What does a business analyst do?
A business analyst fundamentally understands how businesses operate. With this knowledge, they analyze, deconstruct and build better enterprises. You’re essentially a data analyst who uses the intel you gather to improve a business or its functions. This calls for you to make predictions, relying on forecasts as a trajectory for your employer to assess. Your recommendations are then considered among executives and coworkers, and the studies you forward collect even more data about the potential scenarios your employer faces.
Staff development is a primary focus of the role, and this includes a business’ IT structure. Organization is another facet of your day-to-day, giving your employer more insight into how they operate. However, your scope won't simply be limited to the actual business that employs you; the work also consists of improving the software your employer makes. You find ways to analyze products and services while then offering suitable options to improve them. Keeping track of these details calls for you to record your work and build a history of intel.View Jobs
What is the average business analyst salary?
Depending on your specific field, the average salary of a business analyst ranges between roughly $6,757.50 to $7,750 a month. Business analysts, overall, make competitive salaries each year. Those earning up to $93,000 annually work in company and enterprise management. Finance and insurance are also popular industries for business analysts, typically earning around $83,050 per year. Other professionals work in government roles but still earn a competitive wage of $81,090 per year.
Working as a business analyst
Working as a business analyst calls for attention to detail as your job is solely focused on collecting and then assessing information. The technical eyes and ears of your employer, your skills offer businesses a way of measuring themselves and keeping track of the intel. The focus, however, shouldn't just be on collecting data only since your objective is to use your research to reduce costs for a business. Increasing overall efficiency is something that constantly remains in your sight. Budgeting then allows you to start financial projects or plans.
Preparing for meetings
Preparing meetings or demonstrations for key stakeholders and executives is how you publicly share your data with others. This enables your employer to see what only a trained eye discovers. The more you hone these skills, the more details you find and the bigger the results.
What are the responsibilities of a business analyst?
Above all, you’re charged with the responsibility of understanding business analytics. You then need proven experience in using the analytics you collect to proactively search for new ways for a business to improve. Your work asks you to be honest yet cordial about the shortcomings an employer has in order to provide a true evaluation that will build them and bring them to another stage of growth. Each workday, executives and investors rely heavily on your work, research or active studies.
What type of equipment do business analysts use?
Becoming flexible with using reporting technologies is highly recommended, as is being handy with a notepad. The most useful programs available include something as common as Excel, which enables you to be creative and organized with data. It’s also likely that you'll use business intelligence (BI) tools as these platforms are already familiar with the data you come across. Focusing on organizing large sums of data, Tableau is another valuable software platform used by business analysts. Data sheets, graphs and charts are also powerful tools to use.
What is the work environment of a business analyst?
Your work primarily takes place at a desk, but the office you work in dictates your overall demands. While many businesses keep the business analyst at hand in their offices, others give you the chance to analyze their needs remotely. Doing so calls for you to already have an understanding of the data driving a company forward. Otherwise, it best suits you to meet your company staff, learn their conditions and then establish your projections before going remote. Remote workers are those more likely to work temp jobs.
Who are your colleagues as a business analyst?
Just about everyone at the company you represent is your colleague in this role. You’ll have direct access to everyone within your business structure, which is very much a necessity. You are likely to work with accountants, hr-managers and product managers. Your work at times is even bigger than the orders that superiors give as it will change the instructions they provide. You aren’t limited to a specific team as a business analyst, though these groups do make up your coworkers in some cases. Project managers oversee your work when conditions call for it. For big projects you’re assigned, the likely superiors are senior analysts and technology architects.
What is the work schedule of a business analyst?
Expect a common workweek of 40 hours with the weekends off if you choose. Your opportunities for overtime come when swaths of data need processing in less time than usual. Overtime is also dependent on your employer and any urgent needs their agency has. Overall, this job is less demanding than most financial data roles, allowing for time to focus on your work-life balance.
What is the career outlook for a business analyst?
The expected job growth in future positions for business analysts is 14% according to the Bureau of Labor Statistics. Over the next 10 years, more than 124,400 new positions will exist each year. In a generation of data, information is still sought for and applied in new ways. As long as this remains the case, a strong demand for your work gives you the chance to build a promising career with ease. The basic needs of high-performing businesses, however, create a hardy demand for your work, regardless of the trends in data technology.
What are the advantages of working with Spherion as a business analyst?
Spherion makes finding a job easier. Many of the agency’s users are happy to have streamlined their path toward a dream career. Job seekers often struggle with finding the connections they need to build to pursue a particular job, but working with Spherion, an agency that's familiar with the employers and their hiring managers, provides a significant advantage. With no shortage of opportunities, you'll find the following easy to access when you need it:
- Payments on a weekly basis
- Job flexibility
- Contact personnel who you fall back on and ask for help
- Great training opportunities
- Job listings for the most recent roles in your area
What education do you need as a business analyst?
The best credentials to obtain are bachelors or masters degrees. It's important, however, to be choosy with the fields you enter. Economics and statistics are suitable areas and give you an overview of data. This includes computer and data sciences, but data management and finances should not be overlooked. Though you can certainly earn your masters in one of the above fields of study, a Master of Business Administration (MBA) will make you stand out indefinitely. This includes any experience you have as a business analyst. Certifications work, but be sure to look for qualifications from the International Institute of Business Analysis (IIBA).
Skills & competencies
Finance and accounting, even if not required, give you helpful insights into data and how it behaves. Getting your points across later on calls for you to excel with verbal and written communications. Condensing complex ideas into simple phrases is priceless within your work, while critical thinking is the skill you need to solve the problems that your data presents. Being creative in the process helps you to find solutions that others would have overlooked. The data world is computational today, so any skills you have in writing code allows you to excel.
The use of data to manage a business grows exponentially by the day. Learn about these commonly asked questions about wielding data to improve a business by becoming a business analyst.