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If you want to leverage your problem solving skills, then this job profile is just the right fit for you. In this blog we will walk you through the complete roadmap of how you can become a business analyst in your future.
Have you ever imagined how big businesses make strategic decisions and deal with risk management in order to thrive and cope up with today's fast-paced, data-driven economy? Who do they rely on for assistance when planning new investments or launching a new product?
Business analyst of course. They are the fortune tellers who identify potential risks and opportunities, analyze market trends, and create strategies for growth and guess what! The demand for business analysts is skyrocketing as per the reports from the US Bureau of Labor Statistics.
By 2026, these jobs are expected to grow at a CAGR of 14.3%.
In this blog we will walk you through the complete roadmap of how you can become a business analyst in 2024.
Business analytics involves using data to enhance business performance by analyzing and transforming it into valuable information. This process includes identifying trends and outcomes to make informed, data-driven decisions. Various methodologies like data mining, predictive analytics, and statistical analysis are employed. Business processes such as marketing, sales, operations, and customer service can benefit from this approach.
As an example, Netflix can use platform analytics to gather data on user watching habits, analyze patterns, and improve its recommendation engine. For instance, discovering that viewing the trailer first increases show viewership can help Netflix enhance its recommendations and better serve user preferences.
Their expertise lies in deriving and translating data-driven insights into actionable recommendations and making strategic decisions.There responsibilities and tasks include:
Here are a few career options for the people in this domain:
1. Data Business Analyst : They collect, interpret, and analyze data. They help in identifying patterns and trends and improving business processes.
2. IT Business Analyst: This role requires the ability to manage multiple projects and operating systems at the same time.
3. Quantitative Analyst : Creating, implementing, and presenting mathematical models that support decisions about risk management, investments, and pricing are all part of their work.
4. Business Analyst Manager: Their responsibilities include recruiting and hiring the members of the business analyst team, overseeing new hire training, defining best practices, and executing organizational goals.
5. Data Analysis Scientist: They gather data, identify and prioritize as per the needs, and make changes accordingly. To be effective in this position, you must be knowledgeable with machine learning and statistics.
Process Improvement Analyst, Management Consultant, Business Systems Analyst and Product Manager are some other possible roles.
It is possible to earn from 4 to 15 lakhs per year as a business analyst in India. The average salaries for these employees is 9 lakhs (source: Glassdoor).There salary may vary according to a number of factors, such as the candidate's skills and experience, the company's size, location, and type. TCS, Deloitte, Accenture, Genpact and Wipro are some of the top employers with high compensation packages for business analysts.
Get a degree in Bachelors of Business Administration (BBA) or Bachelors of Business Management(BBM)to gain experience in accounting, analytics, finance, and marketing. This degree can help you get an entry-level job.
To get better job opportunities and a competitive edge you can opt for a masters degree. A master's in business analytics and a master's in business administration (MBA) are two popular options.You can checkout the following courses:
Your career prospects in this domain will be enhanced significantly if you become certified as a business analyst.In the Indian business analyst community, the following certifications are quite popular and highly valued:
In order to solve business problems effectively, business analysts must possess certain technical skills.Some of the key skills include:
Statistical analysis helps analysts predict future performance and analyze past outcomes, while probabilistic analysis aids them in making decisions based on data patterns. Some important topics to be studied include permutation and combination,probability distribution and regression analysis
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Having a good understanding of Excel, for making tables and charts, is essential.It makes data organization easy.
Courses:
Youtube :
Excel Tutorial by Chandoo
For raw data to be transformed into actionable representations, this is a crucial skill.Important visualization tools include Microsoft Power BI,Tableau and Qlik Sense
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Youtube
Business analysts should have hands-on programming skills so that they are able to analyze data more quickly and effectively.This is where R and Python comes handy. Additionally knowledge about database management systems and SQL is a plus. Important programming languages and databases to be known include:
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In order to perform all duties well, you as a business analyst need to possess a strong foundation of non-technical skills as well.
1. Knowledge of Requirement Management Tools : A solid understanding of requirements management tools such as Jira, Confluence, or IBM Rational DOORS is a must. Throughout the project lifecycle, these technologies assist business analysts in capturing, documenting, tracking, and managing requirements. Learn more about these tools on Pluralsight.
2. Interpersonal & Communication Skills: Business analysts require to communicate ideas, data, and views to stakeholders and clients through verbal and written communication. Learn the art of effective communication here on Simplilearn.
3. Business Acumen: To match their research with the broader aims of the organization, business analysts should have a solid grasp of business concepts and strategy.
4. Negotiation Skills: This non-negotiable skill, helps in bridging a gap with stakeholders, align conflicting interests, and ensure everyone's on board.
5. Problem Solving & Decision Making: These skills are crucial as they enable efficient identification of issues, analysis of data, and formulation of strategic solutions, ensuring effective business processes and outcomes.
Seek internships, participate in business research projects, or volunteer for appropriate jobs inside your organization to apply theoretical knowledge to real-world circumstances. You can apply for internships on:
Do relevant projects and case studies and post them online especially on GitHub and LinkedIn. Here are some project ideas and resources that you can add to your profile:
After gaining knowledge and acquiring the required skill sets the next step is to apply for suitable job positions and prepare for the interviews. You can refer the following resources for interview preparation:
For tips on effective resume building refer this blog post : Click Here
Look for entry level positions such as “Junior business analyst”.Popular job hunting websites include “
If you are in college or enrolled in a bootcamp, don't ignore your support network—careers counselors, mentors, and instructors. They are a vital resource that may give career assistance and link you with job prospects.
Becoming a Business Analyst in 2024 requires a combination of education, skills development, practical experience, and a proactive approach to networking. By staying abreast of industry trends and continuously honing your skills, you can position yourself for success in this dynamic and rewarding field. Remember, the journey to becoming a Business Analyst is a continuous process of learning and growth, so embrace each step with enthusiasm and determination.
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