The salary of a business analyst is quite comparable in regards to the responsibility of the job description. With appropriate qualifications, many experienced analysts make a six figure salary.
A Business Analyst (BA) plays a vital role in coordinating Information Technology (IT) and the business process of big corporations or institutions. With the advances in the IT field, it is difficult to incorporate the best solutions for the smooth running of a business. An analyst plays a vital role in appraising technology to better the needs of the corporation and the salary is in accordance to this great responsibility. The IT sector is a major contributor to the US economy and, over a period, it was observed that most projects failed to meet expectations due to operational snags. The need for these professionals was felt by the market and basic economics dictates that the supply should meet the demand. The projections for the future are favorable and the salary range for this job is quite good.
Job Description and Educational Requirements
The business analyst’s job description covers a wide range of responsibilities and the tasks or duties to be performed may vary for different organizations. One of the most important tasks that an analyst has to undertake is analyzing and proposing good business solutions.
Collecting information and documents pertaining to a project, and transforming these into functional solutions is one of the key work areas. Reviewing the current plans and striving to better current practices is also one of the major aspects of a BA job description. A sound knowledge of computers coupled with business intelligence is one of the core qualities required of a BA.
The BA acts as a conduit between the various aspects of a business like technology, operations, and project teams, to give viable and healthy solutions for process management. Aspiring students will have to complete a certificate program. The curriculum in most schools will be based on the syllabus of the International Institute of Business Analysis (IIBA).
Most certificate programs are offered to individuals who are working as software programmers, quality assurance, production managers, etc. People who wish to attend the certification program need to pass the Certified Business Analysis Professional (CBAP) application process. Upon successful completion of the CBAP examination, participants will be certified.
The salary range for a BA depends greatly on the experience of the individual in specific roles. A background in computers and relating systems will influence the salary. An entry-level professional may earn from USD 41,000 to USD 54,000.
Like most employment avenues, you earn more as a BA, if you have experience. Individuals who have an experience of 5-9 years earn high six figure salaries. The pay can go as high as USD 134,000. Depending on the size of the organization you could make more than USD 150,000 annually.
Since business analyst is a broader term, which covers system analysts and project analysts, the average salary is directly related to the job profile. IT jobs have been a lucrative option for many, even during the economic downturn. The salary of An IT analyst can range from USD 57,000 to USD 78,000.
Some of the top employers are going to be companies involved in software development and applications. The federal and state governments also hire BA for various projects, and the salary they offer, ranges from USD 55,000 to USD 80,000 annually.
Career opportunities are expected to grow steadily over the next few years and the salary figures will also show a steady incline. Individuals who have an MBA degree and have completed the BA certification program are going to be in demand.