The opportunities are limitless, which is another benefit of a job in business analysis. A business analyst can work in every area of operations, on any kind of business team, and in any sector of the economy, therefore two business analysts can have quite different career trajectories.
But like with any career, whether a business analyst is the ideal one for you depends greatly on the nature of the work itself. Your success will be largely based on the abilities and competencies you possess.
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Source: safalta
Reasons to Become a Business Analyst
Due to the great demand, jobs are often secure and pay is quite competitive. The BLS reports that the median pay for the aforementioned position of Management Analyst was $94,000 in 2019. Even in less technically difficult positions, business analysts commonly make an average income that is comfortably in the upper five figures, and business analysts in senior positions frequently make six figures. In fact, some estimates claim that the top 10% of business analysts make $150,000 or more annually. High demand also means that there are more options for business analysts to work remotely or move to new locations or even countries.
2. What Are Business Analyst Career Paths?
IT Business Analyst
Because it relies on a much deeper comprehension of how technology can be integrated into business management, particularly different operating systems, data requirements, and process requirements, and how each of these figures into a company's overarching strategic objectives, the role of IT Business Analyst can be seen as an evolution of a more generalist Business Analyst.
Management Analyst
Operational effectiveness is the focus of management analysis. Instead of coming from a tech background, those working in this field may be more likely to have business administration experience (i.e., computer science). Management analysis still largely relies on data and what it may tell about the hidden ways firms operate, despite not being as technically oriented as IT business analysis. As a management analyst, it will be your responsibility to gather data on corporate operations, analyze it for trends, and use it to generate estimates or forecasts so that managers can make better decisions and handle restructuring. Naturally, management analysts also interact with stakeholders across a business, from the C-suite to specific team members, so effective communication is essential.
Quantitative Analyst
It is common for "quants," as they are commonly referred to, to have backgrounds in math, statistics, economics, or finance. They frequently hold a master's degree in one of these disciplines. Quantitative Analysts are more specialized thanks to their greater educational level, which also increases their ability to command higher compensation.
Data Scientist
The fact that data scientists work at a more advanced level than business analysts—using complex statistical methods and machine learning to create forecasts that can be put into action—may be what most distinguishes data scientists from the latter. In this regard, data science, like all of science, is an exploratory subject where, when attempting to solve a riddle for which there is no obvious path to produce a solution, experimentation frequently replaces a preset roadmap.
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