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8 February, 2023

6 minutes Read

Decoding Career Journey Of A Business Analyst: Salaries, Skills, Roles & More

By Team InsideIIM

Who Are Business Analysts & What Do They Do?

To put it simply, Business Analysts are problem solvers. They use a combination of technical and business knowledge to identify opportunities for improvement within a company, and then work to develop solutions that increase efficiency and drive results.

Though one of the most crucial aspects of these skilled professionals is to help organizations understand and capitalize on their data, turning it into valuable insights that drive growth and innovation, as per Forbes:

“......there is a lot of nuance and detail in those two general words and the responsibilities extend beyond merely analyzing data.”

The role in fact stands out as the bridge between technology and commerce, where a Business Analyst not only reviews business operations & assesses evolving business ideas but also liaises between groups and departments and communicates recommendations for improving business operations.

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Let’s have a look at a comprehensive but not exhaustive list of roles and responsibilities of a Business Analyst:

Roles & Responsibilities

Crafting Clear Business Blueprints. Detailed analysis and articulation of a company's challenges, opportunities, and solutions.
Defining and conveying business requirements to stakeholders. Identifying and communicating with key business players.
Budgeting, forecasting, and financial analysis. Pricing strategies and decision-making.
Assessing and improving business processes, with a focus on streamlining efficiency.
Maintaining thorough records of projects, processes, and operations.
Being Cross-functional Collaborator & working closely with project managers and interdepartmental teams to drive success.

Skills Required to be a Business Analyst

Strong Communication and Interpersonal Skills - Ability to effectively communicate and convince stakeholders.
Strategic Thinking and Problem Solving - Resourcefulness and ability to devise creative solutions to complex problems.
Technical Savvy - Familiarity with key technology systems, data analytics, digital marketing, and management tools.
Data Analysis and Reporting - Expertise in data analysis and the ability to translate data into meaningful insights and reports.
Business Acumen - Understanding of general business principles, budgeting, and cost-benefit analysis.
Process Mapping and Testing - Experience testing and mapping business processes and protocols.
Documentation - Proficiency in writing business requirements documents, technical specifications, and other analysis reports.
Organizational and Time Management - Effective organization and time management skills to manage multiple tasks and priorities.

How Much Do Business Analysts Get Paid?

The National Average Base Pay of a Business Analyst Role falls between 8-10 LPA:

₹9,88,460 /yr (Indeed)
₹8,00,000 /yr (Glassdoor)

In today's rapidly transforming business arena, the role of a Business Analyst has become indispensable, elevating the demand for individuals with the right skill set and expertise. These experts, with their sharp business instincts and technical proficiency, are paid quite handsomely in India.

But what exactly can one expect to earn as a Business Analyst in India? While the following representation will give you a glimpse of the same, it's crucial to remember that compensation can vary depending on factors such as location, education & qualification, work history, and the industry in which an individual has worked.

Country-Wise Average Pay Analysis Of Business Analyst Role

The income potential of a Business Analyst is intricately linked to the geographic location they find themselves in as the local business landscape, the stage of its development, industrial climate and a plethora of other elements play a crucial role in determining the nature of the challenges that a business analyst will face, and the solutions they are expected to bring to the table. To help you get a vivid picture of the pay distribution, the average salaries of Business Analyst in different countries is plotted below:
Source: Glassdoor, Indeed

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Career Path Of A Business Analyst

As a Business Analyst, the career journey is always evolving, providing the perfect launchpad for those with aspirations of owning their own businesses or reaching the top ranks of global corporations. But where does one begin?

Starting off, an entry-level Business Analyst role requires a bachelor’s degree in a business-related field such as accounting, finance, management, or IT. In this role, you will get a chance to gain hands-on experience and an understanding of how the internal business works, focusing on areas that interest you and developing specialized skills.

As you gain experience and build your skillset, you can move up the ladder to roles such as junior business analyst, subject matter expert, data analyst, or even project manager. With growing experience and knowledge, you can advance to senior-level positions such as a Business Consultant, Business Analyst Manager, Quantitative Analyst, Information Security/Technology Analyst, Data Business Analyst & so on. These positions offer even greater opportunities to make a mark in the industry and pave the way to top-level management and leadership positions.

Is Business Analyst An IT Job?

As you approach the end of this article, there's one important clarification that deserves to be laid out for you. The question that has likely been lingering at the back of your mind - is Business Analyst an IT job?

Allow us to put your doubts to rest with a resounding NO!

Business analysts are versatile individuals who flourish in an array of industries, with unlimited career opportunities waiting for them. That being said, you must also know that it's quite common for business analysts to have technological acumen or an IT background as technology is an ever-evolving aspect and needs to be integrated into businesses for maximum efficiency. But, the role of business analysts is far more demanding & one needs to have an overall understanding of how business works in order to make a rewarding as well as future-proof career in this field.

So, What Next?

If you dream of ascending the corporate ladder, a career as a business analyst may be the right path for you. And the good news is, you don't have to start from square one. With the appropriate guidance and support, transitioning into this exciting field is quite achievable without much hassle.

So, if you're ready to embark on a journey to success, the business analyst route is open for you. Get started today and take advantage of this in-demand profession!

How?

By becoming a Certified Digital Business Leader with AltUni Super 30- a unique cohort-based program where you will learn & get certified in the most rewarding domains of today’s business landscape like Digital Marketing, Data Analytics, Product Management, Finance/ SCM/ HR & accelerate your career with Guaranteed Interviews, Paid Projects, Expert Mentorship, International Exposure & much more.