A Business Analyst, or Business Systems Analyst, is responsible for assessing companies and coming up with solutions to company operations. Their duties include analyzing financial reports, market research and operating procedures, strategizing ideas to improve business operations and meeting with company executives and other stakeholders to provide suggestions based on their analysis.
Business Analyst duties and responsibilities
In this section, we will detail the essential duties required for the Business Analyst position and the regular responsibilities that people must undertake to perform well in the role. Examples of Business Analyst duties and responsibilities include:
- Gather and analyze data for potential business expansion
- Identify specific business opportunities
- Influence stakeholders to support business projects
- Assist with project management for selected projects
- Coordinate with different departmental teams to produce better business outcomes
- Test business processes and recommend improvements
What does a Business Analyst do?
Business Analysts typically work for corporations across a variety of industries to provide an external perspective on company operations and necessary steps to maintain a successful business. They use their professional experience within a particular industry to identify business needs and help companies to evolve. Their job is to coordinate with executives, department heads and IT personnel to streamline business processes and increase productivity among employees. They may also assume a leadership role to oversee the implementation of their business ideas and ensure their success.
Business Analyst skills and qualifications
A successful Business Analyst candidate will have various prerequisite skills and qualifications needed for fulfilling the job duties. Let’s consider some of them. Examples of Business Analyst skills include:
- Excellent written and verbal communication skills
- Great analytical, critical thinking and problem-solving abilities
- Superior presentation and negotiation skills
- Strong management and organizational skills
- Adaptable and capable of working in fast-paced environments
- Two or more years of Business Analyst experience
- Bachelor’s degree or higher in business analysis, business administration, finance or related field
Business Analyst salary expectations
A Business Analyst earns an average salary of $75,165 per year and has a work tenure of one to three years. Indeed has based salary estimates on 6,614 salaries gathered from current and past Indeed job advertisements as well as from anonymous input from site users and people working as Business Analysts.
Business Analyst education and training requirements
A bachelor’s degree is the minimum requirement for entry-level Business Analyst jobs, but advanced positions may require a master’s degree or higher. The graduates or post-graduates can have an educational background in a range of study programs, including business, computer science, engineering, science, business management, finance, economics, accounting, marketing and statistics.
Additionally, to stay current with industry requirements, they may pursue continuing education certifications in business analysis. They should make sure to obtain these from reputable, accredited educational institutions. Since such voluntary certification demonstrates a dedication to the profession as well as a determination to keep up with industry developments, employers are often more likely to consider hiring these candidates.
Business Analyst experience requirements
In entry-level positions, Business Analysts will typically work under senior analysts or as part of a team. After three to five years in the role, they may gain enough experience to branch out to work in independent positions. In this capacity, they may interact with senior management, high profile stakeholders and diverse professionals.
Further, along with demonstrated analytical and conceptual thinking skills, it will help Business Analysts to have an in-depth understanding of organizational data flow and its use in management decision-making. For their analysis work, they must also have some technical experience with Python, Apache Spark, NoSQL/Hadoop, SQL, Data Visualization, Machine Learning, Artificial intelligence and more.
Job description samples for similar positions
If a Business Analyst job description template isn’t quite what you are looking for, here are some other available job description samples:
- Data Analyst
- Program Analyst
- Operations Analyst
- Business Systems Analyst
Frequently asked questions about Business Analysts
What is the difference between a Business Analyst and a System Analyst?
The difference between a Business Analyst and a System Analyst is that Business Analysts have a more broad scope of job responsibilities and areas of focus. For example, Business Analysts review several elements, including a business’s hiring procedures, training needs, communication channels, customer relations and use of technology like IT systems. In contrast, System Analysts focus specifically on how businesses use IT systems and how to improve IT systems to best benefit company operations. System Analysts may also have backgrounds in IT that allow them to instruct IT departments and participate in software creation.
What are the daily duties of a Business Analyst?
On an average day, a Business Analyst starts by reviewing their schedule for the day. They look at company data and write reports to justify their proposed business ventures. Throughout the day, they participate in meetings with company executives to review their findings and make suggestions. They also travel to branch locations to see how employees adapt to operational changes. Once back in their office, they record new data detailing the progress of business strategies like training programs and better communication channels.
What qualities make a good Business Analyst?
A good Business Analyst is someone who uses their knowledge of business development to provide company executives with expert advice about the direction of their company. They should also have superb analytical skills that enable them to review financial statements, customer demographics and other data figures. Business Analysts also need to exhibit excellent written and verbal communication as they may need to write reports or give presentations. A good Business Analyst should also have an innovative mindset to come up with creative solutions to budget limitations, communication barriers and training needs.
Who does a Business Analyst report to?
Business Analysts can report to several different roles within an organization, depending on the areas a company needs them the most. For example, if a company wants to improve its staffing and recruiting department, a Business Analyst may work under a Project Manager to determine the best strategies for onboarding and hiring. In large corporations, Business Analysts may work directly under a Business Analyst Manager or Director of Business Development.