5 Proven Ways to Earn the Best Business Analyst Salary in India

5 Proven Ways to Earn the Best Business Analyst Salary in India | Business Analytics | Emeritus

India’s business sector has witnessed a tremendous upsurge in recent years. The country leapfrogged the UK to become the fifth-largest economy on the back of strong economic growth in 2023, according to a report by the Indian Brand Equity Foundation (IBEF). There is scope for further growth as the overall analytics industry will be worth $201 billion by 2027 according to the Analytics India Industry Study 2022. The trend is likely to reflect the demand for business analysts as well, and elevate the business analyst salary in India. The spurt is a result of companies looking to optimize their operations in order to navigate complex market uncertainties. It is, thus, crucial to understand the nuances of the business analyst salary in India.

What Factors Influence the Business Analyst Salary in India?

1. Experience

Let us first understand what a business analyst does. Simply put, a business analyst analyzes business processes, identifies areas for improvement, and proposes solutions to enhance a firm’s efficiency and profitability. 

As far as salary based on experience goes, a fresher can earn between ₹3.5 to ₹6 lakh a year, whereas experienced professionals command a pay of ₹12 lakh or more.

2. Education

It is prudent to have a master’s degree from prestigious institutions such as IITs, IIMs, ISB, etc., to attract lucrative salaries. A candidate can also boost their chances with the help of relevant certifications.

3. Location

The average business analyst salary in India stands at ₹735,531, according to Indeed. However, metropolitan cities like Bengaluru and Pune offer higher salaries due to higher living costs and competition. In short, your salary also depends on where you stay.

4. Industry

The demand is more robust in sectors such as IT, finance, and banking as compared to manufacturing or education. Furthermore, multinational corporations, large IT firms and consulting giants typically offer higher salaries than smaller companies or startups.

5. Skills

Most companies look for candidates with skills beyond their core competencies. They prefer strong communication, problem-solving, and technical skills (data analysis tools, Agile methodologies) and offer compensation to attract top talent.

ALSO READ: How to Become a Business Analyst and What Skills are Needed?

Is it Necessary to be Certified to Command a Higher Salary?

While it certainly helps, a certification is not mandatory to command the best business analyst salary in India. However, certifications can significantly improve your earning potential. Here are a few advantages:

Market Value 

A recruiter interprets certifications as a commitment to the profession. It validates skills and sets you apart from the rest.

Industry Recognition

Many certifications such as CBAP (Certified Business Analysis Professional), or IIBA (International Institute of Business Analysis) help underscore expertise in front of potential employers.

Career Prospects

Notably, a certification can put one at the front of the line for promotions to senior roles or specialized positions requiring specific knowledge.

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

How Does the Experience Level of a Business Analyst Affect Their Salary?

Salary Guide 2024

Experience is a key component in deciding the business analyst salary in India. In fact, business analysts witness an increase in their compensation as they gain more experience. Here’s why it is important:

Entry Level (0–3 years)

The business analytics salary for a fresher ranges from ₹300,000 to ₹500,000 per annum. Because they have limited experience, the focus is on building fundamental skills in analysis, communication, and data handling.

Mid Level (3–5 years)

The salary range for a mid-level business analyst hovers between ₹500,000 and ₹1,200,000 a year. By this time, analysts have developed an understanding of business processes, analysis techniques, and tools that can be used on real projects.

Senior Level (5–12 years)

A senior business data analyst salary ranges anywhere from ₹1,400,000 to ₹2,400,000 in a year. They have a proven track record of successful projects and delivering business outcomes. Their role is to provide strategic insights, lead complex projects, and mentor junior team members.

Project Leads (12+ years)

A principal business analytics salary sits at the top of the pyramid with ₹1,900,000 to ₹3,100,000 annually. It is usually reserved for someone heading a project and responsible for strategic decision-making, managing large teams, and driving business transformation.

ALSO WATCH: Senior Management Programme in Business Analytics | IIM Calcutta

1. Focus on Data

There is a growing emphasis on data in decision-making across industries. Hence, there is a demand for analysts with a strong data analysis background. As a result, there is an exponential growth in the business data analyst salary

2. Digital Transformation

 Many companies have accelerated their march toward a comprehensive digital presence in order to stay competitive in the market. They are looking for business analysts with expertise in areas such as process automation, digital marketing analytics, and e-commerce.

3. Remote Work

There has been a rise in the number of remote work opportunities for analysts at large. It means that more candidates from across the country are vying for lucrative posts, leading to a potential rise in the business analyst salary in India.

4. Certifications

There is a demand for analysts with certifications such as CBAP and Agile certifications etc. Most companies consider them as a stamp of approval for a candidate’s skills and expertise. It is also why many firms promote employees who display serious commitment via upskilling.

ALSO READ: A Guide to Business Analysis: 7 Skills to Boost Your Analytics Career

Can Additional Skills Beyond Business Development Boost Salary Prospects?

It is no secret that companies are willing to pay well for people who possess a wide range of skills in addition to their core skills. Let’s take a look at a few of them:

1. Data Analysis

A candidate with proficiency in data analysis tools and techniques, such as SQL, Python, and R, or data visualization tools like Tableau or Power BI, may get the upper hand in salary negotiations.

2. Programming 

An analyst can command a higher salary if they are fluent in one of the programming languages such as Python, Java, etc., or have an understanding of systems architecture.

3. Project Management

A variety of project management skills, including knowledge of methodologies such as Agile or Scrum, adds more value to a business analyst’s profile.

4. Specializations

A company will pay more to a candidate with specializations in a specific industry or domain, such as finance, health care, or retail.

5. Soft Skills

Most companies prefer candidates with strong communication and stakeholder management skills to convey insights, gather requirements, and facilitate collaboration across teams.

Boost Your Career With Emeritus

Several factors contribute to a business analyst salary in India today. The competition is cutthroat with companies looking for talented analysts, especially ones with the right set of skills. It is, therefore, crucial to stay ahead of the curve, which is exactly what you can do with business analytics courses offered by Emeritus. These courses are designed by experts with years of experience so that you are exposed to the latest trends and industry insights. It will help you gain proficiency in essential concepts with the help of a comprehensive curriculum. So sign up for one of these courses and begin your journey toward augmenting your business analytics career.

Write to us at content@emeritus.org

About the Author

Content Writer, Emeritus Blog
Mitaksh has an extensive background in journalism, focusing on various beats, including technology, education, and the environment, spanning over six years. He has previously actively monitored telecom, crypto, and online streaming developments for a notable news website. In his leisure time, you can often find Mitaksh at his local theatre, indulging in a multitude of movies.
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