Business analysts help businesses improve their services, products, and processes using data analysis. These experts bridge the gap between the business and IT by evaluating processes and sharing data-driven reports and recommendations to stakeholders and executives.
The career prospects of these professionals seem quite bright. The US Bureau of Labor Statistics has shared that the employment prospects for management analysts are expected to grow by 14% from 2018 to 2028. It is predicted that 118,300 jobs will be created in this field during this decade.
If you think that you have the business acumen to enter this field, then the following article on the steps to become a business analyst would be of great help to you.
What Does a Business Analyst Do?
Before moving onto the steps involved in becoming a business analyst, let’s take a look at the job responsibilities of these professionals. They are mainly responsible for:
Evaluating business processes and improving the impact and efficiency of certain business operations.
Brainstorming solutions for technical and operational changes.
Suggesting recommendations related to process adjustments and leading the design and execution of new technologies.
Communicating procedures, recommendations, and changes to business teams.
Steps to Become a Business Analyst
Individuals will have to complete a series of qualifications and experience requirements before they can land this position. The following section sheds some light on the steps involved in becoming a business analyst.
Step 1: Complete a Bachelor’s Degree
The first step is to obtain a 4-year long bachelor’s degree in a related discipline such as accounting, finance, or business administration. Business analyst position requires knowledge of planning and monitoring, reporting, pricing, financial modeling, and budgeting and forecasting, therefore a bachelor’s degree in a business related discipline will be useful.
Step 2: Consider a Master’s Degree
Although obtaining a master’s degree is not mandatory, it will help you gain additional skills and boost your resume. You can pursue a 2-year long Master of Business Administration (MBA) and can specialize in a major of your choice, such as Marketing, Finance, or Operations Management.
Step 3: Gain Some Work Experience
After completing the required education, you can land an entry-level role as a business analyst. Even if you don’t land this position right away, you can work in information technology, human resources, business management, or a related field first and then gain the job experience that is required for a business analyst role.
Step 4: Get Certified
After completing a formal business training program and working in the industry for some time, you might want to consider getting a respected industry certification. This will give you a competitive edge over other candidates and will validate your skills. There are many certification bodies such as the International Institute of Business Analysis (IIBA) that offer Certified Business Analysis Professional (CBAP) programs or the Certification of Competency in Business Analysis (CCBA) programs. After getting these certifications, you will be more marketable.
How Much Does a Business Analyst Earn?
According to the US Bureau of Labor Statistics, Management Analysts earned an annual mean salary of $95,560 in 2019. In 2019, the top paying state for Management Analysts was New York, with an annual mean pay of $112,280, followed by Massachusetts, District of Columbia, New Jersey, and Connecticut.