What Is a Business Analyst? 2023 Career Guide
A business analyst helps organisations improve processes, systems, and finances by analysing data and making recommendations. They bridge the gap between IT and business operations, identifying areas for improvement and working with stakeholders to implement solutions. Their responsibilities may include requirement gathering, financial analysis, process mapping, and project management.
Business analysts use data to create business insights and change suggestions for corporations and other organisations. Business analysts can find problems in almost any business area, including employee development, organisational structures, and IT procedures. Business analytics has become a crucial part of firms' operations as they look to boost productivity and cut expenses.
Let's examine in greater detail what business analysts do and the requirements for employment in the field.
What does a business analyst do?
A Business Analyst (BA) analyses an organisation's business processes and systems to identify areas for improvement and develop solutions to business problems. The BA's responsibilities typically include gathering and documenting requirements, conducting financial and process analysis, creating project plans, and working with stakeholders to implement change. The goal of a BA is to help the organisation operate more efficiently and effectively and achieve its goals.
Skills required to become a business analyst
Some essential skills for a successful career as a Business Analyst include:
- Problem-solving: ability to analyse complex information and develop practical solutions.
- Communication: the ability to articulate ideas clearly and effectively in written and verbal form.
- Requirements gathering: the ability to elicit, document, and prioritise stakeholder needs.
- Project management: understanding of project management principles and ability to manage projects.
- Data analysis: ability to collect, analyse, and interpret data to support decision-making.
- Process improvement: knowledge of process improvement techniques and ability to identify areas for improvement.
- Technical acumen: understanding technical systems, databases, and software development life cycle.
- Adaptability: adapting to new technologies, processes, and changing business needs.
- Stakeholder management: managing relationships with stakeholders, including customers, users, and team members.
- Facilitation: ability to facilitate meetings and workshops to gather requirements and make decisions.
How to become a business analyst
- Education: A bachelor's degree in business, computer science, or a related field is typical for entry-level Business Analyst positions. However, some organisations may accept equivalent work experience instead of a degree. Becoming a Business Analyst typically requires the following steps:
- Gain experience: Consider gaining relevant work experience in project management, data analysis, or process improvement. This can be done through internships, volunteer work, or entry-level positions.
- Certifications: Obtaining a certificate, such as Certified Business Analysis Professional (CBAP) or Certified Analytics Professional (CAP), can demonstrate your expertise and commitment to the field.
- Networking: Building relationships with other Business Analysts and industry professionals through events, online communities, and professional organisations can help you expand your knowledge and increase your exposure to job opportunities.
- Develop technical skills: Familiarize yourself with relevant technologies and tools, such as project management software, data analysis tools, and process improvement methodologies.
- Gain industry knowledge: Keep up-to-date with industry trends, news, and best practices to stay informed and competitive.
- Continuously improve: Seek out opportunities for professional development, such as training courses, workshops, and attending conferences.
Note: Requirements for becoming a Business Analyst can vary by organisation, so it's important to research specific companies or industries of interest.
Why pursue a career in business analysis?
There are several reasons to pursue a career in Business Analysis, including:
- Versatility: Business Analysts are in demand across various industries and can work in many different roles and projects.
- Career growth: Business Analysis is a rapidly growing field, and the demand for skilled professionals is increasing. This can lead to opportunities for career advancement and higher salaries.
- Problem-solving: Business Analysts play a critical role in solving complex business problems and improving organisational processes, systems, and finances.
- Impact: Business Analysts can significantly impact an organisation by improving its efficiency and effectiveness.
- Continuous learning: Business Analysis is a field that requires ongoing learning and development, offering opportunities for professional growth and learning new skills.
- Good work-life balance: Business Analysts typically work regular office hours and have an excellent work-life balance.
- Collaboration: Business Analysts work closely with various stakeholders, including customers, users, developers, and other team members, providing opportunities for collaboration and teamwork.
Business analyst: Career and Job Scope
A career in Business Analysis offers a broad scope of opportunities in various industries and roles.
Business Analysts work in organisations of all sizes and types, including corporations, government agencies, and non-profits. Some common career paths for Business Analysts include:
- IT Business Analyst: working in the IT department to support software development projects and improve technology systems.
- Management Consultant: helping organisations improve operations and achieve their goals by conducting analysis and making recommendations.
- Business Process Analyst: improving business processes to increase efficiency and reduce costs.
- Financial Analyst: analysing financial data to support decision-making and improve financial performance.
- Project Manager: Led project teams to achieve project goals and deliverables.
- Data Analyst: collecting, analysing, and interpreting data to support decision-making.
- Agile Business Analyst: working in Agile environments to support software development projects and continuously improve processes.
A Business Analyst's job scope may include gathering requirements, conducting process analysis, creating project plans, developing business cases, and leading change management initiatives.
Business Analysts also collaborate with stakeholders, including customers, users, and team members, to ensure that solutions meet their needs and deliver value to the organisation.
Business analyst: Salary outlook
The median salary for a business analyst in the US is around $75,000 per year, but the range can be from $60,000 to $115,000 depending on factors such as industry, experience, and location. With the demand for data-driven decision-making increasing, the outlook for business analysts is positive, and salaries are expected to grow in the coming years.