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The differences between industrial analysts and business analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both an industrial analyst and a business analyst. Additionally, a business analyst has an average salary of $74,431, which is higher than the $69,648 average annual salary of an industrial analyst.
The top three skills for an industrial analyst include macro, market research and quantitative analysis. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Industrial Analyst | Business Analyst | |
| Yearly salary | $69,648 | $74,431 |
| Hourly rate | $33.48 | $35.78 |
| Growth rate | 11% | 9% |
| Number of jobs | 72,280 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 71% |
| Average age | 44 | 44 |
| Years of experience | 4 | 4 |
An industrial analyst has access to the financial information of investors in order to give data-based recommendations that can boost the income of financial programs. Some of the tasks an industrial analyst does are preparing forecasts, developing models for the industrial scale, create segment taxonomies, and drawing graphs, tables, and spreadsheets based on gathered information from researches to come up with comparisons and more accurate forecasts. Normally, they work for research and consulting firms, but some also perform private consultation services.
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.
Industrial analysts and business analysts have different pay scales, as shown below.
| Industrial Analyst | Business Analyst | |
| Average salary | $69,648 | $74,431 |
| Salary range | Between $46,000 And $105,000 | Between $53,000 And $103,000 |
| Highest paying City | Washington, DC | Mountain View, CA |
| Highest paying state | New York | Washington |
| Best paying company | The Citadel | The Citadel |
| Best paying industry | Government | Finance |
There are a few differences between an industrial analyst and a business analyst in terms of educational background:
| Industrial Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | Northwestern University | Stanford University |
Here are the differences between industrial analysts' and business analysts' demographics:
| Industrial Analyst | Business Analyst | |
| Average age | 44 | 44 |
| Gender ratio | Male, 64.9% Female, 35.1% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 7.5% Unknown, 4.5% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.8% American Indian and Alaska Native, 0.2% | 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% |
| LGBT Percentage | 12% | 11% |