How Much Does a Business Analyst Earn Based on Experience and Location?

A McKinsey report on post-pandemic business chains claims that 71% of businesses worldwide plan to ramp up their investments in advanced analytics. Regardless of their size, businesses today invest in strong data analysis practices to tailor products to specific consumer needs. The need to leverage data and unearth actionable insights translates to the growing importance of business analysts and a surge in demand for them. That is why business analyst salary packages are some of the most lucrative in the data industry. Let’s see what the numbers are and how you can be eligible for these roles.

Introduction to Business Analytics

According to the 2020 Microstrategy report, 60% of organizations worldwide deploy data analytics to boost cost efficiency and optimize production. Business analytics uses analytical data science models to make sense of organizational data and draw actionable insights to boost a company’s growth. The aim is to synthesize data from all the departments in an organization – marketing, HR, sales, finance, and so on – to understand their interconnectedness and how they affect the overall decision-making processes of the company. Simply put, business analytics enables consistent organizational growth while incorporating modern analytical tools and techniques into traditional processes. 

ALSO READ: What is Business Analytics? Decode the Why, What and How of Any Business

Average Business Analyst Salary Based on Job Title

As we’ve discussed, data-literate professionals give a strong competitive edge to businesses. This makes the business analyst’s salary, across different levels, among the most competitive in the market. 

Junior Business Analyst

Junior business analysts procure the primary data for analysis. They are involved in compiling, verifying, documenting, and analyzing the market and industry data. They also assist senior analysts in gathering insights from different departments of the company and optimizing consumer needs, acting as the integral link between software developers and end-users.

Average Salary in the U.S.: $59,092 per annum

Business Analyst

Business analysts supervise junior analysts throughout the software development life cycle of a product. The software development life cycle defines the stages involved in bringing a project from inception to completion. Business analysts also act as important communication bridges to the development team. They take up instructions from senior analysts and ensure smooth data furnishing as well as alignment with business goals.

Average Salary in the U.S.: $80,828 per annum

Senior Business Analyst

Senior business analysts are in charge of projects, where they design, develop, plan, and execute all the systems of a business and lead teams to seamlessly navigate the different stages of software or product development.

Average Salary in the U.S.:  $106,090 per annum

Business Systems Analyst

A business systems analyst maintains the crucial software systems central to the organization’s current business practices. They study and enhance the different analytical methodologies deployed by a company to identify realistic project goals and establish a detailed project budget, among other things.

Average Salary in the U.S.: $81,975 per annum

Business Systems Consultant

Business systems consultants work with relevant underlying data such as information on customer preferences and competitors’ data analysis, in collaboration with other in-house staff, to correctly integrate IT architecture with functionality. They facilitate the implementation of efficient systems by resolving infrastructural conflicts and developing cost-effective solutions in response to new developments in existing IT frameworks. 

Average Salary in the U.S.: $84,787 per annum

ALSO READ: Business Intelligence vs. Business Analytics: How to Distinguish Easily

Average Business Analyst Salary Range Based on Knowledge and Experience

1. Entry-level Position

Experience: 1- 2 years

Annual Salary Range in the U.S.: $45,000 – $78,000

2. Intermediate Business Analyst

Experience: 3 – 5 years

Annual Salary Range in the U.S.: $1,302 – $106,285

3. Senior Business Analyst

Experience: 3 – 5 years

Annual Salary Range in the U.S.: $80,000 – $106,076

4. Chief Information Officer (CIO)

Experience: 3 – 5 years

Annual Salary Range in the U.S.: $225,000 – $408,000 

What will Help You Bag the Highest Business Analyst Salary?

Apart from acquiring technical skills, certain business acumen skills are foundational for a dynamic business analytics career and a significant business analyst salary. Here are five characteristics that will amplify your role as a business analytics professional:

Soft Skills

• An eminent communicator
• An inquisitive mind investigating crucial business questions
• A master of critical thinking
• A strong visualizer
• A detail-oriented problem solver

Technical Skills

As far as technical skills are concerned, business analysts have to wear two hats — that of a developer and an analyst. Expertise in the following domains is most relevant to a successful business analyst’s profile:

• Statistical analysis software systems, such as SaaS, STATA, or R
• Database querying languages, such as SQL
• Survey software systems, such as Google Forms, Qualtrics, SurveySparrow
• Coding and programming language skills, including Python, R, JavaScript
• Data visualization skills and experience with either Google Charts, Tableau, or Datawrapper
• Data mining and expertise in Apache Mahout or H2O
• Database design
• Business analysis and experience with software systems, such as Power BI, Qlic Sense, or Oracle Analytics Cloud.

ALSO READ: What Does a Business Analyst Do? How to Become a Successful Analyst

Business Analyst Salary – By Location

Here are the average business analyst salary packages in different regions.

• US: $80,828
• UK: $57,958
• France: $45,694
• Spain: $33,774
• Canada: $54,034
• Australia: $63,979 

All salary information has been collected from Glassdoor.

What is the Highest Salary for a Business Analyst in the U.S.?

According to Indeed, a business analyst’s highest annual salary in the U.S. is $159,000.

Are Business Analysts in Demand?

As more businesses join the data analysis bandwagon at an unprecedented rate, the demand for business analysts will witness a tremendous growth trajectory. According to the U.S. Bureau of Labor Statistics, the demand for business analysts will grow by 25% by the end of this decade. The BLS prediction also indicates that offshoots of this field, budget, and management analysis, will demonstrate growth rates of 14% and 11%, respectively. 

To take advantage of this imminent boom in business analyst salary levels, explore Emeritus’ plethora of business analytics courses and upskill yourself for the best prospects. 

By Bishwadeep Mitra

Write to us at content@emeritus.org