The American Bureau of Labor Statistics (BLS) estimates that the high demand for business analysts in the industrial world will increase by up to 14% in 2024—higher than the average for other professions.
Why does a business analyst have such high demand, even though a decade ago, this profession was far from famous and less popular than other mainstream jobs such as academics and entrepreneurs?
The answer is because of the technology evolution. IoT, machine learning, and big data are the origin of business analytics. The job description of a business analyst includes evaluating and solving business challenges by reviewing and analyzing a company or institution’s information (big data).
A Closer Look of Business Analyst Job
Business analysts are responsible for bridging the gap between technology and business by using analytics. They are tasked with reviewing reports, assessing the extent of the company’s technological aspects, and providing information to the company.
This position engages with leaders in business and technology teams. Try to understand how changes made through products or services can increase the company’s value.
Even though it looks easy, they must think in a balanced way. Both a business and a technology perspective must be taken into consideration.
They have a massive role in whether a product idea is technologically or business feasible.
According to The International Institute of Business Analysis (IIBA), this position is a change agent for the company.
By having this position, a company will indirectly have a logical and balanced mindset. It is essential in the development of new technology or a way to make a profit.
Business Analyst Careerpaths
Working as a business analyst will open you up to bona fide career opportunities in the future. And of course, the salary you will receive is no joke.
Later, when you are mature with experience, the career ladder in the field of business analytics is guaranteed to be very easy to pass.
1. IT Business Analyst
An IT business analyst is a professional who plays a vital role in the smooth functioning of an organization. Their primary responsibility is to organize and facilitate company projects with expertise in IT, software and business management.
Additionally, an IT business analyst has the capability to analyze and understand the needs of the business and align them with the IT infrastructure to achieve company goals.
Good communication skills are also an essential requirement for this profession as they need to effectively convey their ideas and solutions to the stakeholders and ensure project approval.
Sometimes, this profession is also referred to as an IT project manager. They are responsible for planning, executing and closing projects, monitoring and controlling the project, and leading the project team. They also act as a liaison between the IT department and other departments.
2. Data Sciencetist
For a career as a data scientist, you must have an academic background in mathematics, statistics, or computer science.
Those of you who take the Business Analytics course also have the same opportunity to become a data scientist. Shhh, the average salary of a data scientist is $ 120,000 per year, you know.
3. Quantitative Analyst
Quantitative analysts are often called financial engineers, quantitative researchers, quantitative traders, or quantitative developers.
A quantitative analyst is responsible for reviewing data to create, implement, and present the proper mathematical models to oversee every company’s financial decision.
With the presence of quantitative analysts, the company is protected from all financial risks that will harm the long-term performance and future of the business.
4. Management Analyst
Management analysts, also known as management consultants, play a crucial role in helping organizations improve their operations and efficiency.
They use data analysis techniques, such as big data, to identify areas for improvement within a company and provide recommendations to leadership.
These professionals often work on a project basis, collaborating with various departments within an organization to gather information, analyze data, and develop solutions.
According to the Bureau of Labor Statistics, the median annual salary for management analysts is around $83,000, with the highest earners making over $150,000.
Additionally, the Bureau of Labor Statistics projects that the employment of management analysts is projected to grow 14% from 2019 to 2029, much faster than the average for all occupations.
5. Solutions Architect
The solution architect is tasked with developing functional solutions to all business problems following the specified technical requirements. That’s why they must understand how IT systems and big data work.
A solution architect is an advanced career choice for those with a professional or academic background in the field of Business Analytics.
See how business analyst is a prestigious profession with a great career path. The college program gives you an excellent opportunity to advance and compete internationally.
Step by Step Guide Building Business Analyst Careerpaths
So, you want to know how to become a management analyst? Here’s a step-by-step guide to help you get business analyst careerpaths:
- First things first, you’ll need to earn a degree in a relevant field, such as accounting, finance, or IT.
- Next, you’ll want to land an entry-level job in the industry. This could be as a developer, industry expert, or quality assurance engineer. These roles are often considered junior business analyst positions, so be prepared to interview for a business analyst role.
- Once you’ve landed that entry-level job, focus on becoming a subject matter expert within a few years. This means gaining a deep understanding of your specific field and becoming an expert in it.
- As you accumulate several years of hands-on work experience, you’ll want to improve your skillset by pursuing certifications in business analyst-related courses.
- As you move up the ranks, aim for more senior positions such as IT Business Analyst, Senior/Lead Business Analyst, or Product Manager. Keep in mind that most organizations looking for senior-level candidates want to see an MBA or other relevant business degrees.
- After ten years or so, you can aim for a position like Chief Technology Officer (CTO) or even become an independent consultant!
It’s worth noting that the path to becoming a management analyst may vary depending on the company or organization, but the above steps should give you a good idea of what you can expect.