A business analyst’s career path is full of opportunities and promise. Business analysts are in huge demand to use data to form business insights and recommend changes for the growth and progress of the organization. They identify issues and provide solutions throughout the organization. Business analysts must have strong analytical and problem-solving skills as their roles demand them to analyze data to solve problems and improve efficiency.
This article is a complete guide regarding the Business Analyst career path in 2023.
Who is a Business Analyst?
Business analysts help companies make decisions and prioritize efficiency based on their findings from huge business data, bridging the gap between technology and business. They are responsible for maintaining solid organizational communication throughout the business hierarchy to communicate their findings and help implement changes. They have to research the target customer and what they are looking for to present it to the organization.
Business Analysts often have project-based tasks involving improving a system or process or solving a specific problem. Everyday functions of business analysts include:
- Identifying business problems and providing possible solutions
- Analyzing large amounts of data
- Creating visualizations of data to communicate findings better
- Forecasting outcomes of potential business decisions, like budget options and pricing adjustments
- Ensuring business activities align with overarching company goals and strategies
Education And Skills Required By Business Analysts
For some companies, an entry-level of a business analyst with a bachelor’s degree is a must. Degrees in analytical or quantitative fields will be beneficial.
While major and big companies prefer to hire candidates with a PGDM in Business Analytics or an MBA. As PGDM students are trained in critical thinking, problem solving and analysis. They are well-equipped and trained in data interpretation and analysis. They can utilize the data, make projections with the data in sync with trends and patterns and make profound business decisions for the organization.
Soft and Interpersonal Skills
Communication skills and leadership skills are necessary for PGDM students as it helps them communicate effectively with various stakeholders, including managers, developers, and end-users. They translate technical information into simple language for everybody to understand.
Technical Skills
- Understanding of programming languages for data manipulation and visualization, SQL knowledge, and Good Excel skills.
- Familiarity with financial analysis approaches, like regression analysis and profitability ratios. Also with statistical software like SAS and SPSS, and data-specific programs like Tableau and Power BI
- Business analysts need to understand software systems, data analysis, and project management tools to analyze business data, identify trends, and develop recommendations for improvement.
Analytical Ability
Skills to analyze complex business problems, identify root causes, and develop solutions. They need to gather and analyze data from multiple sources and find the most effective solutions to business problems.
Project Management Skills
Business analysts need to manage projects effectively, from conception to implementation. They need to be able to develop project plans, set milestones, and track progress to ensure that projects are delivered on time and within budget.
Leadership Skills:
Business analysts need to be able to lead teams effectively. They need to be able to motivate team members, manage conflict, and facilitate collaboration between team members.
Who Can Pursue a Career in Business Analysis?
If you are someone who enjoys asking questions, providing solutions driven through data and analysis and have strong communication skills, then a business analyst job is a good fit for you. A business analyst on an everyday basis faces new challenges and has to come up with new ways to put your skills into practice to overcome them.
Top Careers After PGDM Business Analytics
- Senior Business Analyst
- Business Systems Analyst
- Data Analyst
- Senior Business Analyst
- Business Systems Analyst
- Data Analyst
- Product Manager
- Project Manager
- Management Consultant
- Business Intelligence Analyst
- Process Improvement Analyst
- Domain-specific Analyst
- Entrepreneur/Startup Founder
Career Path for Business Analysts
The initial days of a business analyst involve understanding the business functions and hands-on data analysis. Progressing throughout their career, business analysts may work to develop solutions from the analyzed data and mentor new analysts.
With many job titles under business analysis, many begin their journey in one role and move over to various specializations.
Entry-Level Business Analyst Roles
Entry-level analysts focus mainly on data understanding, analysis and implementing changes on the ground level.
The journey is different for each, as some start with implementing a specific analyst role or even in a heavy entry position.
Mid-Level Business Analyst Roles
The mid-level roles are often senior positions in the organization as they involve leadership and prepare the entry-level analysts to company standards. Subsequently, they also have more responsibilities, more customers and larger projects.
They must have strong skills to shuffle between projects and determine the changes that need to be implemented and what solutions to offer.
Senior-Level Business Analyst Roles
Senior-level business analyst roles are executive roles or high-level management roles. It involves overseeing a team or entire department of analysts. While at this level, a business analyst may not be directly involved with data but may step into a business-focused or strategic role. Business analysts may gradually enter C-suite positions, like CIO, COO, or CTO, depending on what specializations they took on during their careers.
Job Outlook for Business Analysts
Business analysts will become even more necessary as businesses prioritize making data-driven decisions.
The demand for business analysts has increased over the span of 10 years and the demand is projected to rise.
The US Bureau of Labor Statistics (BLS) projects job growth between 2020 and 2030 for similar roles to range from seven percent (computer systems analysts) to 25 percent (operations research analysts.
Similar job titles to that of a business analyst even have great job outlooks.
Best Countries for PGDM in Business Analytics Graduates
Sharing the list of top countries that offer job opportunities for PGDM(Business Analytics)
- USA
- Netherlands
- UK
- France
- Germany
- Singapore
Various Career Designations Abroad for PGDM in Business Analytics Graduates
Sharing the list of exciting job roles that attract PGDM in Business Analytics graduates
- Business Analyst
- Data Analyst
- Financial Analyst
- Healthcare Analyst
- Team Lead
Conclusion
The scope and significance of business analytics are humongous.
Business analysts have to apply the latest methodologies to improve different business processes.The global data market has already reached a staggering $50 billion mark. Netflix saves more than $1 billion on customer retention by using data analytics!
About PGDM (Business Analytics)
PGDM in business analytics helps equip students by providing in-depth exposure concerning ultra-modern business methodologies, educating students about how they can apply research and analytics practices across business operations.
Business analysts play a critical role in organizations across different industries. They work closely with stakeholders, clients, and end-users to understand business needs and identify solutions. They require a range of skills, including technical expertise, analytical ability,
PGDM at VJIM prepares students for all the challenges of the contemporary industry, covering a wide range of functional domains with cutting-edge curriculum, industry internship, international exposure, state-of-the-art learning techniques like experiential learning, case studies, and vestibule training.
The curriculum is in sync with the current demands of the industry and is a unique blend of theoretical and practical aspects necessary to ace the management field.