How Much Does A Business Analyst Make? (Plus Duties)
By Indeed Editorial Team
Published 25 October 2021
The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.
As the world becomes increasingly data-driven, the demand for business analysts is on the rise. With technology taking over, data insights play a crucial role in helping companies make well-informed decisions. Understanding the responsibilities of this role can help you decide if it is the right career for you. In this article, we discuss how much a business analyst makes, share some skills you may require to become a business analyst and provide details about their primary duties.
How much does a business analyst make?
The average salary for a business analyst is ₹42,905 per month. The salary of a business analyst depends on multiple factors like location, experience, qualification and reputation. Work experience also plays a major role in scaling your income. Some companies pay higher salaries in comparison to the rest depending on the industry they belong to. A business analyst's salary also depends on company location. For instance, the average salary for business analysts in Bengaluru, Karnataka is ₹53,899 per month, while the average income for this role in Kochi, Kerala is ₹22,979 per month.
Seniority and years of experience also affect the salary of a business analyst. The average salary of a business analyst with up to two years of experience is ₹6,06,960 per year. Candidates with more years of experience can negotiate a higher salary package with their employer. Adding certain skills and certificates to your resume also helps in applying for roles with higher pay. To consider the career path to becoming an analyst, it is important to understand this role and its responsibilities in detail.
Who is a business analyst?
A business analyst is the middle person between the business and its stakeholders. They help decode the future of the companies by recommending profitable changes and improvements to the business plan. Although the scope of this job is wide, its purpose is to help the company achieve its goals by reviewing and analysing data. Much of a business analyst's role is to conduct research and engage in open dialogue across departments in order to understand their processes. This helps them get an overview of the organisation. They review the staff, plans, company policies, IT systems and work culture.
There are certain risks involved in running a company such as operational risks, targets and production costs. These include external or internal issues like pandemics, politics, staff efficiency and more. A business analyst can help prepare for such unanticipated changes to avoid any damages to the company's reputation and financial losses. They do so by helping improve the company's products, processes, services and software. Every organisation has different issues related to their industry, like customer service, legal procedures or new technologies. A business analyst has to adapt to these changes in order to provide solutions.
What does a business analyst do?
Here are some of the primary responsibilities of a business analyst:
keeping up with technological advancements and data systems
collaborating with clients, management, IT and technicians within the company
mentoring junior staff
monitoring ongoing projects and making sure deliverables are met
creating reports based on information they gather from staff and stakeholders
developing new methods that increase efficiency
The workday of a business analyst
Depending on the complexity of the project, a regular day in the life of a business analyst may include a lot of meetings, conducting research and making required changes in the project structure.
Here is a list of activities that they may undertake throughout the day:
making a list of tasks in order of priority
responding to emails and inquiries
conducting a morning huddle with the team and allocating tasks
organising and conducting a meeting with the business stakeholders to discuss primary concerns and provide suggestions for the same
managing projects, developing project plans and monitoring the performance of projects
drafting reports based on gathered information from stakeholders and the team
suggesting changes based on these reports to improve and escalate ongoing projects
Skills of a business analyst
Employers look for varying skill sets while hiring, depending on the industry. Here is a list of skills that are mandatory to become a business analyst:
Team management: Since a business analyst works closely with all departments of a company in order to achieve goals, it is important to have good team management skills.
Problem-solving: A company may face unforeseen challenges at any time. A business analyst has to provide effective solutions to overcome these issues with a problem-solving attitude.
Analytical mindset: It is important for a business analyst to be able to analyse data and come up with strategies to help the company achieve its goals.
Good communication: Business analysts often communicate with both the company representatives and external stakeholders, so having strong verbal and written communication is beneficial.
Basic knowledge of IT systems: An analyst works closely with the IT team daily to understand the operations and challenges they face. To make this process efficient, a basic knowledge of IT systems is helpful.
Using software like MS Office, C#, .Net, and PL: These tools and software can help improve the workflow, enhance communications with the team and help make reports.
How to become a business analyst
Here are three important steps to becoming a business analyst:
Get a degree. To get started with an entry-level role in business analytics, a bachelor's degree in management and business administration is the ideal choice. To pursue your specific field of interest, you can opt for a specialised course or a master's degree.
Apply for internships. Internship opportunities can be a great way to gain some work experience. Experienced professionals from fields like marketing, human resources and information technology can also opt for a career in business analytics.
Become a certified business analyst. Getting a business analytics certification is an added advantage. Some organisations prefer hiring certified candidates for business analyst positions.
How to increase your salary as a business analyst
To increase your salary as a business analyst, follow these steps:
1. Acquire experience
A candidate's experience as a business analyst is an important factor in deciding their salary. It is important to make the most of the right learning opportunities during the early years of one's career to become eligible for high-paying management positions. Companies are often on the lookout for individuals who have experience managing teams and are good at leadership roles.
2. Evolve your skill set
Developing some specialised skills can help candidates demand a higher salary from their employer. Here is a list of skills that are in-demand in the industry:
Business skills: The main role of a business analyst is to make beneficial decisions for the business based on the data they collect. Having prior business knowledge can be highly valuable to the organisation.
Programming languages: Since you will be working closely with the IT department, learning programming languages can help you analyse the viability of new projects.
Leadership skills: A business analyst works with teams throughout the day. Good leadership skills are crucial to allocate tasks and ensure the implementations of processes.
3. Complete specialised certifications
Multiple certifications can help you advance your skill sets and increase your salary as a business analyst. It is advisable to keep yourself updated and make yourself more desirable as a candidate. You can share your certifications on your resume to make a hiring manager aware of your qualifications and commitment to the field.
4. Change industries
Business analysts are in demand in various industries. However, some sectors can pay higher than others. For instance, tech companies and science-based companies may offer the highest pay. Therefore, it is advisable to change industries as per your skills and specialisation to earn a higher salary.
Certain cities in India have a higher average salary for business analysts. To be specific, Bangalore, Chennai and Hyderabad are the highest paying cities for business analysts. Relocating to one of these locations can help you earn a higher income. Consider the cost of living and relocation expenses before making your decision, as these expenses may impact the increase in your earnings.
Salary figures show data listed on Indeed Salaries at time of writing the article. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.
Please note that none of the companies mentioned in this article are affiliated with Indeed.
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