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Business analytics is an in-demand field that can open the door to many different industries and career paths. Companies rely on Business Analysts to help them understand their customers, marketing, and overall operations. As a Business Analyst, you could make six figures without a college degree and work remotely or in-office.
Business analytics may sound like an attractive career, but is it the right path for you? Deciding on the career you want to pursue is a big decision with many factors to consider. We break down Business Analyst salary, skills, responsibilities, and more below.
What is a Business Analyst?
A Business Analyst uses data and technology to understand an organization’s performance and help it accomplish its goals.
Business Analysts use tools like Microsoft Excel, Power BI, and Tableau to analyze and visualize data. Most learn structured query language (SQL) so that they can work with databases, where companies store data ranging from customer to financial information.
They then derive insights from the data through various methods like statistical forecasting. Statistical forecasting uses historical data to help better predict and prepare for the future. For example, a Business Analyst can use data to identify inefficient business processes and recommend ways to resolve these issues.
Business Analyst responsibilities
The daily responsibilities of a Business Analyst depend on the company and position. Here are a few common tasks:
- Extract data from various sources, such as company finances and user interviews
- Build and maintain databases
- Clean data to prepare it for analysis
- Design new methods to collect data
- Use statistical analysis and other tools to evaluate consumer preferences, historical and current market trends, business operations, and more
- Train machine-learning algorithms to gather and analyze data automatically
- Identify business opportunities
- Present findings to executives and stakeholders
- Recommend changes to business leaders
- Stay up-to-date with the latest developments in data analytics
What skills does a Business Analyst need?
You don’t need a college degree to become a Business Analyst. However, this career does require soft and technical skills, such as:
- Communication: Make insights accessible to diverse audiences through presentations and written reports.
- Data visualization: Use software like Power BI and Tableau to translate complex ideas and statistical analyses into easy-to-understand visualizations.
- Project management: Design and implement projects and ensure that they stick to established budgets and timelines.
- SQL: Use SQL to store, organize, and locate information in databases.
- Statistical analysis: Use various mathematical methods and techniques to analyze data.
Are Business Analysts in demand?
The U.S. Bureau of Labor Statistics (BLS(opens new window)), estimates that demand for analysts will grow 25% by 2030. Even in tough economic times, companies focus on driving business efficiency and meeting financial goals. Business Analysts play a critical role in helping companies identify where they should focus their efforts and improve overall performance.
How much do Business Analysts make in 2023?
According to Indeed, here is the average Business Analyst salary:
- Entry-level salary: $55,000
- Mid-level: $84,000
- Senior-level salary: $128,000
However, this national average doesn’t account for specific factors that may influence your earning potential, such as:
- Certifications
- Economic conditions
- Location
- Industry
- Skills
- Years of experience
To get more of an individual perspective, follow Business Analyst professionals on LinkedIn, TikTok, and other social media. Some share first-hand experiences of what it’s like to work in the field and how to get hired.
Do Business Analysts make six-figures?
Business analytics is one of many six-figure career paths you can pursue without a college degree. Entry-level positions for Business Analysts may not start at six-figures. However, your salary should increase as you gain experience and hone your skills.
Many companies also offer lucrative cash bonuses, which can substantially increase your income. According to Indeed, the average cash bonus is $3,500, but some high-performing professionals earn $10,000 or more annually in bonuses.
Average Business Analyst salary by state
Business Analyst salary can vary significantly depending on city and state.
In general, companies in states with a low cost of living tend to offer smaller salaries. However, professionals in these areas may have more spending power than peers who earn higher wages in more expensive states.
The top-paying states for Business Analysts are:
- New York
- Wyoming
- Virginia
- Washington
- Massachusetts
- New Jersey
- Connecticut
Here’s a breakdown of the average Business Analyst salary for each state:
Note: Even though some states pay higher on average, there may be a smaller number of open roles. For example, the average Business Analyst in Wyoming makes around $106,000, which is more than in other states. However, there are fewer roles to apply to. There are currently 400 roles in Wyoming compared to over 40,000 roles in New York.
Top highest-paying cities for Business Analysts
Many busy metropolitan areas offer lucrative job opportunities for Business Analysts. The average salary can vary widely between cities, even within the same state. You can research to find a city that strikes the right balance between salary and the cost of living.
Here are the top-paying cities for Business Analysts:
Business Analysts salary compared to other data roles
Building your analytics skills can open the door to many different careers. Business Analyst is one option, but you can also transfer those skills to a number of job titles including:
- Financial Analyst
- Data Analyst
- Marketing Analyst
- Data Scientist
- Research Analyst
- Business Intelligence Analyst
Fortunately, these positions have many overlapping responsibilities and skills, so you have the flexibility to move between careers to get the best salary.
According to Indeed, here are the average salaries for high-paying analytics jobs.
Business Analyst career path
As mentioned, Business Analysts have versatile skills that can translate to numerous roles and industries. This also means that there’s no one set career path for Business Analysts.
Most start as entry-level Analysts and transition to mid-to-senior level roles that might have completely different names including:
- Director of Business Operations
- Business Consultant
- Project Manager
- Enterprise Architect
For example, if you also excel at time management, collaboration, and organization, you could move into a project management role. Project Managers coordinate, implement, and oversee complex projects and manage team members. On average, the salary for a Project Manager is $86,000.
How to become a Business Analyst
There are many college alternatives to develop the knowledge and skills you need to become a Business Analyst, such as:
- Make connections with business professionals: Connect with Business Analysts in fields that interest you on LinkedIn or ask around in your network. You could ask to shadow a professional for a day to learn the industry or schedule an informal chat to ask questions
- Attend related events: You could search on Eventbrite for in-person and online events. Look for conferences or webinars related to your interest.
- Practice with real data: Look for opportunities to analyze data and solve problems at your current job, through freelance work, or by volunteering.
- Build a portfolio: Showcase your data analytics and project management skills by developing relevant projects and showcasing them in an online portfolio. This could be a website, a presentation, or a document with multiple examples of your skills and impact.
Accelerate your career with a Multiverse apprenticeship
Business analytics can lead to many rewarding and potentially lucrative job opportunities. Multiverse’s business accelerator can help you build a strong foundation for a business analytics career.
Multiverse apprenticeships are tuition-free and apprentices get paid a salary while developing their analytics skills on-the-job. As an apprentice, you’ll learn the skills and tools needed to pursue a career in business and drive impact on your organization.
To kickstart your business career, complete an apprenticeship application(opens new window). It takes under 10 minutes to complete. The Multiverse team will follow up with you to learn more about you and assist you in landing a role.
