Business Analyst: Salary and Scope

Category: Education

There is a growing need for highly qualified and established business analysts in every industry today, especially in the US. Companies are unrelentingly employing business analysts to help improve their processes, growth prospects and profits. If you are considering a career as a business analyst, then here is all the information you need to gauge the salary and scope of a business analyst. Business analyst salary and scope But before delving into the business analyst salary and scope, it is important to understand who a business analyst is. Who is a business analyst? A business analyst is a sought-after business professional who analyzes past business data to improve future output. They make suggestions for improvements in all areas of business across the organizational hierarchy. Factors determining a business analyst’s salary While there are many factors determining a business analyst’s salary such as location and industry, the primary factors are domain expertise, prior experience, qualifications, results and the company itself. All these factors together might not be considered while employers make a decision, but they might be a few while making their decisions. A great way to establish your career in the onset as a capable business analyst is to complete a focused program such as the Global Master of Science in Business Analytics (Global MS in Business Analytics) from the Richard DeVos Graduate School of Management. This program will propel your career forward and enable you to help startups and Fortune 500 companies alike, to improve their business capabilities. Business analyst pay scale based on location According to PayScale, the average base salary for a business analyst in the US is $80,000 per year, while a senior business analyst can command approximately $88,000. In comparison, according to Glassdoor the average base salary for a business analyst in India is ₹7,20,000 per year which translates to $9,018.51. According to Indeed the average base salary for a business analyst in Canada is $73,544 per year. What is the scope of a business analyst in the USA? A management analyst is one of the fastest-growing, highest-paying positions in business with projected growth greater than 14% from 2018 to 2028 leading to 118,300 new positions. General managers will also be in high demand with over 150,000 new positions by 2024 at an annual pay of $97,270. 53% of corporate respondents say they are redesigning competency requirements to include skills such as analytics and artificial intelligence. 68% of corporate respondents state they are developing new strategies to attract, recruit and retain workers in analytics related positions. Hiring projections for the Master of Data Analytics degree increased 40% compared to last year, the highest increase among other business master’s programs. The demand for Business Analytics professionals is unprecedented, and it is only growing. With greater need, the salary is naturally high. According to a study by IBM, 39% of job postings in Data Science and Advanced Analytics require applicants to possess at least a master’s degree. *Source: U.S. Bureau of Labor Statistics, 2019 Deloitte Technology in the Mid-Market survey report, GMAC Corporate Recruiters Survey Report 2019.