As the 21st century continues to unfold, many people are becoming interested in pursuing a career as a business analyst. This decision can be personally and professionally advantageous for numerous reasons, including the fact that pay is competitive and there are opportunities for upward mobility within companies that hire business analysts. If you have been thinking about pursuing a career as a business analyst, learning more about things such as the median salary and job requirements to work in the field can help you decide if it is the right career path for you.
Business Analysis-The Basics
Although the roles and responsibilities of a business analyst are often broadly defined, individuals who choose the occupation are basically responsible for analyzing an organization as a holistic entity and recommending processes that will improve the efficiency of production, logistics, and sales. Business analysts are also responsible for solving business problems.
In order to operate effectively as a business analyst, there are three basic skills that you will need to have and use:
1. Listening Aptitude
In order to operate in excellence, business analysts must develop and exercise great listening skills. Developing listening skills is especially important for business analysts given that they will often need to speak to shareholders to determine the needs and wants of management. In speaking with shareholders, business analysts must ask questions and determine what is needed by listening carefully.
2. Knowledge of Facts and Figures
Business analysts will compare and contrast the past and present numbers of a business. Doing so will help them determine whether the company is doing the things necessary to entail success or is operating in a manner that may precipitate failure. Additionally, a business analyst will consider stockholder information in order to analyze the risk that specific investment prospects could entail.
Business analysts need to possess the ability to negotiate. By involving themselves in the matters pertaining to various business departments, business analysts can identify conflicts within the different departments and subsequently bring them together by devising mutually satisfactory resolutions.
Business Analyst-Median Salary
Statistics regarding the salary a business analyst can make are divergent. In discussing them, Dana Stevenson reports the findings of the Bureau of Labor Statistics. The Bureau reports that business analysts earned $78,849 per year (or $37.90 each hour) in 2011. While this statistic is helpful, it doesn’t account for company size or experience. In 2012, Robert Half Finance & Accounting estimated that business analysts at the entry level earned anywhere from $44,250 to $57,250, irrespective of the size of the company. Senior business analysts were believed to have earned from $68,500 to $89,250. This finding was also static irrespective of company size. Business analysts who operated within the field of management earned a median salary ranging from $80,750 to $106,750 at midsized companies. Finally, business analysts operating within large companies took in anywhere from $81,000 to $107,250 each year.
If you are considering a career as a business analyst, you should note that doing so can be a very prudent decision. In addition to gaining the ability to earn a competitive salary, the field brings with it opportunities for personal advancement and professional growth that can entail a sense of self-fulfillment. By reviewing the information above, you can make an informed decision regarding whether business analysis is the right career path for you to pursue.