In this post, we’ll look at the business analyst profession, which is one of the most common job options in the corporate sector. We’ll learn what a business analyst is, what they do, how much money they make, and what skills and education you’ll need to become one. Also the difference between Business Analyst and Data Analyst.
Alright! Now, let’s start with a brief overview of the business analyst profile.
Who are Business Analytics and how do they fit inside a company?
At first glance, the term “Business Analyst” may appear generic, which may cause concern among entry-level candidates. However, because the business analyst profession involves many various operations in a company, the fact that it is a versatile position may be promising. This might be an entry-level employment or a role for seasoned professionals, depending on the organisation. As a result, business analysts are responsible for a wide range of responsibilities, and job descriptions vary greatly from one company to another. Business analysts will be focused on the following types of activities in various businesses:
- Process and systems improvement (in terms of efficiency and effectiveness)
- Solving business problems
- Looking for savings and efficiencies
- Focusing on business development and searching for new opportunities
- Performance analysis
- Competitor analysis Indeed,
One of the most dynamic roles in a firm is that of a “business analyst.” They may be reporting their results to the head of a certain division to which they have been assigned, or they may be discussing a specific instance with a product or project manager. In some cases, the business analyst serves as a mediator between the business development manager and the head of division or product owner. One thing is certain: you will never be bored at work.
That is the elevator pitch for this excellent career opportunity. However, in order to obtain a greater idea of what it means to be a business analyst, we must examine their typical day-to-day responsibilities. So,
What do business analysts do?
The answer is that it depends. Business analysts are expected to perform a variety of tasks in various organisations. However, these are some of the most prevalent responsibilities.
A business analyst examines the performance of a specific segment within a corporation. They frequently engage in the analysis of various processes, identifying goals, and creating hypotheses. Their goal is to improve the performance of the specific section of the firm to which they have been allocated. They not only gather data, but also use data-driven decision making, convey results, and oversee their implementation.
Furthermore, business analysts frequently train non-technical team members. As a result, we can confidently state that business analysts are the finest communicators among issue solvers, and they are always willing to contribute their expertise throughout the firm. Sales, supply chain, and administration are some of the divisions to which business analysts may be assigned. Within that structure, they do research, rely on data as much as possible, and are generally involved in the creation of dashboards and other BI tools to facilitate the sharing of their results. As you can see, being a business analyst is a difficult job…but it can also be incredibly rewarding!
Now that you know what it’s like to be a business analyst, let’s look at your options and how you can get started.
A job as a business analyst is an excellent alternative to consider, both on its own and as the first step on the career ladder to becoming a Product Lead, Head of Product, or Head of Division, and, why not, a Vice President. Full-time business analyst employment are available in the majority of midsize and big organisations across all industries, including consulting, finance, and technology.
Consultancy is also quite popular in this field, particularly in smaller firms. However, as compared to their counterparts hired by a corporation in a specialised industry, this alternative gives a business analyst with a limited picture of the business.
So, what are the essential abilities required to apply for a job as a business analyst?
According to a review of 1,395 job postings, business analyst applicants must have the following tools and skills. Here’s what the numbers show:
- 60% of job postings emphasized Excel skills
- 41% mentioned strong communication
- 6% requested Tableau
- and 4% – Power BI
What about the educational background?
A Bachelor’s degree is required for 66 percent of job openings.
This is the standard for this field. In terms of experience, most businesses in our sample required an average of four years on the job, although 35% of job advertising were also appropriate for those with no prior working experience.
To summarise, if you want to increase your chances of securing a business analyst position, you must be fluent in Excel, have great communication skills, and potentially master a BI software (such as Tableau or PowerBI). However, python is also gaining great popularity.
Alright! You now understand the most significant components of the business analyst role, what to anticipate from it, and what talents you should work on to become one.
Difference between a business analyst and a data analyst
I will discuss the difference today under four main headings the first is responsibilities the next is qualifications skills and then salary
Work with client to understand the problem
So, to begin with, let’s look at the business analyst. The business analyst will spend a lot of time with the customers to understand what they need and what difficulties they’re experiencing, and then they’ll work with the managers to figure out how that’s going to work within their team.
Use current data to outline problem
The second step is to use current data to outline the problem, so they’ll have to go in and actually look at the data to understand what that client is looking for so that they can convey to the team what they’re trying to solve and what they’re looking for.
Outline and communicate the client problem to team.
Then they’ll describe and communicate to the team what the client genuinely wants, what the problem is, what they’re attempting to solve, and how we’re going to get there.
Often, the business analyst will conduct all of the analysis and then pass it on to either the programming team or a data analyst to investigate further and resolve the issue.
Work with the Programming teams
work with the programming teams that collect and analyse the data The distinction between these two is that the business analyst will normally deal with the client side and management, whilst the data analyst will work with the programming side.
Use pre-existing data to solve a problem
Next, they’ll use pre-existing data to address the problem, so the business analyst will bring the problem, describe it, and present it to the programming team, and then the data analyst, along with the programmers or developers, will solve the problem and figure out a solution.
Create report and dashboard
Next, they’ll develop reports and dashboards, which is a requirement for any data analyst position, or they’ll create some form of visualisation
Present Analytical Finding to team
The last thing you’ll do is offer analytical findings to the team, so the business analyst will bring the problem to the team, and the data analyst will report back to the team with their findings and a possibility or potential remedy.
Next we’re going to look at qualifications
A bachelor’s degree or higher is necessary, and the criteria for the business are actually quite comparable unless you’re going to need a bachelor’s degree in normally it’s going to be anything in business and administration finance economics something business-related
Master requirement in sum position (MBA, M.Com or equivalent)
You may need a master’s degree, and business analysts, who frequently have MBAs, are the most common candidates.
Typically, data analysts do not have MBAs, but let’s look at that one next, thus for a data analyst
Bachelor’s degree or higher is preferred
A bachelor’s degree is also required, generally in computer science, statistics, mathematics, economics, or finance, and as you can see, there is a lot of overlap between the business analyst and the data analyst.
Masters required for some position
You may also require a master’s degree for some roles, and it isn’t always an MBA, such as a business analyst; sometimes they’re looking for statistics, mathematics, or an actual analytics master’s degree, and so those are some of the qualifications that differ between these two positions.
So, for a business analyst, you’ll need skills like knowing Microsoft Access and Excel, and those are some of the more technical skills you’ll need, but you’ll also need really solid soft skills like communication skills, presentation skills, and just general people skills. be able to successfully engage and converse with clients or members of the team
So for data analytics, you’ll need a little bit more technical skills, so you’ll be using things like sequel or in Python tableau or a data visualisation tool, you’ll be doing data modelling, so you’ll need to know SAS or SPSS Excel, and then some type of cloud platform like Azure or Amazon Web Services.
Business Analyst Salary in India
In this section, I will cover the average salaries earned by Business Analysts in India based on their position levels in a business and the Indian states in which they operate. I will also analyse the salaries offered by some of the largest firms in India to Business Analysts, based on job postings and salaries posted on Glassdoor.
Now discuss based on their experience and position levels.
- Business Analyst Salary for Freshers
In India, the starting salary for a Business Analyst is between ₹350k and ₹500k per year. This is the compensation range for a professional with less than one year of experience. A Business Analyst’s remuneration rises in tandem with his or her level of expertise. Business Analysts with 1–4 years of experience may earn up to ₹523k per year, while those with more than 5 years of experience can earn up to ₹831k per year.
- Senior Business Analyst Salary in India
Expert Business Analysts with 15+ years of industry expertise can earn up to ₹1,290k per year, albeit this varies based on position level and firm. Furthermore, you can see the wage packages of these professions in a variety of regions and towns across the country.
- Business Analyst Salary in Bangalore
Bangalore, as we all know, is the nation’s IT capital. This Karnataka city boasts one of the most job postings for several IT professions, including Business Analysts. As a result, Business Analysts are among the city’s highest-paid IT workers. In Bangalore, Karnataka, business analysts make an average annual salary of ₹660k.
- Business Analyst Salary in Delhi
Business Analysts in New Delhi make an average annual salary of ₹600k, which can rise to ₹1,251k with experience.
- Business Analyst Salary in Chennai
Because there are several chances for individuals with a technical background in Chennai, the average pay of Business Analytics specialists in Chennai is substantially greater than in other cities. Business Analysts in Chennai make an average of ₹775k per year. Based on experience and skills, this income can be increased to ₹1,371k per year.
- Business Analyst Salary in Hyderabad
Business Analysts in Hyderabad, Telangana, earn roughly ₹680k per year. This figure might rise to ₹1,345 per year depending on characteristics such as abilities, experience, and expertise. After learning about the incomes made by Business Analysts based on geography, we can now look at the salaries paid to Business Analysts by some of the world’s most well-known firms.
- Average Salary of Business Analysts in Popular Indian Organizations
Now, I’ll go through the compensation Business Analysts earn at Accenture, Capgemini, Tata Consultancy Services (TCS), and other significant firms in India that give the top pay packages to these individuals.
The typical salary for these experts at Accenture is ₹705k per year, while Capgemini pays around ₹703k. Analysts at TCS earn an average of ₹697,000 per year.
Companies such as HCL and Wipro, on the other hand, provide a lower sum than the aforementioned companies. Wipro and HCL pay roughly 580k and 521k per year for Business Analysts, respectively.
- Salary of a Data Analyst in India
The title of ‘Data Analyst’ is one of the most sought-after job alternatives and one of the highest-earning specialists in the field of information technology. Companies generate a tremendous volume of data every day, which is why these experts have a variety of career prospects.
According to PayScale, the average compensation for a Data Analyst in India is ₹432k per year. However, the income of Data Analysts varies depending on a variety of factors such as the city, the organisation, the job position, the job role, work experience, and so on. We shall go over them in depth in this blog post on ‘Data Analyst Salary in India.’
- Data Analyst Salary in India by Experience
A Data Analyst with less than a year of experience can expect to earn around ₹342,716 per year as a starting salary in India. This is the starting salary for a Data Analyst.
Data Analysts with 1–4 years of industry experience make ₹414,330 per year on average.
Experienced Data Analysts with 5–9 years of professional experience may earn an average annual salary of ₹676,056.
Expert Data Analysts with 10–19 years of experience can expect to earn around ₹918,116 per year.
Senior Data Analyst salaries in India are ₹1,750,000 per year for experts with more than 20 years of industry expertise.
- Data Analyst Salary in India by City
We will now learn about the pay of Data Analysts in various sections of the country.
Data Analysts in Bangalore, Karnataka, make approximately 17.7% more than the national average. The average annual income in this area is ₹508k.
These professionals make around 6.6 percent less than the national average in Mumbai, Maharashtra, with a salary of ₹403k per year.
In Hyderabad, Telangana, data analysts make around 4% less. The city’s average yearly salary for Data Analysts is ₹442k.
The average salary for Data Analysts in Kolkata, West Bengal is 6% lower than the national average. Data Analysts earn an average of ₹408k per year in this city.
Data Analysts earn around ₹404k per year in New Delhi, which is 6% less than the national average.
- Data Analyst Salary in India by Company
Mentioned below are the average salaries earned by Data Analysts in various companies in India (in no particular order):
Tata Consultancy Services: ₹439k/year
Ernst & Young (EY): ₹408k/year
- Data Analyst Salary in India by Job Profile
In India, the Data Analyst salary varies according to the job profiles as follows:
Software Engineer: ₹267k–1,000k/year
Software Developer: ₹215k–1,000k/year
Business Analyst: ₹274k–1,000k/year
Senior Software Engineer: ₹495k–2,000k/year
Senior Software Developer: ₹438k–2,000k/year
IT Consultant: ₹391k–2,000k/year
Data Scientist: ₹342k–2,000k/year