Top 5 Business Analyst Career Paths in 2023
A revolutionary culture ruled by AI has brought rapid changes to the business world. The existence and power of analytics-driven businesses have changed business outlooks. The rise of analytics across businesses brings an insightful business culture to the role of business analysts.
With an analytics-driven business culture, the business analyst career path sees increasing popularity. The excellent uses of analytics are breaking down traditional business stereotypes and bringing profound change on board.
Do you know why business analyst career roles are in demand right now?
Because business analysts protect the business against external risks and uncertainties. The pandemic threats, uncertain political decisions, or economic downfalls affect the business. The analysts keep the company ahead of challenges by having better business progress.
Analytics brings a data-driven & insightful approach to every business decision. Thus, the future growth of business analysts' career roles is endless. The business analyst career path consists of better growth scope that makes a business analyst position outstanding.
Let us understand the role of a business analyst in the business world.
A business analyst manages business operations to drive economic growth and performance. Earlier business analyst role was limited to business decisions but has now changed into an efficiency growth factor.
Business analysts can improve their business outlook through analytics tools. The radical shifts in business analytics have attracted the attention of many industries. Business analysts are in the era of analytics 4.0. Analytics support the experts to have a more logical and practical view of the situations.
Business analysts in the current scenario can transform larger datasets into meaningful information that supports business decisions. Business analysts have access to every functional department of the firm that makes collective improvements for the business. BA not only identify business risks but also mitigates them completely.
In short, a business analyst works for continuous improvement in businesses and alters existing business functions. A business analyst helps the business in making informed decisions with facts. These duties help them collaborate and maintain professional relations with the key stakeholders in the business.
Hence, before getting into this field of analytics, an individual must be aware of the technical skills and expertise required. With basic knowledge of applied mathematics/statistics, one can get ready to build a career as a business analyst. To sustain itself in the industry, it needs technical expertise in R programming, DS & AI, Tableau, Power BI, and advanced Excel functions.
Here are some interesting facts that unveil business analyst career opportunities:-
Explore 5 Business Analyst Career Paths in 2023
Is a business analyst a promising career role in 2023?
To know the answer to the query, you must know the most-demanding positions that a business analyst career holds. Every role carries different levels, experience criteria, and growth scope. It depends on the level of duties that an analyst expert has to fulfil.
1. Business Analyst Manager
A business analyst manager ensures the smooth running of the projects adopted by the business. They also play the role of a project manager in some companies that manage a project team and its performance. The analyst performs the task of research and analysis that helps businesses with better growth strategies.
The analyst manager role is known for hiring team members, training them, and preparing them to reach business goals. The analyst manager is a networking link between business leaders and external vendors. This helps in solving issues between the two parties and making decisions.
You must have at least a bachelor’s degree and basic analytics tools knowledge to reach this analyst position. Non-IT professionals can take help business analytics courses to know the real-time use of analytics tools and techniques.
The duties of a Business Analyst Manager are:-
Work collaboratively with different departments.
Assisting key stakeholders in planning business goals and objectives.
Working on developing business plans, processes, and functions.
Monitoring the progress of the project activities aligned with business goals.
Helping IT teams to address the issues.
Establishing professional relations with the key stakeholders.
Salary and Perks:-
A business analyst manager earns ₹16 LPA. Considering the expertise level and work experience of the manager, the salary package is decided. Thus, the package ranges between ₹7 LPA to ₹33 LPA in India.
2. Data Business Analyst
Data business analysts simplify unstructured datasets and trends for insights. They help design graphs, charts, and visuals for better business decisions.
The data business analysts manage the duties:-
Analyzing data patterns
The visual design of data for real insights
Preparing data for business decisions
Validating the consistency of the datasets.
A bachelor’s degree with basic applied mathematics/statistics knowledge can lead you toward a data business analyst career. Plus, your soft skills in researching market conditions and critical analysis of the facts can be an additive advantage. Online courses with certificates can also aid in learning the needed analytics tools.
Salary and Perks:-
A data business analyst in India earns ₹6.5 LPA approximately. Depending on the analysts’ work experience, skillset, and expertise level, the salary range is decided. Hence, the salary package ranges between ₹2.8 LPA to ₹19 LPA.
3. IT Business Analyst
An IT business analyst is an emerging role that one should consider. The analysts in this role maintain a link between IT and business departments. Since the business analyst role is complex, an IT analyst must perform many project tasks. For every business department, specific process designs are designed by an IT business analyst.
Core duties fulfilled by an IT Business Analyst are:-
To have better knowledge of the business functions of different departments.
Conveying business requirements to managers and leaders for informed decisions.
Simplifying technical and architectural essentials of the system and discussion with the stakeholders.
Developing business plans and requirements with software projects and programs.
Key stakeholder discussion before, during, and after software project development.
Suggest the right design for the software development project chosen.
With programming, database management, and data analysis skills, IT analysts perform their daily duties well. An essential graduation degree with applied mathematics/statistics knowledge can make you ready for this field. Plus, you can have a leading career in this field with an industry-paced business analytics program.
Salary and Perks:-
The average annual salary of an IT business analyst is ₹6.5 LPA. With consideration to work experience, skillset and level of expertise in the industry, an IT business analyst can expect a salary range between ₹2.6 LPA to ₹15.2 LPA.
Check Out this Blog: Benefits of Business Analytics Certification
4. Operations Analyst
An operation analyst is a specific role that focuses on core business operations. Businesses consist of various functions and procedures that assist in business growth decisions.
Analysts play a critical role during external uncertainties and business changes. They identify the business areas that need inspection and improvements for better outcomes. Operation analysts work with many teams in the business and report directly to senior management.
Essential duties which the Operations Analyst plays are:-
Understanding the operational requirements of the business and acting accordingly.
Having identification and evaluation of the scope for business growth opportunities.
Collecting business information from different sources like business reports, company critical statements, and employee feedback.
Regular analysis and evaluation of different business operations and related data.
Reviewing the company's guidelines and standardizing the operational methodologies.
A graduation degree with good knowledge of mathematics/statistics is an essential requirement for the role. Plus, knowledge of analytics tools and programming languages is essential that can be gained through an analytics certificate course. Course learning with a well-recognized certification can successfully shape an operations analyst's career path.
Salary & Perks:-
Operations analysts in India can expect for ₹4 LPA approx salary package in an MNC. Yet, with upskilling and expertise in hands-on analytics tools, an operations analyst can expect a hike to ₹8.8 LPA. On the other hand, an analyst at entry level with basic knowledge can get ₹2.5 LPA approx.
Check Out This Blog: 10 Skills to Become a Business Analyst.
5. Business Intelligence (BI) Analyst
BI analysts handle specific departments like marketing and finance. Market intelligence reports help business managers or leaders have ideal decisions. The Power BI tools help analysts in the formation of business reports.
Data mining ways help analysts use specific tools and frameworks to use market records and customer feedback to design the dashboard; from marking the trends to having ways of business success, business intelligence analyst supports the business.
The duties of a Business Intelligence Analyst are:-
Collection, review, and validation of customer reports and feedback.
Review and monitoring of data warehouse function.
Develop data analysis policies and regulations.
Designing procurement systems and related programs.
Deployment of IT hardware and software upgrades having coordination with IT teams.
Execution of new methodologies.
Review and monitoring of data integrity and ethical utilization.
Identification and removal of data threats.
Any graduate with good academics can start their career in this field, yet knowledge of applied statistics is necessary. Also, learning analytics tools like Power BI helps manage dashboards and create business reports. An online course with a certificate can provide the privilege of gaining practical knowledge of tools supporting career shifts.
Salary and Perks:-
The annual average salary that a business intelligence analyst can make in India is ₹7 LPA. This salary package can stretch to a max ₹16.4 LPA. The salary and related benefits depend utmost on the skills, expertise, and work experience in the relevant field.
To conclude the blog here, the demand for shaping a career in business analytics is increasing across the world. Its future growth opportunities in the data-driven culture bring hope for many businesses to stay competitive for a long time.
The development of analytics has made progressive changes across the business world. Many professionals are prone to the business analytics field, hoping to build a successful career. But it requires more than just a graduation degree. Industry-paced training and professional grooming sessions can better support the experts.
An industry-paced Master’s in Business Analytics can build a successful business analyst career path. The course brings the scope of career shifts, and the experience with capstone projects shapes your performance. Plus, a course completion certificate from IBM & Microsoft will bring victories to your career.
Frequently Asked Questions
1. How to build a career path in business analytics?
With attentive learning, a graduate degree, and a business analytics certificate course, one can kick-start their career in analytics. In addition, having real-time work experience is helpful that industry-paced courses provide through capstone projects.
2. Can business analytics prove to be promising for experts?
Business analytics demands practical skills that drive your career toward promising growth. The field brings you diversified job roles to take advantage of if you want a successful career shift. Yes, business analytics can be a good career choice if you have good analytical skills.
3. Can a non-IT expert build a career in a business analyst position?
Yes, you can switch your career to business analytics if you are from a non-IT or non-programming field. You can start your career building today with fundamental knowledge of mathematics/statistics. Here, the online Courses With Certificates can help you learn technical skills essential for a successful career in analytics.