A business analyst is a professional who is responsible for analyzing data and making recommendations to senior management, typically in the context of solving problems. They are also tasked with identifying trends, patterns, or other meaningful information from large volumes of data. With respect to compensation, the median annual wage for a business analyst in the United States is $81,020 as of May 2021.
Read on for more information about what a business analyst does, how much they make, and how to become one!
What is a business analyst?
A business analyst is typically responsible for analyzing data and making recommendations to senior management, typically in the context of solving problems. They are also tasked with identifying trends, patterns, or other meaningful information from large volumes of data.
Business analysts are often employed by companies, consulting firms, government agencies, or financial institutions that gather large amounts of data. Typically they focus on specific areas of interest, such as market research or financial analysis.
The duties of a business analyst usually include:
- Analyzing company data to identify trends and make recommendations
- Providing insights into customer behavior
- Designing plans to address problems within the company
- Developing reports about corporate performance
- Providing consulting services to management
How much do they make?
As of 2021, the median annual wage for a business analyst is $81,020.
However, this number varies depending on one’s geographic location. For example, in Phoenix, Arizona, the median annual wage for a business analyst is $87,310.
Additionally, the average hourly wage is calculated to be $37.13 per hour.
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What skills do I need to have?
You’ll need to have some common skills to become a business analyst. For example, you’ll need good analytical skills and you’ll need strong written and verbal communication skills.
You will also need good computer skills like word processing and spreadsheet software as well as statistical software like excel or SAS. You should also know what is meant by terms like “statistical significance” and “p-value”.
How can I become a business analyst?
Business analysts typically have a bachelor’s degree in a field such as business, finance, economics, math, statistics, or a related area. Many business analysts choose to focus their studies on business analytics and data science.
There are certifications that can help you get started as a business analyst. Some of the most popular ones include the International Institute for Business Analysis (IIBA), Certified Management Consultant (CMC), and Certified Business Process Analyst Professional (CBAP). The IIBA offers an online course called the “Certified Professional in Business Analysis.”
In order to become a business analyst, you will need to have experience in at least one of the following: data analysis, financial analysis, regulatory compliance, project management, or working with technology. You may want to start this process by volunteering or interning at small businesses that interest you. Keep your eyes open for entry-level opportunities that may be suited to your qualifications.
Business analysts are in high demand. They are in charge of the process of analyzing the company’s goals and objectives, and then finding the best way to reach these goals. They are also in charge of keeping records of the company’s performance. It can be hard to figure out how much a business analyst makes if you are not in the industry.
You can start by looking at salary ranges for other professional positions in the same field. If you are not sure what field to look in, you can look at salary ranges for positions in human resources, management, business administration, or management information systems.