How much do Business Analysts Earn?
The field of business analysis is one of the fastest-growing occupations of the modern era. Business analysts help organizations understand their current and future needs, operational efficiency, and market trends, allowing them to make informed decisions that can have a huge impact on their success. One of the most significant factors that make business analysis an attractive career path is the expected salary. In this article, we will dive into how much business analysts earn and the factors that can influence their salary.
Average Business Analyst Salary
According to Glassdoor, the average base salary of a business analyst is83,000 per year, which is approximately 29% higher than the national average.
Factors Affecting Business Analyst Salary
Several factors can determine how much a business analyst can earn. Some of these factors include:
Experience
A business analyst’s salary increases with experience. A junior business analyst with one to three years of experience can expect to earn an average salary of85,000 or more per year.
Industry
Business analysts’ salaries can also vary depending on the industry they work in. For example, business analysts working in healthcare or finance tend to earn higher salaries than those in retail or hospitality.
Education and Certification
Business analysts with higher levels of education tend to earn more than those with only a bachelor’s degree. Additionally, having specific certifications such as Certified Business Analysis Professional (CBAP) or Project Management Professional (PMP) qualifications can also increase a business analyst’s chances of higher pay.
Location
Business analysts working in metropolitan areas such as San Francisco, New York, or Seattle tend to earn higher salaries than those in rural areas. This is because of the high demand for business analysts due to more companies operating in these cities.
Job Growth
The business analysis field is projected to grow by 14% by 2028 according to the Bureau of Labor Statistics. This growth will drive up the demand for business analysts, especially those with relevant certifications and experience.
Conclusion
In conclusion, business analysis is a lucrative career path, with ample opportunities for growth and high earning potential. However, several factors can significantly influence a business analyst’s salary, including experience, industry, education and certifications, and location. By keeping these factors in mind, individuals can adequately plan their career and compensation goals as a business analyst.
