8. Assistant Analyst

   The duties of an assistant analyst depend on one's line of work or industry of employment. Their responsibilities typically include conducting extensive research and analysis to gather insights and performing support tasks such as preparing and processing documents, coordinating with different departments to gather data, answering calls and correspondence, liaising with external parties, and participating in developing plans. Furthermore, as an assistant analyst, it is essential to recommend solutions to optimize business procedures, all while adhering to the company or organization's policies and regulations.

   Average Assistant Analyst Salary: $52,391

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To become a business analyst you need to begin with getting a bachelor's degree, but many go on to get a master's degree. Develop a strong combination of business management and data science skills. Then you need to get certified and gain real-world experience.

A business analyst gets paid a median salary of $94,00. However, Glassdoor reports the national average as $68,346. There is a lot of variation in pay based on the type of business analyst role, real-world experience, and location of the chop.

The main role of a business analyst is to communicate with all stakeholders & to elicit, analyze and validate the requirements for changes to business processes, information systems, and policies. Business analysts are the ones responsible for bridging the gap between IT and the business using data analytics to assess processes, determine requirements and deliver data-driven recommendations and reports to executives and stakeholders.

The qualifications needed to become a business analyst are a bachelor's degree, business analysis certification, and on-the-job experience. Around 66% of business analysts have a bachelor's degree and 17% have master's degrees.