The salary earned by a business analyst varies on the level of experience, as well as the industry in which he or she works.
How to Become a Successful Business Analyst
Completion of business analytics education guarantees a career as business analyst in prestigious private corporations. This position is quite technical and requires the analyst to develop and analyze workflows as well as strategies in business organizations. He or she is also expected to find out if different applications conform to prearranged industry standards. In business analysis, you should learn to communicate effectively with various audiences. On top of this, you are expected to prepare technical evaluation reports and get involved in project management functions.
How Much do Business Analysts Earn?
Annual business analyst salary (entry level) for professional with less than one year of experience starts at approximately $31,000 up to $58,800. These figures are based on a survey conducted by Pay Scale, Incorporated last year for more than 1,300 business analytics practitioners. The compensation is expected to increase for those with a maximum of four years experience. Thus, the salaries will range from $36,993 to $71,753 annually. Meanwhile, Salary.com revealed that business analysts at the low level earned a standard salary of $50,476.
Business Analyst Salary by Industry
Prominent industries which employ business analysts consist of software development companies, hospitals and healthcare service providers, insurance firms, manufacturers of software applications and financial services institutions.
Pay Scale further revealed that insurance and healthcare offered the highest starting wages for graduates of business analytics courses. For financial companies and software applications, the lowest salary (annual) for business analysts was estimated between $40, 471 and $40, 293 respectively. Software developers were paid the lowest salaries at $39, 205 each year. Aside from competitive wages, business analytics experts are given medical and dental benefits, performance incentives and profit sharing as part of their compensation packages. The average bonus for business analysts is from $733 to $9,955 per annum. On the other hand, profit sharing business analysts can look forward to financial growth as they continue to amass additional experience. Yearly salaries for analysts with five to nine years of aggregate experience ranged from $44,235 to $87,243. Those who have more than 10 years of practice can earn as much as $98,000 every year. The required business analytics degree is an associate degree. Most of them finish a business or computer science-related field.
Business Analyst Salary by Location
Median compensation for the business analyst is more or less $82,000 which is lower by $4,000 compared to the 2009 median. This figure considers all experience levels and geographic locations. Business analysts residing in the northeast and western portions of the U.S. earn higher salaries than those coming from the middle and southern regions. Employment outlook in business analytics is comparatively optimistic. Positions are projected to grow during the next 10 years especially with the continuing progression of information technology.
Business Analyst Career Outlook
Business analysts can be assured of positive developments in terms of career growth. There is a strong demand nowadays for professionals who can identify business requirements, craft solutions and translate these into IT specifications that allow companies to attain their business goals. The nucleus of establishing a lucrative career path is to generate more experience since this is a way of testing your core competencies.