What Do Business Analysts Actually Do?
An analyst is probably one of the more vague job titles. Sure an analyst has to “analyze” things, but what exactly are they analyzing, and what do they do with their analyses?
With almost 800,000 business analyst jobs as of 2014, this certainly isn’t a career path to overlook. Essentially, business analysts look into a company or organization and determine how well they’re doing, and if there is anything they can do to maximize their potential. Though the word “business” is in the title, analysts aren’t limited to only corporations and can work with the government or non-profits. Here are five facts about Business Analysis.
1. There are numerous types of business analysts
There are a number of different jobs and roles that all fall within the “business analyst” umbrella. Basically these different titles all still do work to ensure companies are working optimally, but the main distinction comes from the angles they use to do so. You can simply be a business analyst, or you can become a “systems analyst,” which usually refers to a business analyst that focuses more on the IT side.
2. The average salary is $65,973.
Considering the average starting salary for a bachelor’s degree graduate is around $50,651, business analysts do quite well salary wise. Here’s a chart that shows you some of the top paying companies.
3. There are tests you need to pass in order to become a certified “Business Analyst”
But don’t let this scare you away! While there are four business analysis certification levels, ranging from the Entry certificate to the Certified Business Analyst Thought Leader, given by the International Institute for Business Analysis (IIBA), these are supplementary exams you can take later in your career to further pad your business analyst resume. In fact, beyond level 1, you actually need to have a set number of hours of work experience to even be able to take the tests, so if you’re just looking for an entry-level position you don’t need to worry about these yet.eep them in mind, though, when you’re looking to continue your career as a business analyst.
4.It’s a quickly growing field
The projected 10-year growth for business analyst jobs is 14%, which, compared to the national average of 7%, meaning that between now at 2024, an estimated 103,400 jobs will be created. So if you’re looking to ensure job availability once you graduate, a career in business analysis may be you! In addition, companies can either hire business analysts to work on a project for them through firms such as Accenture or Deloitte, but on the other hand, certain companies like Target keep business analysts on staff to make sure they’re always performing their best. This increases the number of jobs available as there isn’t one special kind of company that’s solely looking for business analysts.
5. The barrier to entry is pretty low
According to the Bureau of Labor Statistics, the average work experience in a related field is less than 5 years, with almost no additional on-the-job training required to work as an analyst. If you decide a path as a business analyst is for you, you can head straight into the role after undergrad. But, as mentioned above, while you can immediately work as a business analyst, keep in mind that if you do want to continue down this path there may be supplementary certificates you might want to obtain.
Still not sure which industry is for you? Fear not, sign up for free to get more industry data, as well as data relating to compensation and career navigation, all tailored specifically for you!
Questions or comments? We love hearing from you! Reach out.
