Business Analytics Careers - Know Why They are in Great Demand

Introduction

The U.S Bureau of Labor Statistics projects that careers in Business analysts will increase by 11% between 2019 and 2029, much faster than the average job outlook growth rate. With the median salary of $82,049.  There is a reason business analyst jobs are so much in demand. 

The business Analyst profile is one of the most sought-after career options because of the increasing inclination of businesses toward data-driven cultures by great adoption of big data, AI, and business analytics.  

Businesses are exploded by the tones of data and are leveraging the best use of business analysis tools and business analysis resources to retrieve the value from the data to perform growth-potential decisions and processes.  

With businesses seeking to control costs and maximize efficiency in their processes, the BLS (Bureau of Labour Statistics) have indicated the demand for Business Analysts (BA) will see a growth turnout of 14

What is Business Analytics?

Data has gained humongous functioning in today’s organizations. Earlier usage of data was just limited to track the monetary assets and to manage the business’s audit and tax-related tasks, now data has much more border function to perform. It is now required to assess each and every aspect of the business - so that better business decisions and activities can fall into place. 

With the advancement of technology, data handling became easy and pensive. Now businesses are using a lot of data to induce better performances or business functions. And to lead this role, they are hiring business analysts who know how to procure and translate those valuable data into favorable outcomes for businesses of any scale or intensity.

Business analytics careers is one of the growing fields of today that has been tremendously helping businesses to lift their profit figures and prepare business plans of extreme solidarity. The tasks under business analytics careers are subjected to inspecting the business’s external and internal performances - mainly in a way their final outputs are worth financial growth. Business analytics is a deeper subject, it could be all-around -

• Studying business market scopes & competition
• Implementing change management
• And discovering means to customer satisfaction

Exclusive Read: Business Analyst Resume Sample Template – Guide for Beginner & Experienced

What are the Benefits of Exploring a way out in Business Analytics Careers?

Let’s chalk out a few reasons why exploring careers in business analytics can be the next best thing:

Data is Produced in Heavy Quantity

Business analytics careers are in demand because every hour, there are hundreds of terabytes of data produced over 6 billion connected devices. Each data produced has a great requirement to be translated into sensible information- to help businesses dip their foot for a competitive edge. With a degree and right skills, anyone can be handed over with the job to assess, and extract the useful information from that scattered data - to derive meaningful insights - which every small to high scale business is longing for these days. 

Learn to use & Deploy the Advanced Technology

It doesn’t matter if you have a technical or non-technical background for business analytics and information systems careers, the field is welcoming for all candidates from diverse backgrounds. With useful Business analysts certification training, you could learn to explore and harness the latest technologies and software(s) that helps to automate and fasten the analytics activities. These training programs would help you learn the powerful machine learning languages like Python - which is the key ingredient these days in writing problem-solving coding scripts. That's why Business analytics careers are in demand. 

Demand is Much Higher than Supply

Even though the Business analytics careers are soaring high in job vacancies, the skill gap is still constant. The supply of candidates still hasn’t managed to fill the demand. This skill gap is a global phenomenon. 

A report by Mckinsey in 2017 claimed that the US will be facing a shortage of 1.9 million data scientists and analysts in the upcoming 2 years. 

We can draw two good things from this evident skill gap - 

1. The demand being high, it will take quite long years to fill in those demands and if you choose to make a career in this field with strong skills & knowledge, you will be hired at great compensation from the career start level.
2. While the second is - the field is recession-proof, as long as the data is produced, businesses would be more often procuring the business analyst resources, who could help fulfill their requirements. 

You render great decision-making for simpler to complex challenged situations 

Business analytics by being the subset of data science allows the implementation of technology that serves actionable intelligence from raw accumulated data. You learn to gather the data and screen it for delivering improved decision-making abilities to the businesses & its stakeholders. You learn technologies & methods via which you generate valuable, profit-centric insights for any organization.

A Technology and Humans Centric Field

Even though the field is heavily dependent on technological tools & advancements, the field will always require intelligent humans, who could handle these technologies and bring it to the use of organizations betterment.

Great Compensation

Even though you are just a starter and possess great data science and business acumen, you will be picked at a blink of an eye and would have great pay offered. And on the other hand, if you are an existing professional, by upscaling your skills, you too can extract the growing pays. The reasons behind the great compensation are the shortage of business analysts in the market, thus, to fulfill the skill demands, businesses would be agreeing on paying the compensation demanded by the resources - based on their skills & acumen. 

Let the facts say it all…

 Explore these facts to know why having business analytics and information systems careers are so much in demand: 

• As per the EMC Digital Universe survey, there will be 1.7 MB of data produced by every human globally, by the end of 2020.
• As per Analytics India Industry Study, the analytics industry in India is growing by 23,8% yearly, and this figure is expected to double by the end of 2020.
• The Data Scientist’s job profile has been continuing to be listed as one of the “25 Best Jobs in America” from a few consecutive years over job portal Glassdoor.
• As per the Bureau of Labor Statistics (BLS), the business analysts’ annual wage was listed as $94,390 in May 2018.
• In April 2019, around 7,851 jobs of business analysts were made available in the US.

Exclusive Read: Business Analyst Career Path: Step by Step BA Career Roadmap

Prerequisites for Career in Business Analytics

With the average annual salary of a business analyst starting from $62,951, going as high as $130,000 for senior business analyst roles, there are numerous paths you can take to become a business analyst. If you're wondering how you might get your foot in the business analysis career door, here are four things you should consider.

• A degree in Business Analytics

For a spectacular career in Business analytics careers. A solid business background or knowledge of information technology is a good place to start. For this, you can enroll yourself in an undergraduate course in computer science, business administration, finance, or analytics.  If you think the courses are too long or expensive. 

Here’s another option:  You also choose a relevant certification program that can cover the fundamentals of business & IT skills along with sharpening your data analytics.

• Grab Required Skills-Sets

Business analysts offer a unique blend of skills and necessary analytic skills. Learning the set of skills helps you create clarity between the workers. So being an individual you must hold clarity of job roles to reach new heights in your Business Analytics career.

Some of the key skills required to be a business analytics are:

1. You should have an understanding of operational needs for bringing important business transformation
2. You should know how to collect, identify and document operational requirements
3. You should have expertise in explaining technical concepts to non-technical/commercial teams
4. Modeling business processes to improve business processes
5. .You should have expertise in identifying business costs and savings

• Choice of a Job Role

In case you desire to be a business analyst you should understand the importance of your job role such as finance, banking, retail, public services and technology. Professionals have given these roles different title such as:

• Systems analyst.
• Change analyst.
• Requirements engineer.
• Product manager.
• Product owner.
• Enterprise analyst.
• A Passionate Corner to Learn

Being a business analyst, you should understand that it connects potential business ideas with business capabilities. Identifying and Prioritizing business requirements at the right time is what makes a business analyst a star.
So, to be a business analyst an individual should be ready to obtain new business knowledge, get a hold of the latest software and programming languages and try to implement it at the earliest.

Salary of Popular Job Roles in Business Analytics field

The average business analyst salary changes with different jobs profiles. So, here are a few job titles associated with business analysts with their salaries.

Job title	Average Salary(per annum)
Data Analyst	$82,049
Business Intelligence Analyst	$93,218
Business Systems Analyst	$93,278
Analyst	$62,701
Operations Analyst	$70,261
Reporting Analyst	$74,130

Well! Typical salary of a business analyst changes with experience and job responsibilities. But, to reach there let's check out the next segment where you will know what skills a business analyst needs to attract such a high payscale.

What Skills do Business Aanalysts Need to Have?

A blend of hard and soft skills together is an imperative requirement for business analytics careers:

Communication skills: Business analysts must work in groups, collecting sometimes dense, technical information and presenting it to wide-ranging stakeholders in the company. They’ll have to translate and negotiate between parties and communicate their solutions in an accessible way. Thus, business analysts must have strong written and spoken skills and feel confident in a leadership position to gain approval for plans from superiors in the company.

 Business knowledge and critical thinking: Business analysts must understand many facets of the company they are working with. They must be able to apprehend the roles of different individuals and departments, and how these departments interact and depend upon each other. They must also be able to comprehend the single organization in a broader context of the entire industry. This business knowledge will then allow them to successfully analyze data points and build strategic plans for the future.

 Technical skills: Business analysts may use a wide range of technical programs, including programs in diagramming, data crunching, wireframing, management of requirements, and for presentation of results. More and more, business analysts are increasing their technical proficiency with knowledge of computer programming, big data mining techniques, database management, and systems engineering. 

Understand that not all business analysts’ roles are of the same identity, they are created based on each & every data-driven business culture. However, there are certain skills that business analysts need to have within - no matter what organization they plan to pin with. These are the following skills required: 

• Must have knowledge of resources & project management.
• Must have great confidence & abilities to communicate with different members within given team composition - be it marketers, engineers, product teams, customer support team, or more.
• Must have technical capabilities in relation to the organization’s capabilities.
• Must have distilled & understandable writing skills.
• Must have great translation and comprehending capabilities.
• Must know how to maximize usage of Excel, SQL, or statistical programming language.
• Must have brain cells to stay inquisitive all around.
• Must have the ability to understand the business’s small to complex objectives or expectations.

Popular & Diverse Job-Opportunities in Business Analytics Field

Business analytics careers have a crucial presence in businesses that are adopting data-driven cultures - via the amalgamation of AI and big data. The field of business analytics and information systems careers have so many job opportunities. And at the initial stage, an individual can earn an average salary of BA professional $81,330 per year.

There are many professional fronts in which business analysts can pave their way. The most popular of them after having masters in business analytics careers are:

Business Analyst Manager

• An individual for Business analytics careers must have strong data gathering and analyzing skills along with great computing capabilities.
• For superior Business analytics careers you must have great communication skills to lead and equip teammates or professionals with great solutions.
• The average salary of a BA manager is $93,284/yr.

Data Analyst

• This job is suitable for someone with great technical skills, who could look into the data and retract possible values from it via using advanced statistical or computing skills/methods.
• They earn an average salary of $118,750/yr.

Project Manager

• They are professionals who lead on any given project.
• They are responsible to monitor the priority projects with the team since its start till rollout. To manage & ensure the project deadline meeting, the team’s progress, coordination, and ensure all the resources required to complete the project are available.
• They act as a bridge between the client and the business team throughout the product architecture and delivery.
• They earn an average salary of $90,139/yr.

Systems Architect

• They build and configure the business computer systems. They are responsible for configuring and maintaining the business hardware, software, portals, firewalls, antivirus, and entire security systems.
• They are responsible for working around any company’s computing needs.
• They earn an average salary of $119,950/yr

BI (Business Intelligence ) Analysts

• They are responsible to provide key information via which businesses could be helped with making smooth & informed decisions.
• They are required to walk through any raw data with their analytical skills to turn that data into actionable information for businesses use. 
• They are also required to provide the key information/suggestion which could stand profitable for the businesses.
• The average salary they earn is $80,867/yr.

Business Consultant

• This job role requires individuals to screen the data and extend suggestions that could help businesses make their important decisions.
• The job can be performed either remotely or by visiting the fieldwork - depends on each project’s capacity.
• They make an average salary of $82,741/yr.

Information Architect

• They rather design the structure via which technologies can be used. 
• They ideate, plan, and design the architecture of business websites or apps.
• They need to be very focused on end-customers needs and must have knowledge of integrated technologies & methods that helps with the development of the IT structure.
• The average salary these professionals earn is $124,197/yr

IT Project Coordinator

• They are key resources behind organizing any project.
• They make plans, schedules, deadlines, budgets, resources, and everything to ensure the project’s progress.
• They also help with documentation of informed decisions, visiting the stakeholders/partners meetings, check changes in the project, assess risks, and prepare solutions against each business problem statement.
• They earn an average salary of $87,579/yr.

IT Business Analyst

• They oversee business operations and plans and monitor solutions according to the business requirements.
• They earn an average salary of $94,881/yr.

Exclusive Read: 105 Business Analyst Interview Questions and Answers For Freshers & Experienced

How to get Started with the Business Analyst Career?

There are many business fields making use of tonnes of data like wholesale, manufacturing, supply chain management, healthcare, retail, banking & finance, etc, you can easily become an upright choice for these organizations/industries if you adopt the right skills & knowledge to make careers in business analytics. To become one, you may go like this:

• Masters in business analytics careers - After completing the graduation in accounting, business, engineering, information systems or any other related field, you can enroll for the degree for masters in business analytics careers and further to become a certified professional, you can take up BA certification training to learn all the fundamentals of business analytics.
• Get transitioned from a software developer into a Business Analyst - Since as a software developer you will be having great data mining and analytical skills, you can easily switch from that profile into that of a BA - if you want an upgrade in your career ladder.
• Already a technical industry professional - No matter what part of the industry you belong to, but if you have the willingness to upgrade in your career, you can take BA certification training and learn the skills & methods to business analytics with ease and turn towards new paying scales.
• Get Business Analysts Certifications- Join Business analysts certification training classes online where you will be taught & mentored for the business analysis certification exams of - CCBA (Certification Competency Business Analyst) or a CBAP (Certified Business Analysis Professional). Preparing for and obtaining these certifications, you can easily be a part of any data-driven organizations.

Popular Certification in Business Analytics Field:

In business, certain certifications and credentials can help you increase your professional opportunities, command higher salaries and become a more qualified and competitive job candidate. Being certified and gaining designations can also help you when changing career paths or entering a new industry, especially as a business analyst. 

#1: Certified Analytics Professional (CAP)

The Certified Analytics Professional (CAP) is a vendor-neutral certification that certifies your skills and ability to draw valuable insights from complex data sets to help guide strategic businesses decisions. To qualify for this certification, you will need a master’s degree in a related field and at least five years of relevant experience, or a bachelor’s degree in a related field along with seven years of experience in data or analytics. You can also qualify for the associate level aCAP exam if you have a master’s degree with just three years of related experience in data or analytics.

#2: IIBA Entry Certificate in Business Analysis (ECBA)

The Entry Certificate in Business Analysis (ECBA) is the first level of certification with the International Institute of Business Analysis (IIBA), it’s designed for less experienced and entry-level business analysts. You will need to complete at least 21 hours of professional training credits, within the past four years, before you will be eligible for the exam. You don’t have to renew your ECBA certification, but it’s assumed you’ll move on to the second or third levels of certification.

#3: IIBA Certification of Competency in Business Analysis (CCBA)

Level 2 of the IIBA certification, the Certification of Competency in Business Analysis (CCBA) requires a minimum 3,750 hours of business analytics work aligned with the IIBA’s Business Analysis Book of Knowledge (BABOK) guide in the past 7 years, 900 hours in two of six BABOK knowledge areas, or 500 hours in four of six BABOK knowledge areas. The certification also requires a minimum of 21 hours professional development training in the past four years and two professional references. The CCBA exam consists of 130 multiple-choice questions that are scenario-based and require some analysis. It covers fundamentals, underlying competencies, key concepts, techniques etc.

#4: IIBA Certified Business Analysis Professional (CBAP)

The Certified Business Analysis Professional CBAP certification is the third level of certification with IIBA and it’s designed for “individuals with extensive business analysis experience.” To qualify for this certification, you’ll need a minimum of 7,500 hours of business analyst work experience in the past 10 years, 900 hours of work experience hours within four of the six BABOK knowledge areas, at least 35 hours of professional development in the past four years and professional references. The exam is 3.5 hours long and includes 120 multiple-choice questions that are based on case studies. After you pass, you’ll need to report at least 60 hours of continuing development units every three years.

#5: IIBA Agile Analysis Certification (AAC)

As a methodology, agile has been rising in importance for business analysts over the past several years, according to the IIBA. The association’s competency-based Agile Analysis Certification (AAC) exam was designed to address this skillset and to certify business analyst professionals working in agile environments, which require fast adaption and rapid change. The exam was developed using the Agile Extension to the BABOK guide and was released in May 2018. It is a standalone certification and is separate from the other IIBA business analyst certifications, which stack on top of one another.

#6: IIBA Certification in Business Data Analytics (CBDA)

The Certification in Business Data Analytics (IIBA-CBDA) from the IIBA is a new certification that “recognizes your ability to effectively execute analysis-related work in support of business analytics initiatives.” To pass the exam, you will need to examine a real-world business problem, identify the data sources and how to obtain data, analyze the data, interpret and report results from the data. You’ll then need to demonstrate how those results can influence business decision-making and guide company-level strategies for business analytics.

#7: IQBBA Certified Foundation Level Business Analyst (CFLBA)

The International Qualifications Board for Business Analysts (IQBBA) offers the Certified Foundation Level Business Analysis (CFLBA) as an entry-level certification, which will qualify you to earn higher levels of certification. It’s a globally recognized certification with accredited exam and training centers all across the world. It’s designed for “people involved in analyzing business processes within an organization, modeling businesses and process improvement.” The foundation level covers enterprise analysis, business analysis process planning, requirements elicitation, requirements analysis, solution validation, tools and techniques, innovation and design.

#8: CPRE certification by IREB

The International Requirements Engineering Board (IREB) offers the Certified Professional for Requirements Engineering (CPRE) certification designed for those working in requirements engineering (RE), and it’s offered at three levels. The Foundation Level is first, where you’ll be certified in the basics of RE. The Advanced Level is next, where you can choose between three paths, including Requirements Elicitation and Consolidation, Requirements Modeling and Requirements Management — but you’ll need to wait 12 months after completing the first exam to take the advanced level exam. The Expert Level certifies you at the “highest level of expert knowledge,” which includes both your hands-on experience as well as your knowledge and skills gained through previous certifications.

#9: PMI Professional in Business Analysis (PBA) Certification

The PMI Professional in Business Analysis (PBA) certification is designed for business analysts who work with projects or programs, or project and program managers who work with analytics. It’s offered through the Project Management Institute, which specializes in widely recognized project management certifications, such as the PMP. The certification focuses on business analysis training through hands-on projects and testing on business analysis principles, tools and fundamentals.

#10:  Business Analyst Masters Program by JanBask

If you’re new to the industry or want to change careers and start on the path of a business analyst, JanBask offers a Business Analyst Masters Program. The course promises to make you an expert in Excel, CBAP, Tableau, Agile ScrumMaster, SQL, CCBA and Agile Scrum Foundation. You’ll also learn how to build interactive dashboards, apply statistical tools and concepts, master the agile scrum methodology, plan and track Scrum projects, understand the Business Analytics Industry. 

Conclusion!

So in the above, we discussed a roadmap to have successful careers in business analytics in the form of - what is business analytics, why joining this field is a wonderous option and few simple steps to transition quickly into a professional business analyst. 

If you think you have great communication skills, a knack for solving problems, the ability to walk with trending technologies & tools, and some capacity to help businesses solve their problem statements of any scope or complexities, then the business analytics and information systems careers belong to you. Don’t fall behind, make a lucrative and growing career in this field by enrolling for Business Analyst Certification Training with us - where you will be transitioned into a market demanded business analyst in no time.

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