Business Analyst Job Description, Career as a Business Analyst, Salary, Employment
Definition and Nature of the Work, Education and Training Requirements, Getting the Job
Education and Training Bachelor’s degree
Average Salary $74,000 per year
Job Outlook Very good
Basic Job Description
Business analysts have a very wide range of jobs. Most importantly, they are used to determine the needs of a company. They will interview management and analyze documentation to help determine these needs. They will observe company practices and procedures to determine what can be done better, what types of new tools can be used, and what individual employees and departments can do to make their jobs more effective.
Once the analyst observes each department within a company, they will work to develop a strategy, business plan and overall goal that the company should work to achieve in a specific time period. Analysts commonly work with the information technology department, and often replace the entire department, working to develop new software and implement it into the business plan on their own.
A business analyst technically has to be knowledgeable in every business department. They must know accounting details, information technology and software details, the details of any labor positions such as factory or machine workers, and the duties of each manager position. A business analyst basically has to be able to understand every detail about how a business is ran and how each department is connected. Once they know all of this information, they can easily make each department flow smoothly into one another and operate efficiently.
Education and Training Requirements
To become a business analyst, a Bachelor’s degree in accounting or business is required. In order to make a successful analyst, one must possess excellent communication skills. The analyst must be able to easily communicate with inside and outside sources in a company and motivate them to adapt to new, more effective strategies to reach their goals.
Business analysts should also be able to use examples from previous case studies and previous analysis done with different companies to show businesses the potential they have if they improve their overall business plan. This develops trust with business owners and shows that the analyst has a proven track record and knowledge on how to make a business successful.
Getting the Job
To land a job as a business analyst, one must possess a complete understanding of how a business works and how the departments are connected, from accounting to the IT department. The candidate will possess strong communication skills in order to develop a purpose statement and an end goal that involves every detail. They will also provide resources, contact information and documentation in case any work needs to be done by other outside sources.
Job Prospects, Employment Outlook and Career Development
Business analysts are also familiar with the information technology aspect of running a business. If a business wants them around more often to permanently be in charge of their operating systems, they can be hired in as an information technology consultant. Whenever a business wants to implement a new plan into the system or develop a new strategy or goal, the consultant will be available to come in, observe what needs to be done, and help them develop the software, business plan or strategy needed to reach the goal.
Employment for business analysts is on the rise. As more companies begin to implement technology into the workforce, they are looking for the help of analysts to work with them and figure out the best way to incorporate the technology into their existing environment and help it operate smoothly and efficiently.
Career development into information technology consultant or contractual business analysts for specific companies is also on the rise. There are many ways to develop a career and turn new clients into permanent clients. It takes professionalism, good communication skills and someone who is constantly up to date on new and emerging technology to convince someone that they are worthy of working with their business contractually and each time they need a new plan developed.
Working Conditions and Environment
Business analysts typically work in an office environment and deal with many people on a daily basis. The analyst is rarely working alone and is constantly communicating with different workers and managers of different departments within each business.
Many analysts work for several companies at a time and are paid contractually, or on a per project basis. This often involves visiting several businesses in a day to gather information and observe different practices in order to develop the right strategies.
Due to the fact that they spend so much time at different businesses they’re working with, analysts often do the rest of their work from a home or personal office. This allows them to have a career that is flexible and allows the freedom from working from home, making their own hours and spending time as they see fit.
Salary and Benefits
The average salary for a business analyst is $74,000 per year. The more experience an analyst gains over time, the more clients and contracts they will obtain and be able to handle at once. The more contracts an analyst takes on, the more their salary will grow.
Analysts who become information technology consultants for companies can often make six figure incomes. There are plenty of benefits to gaining a positive reputation and relationship with clients, as they will continue to hire you for more work and even refer you to other companies.
Since many business analysts grow to work as independent contractors, they can commonly make their own hours and work around vacation or sick days. If an analyst works for a specific company and is technically a part of their payroll system, they can be provided sick days, health insurance plans or vacation time according to what the company is willing and able to offer.
Where to Go for More Information
International Institute of Business Analysis
3605 Sandy Plains Road, Suite 240-193
Marietta, GA 30066
7300 Metro Blvd., Suite 207
Minneapolis, MN 55439-2302
Boston University Corporate Education Center
1 Executive Drive – Suite 301
Chelmsford, MA 01824
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