Let’s understand who is a Business Analyst and what is Business Analysis before discussing the top 5 reasons to choose a Business Analyst career. A Business Analyst is a professional responsible for gathering data and information, deploying different algorithms to extract various insights from them to help support key decision-making.
Business Analysts are an interface between stakeholders and clients. These professionals need to explore, investigate, and clarify needs to zero in on the most pressing needs, which will help them understand various organizational issues and their causes.
A Business Analyst must play a key role in steering an organization or business to grow. Here are some major activities performed by Business Analysts:
- They need to understand problems and fix goals.
- Analyze requirements and solutions.
- Devise various strategies
- Look out for new ways to drive changes
- Streamline the communication between stakeholders and customers
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Let’s now discuss what Business Analysis is?
Business Analysis is the process of gathering business data, organizing, and extracting insights that will help in making better decisions to improve business efficiency, cut down expenses, improve team collaboration, etc. These processes could be performed at different levels like tactical, operational, or even strategic. These practices could be implemented to get a hold of the current situation, future trends, and actions required to achieve the set goals. Next, we will discuss the main topic of this blog, which is the top 5 reasons to become a Business Analyst career.
Many responsibilities, one title
The term or title “Business Analyst” is used very often and commonly. Business Analyst’s work is very wide. With each company, the work could change but with the same title. In some companies, Business Analysts hold very technical roles, while in some others, they look over the business side. Some Business Analysts spend their time defining and adjusting process flows, while other Business Analysts spend their time designing technical solutions to solve business needs. Many professionals who love challenging roles will love this profession.
Business Analysts’ jobs and responsibilities come with good payroll. According to Indeed.com, the average salary of a Business Analyst in the USA is USD 74,642 annually. They also receive USD 3,800 as a cash bonus yearly. With more years of experience, like say upward of 10 years, you could expect an average salary of USD 83,626 annually. All these figures depend on your background, skill sets, profile, work experience, etc. Many competent Business Analysts even earn upwards of USD 150,000 per year. These professionals are well compensated for their efforts, seeing the high demand in the domain, you could expect this trend to see more upwards spikes in the coming year.
The rapidly rising Job market
It’s one of the most significant reasons that there is a rise in professionals opting for a Business Analysis career. The reason is a rapidly rising job market, which has a high demand for qualified Business Analysts. The rate of jobs is rising high and is expected that this trend will continue for another ten years. This quick rise in demand for Business Analysts is the reason that companies around the world started realizing the importance of them bringing more growth and efficiency to a company. If you are interested in learning about Business Analysts and making a career in the domain, this is a perfect time.
Utilize your past experiences, knowledge
The most experienced Business Analyst is the one who holds a wide range of domain experience gained from his professional experience, jobs, and education. No matter whether you are a college graduate, a teacher, an engineer, a salesman, background in finance, or any other domain, the knowledge in that particular domain will help you in your present job as a Business Analyst. These experiences will help you identify problems quickly, build team rapport, solve problems faster, reconfigure a process, etc. You can become a Business Analyst irrespective of the domain you are working on.
Helps in career transition to a different domain
Being a Business Analyst you will be learning a wide variety of skills, which is very useful while looking to do a career switch or transition. These skills make you an efficient professional not only in your domain but also in any domain you transition. These set of skills are foundational for your career transition to advanced roles and highly rewarding roles like Programme management, Project management, business architecture, and strategy.
Business Analysts require no coding skills to work. But it will be better if you learn as it will help you lead a team of professionals better to get the project completed by the set target, with all the available resources. Speaking of job stress, it depends on the company you are working for, your expertise, your level of participation, interest, the project you are working on, job location, etc.