Business Analysts (BA) play a vital role in coordinating information technology (IT) and business process management of large corporations or institutions. With the advances in IT, it can be difficult to incorporate the best solutions for running a business smoothly.
A business analyst appraises technology to improve the business’ needs and a business analyst salary reflects this great responsibility. The technology 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. Thus the need for business analysts was felt by the market; basic economics dictate that supply meets demands. Since the early 1980s business analysts have been in demand, the projections for the future are favorable and the salary range for business analysts remains positive.
Job Description and Education
The business analyst job description covers a wide range of responsibilities and duties to be performed and may vary by organization. One of the most important tasks that a business analyst undertakes is analyzing and proposing good business solutions. It is a key position in an organization.
Collecting information and documentation pertaining to a project, and transforming these into functional solution is one of the key work areas of a business analyst. Reviewing the current business plans and striving to better current business practices are other 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 business process management. To become a business analyst, 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.
Business Analyst Salary Range
The salary range for business analyst depends greatly on the experience of the individual in specific roles. A background in computers and relating systems will influence the business analyst salary. The entry level business analyst salary ranges from $41,000 to $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 senior business analyst salary can go as high as $134,000. Depending on the size of the organization you could also make more than $150,000 annually.
Since business analyst is a broader term, which covers system analysts and project analysts, the business analyst average salary is directly related to the job profile. IT jobs have been a lucrative option for many, even during the economic downturn. An IT business analyst salary can range from $57,000 to $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 $55,000 to $80,000 annually.
Career opportunities for a BA are expected to grow steadily over the next few years and the business analyst 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.