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The differences between business analysts and finance analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a business analyst and a finance analyst. Additionally, a business analyst has an average salary of $74,431, which is higher than the $69,887 average annual salary of a finance analyst.
The top three skills for a business analyst include project management, data analysis and business analysis. The most important skills for a finance analyst are financial analysis, financial models, and financial data.
| Business Analyst | Finance Analyst | |
| Yearly salary | $74,431 | $69,887 |
| Hourly rate | $35.78 | $33.60 |
| Growth rate | 9% | 9% |
| Number of jobs | 170,514 | 138,600 |
| Job satisfaction | 4 | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Average age | 44 | 40 |
| Years of experience | 4 | 4 |
Business analysts are employees who are responsible for interpreting business data and coming up with business solutions. They are well-versed in whatever business the company is in, and they have strong business acumen. They collect data related to the business and then interpret and analyze the data. Business analysts should be able to conduct different levels of analyses and must also be able to create a sound study. Once the analysis is done, they provide recommendations or strategic direction to decision-makers that will help the business become sustainable and grow.
A finance analyst is responsible for evaluating a company's financial data and historical reports to assess investment opportunities and provide accurate financial statements in support of business strategies and company performance prediction. A financial analyst's duties also include suggesting recommendations to boost operations efficiency and grow revenues, researching the current market performance and economic trends to adjust budget goals as needed, and managing client portfolios. Finance analysts must have excellent critical and analytical thinking skills to identify the best actions for the company's profitability.
Business analysts and finance analysts have different pay scales, as shown below.
| Business Analyst | Finance Analyst | |
| Average salary | $74,431 | $69,887 |
| Salary range | Between $53,000 And $103,000 | Between $46,000 And $104,000 |
| Highest paying City | Mountain View, CA | San Francisco, CA |
| Highest paying state | Washington | Connecticut |
| Best paying company | The Citadel | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between a business analyst and a finance analyst in terms of educational background:
| Business Analyst | Finance Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | Stanford University | University of Pennsylvania |
Here are the differences between business analysts' and finance analysts' demographics:
| Business Analyst | Finance Analyst | |
| Average age | 44 | 40 |
| Gender ratio | Male, 53.9% Female, 46.1% | Male, 56.2% Female, 43.8% |
| Race ratio | Black or African American, 6.2% Unknown, 4.7% Hispanic or Latino, 8.8% Asian, 12.0% White, 67.7% American Indian and Alaska Native, 0.5% | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 11% | 7% |