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The differences between product 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 a product analyst and a business analyst. Additionally, a product analyst has an average salary of $79,316, which is higher than the $74,431 average annual salary of a business analyst.
The top three skills for a product analyst include tableau, data analysis and product management. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Product Analyst | Business Analyst | |
| Yearly salary | $79,316 | $74,431 |
| Hourly rate | $38.13 | $35.78 |
| Growth rate | 11% | 9% |
| Number of jobs | 176,369 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 71% |
| Average age | 44 | 44 |
| Years of experience | 4 | 4 |
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.
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.
Product analysts and business analysts have different pay scales, as shown below.
| Product Analyst | Business Analyst | |
| Average salary | $79,316 | $74,431 |
| Salary range | Between $56,000 And $111,000 | Between $53,000 And $103,000 |
| Highest paying City | Seattle, WA | Mountain View, CA |
| Highest paying state | Washington | Washington |
| Best paying company | Meta | The Citadel |
| Best paying industry | Technology | Finance |
There are a few differences between a product analyst and a business analyst in terms of educational background:
| Product Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Stanford University |
Here are the differences between product analysts' and business analysts' demographics:
| Product Analyst | Business Analyst | |
| Average age | 44 | 44 |
| Gender ratio | Male, 53.2% Female, 46.8% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 7.6% Unknown, 4.5% Hispanic or Latino, 8.5% Asian, 14.6% White, 64.6% 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% |