How much does a business analyst earn?
A business analyst is a highly qualified specialist who, based on the available information, concludes the optimal, from the company's point of view, directions of action, and implementation. Using software tools of BI class, they are a kind of bridge between the world of information technology and the world of business. But, on what earnings can he count?
Business analyst - what are the chances for employment?
The demand for business analysts is systematically growing. The dynamic growth in the so-called "big data," i.e. vast collections of data in business processes, contributes to this. Their processing is complicated but can provide knowledge about the preferences and expectations of consumers and customers that could not be obtained using other methods.
Data analysis systems, i.e. advanced computer programmes with capabilities many times greater than the Excel spreadsheet known in every company, are used to process huge amounts of information from various sources. The process of transforming the acquired data into practical knowledge is called Business Intelligence (BI). The leader of this type of solution is the American company Microsoft and its Power BI platform.
A business analyst is a person who, in a way, combines the world of modern technologies with the world of business, technical skills with logical thinking, problem-solving, concluding and, on this basis, predicting the development of events. Data analysis carried out by them allows accelerating and improving the implementation of tasks set for the whole team.
Business Analyst - Salary
According to figures published by Prospect UK, the salary of an entry-level business analyst averages between £21,000 and £31,000. In contrast, the average salary for a business analyst with around five years' experience is between £32,000 and £38,000.
Experienced business analysts can earn between £39,000 and over £50,000.
Interestingly, business analysts are most often employed permanently in organisations. However, once they have gained enough experience, they can also work freelance or contract. An experienced business analyst can even earn around £350 per day.
Business analysts are not required to have a technical background, although basic knowledge of the functioning of IT systems and software will be a great asset. Such knowledge will certainly come in handy when dealing with advanced systems, such as Microsoft Power BI, which is the primary working tool for an analyst.