2022 is, indeed, a year of opportunities. You see it in the newest technology and innovative products that are changing the world around us. You see it in the renewed sense of optimism and excitement among the people in our communities. And you can feel it in the endless career opportunities that are available for individuals with a background in business analysis.
In 2022, the opportunities for business analysts are greater than ever before and nowhere is the impact more evident than in the world of business. As companies continue to digitize, the need for business analysis and reporting continues to increase, offering a wide variety of career options for people with a business analytics background.
Business Analysts are among the highest-paid professionals in the world today. HiCounselor is here to help you begin your journey as a successful Business Analyst. Read on for an in-depth review of the career options and skill requirements that you would need to consider in order to become a Business Analyst.
Business Analytics: What is it?
Analytics in business is a research-based discipline that combines the fields of data analysis, programming and business intelligence in order to conduct studies and discover practical ways to improve procedures as well as systems in a business. It is the process of gathering data, studying and analyzing the massive amount of information that can be used to make intelligent business decisions for improving efficiency in business processes. No matter what the size or scope, a majority of businesses rely on experts with analytical expertise to gather insights and devise creative solutions for business issues.
Role of a Business Analyst
A business analyst impacts the lives of millions, both in the present as well as the future, by helping solve complex problems and creating new opportunities in a variety of different industries. Since business analysts make business decisions based on data or prototype products, in addition to IT recommendations, they play a major role in the work of many large corporations.
Business analysts are able to spot issues that affect any aspect of an organization, including the IT process and organizational structures as well as the development of staff. Perhaps that is why today's business analyst is not limited to a single role or title; there are many titles and job functions that fall under the umbrella of business analytics.
Given below are some of the most important responsibilities a Business Analyst is entrusted with:
Business analysts identify the company's objectives in business, look into issues and develop solutions.
They comprehend and take in information from customers and other stakeholders.
Business analysts collaborate together with developers to come up with a solution that can solve a specific problem.
They provide feedback on software layouts and then implement the new functions that a company might require.
Business Analysts assess the non-functional and functional needs of a company.
They regularly meet with customers and other stakeholders to discuss business concerns and possible solutions.
Business analysts are accountable for confirming a project's status through tests for user acceptance. They verify that the solutions for business conform to the requirements of clients.
Business analysts document and develop data visualizations to present the findings of the project.
Why Business Analytics is a Rewarding Career
Being a business analyst could be an extremely rewarding career choice. To begin with, you need to have a passion for data and a deep-seated desire to discover data. Then all you have to do is gain the essential technical knowledge.
No day is a typical day in the life of a Business Analyst. Every day brings new challenges and problems that require varied skills to tackle. If you're looking for flexibility and variety rather than a job that is predictable, a career as a business analyst is sure to be a rewarding experience.
And here’s the best part: the transferable skills you acquire as an analyst for business are industry-neutral. This means you can be employed in any sector or industry. Once you've acquired the essential skills needed to be successful in this field, you can easily apply for a Business Analyst position in a variety of fields, ranging from finance to healthcare, pharmaceuticals or technology.
Steps to Become a Business Analyst
Let's take a look at the steps you need to follow to carve your career path in business analytics.
1. Earn a Bachelor's Degree
A bachelor's is typically the first step to becoming a business analyst, according to the U.S. Bureau of Labor Statistics (BLS). Although there aren't any specific guidelines regarding what you must study, having an academic background in business, finance, marketing, economics or psychology can be beneficial. While it is typical to only require an undergraduate degree to be an analyst in business, certain employers may require applicants to hold a Master of Business Administration (MBA) as well.
2. Get an Advanced Certification
In order to be able to take on an opportunity in business analytics at the management level or higher, you may have to earn an additional degree. Pursue an advanced level degree or certificate in analytics, data science, statistics, computer science, information management, finance or economics. Take a look at a master's degree in the field of business analytics or even a master's in business administration to differentiate yourself from other applicants. The programs typically take a year to complete.
3. Enhance Technical Knowledge and Business Skills
You may also explore other avenues to expand your technical skills. While there are many possible subjects of study, given below are some typical options at boot camps:
Software for statistical analysis (e.g., R, SAS, SPSS or STATA)
SQL databases and querying languages
Programming languages
Software for survey and query
Software for business intelligence and reporting
Data mining
Data visualization
Database design
Get certifications from a variety of professional bodies, such as The Institute of Management Consultants, the International Institute of Business Analysis and the Project Management Institute. A variety of additional online business analyst classes are available at universities. Whatever you choose to study, the courses are usually self-paced. This means you will be able to enhance your knowledge while you continue to work.
Analysts in the field of business have been in existence for a long time. However, as with every job that relies on data, their role has seen rapid growth in recent years due to the explosion of data and the latest technologies available. As businesses adapt to the ever-changing requirements that the 21st Century demands, the job of business analysts are growing in line with the changing times. So, if you're trying to carve out a career in the field of business analytics and need personalized guidance, HiCounselor can help you get started on the right track.
HiCounselor has forged technical advances to transform the hiring landscape for job seekers and recruiters alike. Our career accelerator program provides job seekers with coaching and mentorship from industry leaders employed at FAANG companies while recruiters ally with HiCounselor to empower their hiring strategy and hone in on the best candidates. Learn more about HiCounselor here and reach out to us on LinkedIn, Facebook and YouTube.
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