The team at Robert Half Technology has crafted a comprehensive salary guide for 2016. In the guide, you will find that business analysts, business systems analyst, and financial analysts were listed as hot jobs for which companies are seeking competent business analyst candidates.
Business analysts looking to further their careers should take note that the projections made by the salary guide show a surge in salaries at a senior level.
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In large companies, professionals working in this capacity can expect a 5.0 % increase in salary, while analysts employed in mid-size companies are expected to receive a 4.9 % boost in remuneration.
If that isn’t motivation enough to stick to this career path, the Employment Projections Program conducted by the U.S. Bureau of Labor Statistics has pointed out that American employers will need 876,000 business analysis related professionals by 2020.
Wearer Of Many Hats
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Business analysts are often said to be the most pivotal professionals in many business.
The general job description is to bridge the gap between business and technology, making them natural leaders. Successful analysts possess extensive knowledge and techniques to help them accomplish several tasks within an organization. This gives them a holistic understanding about the business, making it one of the most satisfying positions to hold.
While the typical career path for business analysts involves becoming project managers or product managers, there are alternative paths that are worth considering.
- Business Requirements Analyst: At a senior level, they make recommendations that bring about change to help a business meet its objectives.
- Business Process Analyst: They are in charge of identifying the errors that disrupt the smooth running of business.
- Decision Analyst: Is tasked with investigating past performances and creation of predictive models that provide direction to the company’s business plan.
- Functional Analyst: Senior functional analysts are required to have specific knowledge about a product (features and capabilities), and have the ability to work on large, complex projects by themselves.
- Agile Analyst: Agile is a set of principles that allow business needs to define the type of software being developed by an organization. Agile business analysis ensures that the right information is available to the developers, at the right time.
- Enterprise Analyst: The enterprise analyst is required to define business needs, set benchmarks, and provide solutions to achieving them.
Senior level business analysts share similar traits across organizations. Some of these include having the capacity to think analytically and critically, good leadership and communication skills, and software application knowledge.
Josh Maxwell, senior business analyst at the Cincinnati Insurance Company provides a list of mobile applications that will enable the modern analyst to satisfy stakeholder needs on the go.
Make Your Way To The Top
Andy Salunga, a prominent business process analyst at Forrester said, “Business analysts aspire to business leadership, but most organizations struggle to provide a clear career path to get them there.” (Click To Tweet)
If you are looking to advance your career as a business analyst, it is crucial that you broaden your cross-functional expertise. Andy Salunga provides us with an example that illustrates this—sourcing process BA’s need to gather knowledge about the retail distribution aspects of the business. This is done in order to make decisions based on an integrated understanding of separate functions.
Business analysts looking to take their careers further will have to take on more responsibilities. At a senior level, analysts are required to tackle more complex projects, have a holistic understanding of business processes, have the confidence to navigate through new domains, and act as a consultant to stakeholders.
Most importantly, the business leader role isn’t something that is offered but rather stepped into by a confident business analyst.