A Roadmap Of The Top Business Analyst Career Options For You

August 7, 2023 Arka Roy Chowdhury Business Analytics, Jobs, Knowledge

Without accurate data and information, you cannot make sound decisions. Because of this, organizations are dependent on business analytics experts to analyze data and aid in improved decision-making. Business analytics is currently a flourishing field for jobs. You may be encouraged to pursue a career in business analytics by reading this article, which will cast light on a number of the most fruitful business analyst career options. Please go through the list carefully, before you select the career option that matches your eligibility, skills, and demands.

One of the most crucial components of an effective organization is business analytics. Businesses possess a substantial amount of data that has to be analyzed. Businesses may make sense of data to aid in effective decision-making with the aid of business analytics. Business analytics aids in the growth of the company. It enables the organization to predict growth and market trends and better comprehend its customers. The company gains a great deal from this. Additionally, it aids the organization in maintaining an edge over rivals. Because it is an in-demand field, business analytics is a fantastic choice for a career in the modern age. There are many chances for employment, and by 2030, the market is predicted to be worth USD 684.12 billion.

Let’s first understand business analytics so that we can decide whether to pursue a career in it.

Describe Business Analytics

Approximately 1.7 MB of data is generated by a mobile user on average per second. For organizations to move in the right route, this data needs to be examined, and this is where a big role is played by business analytics.

Description of Business Analytics

Business analytics is the process of gathering, classifying, and analyzing data through statistical models to turn it into business insights that can be utilized to address issues and boost a company’s productivity, success, and revenue. Big data analytics, computer programming, planning, statistics, strategy, decision-making, and other words are terms we use while discussing business analytics. People with both business and analytical skills are in high demand for a variety of positions in the wide domain of business analytics.

Three distinct kinds of analysis are employed by all sectors of society. Even if we categorize these differently, they are all related to one another and depend on each other. The degree of complexity and resources needed rise as you progress from the most basic sort of analytics to more complex things. The volume of new information and worth also grows during the same time.

Four Forms of Data Analysis

The four kinds of data analysis are:

Descriptive Analysis
Diagnostic Analysis
Predictive Analysis
Prescriptive Analysis

Each category will be described below along with examples of how it is used in business.

Descriptive Analysis:

Descriptive analysis is the initial kind of data analysis. It serves as the basis for all data insights. It is currently the most easiest and common utilization data in business. By summarising historical data, typically in the form of dashboards, the descriptive analysis explains “what happened.” Keeping track of Key Performance Indicators (KPIs) is the main application of descriptive analysis in business. KPIs provide information about an organization’s business performance according to selected standards. Business uses of descriptive analysis have been mentioned below:-

KPI dashboards
Generating monthly reports about a company’s revenue
Sales lead summary

Diagnostic Analysis:

The next stage is to delve further and ask, “why did this occur” after answering the initial inquiry, “what occurred”? Diagnostic analysis can be used in this situation. Using the insights from descriptive analytics, diagnostic analysis probes deeper to identify the root reasons for those results. Because it detects patterns of behavior and makes more relationships between data, organizations utilize this kind of analytics. The generation of thorough information is a crucial component of diagnostic analysis. When new issues come up, probably, you’ve previously gathered some particular data related to the situation. There is no need to redo work because you already have the data available, and all issues are related.

Business Uses of Diagnostic Analysis Feature the Following:

A freight organization looking into the reason behind slow shipments inside a particular area
A SaaS company digging deep to find which marketing activities boosted trials

Predictive Analysis:

“What is probable to occur?” is the query that predictive analysis hopes to answer. This kind of analytics makes forecasts for future occurrences using historical data. The diagnostic and descriptive analyses are a level up from this kind of analysis. The data that was earlier summarised is used in predictive analysis to produce logical forecasts about how events will turn out. This analysis depends on statistical modeling, which forecasting calls for more resources in terms of both technology and manpower. It’s crucial to realize that forecasting is an estimate and that accurate predictions require high-quality, thorough data.

While diagnostic and descriptive analysis is frequently used in business, predictive analysis is where most companies first experience problems. Some organizations lack the manpower necessary to execute predictive analysis everywhere they want. Others are either not yet prepared to teach existing teams or are not yet ready to make investments in analysis squads across all departments.

Business Uses of Predictive Analysis Comprise of:

Risk Evaluation
Sales Prediction
To determine which leads already have the best possibility of conversion, organizations use customer segmentation techniques
Predictive analytics in customer performance squads

Prescriptive Analysis:

The most sought-after form of data analysis is the last one, yet very few organizations are prepared to carry it out. The border of data analysis is prescriptive analysis, which combines the insights from all earlier analyses to outline the route to be taken in solving an existing issue or making a decision.

The latest technology and data management techniques are used in the prescriptive analysis. Companies must be certain that they are prepared and ready to put in the resources and effort because it is an important organizational responsibility. Prescriptive analytics is perfectly exemplified by artificial intelligence (AI). To constantly study and apply this information to make wise decisions, AI systems ingest a lot of data. These decisions can be communicated to others and even carried out by well-designed AI systems. Artificial intelligence allows for the daily successful execution and optimization of business methods without the need for human intervention.

Prescriptive analytics and AI are currently being used by the majority of big data-propelled organizations, including Netflix, Apple, Facebook, and others to enhance decision-making. Other organizations may find it impossible to make the transition to prescriptive and predictive analytics. More companies will enter the data-driven industry as technology advances and data literacy among professionals increases.

Download the Business Analytics course brochure to see if course at IIM SKILLS meets your requirements.

What Makes Business Analytics One of the Best Business Analyst Careers

Companies of all sizes are beginning to use business analytics, and they are learning more about its advantages and methodologies. As a result, they are constantly searching for skilled and experienced specialists in the domain of business analytics. IT behemoths and Technological start-ups are actively seeking and employing skilled business analytics individuals. Because of this, business analytics is a highly valuable skill to have and a rewarding domain to work in. Additionally, making business decisions based on data is fashionable and is here to remain. A career in business analytics can also be pursued for the benefit of exposure to a variety of positions that increase the likelihood of career growth, such as research, leadership, data analysis, etc.

Professional Courses from IIM SKILLS

Top Business Analyst Careers

Business analytics career growth is exciting and diverse in the 21st century. A business analyst must attend to all company demands in addition to acting as an ambassador, mediator, connector, and moderator. One should either possess solid business experience or substantial IT understanding at the start of a spectacular Business Analyst Career. An entry-level business analytics expert is responsible for gathering, analyzing, recording, and other data-related tasks. A business analytics expert can climb to positions like senior IT analyst, business consultant, project manager, portfolio manager, and other roles over several years. If you want a rewarding Business Analyst Career, we have mentioned the nine most famous Business Analyst Careers you can think of.

1. Data Architect

Average Salary:

Rs. 2168063 per annum on average in India

Qualifications:

A degree certificate in computer science

Skills:

Analyzing skills, designing skills, applied statistics, and maths

Scope:

Public as well as private sectors

Top-level professionals known as data architects develop databases for companies using advanced designing tools. They make sure that all staff within a company has access to all information, like marketing or financial records. Data architects need to be creative problem solvers who implement new strategies and ideas as technology evolves. Thus, we get to see that Data Architect is the first popular Business Analyst Career that you can consider.

2. Data Analyst

Average Salary:

Rs. 600000 per annum on average in India

Qualifications:

A bachelor’s degree certificate in (IT) information technology, statistics or mathematics, and, computer science

Skills:

SQL, problem-solving and decision-making skills, critical thinking, data visualizing, and, programming skills etc

Scope:

Nearly all sectors, credit bureaus, and, insurance organizations

Every organization gathers a huge volume of data, and the role of data analysts is to gather and evaluate this data to obtain valuable information that aids in making informed business decisions and enhancing business strategies. Data analysts are essential in the modern business era for helping companies in running efficiently and make wise decisions. This is the second-most eminent Business Analyst Career.

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3. Chief Data Officer

Average Salary:

Rs. 4000000 per annum on average in India

Qualifications:

Must possess an exclusive master’s degree and 10 years of work experience in the data analytics field

Skills:

Mathematical and statistical knowledge and expertise, team forming, business trends and technology awareness, and, presenting skills

Scope:

Financial and banking companies, IT organizations, healthcare, and, consulting

As a senior-level position, the chief data officer must manage the organization’s data, derive workable insights from it, and collaborate with the data science and analytics teams. By employing new and cutting-edge data sources, a chief data officer additionally seeks to improve business performance. This is the third-most attractive Business Analyst Career.

4. Market Research Analyst

Average Salary

Rs. 450000 per annum on average in India

Qualifications:

A bachelor’s degree certificate in business administration or marketing

Skills:

Superb reporting, documentation, and communicational skills, must have the ability to understand the company’s important objectives, and, more

Scope:

Manufacturing, financial, insurance, e-commerce, and retail

A company’s services and products will be delivered as effectively as possible by a market research analyst who collects detailed and intricate reports, reviews, opinion polls, and, surveys to grasp market opportunities. Customer demands and satisfaction are the priority of a market research analyst. The market research analyst must be proficient in predicting and supervising market trends. This is the fourth-best Business Analyst Career.

5. Data Scientist

Average Salary:

Rs. 1065000 per annum on average in India

Qualifications:

A bachelor’s degree certificate in physics, mathematics, and computer science

Skills:

Data visualization, machine learning, programming, and statistics

Scope:

Government sector, IT, healthcare, financial, education, and e-commerce

Data scientists are in charge of using a variety of statistical algorithms and methodologies to extricate workable information from unorganized and raw data to improve the business operations and strategies of an organization. Thus, we get to see that it is also an amazing Business Analyst Career.

6. Statistician

Average Salary:

Rs. 496920 per annum on average in India

Qualifications:

Either a master’s or bachelor’s degree certificate in statistics or mathematics

Skills:

Analytical skills, fantastic mathematical capabilities, and must be tech-savvy

Scope:

Environment, financial, health services, transportation, and education

In nearly all fields, such as healthcare, engineering, business, etc., statisticians use statistical and mathematical methods to address real-life issues. Therefore, this makes statistician an interesting Business Analyst Career.

7. Information Security Analyst

Average Salary:

Rs. 600000 per annum on average in India

Qualifications:

For roles like system administrator, entry-level positions require a bachelor’s degree certificate in computer science and one to five years of work experience

Skills:

Knowledge and expertise regarding network and must have quick response and handling skills

Scope:

Administration assistance services, government agencies, public and private sectors, financial, and insurance

To safeguard organizations and assure cyber security, information security analysts safeguard data and supervise IT systems and networks. The primary duty of the professionals is to detect a system’s shortcomings and create innovative approaches to fortify the network. A bachelor’s degree certificate in information technology, numerous years of pertinent work experience, and should have graduated from any of the cyber security courses are all requirements for becoming an information security analyst. You can also take up this excellent Business Analyst Career.

8. HR Analyst

Average Salary:

Rs. 540881 600000 per annum on average in India

Qualifications:

A Bachelor’s degree certificate in Business Administration, Industrial Psychology, or a similar field, and, Human Resources. Moreover, a minimum of three years of work experience in related areas such as training, hiring, job compensation and classification, selection, employee advantages, and/or equal opportunity abidance

Skills:

Great written communication and verbal skills, exceptional problem-solving and analytical skills, skilled in Microsoft Office Suite or similar software, and, efficient in or possess the capability to grasp the company’s payroll, HRIS, and related employee management software

Scope:

Applicable in all sectors and industries

Known as an HR analyst or a human resources analyst examine human resources data using a variety of methods and computer application software programs. They collect, investigate, analyse, and apply the data to discover and provide management with useful business information. The company can use this information to discover better candidates, encourage existing employees, and fix issues related to staffing.

The role of HR is given a new dimension by HR analysis, where experts participate in the process of strategy formulation because the data reflects recruiting procedures and enhances hiring techniques. It brings an efficient workforce, which enhances the employee experience. Recognising the elements of employee training and upskilling is now made easier. Thus, you can think of HR Analyst as an astounding Business Analyst Career.

9. Financial Analyst

Average Salary:

Rs. 500000 per annum on average in India

Qualifications:

Must have work experience between 0-3 years in business or finance or similar or other pertinent work experience. Must have a degree certificate in B.Com, BA, or BS or a bachelor’s degree certificate in accountancy or finance or economics

Skills:

Highly proficient in financial, business valuation, and, financial modeling techniques, marvellous fluency with Microsoft Excel functions and formulas, impeccable data collection and analytical skills, and must possess an incredible business acumen

Scope:

Financial organizations, leasing and finance companies, global banks, (RBI) Reserve Bank of India, stockbroking companies, consultancies, insurance organizations, corporate sector, and public sector companies like Railways, etc

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A financial analyst analyses a company’s entire business strategy, economic trends, and the latest business news to give organizations and people knowledgeable advice on business investment decisions. Based on their industry expertise, knowledge, and, evaluations of the organization’s financial position, market trends, and business news, financial analysts assist it in making business or investment decisions. A financial analyst is the last and final best Business Analyst Career you can choose.

Note: The salary depends on work experience, the company that you are working for or working at, and the workplace.

Famous Companies That Are Hiring Business Analytics Experts

Some of the leading companies that are recruiting business analytics experts are Accenture, McKinsey and Company, (BCG) Boston Consulting Group, KPMG, Deloitte, and, more.

Here is a Step-by-step Guide on How to Be a Business Analyst

Get Your Degree Certificate in Any Field or Line:

Land a job at the entry level as a developer, quality assurance engineer, or industry professional. A junior business analyst post would be any of these. You’ll probably need to interview for the position of a business analyst to land this job, so you might wish to examine interview questions.

Within a couple of years of employment, you need to become a master in any of the fields of your interest
Obtain several years of practical work experience in the positions described above
By earning certifications in programs related to business analysis, you can enhance your set of skills
Progress to a more senior role, such as Product Manager, IT Business Analyst, Lead/Senior Business Analyst, etc

Keep in mind that the majority of employers seeking individuals for senior-level positions like to hire a candidate possessing a degree like MBA or a similar relevant business degree.

Lastly, Target Chief Technology Officer (CTO) Designation or Becoming an Independent Consultant After Working for About Ten Years.

Frequently Asked Questions on business analyst career options

Q1. Should I pursue a career in business analytics?

There are many fascinating opportunities to apply your business understanding and acumen in the role of a business analyst. In comparison to other business positions, it pays more and offers benefits and work-life balance. Nowadays, more businesses are starting their operations, thus all of them need a business analyst who can streamline internal, operational, and revenue procedures.

Q2. Is working as a business analyst challenging?

A career as a business analyst is not particularly challenging, although it can be significantly more challenging than normal business opportunities. This is because thorough research and analysis need a great deal of patience. Business analysts spend months improving operational efficiency to produce reports that can maximize both overall performance and profitability.

Q3. Describe the role of a business analyst in short.

By examining how the organization may become more efficient and simplified in its functions, a business analyst focuses on highlighting the overall operational performance and efficiency. Additionally, a business analyst looks at vast data sets to discover effective methods to raise a venture’s profitability.

Final thoughts on the top business analyst career options for you

If you want to work in both business and data science, choosing a career in business analytics is a wise move. The correct qualifications and the requisite skill set are all you need to succeed in business analytics, even though it may appear difficult to get started in this field. Which career option most interested you? Please share your response in the comment section provided below.

Author: Arka Roy Chowdhury

Arka Roy Chowdhury has done his post-graduate diploma course from Asian College of Journalism. Previously, he has worked at a few publications. Currently, he is an intern at IIM skills. Arka is an avid reader of sports and entertainment news.