what is a business analyst?
As a business analyst, you help your employer improve productivity, solve existing business problems and achieve goals. You work alongside business intelligence and data analysts to evaluate profitability issues. Your job is to check the financial information and company data to find loopholes in the business model that slow production. You also ensure the company operates optimally by identifying waste and introducing technologies boosting productivity. After analysis, you provide recommendations to improve business processes, software and products.
Besides analyzing internal company data, you monitor market trends and provide feasible solutions to company problems. You also advise on the organization's investments and the best time to sell company assets.
A career as a business analyst is linked to information technology since you rely on IT professionals' statistical expertise to analyze data and draw conclusions. You can work in various business sectors, from IT to manufacturing and retail. Most industries rely on your expertise to expand their production and boost efficiency. A business analyst should have exceptional analytical skills and creative thinking to develop solutions for various business problems.
Would working as a business analyst suit your analytical and problem-solving skills? Then read on to find out what competencies and qualifications you need to thrive in a business analyst role.
business analyst rolesaverage business analyst salary
According to Job Bank, a business analyst takes home an average salary of $93,734 per year or an hourly rate of $38.87. In an entry-level position, you start with a salary of $75,000 annually. As you improve your experience and qualifications, your earnings also increase gradually. That's why experienced business analysts take home $139,817 yearly.
what factors affect the salary of a business analyst?
As a business analyst, your salary depends on various factors, from the complexity of the tasks to your experience and company size. When you are in an entry-level position, your take-home salary is lower than business analysts in senior positions. The sector you work in also influences your earnings. For instance, a business analyst in IT is likely to earn higher than those working in other industries due to the complexity of their duties.
The size of the company you work for also affects your earnings. When you work for a large company with unlimited resources, you receive a higher salary due to the level of expertise required. Smaller start-ups may not have the budget or resources to pay higher salaries.
types of business analysts
Business analysts have varying skill sets that fall into the following categories:
- IT business analysts: as an IT business analyst, your focus is on the technical aspects of an organization. You analyze the use of IT resources in business processes and recommend ways to improve them for more efficiency. You also identify business IT needs and create plans or strategies to improve software integration.
- data business analyst: a business analyst can focus on data analysis and become part of the team that develops ways to collect and analyze data for better interpretation.
- business systems analyst: as a business systems analyst, you gather and analyze data from various systems. You also provide recommendations on areas of improvement.
working as a business analyst
If you are interested in data and analysis, check out business analysts' specific duties and work environments.
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what does a business analyst do?
The specific role of a business analyst depends on the employer, but typical duties include:
- researching and documenting information: as a business analyst, you understand the company's production process and all aspects. That means you gather information from various departments to help you evaluate the process for costs and efficiency. Some of the information you will collect includes sales revenue, expenses, debts and employee schedules.
- analyzing data: your primary role is to evaluate the internal company data and identify inefficiencies in the business models. As a business analyst, you are familiar with statistical tools to help you compile the information for easy interpretation. When you identify factors affecting the current business models, you recommend solutions to improve business performance. The senior business analyst will approve your recommendations before implementation.
- acting as a liaison between stakeholders and management: as a business analyst, you are responsible for liaising with various stakeholders during the development and implementation of new business models. You translate the business requirements to multiple departments to improve efficiency and promote organizational goals.
- forecasting market trends: as a business analyst, it is important to stay updated on market trends and predict the impact of implementing new business models. For instance, significant raw material price changes can slow production and double expenses. Your recommendations factor in the fluctuations in industry trends.
- designing new business models: you may be tasked with designing a new business model. Designing a business model requires analyzing the current systems and technologies. If the current systems can perform better with a few tweaks, you suggest the upgrades.
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work environment of a business analyst
A business analyst can work in any industry, from technology companies to financial institutions and government agencies. Some business analysts work in-house for a particular company, while others work in consultancy firms that serve many organizations. Typically, your work settings are in an office; you work on computers and collaborate with different departments.
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who are your colleagues?
Business analysts work in diverse industries assisting with the improvement of business processes and efficiency in production. As a business analyst, you collaborate with various professionals depending on your industry sector. For instance, you work with data scientists, data engineers and data analysts to collect and store data from different sources. In the implementation stage, you work with IT managers, operations managers and project managers to improve business processes. You may also work with product managers and systems administrators.
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business analyst work schedule
The work schedule of a business analyst varies depending on the employment terms. For instance, if you are employed full-time, you work 39 hours a week. Your workday is from 9 am to 5 pm, with regular overtime work for evenings. You also occasionally work weekends. In part-time roles or short-term contracts, you work half a day, which can be morning or afternoon. Sometimes, you travel to meet clients in off-site locations or attend company events.
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career opportunities as a business analyst
Business analysts usually have career opportunities in various business sectors. A business analyst starts as a junior business analyst and progresses to senior levels. You may also specialize in business intelligence analysis, data analysis or IT business analyst roles. When you gain a few years of experience, you can move to managerial positions or become a consultant.
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advantages of finding a job as a business analyst through randstad
Working with Randstad offers you a range of benefits.
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
business analyst skills and education
To work as a business analyst in Canada, you should meet the following educational requirements:
- bachelor’s degree: pursue a degree in business administration, finance or business analytics. Any business degree is a great start, but you can major in information systems, information technology or data analytics. The courses improve your knowledge of business modelling techniques and analyzing business workflows.
- relevant work experience: you can gain practical work experience through internships and volunteer opportunities. Entry-level opportunities help you improve your knowledge and skills. In some regions in Canada, business analysis is a regulated occupation. For instance, in Alberta, you may need a certification from the Institute of Certified Management Consultants of Alberta. If you work in healthcare as a business analyst, you require certification from Canadian Health Information Management Association (CHIMA).
competencies and characteristics of business analysts
As a graduate business analyst, you require the following skills:
- problem-solving skills: your main role is to identify the practices in business strategies that don't perform to their full potential. You evaluate the problems and formulate practical solutions. That means you have the creative problem-solving skills to contribute substantially during brainstorming sessions.
- communication skills: a business analyst translates ideas, data and findings from technical to simple language that stakeholders understand. Exceptional communication skills also help you liaise with clients to identify business requirements.
- analytical skills: you require analytical skills to evaluate large amounts of data and develop ideas to fix problems. Your analytical skills help you identify patterns in data and discover anomalies. From the analysis, you can assess information and draft reports for stakeholders.
- computer skills: as a business analyst, you need computing skills and knowledge to help you understand how technical systems work. You also use computerized statistical methods to analyze data.
- project management skills: as a business analyst, you work on multiple projects and require effective project management skills like time management, budgeting and organizational skills. Your project management skills help you efficiently organize your work to ensure you meet deadlines. You can also complete simultaneous projects with good organizational skills.
- teamwork skills: as a business analyst, you collaborate with various professionals, including data engineers and software programmers. With good teamwork skills, you reach shared goals faster.
FAQs about business analyst jobs
Here, you will find the answers to the most frequently asked questions about the profession of a business analyst.
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what are the duties of a business analyst?
As a business analyst, your main duty is to evaluate data models and use the information generated to draw logical conclusions. You also develop innovative solutions to improve business processes and make operational changes that boost productivity and profitability. You rely on data to find solutions to problems facing the business.
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how much does a business analyst earn in Canada?
As a business analyst, you earn an average salary of $93,734 per year. In an entry-level position, you take home as low as $75,000 annually. With experience and qualifications, your earnings increase to over $139,817 yearly. The salary fluctuates based on various factors, including your qualifications and experience.
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what skills do business analysts require?
As a business analyst, you require great analytical skills to identify patterns and study information. Analytical skills boost your problem-solving ability since you can develop innovative solutions to business problems. Project management skills help you meet deadlines and complete multiple projects simultaneously.
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are business analysts in demand?
Business analysts help businesses grow their market share by providing valuable information on the market and consumers. The demand for business analysts in Canada is rising, with some provinces having higher demand. For instance, Quebec, British Columbia and Alberta have a higher demand than other provinces.
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is business analyst a good job?
A business analyst has numerous opportunities for career growth in Canada. Besides, the role pays a relatively high salary which increases with experience and qualifications.
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how do I find a job as a business analyst?
Finding a job near you as a business analyst is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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