In the modern data driven world business analyst is a rapidly growing field. It has seen exponential growth in the past few years. A business analyst is someone who helps the organizations to analyze and improve their business processes by identifying the problems, coming up with the solutions which will lead to business growth and efficiency and implementing the said solutions. Moreover, they act as a bridge between different stakeholders.The sectors in which they can have an important role are: financial analysis, quality assurance, training, business policy and procedures, market analysis, organizational development and solution testing. Some of the specific business analyst roles are given below:
- Business systems analyst
- Process analyst
- Product analyst
- Business architect
- Management consultant
- Business intelligence analyst
- Data scientist
- Customer Relationship Management
Top skills required to be a good business analyst
- Data Analysis : Ability to use large data sets and draw meaningful conclusions from them.
- Communication: Strong written as well as spoken communication in order to convey their insights and solutions to the stakeholders.
- Problem Solving: Quantitative and analytical skills to identify issues, formulate the solutions and implement them
- Industry Knowledge: Well equipped with what is happening in the industry of their specific fields.
- Well equipped with SQL, which is essential for managing and querying databases for extracting valuable data and Python, which is needed for data manipulation, statistical analysis and automation of routine tasks. Also they need to be well versed with Microsoft Excel.
- A business analyst needs to have a good understanding of the business including the finance, accounting, marketing and sales.
- An individual should also have the skills of product management
- They should be able to negotiate well.
Salary Overview
The salary of a business analyst can vary depending on various factors including experience, industry, location and size of the company. It generally ranges between INR 5,00,000 to INR 12,00,000. The average salary of a business analyst in India is INR 6,15,935.
A complete breakdown of the salary that an individual can earn on the basis of their position in the company is given below:
A complete breakdown of factors affecting the salary is given below:
Industry
The type of industry you work in has a huge impact on your salary as a business analyst. In certain industries like finance, technology and consulting you tend to earn higher as compared to others.
Location
Metropolitan cities like Delhi, Bangalore, Kolkata might have higher paying jobs as a business analyst as compared to smaller towns/ cities
Skills and Specialization
Having specific skills like data analysis, business process management can lead to an increase in a business analyst’s prospective salary.
Salary Breakdown according to top recruiters
Comparison of salaries in India with other countries is given below
With the ever-growing tech landscape the scope of business analysis is expanding. Businesses have started recognizing the value of data driven insights the scope of a data analyst is expected to grow even more. It is more than just a technical skill, instead it is more about understanding how a business operates, what it needs and thus helping it to meet those specific needs. The ability to do so makes their role quite crucial in the organization. Therefore, we can say that the business analysts earn a competitive salary in India, that varies on the basis of education, location, experience and skills. While the entry level jobs can start at around INR 4,00,000 per year senior analysts can earn up to INR 18,00,000 per year. To conclude, becoming a business analyst is an exciting and fulfilling career choice that offers opportunities for growth, learning and making an impact.
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