Skills for business analysts
Technical skills required for business analytics include knowledge of databases, data analytics and relevant programming languages like R, Python and SQL, according to the International Institute of Business Analysis. Regardless of their employer’s industry, a business analyst also needs to know about data mining techniques, data analytics applications like R and SAS, and data visualization software.
A business analyst also needs to understand the technical requirements of their employer’s industry and their area of specialization. For example, a business analyst who focuses on IT processes will need to understand the nuances of networks, software, hardware, databases and cybersecurity.
Soft skills are also essential for business analysts. Business analysts need to be able to present their findings clearly and understandably, especially to a company’s decision-makers, administrators and executives.
Analytical and problem-solving skills are vital soft skills in this career. A business analyst also needs to be highly organized with regard to research projects and job responsibilities.
Job responsibilities for business analysts
Business analysts work in different industries and sectors, but they all have the same goal. They use data to help companies identify areas for improvement and make informed decisions about processes, policies and strategies.
Analysts communicate with business decision-makers to plan analysis projects. After they complete their business analysis, they need to organize and present their findings. They often need to visualize data and translate findings in a way that executives without the same technical expertise can understand.
Depending on the industry, business analyst responsibilities might include pricing, financial forecasts, budget modeling, marketing analysis and assessing the efficiency of business operations.
Salary for business analysts
The field of business analytics has a wide range of salaries. While BLS doesn’t have data specifically for business analysts, it does for related fields, including operations research analysts. The annual salary range for operations analysts in May 2021 was between $48,690 and $160,850, with pay depending on industry, location and company size, according to BLS.
The salary range for another related field, management analytics, was $50,190 to $163,760 in May 2021.
Salary ranges are not specific to students or graduates of University of Phoenix. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. University of Phoenix does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.