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The differences between principal business analysts and contractor-business analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a principal business analyst, becoming a contractor-business analyst takes usually requires 4-6 years. Additionally, a principal business analyst has an average salary of $115,081, which is higher than the $87,402 average annual salary of a contractor-business analyst.
The top three skills for a principal business analyst include provide management, shared services and project management. The most important skills for a contractor-business analyst are business process, project management, and data analysis.
| Principal Business Analyst | Contractor-Business Analyst | |
| Yearly salary | $115,081 | $87,402 |
| Hourly rate | $55.33 | $42.02 |
| Growth rate | 11% | 9% |
| Number of jobs | 164,208 | 147,698 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 67% |
| Average age | 44 | 43 |
| Years of experience | 4 | 6 |
A principal business analyst provides analytical services to recommend strategies that will optimize business operations. Among their responsibilities include gathering and analyzing data, understanding the purpose and needs of daily operations, performing market research and analysis to identify trends and opportunities, determine the strengths and weaknesses of current procedures, and develop solutions against problem areas. They must also conduct risk assessments, maintain documentation, and present findings through reports and presentations. Moreover, a principal business analyst must lead and encourage staff to reach goals while implementing and promoting the company's policies and regulations.
A contractor-business analyst is responsible for analyzing business processes and strategizing on efficient project management techniques to enhance productivity goals and achieve maximum performance. Contractor-business analysts conduct data and statistical analysis to determine areas of improvement and identify business opportunities that would generate more revenue resources and increase profits. They also review client accounts, measure sales performance, and design solutions by utilizing various software applications and system tools. A contractor-business analyst advises the management of necessary training for the staff to enhance services and close more business partnerships.
Principal business analysts and contractor-business analysts have different pay scales, as shown below.
| Principal Business Analyst | Contractor-Business Analyst | |
| Average salary | $115,081 | $87,402 |
| Salary range | Between $88,000 And $150,000 | Between $62,000 And $122,000 |
| Highest paying City | Seattle, WA | - |
| Highest paying state | Washington | - |
| Best paying company | Mayo Clinic | - |
| Best paying industry | Pharmaceutical | - |
There are a few differences between a principal business analyst and a contractor-business analyst in terms of educational background:
| Principal Business Analyst | Contractor-Business Analyst | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | Northwestern University | Stanford University |
Here are the differences between principal business analysts' and contractor-business analysts' demographics:
| Principal Business Analyst | Contractor-Business Analyst | |
| Average age | 44 | 43 |
| Gender ratio | Male, 60.8% Female, 39.2% | Male, 50.4% Female, 49.6% |
| Race ratio | Black or African American, 7.5% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.9% American Indian and Alaska Native, 0.2% | Black or African American, 10.6% Unknown, 5.0% Hispanic or Latino, 11.3% Asian, 14.4% White, 58.5% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 12% | 8% |