Companies need to gain insight of their data and processes so they can decide how best to move forward. This is why business analyst jobs are on the rise. Without their help, it’s hard for companies to ensure that they cut wastage, increase efficiency and gain maximum profitability.
HiCounselor has compiled some information on being a business analyst in 2022 to help you decide if this is the right field for you. If you'd like to get more personalized help in getting a business analyst job, contact us and have a chat with one of our helpful mentors.
What’s the Role of a Business Analyst?
Organizations use the help of a business analyst to determine which areas need improvement and to increase the overall efficiency of their operations. This role involves working closely with different teams and various hierarchical levels. It’s a business analyst’s job to find out how everything works, come up with improvements, communicate their findings and then help implement changes for the better.
A business analyst helps to prioritize various technical and functional processes, create financial models, plan business architecture, and understand the strategies, goals and requirements of an enterprise. They often use SQL and Excel to analyze large data sets. They also compile various data visualizations to help others understand the data better.
What are Some Soft Skills Used by Business Analysts?
Before you start a business analyst course, see if you have some of the soft skills that can help you succeed in this role. You should have a good grasp of finance and accounting as well as some business acumen. You should have good communication skills since you’ll be working with various teams to get the best results.
All business analysts have to be good at analysis because that’s the bulk of their job. If you don’t have an analytical bent of mind, this might not be the best job for you. It helps if you’re familiar with business methodologies like Six Sigma, Rational Unified Process, etc. Some business experience can give you an edge in this role.
What are Some Tech Skills Business Analysts Need?
As a business analyst, you’re going to need to know data analysis. You should be able to collect, monitor and analyze performance metrics. Then you have to use data visualization tools like BI, Tableau or Excel to effectively communicate your findings with others. You might also benefit from learning a programming language like SQL.
How to Become a Business Analyst?
If you’d like the idea of being a business analyst but don’t have years to spend on the education part, you can join a certificate course. An Entry Certificate in Business Analysis (ECBA), Certified Business Analysis Professional (CBAP), Certification of Capability in Business Analysis (CCBA), and Professional in Business Analytics can help you get hired.
If you do have some time you can dedicate to the pursuit of knowledge, you should consider getting a Bachelor’s degree. Many companies require this even for entry-level professionals. A degree in Economics, Finance, Statistics, Computer Science, Data Science, etc. can help you get a business analyst job. A Master’s degree or an MBA can also help give you an edge in the job market.
What’s the Job Outlook for Business Analysts?
As we already explored earlier, since most organizations are looking to improve, they’re going to need business analysts to guide them. According to the Bureau of Labor Statistics (BLS), business analyst job openings are projected to grow at the rate of 14% from 2020 to 2030. There’ll be an estimated 99,440 jobs to fill each year of the decade. The median wage for business analysts in 2020 was US$87,660 per year or US$42.14 per hour.
We hope this guide can help you decide if you want to pursue a career as a business analyst! If you’re interested in the field but need help getting started with your career, get in touch with us at HiCounselor to find out how we can make your career path a much smoother one.
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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