The job of the enterprise analyst is receiving a variety of interest in the latest years due to the fact this is a position with a lot of growth potential. Let’s analyze this position in the following post.
What is a Business Analyst?
Business Analyst, abbreviated as BA, is a position for those who use their expertise to assess the financial and business status of an enterprise. These assessments are made to consider the feasibility of the unit or enterprise. From there, help facilities get closer to the previously set goals.
A well-trained business analyst will play a variety of roles. They have just taken on the task of evaluating activities, and comparing activities with the set goals of the business. This is also why business analysts are playing more and more important roles in businesses.
What is the main job of a business analyst?
The work of a Business Analyst is very diverse, focusing mainly on providing information and providing effective financial solutions. General tasks include:
- Gather information from stakeholders through interviews, workshops, or surveys, and then assemble them into the necessary documents.
- Analyze and clarify requirements from the collected data.
- Provide models, algorithms, and solutions, based on expertise to provide analysis of collected customer requirements.
- Guide and support customers to handle problems related to financial and business activities.
What does it take to become a business analyst?
Many employers will ask for a business analyst with a bachelor’s, master’s or higher degree.
Bachelor’s Degree: Earning a bachelor’s degree in one of the disciplines such as economics, finance, computer science, data science, statistics, makes it easier for you to become a business analyst.
Master’s Degree and MBA Degree: Many employers require a master’s degree. So, getting a master’s degree in business analytics or business administration can help enhance your skills and knowledge, and give you a competitive edge when looking for a job.
Internships and entry-level positions in the accounting, finance or business sectors gain experience before you progress to a more senior position. When looking for a job, keep an eye out for jobs that require business analysis interns. If you’re still in school, finding a career counselor can help you find the right jobs.
Improve some skills
- Communication skills: A business analyst frequently has to interact with many exclusive audiences inside a business enterprise, inclusive of upper control and other groups. Being capable of gifting your ideas honestly and convincingly — both verbally, in writing, and visually — can be an incredible asset as a commercial enterprise analyst.
- Business market acumen: A solid understanding of finance, accounting, and business principles will help you identify what operational problems exist and how best to address them.
- Analytical capabilities: Collecting, tracking, and analyzing performance metrics will be central to the business analytics role. A good grasp of data analysis and visualization tools combined with flexible use of software will be very helpful.
- Situational handling skills: Not only BAs but any profession also need to be able to handle situations well. Your job is not always smooth. All of them have many problems arising, unexpected incidents. If you can handle the situation well, you will be able to minimize the damage that occurs.
- Decision-making skills: Business Analyst is the person who gives opinions and advises the production team, functional team, and technical team. Therefore, without decision-making skills, you can support and influence this team.
- Negotiation Skills: Negotiation skills are used frequently when competing to find projects for clients to achieve goals. At the same time, bring a beneficial outcome for the company and work solutions for the clients when hiring business analysts.
- Time management skills: The workload as well as the pressure of the position of financial analyst is quite large. Therefore, you need to have the skills to build a work plan as well as manage time more optimally and effectively.
- In addition, Business Analyst needs to ensure some additional requirements such as:
- Business understanding: Business Analyst needs to have knowledge related to business and operational processes of the business. At the same time, there is the potential to improve business and technical processes. When you have solid financial knowledge, you will be able to read and understand documents related to financial and business activities.
- Understanding management: A BA needs to be a decisive person, mastering the fundamentals of project management. At the same time, has the ability to manage customer relationships, and good professional ethics.
You will have more knowledge as well as many job opportunities with high salaries if you complete some of the following certifications:
- IIBA Entrance Certificate in Business Analytics (ECBA)
- IIBA Certified Business Analyst (CBAP)
- IIBA Certification in Business Analytics (CCBA)
- PMI Professional in Business Analytics (PMI-PBA)
Additionally, offline or online courses can give you the tools you need to get your foot in the door of business analytics.
Salary of Business Analyst
Business Analyst is not a strange position. Business Analysts can be considered as senior employees of the enterprise. Therefore, most businesses offer many attractive salaries. In fact, the salary will be much higher than other positions. Accordingly, the salary that a business analyst can earn in one is:
- Business Analyst Newbie: $55,000 to $70,000 per
- People with several years of experience: $80,000 to $100,000
- Highly qualified people: over 100,000 USD or more than 120,000 USD
In general, the more experienced a business analyst is, the higher the salary they will receive. It can be said that business analysis is an attractive job position. However, this job also requires skilled workers, converging skills to meet the needs of the job.
Job opportunities for Business Analysts
Financial analysis is one of the professions that is gradually taking over the labor market. Currently, it is not too difficult for units to find recruitment information for related positions on information sites and social networks. Predicting the future of the economy this will be a profession with great job opportunities.
However, to be truly successful in a Business Analyst career, one needs to be really sharp to recognize future financial trends. They are the voice to make informed decisions to develop a business.
For the position of Business Analyst, you can look for jobs at financial companies and businesses. In addition, if you are a person with in-depth experience, you will act as a facilitator and guide invited to help businesses build the most professional and effective economic and financial strategies.
Nowadays, being a financial analyst is the dream job of many people. Business Analyst is a position with great career growth opportunities. However, in order to be successful, you must have the experience and skills to go further in the profession.
By: Bank Info