Everything You Need To Know To Become A Business Analyst
The world of big data is really vast, and there are wide categories of job titles falling under the umbrella of “analyst”. If you have a passion for computer science, how to become a business analyst is a question you might be asking yourself – a role that allows you to use your technical skills and help companies develop data-driven strategies.
Business analysts are highly valued professionals who can turn complicated numbers and patterns into structured results that businesses can further use to progress. They help companies steer their way through the ocean of information and make informed decisions that lead to success.
Today, organisations across the sectors, be it banking or e-commerce, are always eager to hire skilled business analysts. As the amount of data continues to grow, the need for professionals who can interpret and utilise this information has never been greater. If you’re on the lookout for a fulfilling and stable career in data science, becoming a business analyst could be the ideal path for you. It’s a chance to make a real difference by transforming data into powerful insights that drive business success!
Table Of Content
What is a Business Analyst?
Business Analyst Qualifications
What is the Role of a Business Analyst?
6 Best Business Analyst Career Paths
What is the Average Salary of a Business Analyst in India?
Let’s Break Down the Business Analyst's Salary Based on Experience
Popular Companies Hiring Business Analysts and Their Salaries in India
Average Annual Business Analyst Salary by Industry
Three Steps to Launching a Business Analyst Career
How Can Jaro Education Help You?
Final Thoughts
Frequently Asked Questions
What is a Business Analyst?
Business analysts are experts who use data and business analysis to help companies enhance their procedures, goods, services, and software. They also assist in bridging the gaps and boosting productivity by cooperating with the business and IT teams.
According to the International Institute of Business Analysts (IIBA), one of the main responsibilities of a business analyst is to bring about change within an organisation. These adjustments could be more important, like identifying areas for cost reduction, or they could be more high-level, like more extensive structural or policy changes. In any case, a business analyst’s modifications assist an organisation in identifying and bringing fresh prospects.
There are mainly four stages at which a business analyst can perform business analysis:
- Strategic Planning: Assessment of the organisation’s strategic initiatives.
- Business Model Analysis: It involves identifying and assessing business policies and procedures.
- Business process modelling: It is typically the result of process design and modelling, which includes process definition and design.
- IT & Technology Business Analysis: Evaluating processes, technology, and organisational structure to identify ways to achieve organisational objectives.
Business Analyst Qualifications
A strong business analyst qualification usually combines formal education, technical knowledge, and analytical skills. Most business analysts have a bachelor’s degree in areas such as business administration, finance, computer science, or economics. Some also seek advanced certifications to boost their expertise. In addition to academic training, a solid business analyst qualification involves skills in data analysis tools, problem-solving, and clear communication to connect business needs with technology solutions.
What is the Role of a Business Analyst?
The core responsibility of a business analyst is to analyse business opportunities and help implement technology solutions cost-effectively. If you’re wondering how to become a business analyst. This role involves clearly understanding project requirements and communicating them to internal and external stakeholders. Business analyst roles and responsibilities include:
- To develop the right strategy while defining and documenting business functions and processes.
- To ensure that the system design is perfect and meets the needs of the users.
- To help in developing a comprehensive change in management strategy.
- To assist technically in training and coaching professional and technical staff.
- To develop a training curriculum and conduct formal training sessions covering assigned systems modules.
- To interact with your stakeholders to get the necessary information, engagement, and involvement to keep a project moving forward.
- To define the capabilities of the final product/service.
- To conduct user acceptance testing.
- To provide possible solutions to business problems.
6 Best Business Analyst Career Paths
Before you decide how to become a business analyst, you must do the prep work. There are multiple career paths in business analysis, each offering unique opportunities and challenges. Here are six of the best career paths for aspiring business analysts:
1. Business Intelligence Analyst
Business intelligence analysts handle all aspects of data collection, analysis, and interpretation. They understand big data sets by using statistical tools and procedures to find and comprehend trends and patterns. They can get insights from this study that are then used to help data-driven business decisions. If you’re wondering how to start a business analyst career, understanding these fundamentals is crucial.
Career Growth
- Senior Business Analyst
- Business Intelligence Analyst
- Data Scientist
2. IT Business Analyst
Business needs and IT solutions are connected by IT business analysts. To make sure that technical solutions meet business needs, they collaborate closely with IT departments. They are responsible for converting technical standards into business needs, collaborating with testers and developers, and making sure IT solutions complement corporate objectives. If you’re exploring how to start a business analyst career, this role offers invaluable experience.
Career Growth
- Senior IT Business Analyst
- IT Project Manager
- Chief Technology Officer (CTO)
3. Financial Analyst
Financial analysts mostly deal with finances and evaluate financial data to assist organisations and individuals in making better financial decisions. Their specialities include comprehending current situations, assessing investment prospects using accessible data sets, and determining when it is most appropriate for companies to move. Based on past and present trends, they forecast future financial performance and provide safe recommendations for financial growth to both individuals and corporations. The average business analyst salary as a financial analyst ranges from ₹ 4.00 Lakhs to ₹ 20.0 Lakhs
Career Growth
- Senior Financial Analyst
- Chief Financial Officer (CFO)
- Finance Manager
4. Data Analyst
Data analysts are the hidden heroes of the digital age. Data analysts use technical tools and strategies to make sense of the vast amount of information generated daily. They convert these unprocessed data sets into useful insights and assist in spotting company trends and tendencies to keep an eye on. Therefore, the best capabilities in this profession are strong analytical and problem-solving skills.
Career Growth
- Senior Data Analyst
- Chief Data Officer (CDO)
- Data Scientist
5. Product Manager
Product managers are responsible for the development and success of a product. They work with Cross-departmental teams to ensure the product satisfies market needs and company objectives. They are responsible for defining the product vision and strategy, collecting and prioritising product requirements, and managing the product life cycle from concept to launch.
Career Growth
- Director of Product Management
- Senior Product Manager
- Chief Product Officer (CPO)
6. Consultant
Consultants give specialised advice to clients to improve their performance. In consulting roles, business analysts deal with clients to solve complex business problems and implement solutions. They are responsible for business assessments and audits, finding & implementing solutions, conducting workshops and training sessions, etc.
Career Growth
- Senior Consultant
- Principal Consultant
- Partner at a consulting firm
What is the Average Salary of a Business Analyst in India?
Let’s be honest: One of the most genuine reasons driving young professionals toward the business analyst profession is the impressive salaries and booming job growth the industry provides. In India, the average business analyst’s salary typically ranges from 3 LPA to 15 LPA. However, various factors affect this salary, including experience, location, company, skills, and so on.
Below is a clear presentation of the average business analyst’s fresher salary and experience from different cities.
| City | Average Salary (Freshers) | Average Salary (Experienced) |
|---|---|---|
| Bangalore | 6 LPA | 16 LPA |
| Delhi | 8 LPA | 13 LPA |
| Noida | 7.5 LPA | 11.5 LPA |
| Hyderabad | 5.5 LPA | 14 LPA |
| Gurgaon | 6 LPA | 14 LPA |
| Mumbai | 5 LPA | 15 LPA |
| Pune | 4 LPA | 16 LPA |
| Chennai | 4 LPA | 13.5 LPA |
| Kolkata | 7 LPA | 14 LPA |
Let’s Break Down the Business Analyst's Salary Based on Experience
Experience is another main factor determining a business analyst’s pay. In this field, you become better as you work with different people, clients, and companies. Simply put, the more time passes, the more you will earn.
| Role Level-Business Analyst | Base Salary |
| Entry-level | 4 LPA |
| Early-Career | 5.15 LPA |
| Mid-Career | 8.56 LPA |
| Late-Career | 12.89 LPA |
| Experienced | 19.65 LPA |
The table above illustrates an approximate average business analyst salary you can expect in India according to experience level.
Popular Companies Hiring Business Analysts and Their Salaries in India
Average Annual Business Analyst Salary by Industry
| Basis | Perfect Competition | Monopoly |
|---|---|---|
| Number of Sellers | firms | Single firm |
| Barriers to Entry | Very low | Very high |
| Substitute Products | Good substitutes are readily available | No good substitutes are available |
| Competitive Strategy | Firms compete through prices only | Companies compete through product features, quality, advertising, and marketing |
| Pricing Power | Negligible, dependent on supply and demand | Significant, companies can manipulate prices as desired |
Three Steps to Launching a Business Analyst Career
The field of business analytics is booming, with exciting new roles emerging at top companies. If you’re curious about how to become a business analyst, you might be wondering what milestones you need to hit along the way. Don’t worry—we’ve simplified the roadmap to becoming a business analyst in one easy step just for you!
Step 1: Sharpen Your Business Analyst Skills
A business analyst’s job involves a mix of business strategy and data science, making it quite complex. This means that not everyone is suited for the role. However, if you have a diverse skill set, you could be a great candidate for this in-demand field.
- Communication skills: Business analysts work in teams and need to explain complex technical data to various stakeholders. To gain approval for plans, it’s essential to develop strong written and verbal communication skills.
- Critical thinking and business knowledge: Business analysts need to be aware of various aspects of the organisation they work for. They must be able to understand the functions of various people and departments as well as how they interact and rely on one another.
- Technical skills: Business analysts can use a variety of technical programs, such as those for wireframing, data crunching, diagramming, requirement management, and results presenting. Business analysts are becoming more technically proficient in areas such as database administration, systems engineering, big data mining, and computer programming.
Step 2: Gain Work Experience
Working as a business analyst requires a wide range of talents and skills. Thus, individuals can enter the sector with experience in a variety of industries, like government, telecommunications, or banking, or with an understanding of a single business domain, such as workflow, billing, or customer relations.
After being employed as an entry-level business analyst, seek opportunities to work on a variety of projects to gain experience. Eventually, you can specialise in the domain or industry you are particularly interested in, and that experience may help you discover how to become a business analyst.
Step 3: Obtain an Advanced Certificate
For those with advanced knowledge of business analytics, the ePost Graduate Diploma in Advanced Business Analytics (ePGD-ABA) from IIM Ahmedabad is a perfect fit. It is a 16-month programme that combines online classes with on-campus sessions, giving you a strong base in analysing the right data and decision-making. Through this course, you will also get hands-on experience with different business analytical tools such as SQL, Excel, and many more.
Programme Highlights:
Highly recognised PG Diploma Programme.
Cutting-edge content and case-based pedagogy by IIMA faculty
Domain-specific elective choices
Hands-on experience in analytical tools
Industry-relevant curriculum
How Can Jaro Education Help You?
Jaro Education is one of the top-rated online higher education and upskilling companies, assisting learners with dedicated career counselling and academic support. We are here to provide opportunities for top talents to build professional networks and experience great learning experiences. In addition, for some of the programmes offered by prestigious IIM and IITs, we act as a marketing and technology partner.
If you are ambitious and want to know how to become a business analyst, we recommend you to enroll for the post-graduate Diploma in Advanced Business Analytics (ePGD-ABA) from IIM Ahmedabad in an exclusive partnership with Jaro Education. With this programme, you can get the Jaro Advantage that includes:
- Learning from the Best: Industry experts will share their knowledge with you so that you can stay well-versed in the latest techniques and technologies in business analytics.
- Individual Support: You will get constant guidance on career development and informed academic choices from expert career advisors assigned to you individually.
- Engagement and Resolution: Participate in interactive discussions and forums and facilitate your learning.
- Networking: A multitude of opportunities to meet alumni and participate in exciting events, which will help you broaden your horizons and expand your professional network.
Final Thoughts
Undoubtedly, data-driven decision-making has become a core component of success in this competitive business world. Across industries, the demand for business analysts is increasing, making it a promising career choice with endless opportunities. So, if you’re exploring how to become a business analyst, why not take the next step by enrolling in the ePost Graduate Diploma in Advanced Business Analytics (ePGD-ABA) from IIM Ahmedabad? This course can open the door to exciting professional advancements!
Furthermore, if you’re pursuing this diploma programme through Jaro Education, your learning experience will be exceptional. Join us and take the first step toward a thriving career in business analytics and learn how to become a business analyst today!
Frequently Asked Questions
Well, not all business analysts work for IT departments. If you’re more interested in data analysis and IT, you can go for an IT business analyst. In this job, you’ll be responsible for analysing the IT department’s requirements and pain points.
If you think that you’re business-minded, business analytics might be a better fit. You will get opportunities to work with numbers and excel in statistics while also engaging with stakeholders to understand their needs and drive strategic decisions. If you’re wondering how to become a business analyst, remember that business analysts focus on improving processes and systems, translating data insights into actionable business strategies.
