Are you planning to pursue your career in business analysis and want to become a business analyst? Well, I would say you have made the right decision for yourself. As the traditional methods aren’t enough to meet today’s business requirements, most businesses are now hiring professional business analysts (BAs).
As a result, the demand for business analysts has increased a lot. On the other hand, the demand has surpassed the supply. So, the salary of a business analyst has not gone up.
How much can a business analyst earn? As a business analyst, I would say this career path is quite good, and you can earn quite decently. But your salary will vary based on the location, industry, and experience. Keep reading to explore more about it.
Before learning more about a business analyst’s salary in India, let’s understand who these experts are and their roles and responsibilities.
Who Is A Business Analyst?
With time, business analysis has become an important activity in every business. They are the professionals responsible for understanding the changing business requirements, analyzing the impact of those changes on the business, facilitating communication, and more.
These professionals function as a bridge between business domains and IT and contribute to sustainability and profitability.
Business analysts are a major part of the new-age business that believes in data-driven problem-solving and decision-making. Using data analytics, they determine various business requirements, analyze the processes, offer a recommendation, and report to the stakeholders.
Understanding Different Responsibility Areas Of A BA
- Financial modeling
- Business analysis and planning, including identifying the challenges, opportunities, and solutions.
- Analysis of variance
- Budgeting and forecasting
- Reporting or communicating the information to the concerned departments or stakeholders.
- Risk analysis
In general, a business analyst reports to a project manager. Some of the major tasks include implementing and documenting the different processes, requirements analysis, and carrying out user-acceptance testing.
The ability to clearly explain different technical concepts to the users and an analytical tendency is a key to becoming a successful business analyst.
Want To Become A Business Analyst? Develop The Following Skills
- Good presentation and communication skills.
- An analytical and problem-solving mindset
- Experience in analytical tasks.
- Team management and interpersonal skills
- Knowledge of different analytical techniques and tools.
- Reporting efficiency and documentation skills
- Time management skills
- Data modeling and data management skills
Get A Bachelor’s graduate degree
Most businesses prefer to hire a business analyst with a bachelor’s degree in MBA or any business domain for entry-level roles. Besides, different specialized courses, like marketing, accounting, and management, can help you prepare for a business analytics career.
A valid business analytics certification will help you prove yourself as an expert business analyst. Besides, some companies also ask for certification while hiring someone for their business analyst position. You can easily find different offline and online business analytics certification courses.
Gain Work Experience
If you are a fresher, you should look for different internship opportunities in well-known companies. If you have experience in marketing, information technology, finance, human resource management, etc., you can apply for an entry-level position.
Business Analyst As A Professional Career Choice
There are four major roles in which business analysts can choose to work. These are:
- Business developers are responsible for analyzing business expansion scope, exploring more business opportunities, and creating a patch of development.
- Business model analysts generally work with strategic management to develop an effective roadmap for a business, its market approach, and its policies.
- Process designers work with business operations’ process workflows.
- A system analyst is a type of IT extension role where the business analysts in the companies work on different technological requirements and policies related to it.
Now that you understand a business analyst profile let’s know about some benefits of pursuing a career in this field.
- Faster career growth.
- As there will be more opportunities to move around, you don’t have to worry about stagnation in an industry or company.
- In terms of location, you will enjoy a better level of flexibility.
- Demand for business analysts in different sectors is growing rapidly.
- Opportunities for continuous self-development and growth.
- High-paying job roles.
Businesses in India are now operating in a complex scenario. They deal with cutthroat competition, resource crises, pandemics, and changing policies.
Every organization is now working on finding different ways to solve the issue of becoming more productive with fewer resources. For that, they depend on a business analyst.
They carefully scrutinize every piece of data to develop valuable insight into the performance of a business, like people metrics, orders, purchases, and more. As of 2021, there are more than 55000 jobs in India for these professionals. The higher cluster of jobs in Delhi, followed by Chennai, Bangalore, and Mumbai.
Besides, every industry, like banking and finance, IT, recruitment and placement, BPS, ITeS, and more, has a great demand for business analysts.
Understanding The Salary Of A Business Analysts
Before diving deep into the salary of a business analyst in India, you need to understand the evolution of these professionals.
For most companies, it is a profitable practice to hire a professional business analyst to bridge the gap between the company’s outside and the inside of the company. To understand the salary of a business analyst, you should know about some possible factors that can affect the salary. These are:
- Job responsibilities
- Size of the company or sector in which
- Designation hierarchy
- Job or company’s location
Business Analyst Salary In India By Location
Remember that a business analyst’s salary will vary based on the location. But why? The resources available can be very high at some locations, and at other locations, they can be low. For example, Amazon has its offices located in different locations, but it is not paying the same salary to its business analysts at all the locations.
As per some studies, business analysts working in Pune or Bangalore can earn around 17.7 percent and 12.9 percent more than the average salary in India. Let’s discuss this in detail.
Salary Of Business Analyst In Bangalore
Bangalore is India’s IT hub, and the city has the highest number of job openings for different professions, including business analysts. That’s why in Bangalore, business analysts are getting more salaries compared to other cities in India.
They are one of the highest-paid professionals in Bangalore. The average yearly salary of a business analyst in Bangalore can go up to Rs. 670,000.
Salary Of A Business Analyst In Delhi
Well, if you want to move to Delhi for your job, it can be a good idea as in Delhi, business analysts also make decent money. As per a report, the average yearly salary of a business analyst is Rs. 600,000, and based on the experience, the salary can go up to around Rs. 1,250,000 per year.
Salary In Hyderabad
Business analysts in Hyderabad are getting around Rs. 67,000 to Rs. 680,000 per year, based on their knowledge, experience, and skills, this can increase up to Rs. 1,350,000 per annum. So, working as a business analyst in Hyderabad is not a bad idea at all.
Salary In Chennai
As Chennai offers many opportunities to professionals with technical skills and knowledge, you can expect a good salary while working as a business analyst.
Some business analysts are getting more than the salaries of these professionals in other cities. In Chennai, the average of these professionals is around Rs. 770,000 per annum. If you have more experience and skills, you can get around Rs.1,350,000 per annum.
Apart from these cities, business analysts are also earning good in other cities like Noida, Gurgaon, Pune, and more. So, based on your convenience, you can choose a location and start working as a business analyst.
Business Analyst Salary In India By Experience
This is a job for which a person should possess business and analytical abilities. Besides, it requires professionals to have technical knowledge. So, if you have more experience in this field, you won’t face many issues while looking for a position with a higher salary.
In general, the salary may range from Rs for freshers or entry-level roles. 3,00,000 to Rs. 5,00,000. For example, the average annual salary of a business analyst with less than one year of experience is around Rs. 3,50,000. It may include bonuses, overtime pay, and tips. If you are a fresher, your designation would be a junior business analyst.
On the other hand, if you have one to four years of experience in this field, you can get an average annual salary of Rs. 5,00,00 to Rs. 5,50,000.
If the company is a large one and you have more than 5 years of experience, your salary may range from Rs. 8,00,000 to Rs. 9,00,000 per year. You will be working as a senior business analyst.
Some reports have informed that business analysts who have experience of 15 years and more get around Rs 12,00,000 to Rs. 15,00,000 per annum.
This is a lucrative career option, and by gaining more experience in this field, you can enjoy better salaries.
Business Analyst Salary In India By Sector
As per a report, three major economic sectors employ more than 55 percent of all DSA- Data Science and Analytics professionals. These are Insurance and Finance, IT, and Professional Services.
While professional services firms hire more than 20 percent of the DSA professionals, the insurance and finance sectors hire more than 35 percent. Business analysts are also getting decent salaries in the healthcare and manufacturing sectors.
Let’s discuss the business analysts’ salaries in some major companies in India. In Accenture, business analysts earn around Rs. 610,000 per annum. Experienced business analysts are getting more than Rs. 7,50,000.
On the other hand, Capgemini is offering around Rs. 7,00,000 to Rs. 7,50,000 per annum. In TCS, the professionals are getting around Rs. 6,80,000 per annum. CSC- Computer Science Corporation, Wipro, and HCL offer lower packages; for example, you would get around Rs. 5,00,000 to Rs. 6,00,000.
Some of the top-paying companies are:
- Salary of a business analyst in Shell- Rs. 19.2 lakh per year.
- Eurofins IT Solutions offer Rs. 21.4 lakhs per annum to its business analyst.
- Google’s business analyst salary is Rs. 19.9 lakh per annum.
- A business analyst’s salary in Nestle India is Rs. 20.2 lakh per annum.
Can Business Analysts Become Data Scientists?
As discussed above, one of the major job roles of a business analyst is analyzing the data. They analyze and understand the data to trace the patterns in the business operations. Besides, they detect the possible challenges a business may face in the future.
On the other hand, a data scientist has data at the core of the job responsibilities—the fragment data to detect the challenges through software programs and statistical operations.
So, you say that if you are currently working as a business analyst, you can also make a career in data science. All you need to put some effort into understanding different technological terminologies, statistics, and software programs as these are important to begin a career as a data scientist.
A business analyst is a professional who carefully analyses different issues and activities related to business. Besides, they are also responsible for the effective interpretation of business data.
Every business analyst should have skills in different subjects, like technology, mathematics, science, etc. They have a crucial role in the companies for the growth.
As discussed above, the salary of business analysts in India will depend on different factors, such as designation, company, experience, location, educational levels, skills, and more. But you can say that having a career in this field can bring many opportunities as it is booming with time. So, what are you waiting for? Complete your business analyst training program now and get ready to start your career.