Business Analysis (BA) is one of the fastest-growing careers in today’s world. The demand for BAs outpaces the supply. As the business analyst career provides flexible and independent working options, the salary that a BA earns is higher than that of an average professional. The average Business Analyst makes over USD$78,000 per year!
Entry-Level business analysts mainly assist and work with senior analysts. They get to learn the basics of business analysis, client communication, facilitation, and documentation skills. Most BAs will start their jobs at the project level and won’t have to make many independent decisions. They usually work on software implementation and enhancement, providing support in enhancing the process of documentation. They collect and document business requirements. Their role is to provide feedback and inputs for implementing technology for business solutions, assisting in business planning, analysis, evaluation, and minimizing business risk, and streamlining business needs are also a part of their job.
If you are planning to pursue a business analyst career, you must possess some technical aptitude.
Critical skills needed to be an efficient entry-level BA:
- Critical thinking.
- Problem-solving.
- Analytical ability.
- Management Skills.
- Ability to negotiate.
- Research.
- Ability to facilitate meetings.
- Project Life Cycle knowledge.
- Collaboration.
- Domain knowledge.
- Continuous learning.
- IT Knowledge.
- Strong communication skills (both written and verbal).
- Decision-making.
- Documentation.
- Advanced Excel Skills.
Good BA skills can give you attractive salary packages. While hiring, companies are looking for someone with a unique combination of general and technical skills. Having a good skill set like elicitation techniques gets you huge salary bumps.
According to the 2021 BA salary survey conducted by IIBA – the worldwide average salary range for business analysts at an entry-level position is from $40,000 to $70,000. Business analysis salary is determined by various factors such as qualification, location, job specialization, and experience level, and the company you are working for. For example, BAs in countries like the USA and Australia have higher base salaries than other countries.
Average base salaries for BAs in USA, Canada, Australia, UK, and India:
The USA –
The average base salary for a BA job applicant with a bachelor’s degree is USD$60,135 to USD$101,729;
- Entry Level Analyst salary in New York, NY – USD$62,573 per year.
- Entry Level Analyst salary in Herndon, VA – USD$85,212 per year.
- Entry Level Analyst salary in Washington, DC – USD$74,644 per year.
- Entry Level Analyst salary in Dallas, TX – USD$67,180 per year.
- Entry Level Analyst salary in Houston, NY – USD$68,241 per year.
Canada:
The average base salary for a BA job applicant with a bachelor’s degree is $85,517 to $91,643 (CAD)
Australia:
The average base salary for a BA job applicant with a bachelor’s degree is $127,321 to $129,263 (AUD)
The UK:
The average base salary for a BA job applicant with a bachelor’s degree is £68,905 to £70,491 (GBP)
India:
The average base salary for a BA job applicant in India is Rs. 3.5 lakhs per annum to 5 lakhs.
Given below are entry-level Business Analyst positions corresponding salaries for each position –
Entry Level Business Systems Analyst
At the entry-level, Business Systems Analysts typically answer to a manager and don’t make a lot of completely independent decisions. This starting position generally requires an Associate’s degree and 0-2 years of experience in the field.
In the United States, the expected annual base salary is USD$56,043.
Entry Level Business Data Analyst
An entry-level data analyst job requires a Bachelor’s degree and 0-2 years of experience in this specific field. The job ranges from statistical analysis to data dredging and pattern mining.
The expected starting annual salary is USD$54,272, which is a little lesser than the Entry Level Business Systems Analyst’s salary.
Worldwide average base entry-level data analyst salaries:
- Average annual data analyst base salary in the USA: USD$65,000.
- Average annual data analyst base salary in India: ₹9,50,000.
- Average annual data analyst base salary in the UK: £27000.
- Average annual data analyst base salary in Canada: 56000 CAD.
- Average annual data analyst base salary in Australia: 82,000 AUD.
- Average annual data analyst base salary in Singapore: S$55,000.
- Average annual data analyst base salary in Germany: €45,338.
- Average annual data analyst base salary in Malaysia: RM 44127.
- Average annual data analyst base salary in Denmark: DKK 881,794.
Job Qualification for Entry-level Business Analyst
The minimum requirement to be a Business Analyst is a Bachelor’s degree. While any degree is advantageous, the following subjects are helpful as they’re in a similar field: Business Studies, Business Administration, Management, Information Technology.
There are also industry-recognized certificates that aspiring Business Analysts can acquire –
- IIBA Entry Certificate in Business Analysis (ECBA).
- IIBA – Certification of Competency in Business Analysis (CCBA).
- Certified Analytics Professional (CAP).
- IIBA Agile Analysis Certification (AAC).
- IIBA Certified Business Analysis Professional (CBAP).
- IIBA Certification in Business Data Analytics (CBDA).
- IQBBA Certified Foundation Level Business Analyst (CFLBA).
- IREB Certified Professional for Requirements Engineering (CPRE).
- PMI Professional in Business Analysis (PBA).
All entry-level BAs will start their work at the project level working on software enhancements and implementations. Also, junior BAs are expected to have good foundational skills and an awareness of analytical techniques. An entry-level business analyst’s salary increases with experience. Educational degrees and certifications also have an impact on salaries. For graduates and postgraduates, there is a wide gap in salaries worldwide. Millions of jobs are posted for business analysts every year and pay good salaries for those with good skills.