Whether you’re looking to get into business as a fresh graduate or make a career change, becoming a business analyst is a great option. Professionals in these roles are in high demand because analysts are key players in helping businesses make data-driven decisions to improve their products and services.
The U.S. Bureau of Labor Statistics considers business analysts a type of management analyst and predicts job growth of 11% over the next 10 years.
What Is a Business Analyst?
A business analyst is responsible for analyzing an organization’s documents and work processes to find underlying patterns, weak points, and anomalies. They apply both problem-solving and technical skills to generate insights that drive business decision-making.
Business analysts can specialize in business development, business model analysis, process design, and system analysis. While they’re all critical to any business’s success, some industries demand specific expertise. For instance, a system analyst is responsible for bridging the gap between business problems and available technology solutions, making this role crucial in the tech industry.
What Does a Business Analyst Do?
In a business analyst role, you’re responsible for creating business models that suit the company’s current situation and future goals by working in tandem with financial and IT teams. Unlike a business advisor, who’s primarily responsible for providing advice and setting up strategies, a business analyst is more involved in the process of figuring out what a company is doing wrong and how to fix it, and they assist in implementing solutions and measuring their effectiveness.
Working in business analytics requires a strong understanding of industry regulations, business needs, and work requirements, as well as considerable experience in managing and forecasting your company’s financial situation.
If you’re looking to become a business analyst, you can expect to be doing some of the following on regular basis:
- Supervising the implementation of new technological systems
- Working with internal and external stakeholders to upgrade tech systems and work models
- Offering data-backed advice on how to improve efficiency, effectiveness, and revenue
- Analyzing historical data to understand a company’s current standing
- Holding and supervising workshops and training sessions to introduce new tech systems and workflow
How To Become a Business Analyst
Business analysts typically start by earning a bachelor’s degree in a related field, such as general business, business administration, project management, or entrepreneurship. Some business analyst job seekers study in more specific fields like data science or data analytics.
A master’s degree, like an MBA, won’t be necessary for those seeking entry-level positions, but as you continue your career path, even higher education isn’t always enough to stay competitive in a rapidly evolving field like business analysis in tech.
Courses, seminars, and workshops all offer highly specialized information on the latest strategies and approaches business analysts can utilize to work more efficiently and offer better results for their clients. You might consider mastering the latest version of coding languages for data manipulation. You also need to stay up-to-date on the latest technology and software solutions.
In order to grow your knowledge base and make sure your skillset is up to date with market needs, you’ll want to continue your education with online or in-person courses or a business analyst certification. At Springboard, you can take any of our job-guaranteed online bootcamps in data sciences, data engineering, or data analytics, to name a few.
Level-Based Resources To Become a Business Analyst
Whether you’re only exploring the possibilities of becoming a business analyst, already have some experience in the business growth and tech and wish to specialize as a business analyst, or are working in a current job as a seasoned business analyst looking to sharpen your skills, better knowledge equals better opportunities.
1. Entry-Level Info
An entry-level business analyst, also known as a junior business analyst, is responsible for collecting and analyzing data for business solutions. More often than not, you’ll work as part of a team under the direct supervision of a more experienced business analyst.
According to Glassdoor, the annual salary for entry-level business analysts averages around $54,000. Those just starting out might consider data science and data analytics courses to build the solid foundation in data manipulation you’ll need to excel in the field.
2. Mid-Level Info
As a mid-level business analyst, you’ll need to have anywhere from three to five years of active work experience. That includes a solid knowledge of data science and a fundamental understanding of various database structures. You’ll be responsible for collecting and analyzing company data, looking for ways you can optimize workflow.
Salary.com lists the average annual business analyst salary at just over $77,000. Depending on the size of the company, you might work alone or supervise a handful of entry-level analysts. To sharpen your skills in in-depth analysis, consider SpringBoard’s courses in data engineering and machine learning engineering.
3. Senior-Level Info
Senior business analysts are responsible for devising and reviewing assigned business processes and plans to ensure they’re up to standard and have a solid chance of accomplishing their goals. You’ll need the hard skills to examine and verify everything from financial risks to possible operational and technological issues. When reporting these findings, strong verbal communication skills are key.
Payscale lists an average salary for senior roles at just over $86,000 per year. However, you might easily reach six figures by learning additional skills and staying up to date with your industry.
Is data analytics the right career for you?
Springboard offers a comprehensive data analytics bootcamp. Our data analytics curriculum goes beyond just technical skills to focus on areas where employers find the biggest gaps: strategic thinking, problem-solving, and communication. Watch videos from Microsoft. Learn insights from McKinsey experts. Tackle case studies from Harvard Business School. No other data analytics bootcamp does this. You’ll graduate with an analytical mindset. That’s an edge not just for your job search, but throughout your career.
Check out Springboard’s Data Analytics Career Track to see if you qualify.