Business Analyst Salary Trends in 2020
Business Analysts are the force behind the new-age enterprise which practices data-driven decision making and problem-solving. Traditional methods do not suffice to cater to the rapid and dynamic business needs, which is why the demand for Business Analysts has risen. However, this demand surpasses their supply, and hence, the salaries for Business Analysts have increased immensely in the last few years.
Over the years, Business Analysis has emerged as a core business practice in the enterprise and IT sectors. It pertains to understanding the changing business needs, evaluating the impact of such changes, identifying and analyzing the requirements and documenting the same, and facilitating communication among all the stakeholders involved.
Ideally, Business Analysts engage with business leaders to understand how data-driven decisions would improve efficiency. These changes could be applied to processes, products and services, software, and hardware to add value. Finally, they execute ideas that are both technologically and financially feasible.
Roles and Responsibilities of a Business Analyst
A Business Analyst has numerous roles and responsibilities in the organization he/she works in. Some of them here:
- Evaluate the business processes to identify the requirements.
- Assess the improvement areas and implement solutions.
- Analyze the business processes to come up with optimization strategies.
- Stay updated with the latest advancements in technology.
- Automate the existing systems of the company.
- Document and present the ideas on how these systems can be improved.
- Communicate insights and plans to the other departments of the organization.
- Work with the IT department of the organization and with the clients.
These are some of the responsibilities that Business Analysts need to be fulfilled when working in an organization.
Skillsets required to become a Business Analyst
- Good Communication and Presentation Skills
- Interpersonal skills and team management
- An analytical mindset
- Good knowledge of analytics tools and techniques
- Time management skills
- Documentation and reporting efficiency
- Data modeling and data management skills
Industries most in need of Business Analysts
According to Burning Glass, three economic sectors are employing 59% of all DSA employees. These industries are finance and insurance, professional services, and IT. For business analysts, professional services companies hire 23% of the workforce, while finance and insurance companies hire 34%. Other important industries for business analysts are manufacturing and health care.
Business Analyst Salary in India 2020
Similar to any other job role, the salary of a Business Analyst in India would depend on several factors such as company size, reputation, location, work experience, and educational qualification. Companies such as TCS, Amazon, Accenture, or Deloitte pay higher salaries. The more your work experience is, the higher will be your market value. Keep in mind that due to these variables, there is a chance of a change in the salary.
Salary by Experience of Business Analyst
Depending on your years of experience, the average salary of a Business Analyst may range between 3,50,000-5,00,000. The lower end is the salary at an entry-level with less than one year of work experience, and the higher end is the salary for those having 1-4 years of work experience.
As your experience increases over time, the salary you earn increases as well. A Business Analyst with 5-9 years of industry experience can earn up to Rs. 8,30,975. Whereas a Senior Business Analyst with up to 15 years of experience earns close to Rs. 12,09,787.
Although business analysts don’t appear high on the corporate ladder, these are often key positions in companies that take business data and it’s potential to improve operations seriously, particularly smaller companies. Apart from the regular educational qualifications and work experience, having a Business Analyst Certification also helps in bagging jobs that offer high-level salaries.