What does a business analyst do?
Business analysts use data analysis to guide an organisation in its decision-making processes. Their role is somewhat of an interface between information technology and business development.
On a day-to-day basis, business analysts analyse a vast amount of data from a range of different areas in their company, including sales, budgets and forecasts, in order to identify strengths and weaknesses. Business analysts make recommendations on which strategic direction a business should take and assist the leadership team with informed decision-making. Ultimately, a business analyst helps businesses improve their products and services, eliminate issues, set goals and increase their profits.
Business analyst skills and qualifications
To perform their role well, a successful business analyst should have the following skills and aptitudes:
- Excellent analytical skills and logical reasoning
- Great written and verbal communication skills to successfully articulate their recommendations
- Attention to detail to create accurate reports
- Sound business knowledge
- Great organisational skills
- Good computer skills and ability to use analytical software
Business analyst experience requirements
Working as a business analyst in Australia normally requires both educational qualifications and work experience. Candidates should have gained relevant experience in entry-level roles that involve data and analytics.
Another consideration for business analysts is becoming a member of the International Institute of Business Analysis (IIBA) to acquire more business skills while working towards an industry-recognised certificate such as the Certified Business Analysis Professional (CBAP) designation.
Business analyst education and training requirements
Business analysts typically need to have completed a tertiary qualification, such as a three-year Bachelor of Business or Business Analytics, or a related field like Information Technology. In addition, although not obligatory, a relevant master’s degree or an MBA can set candidates apart from the rest and make them more desirable business analysts for organisations.
Business analyst salary expectations
According to Indeed Salaries, the average salary for a business analyst is $106,553 per year. Depending on the state and area, however, business analyst salaries can vary significantly. Some private entities also pay much higher rates than the industry average. So, it is recommended that you research the average salary for business analysts in your particular location.
Job description samples for similar positions
There are several roles that are similar to that of a business analyst. See if you need to hire one of these experts in addition to or instead of a business analyst:
Business analyst job description FAQs
What’s the difference between a business analyst and a systems analyst?
The business analyst and systems analyst roles share some similarities, so it’s worth looking at how they differ and which one you should hire.
Business analysts don’t exclusively work on IT-related projects but tackle issues from a more holistic business perspective and communicate with a range of business users and departments to facilitate the necessary change. Systems analysts, on the other hand, are more focused on the technical side of things and approach requirements from a systems point of view. They are hired to determine what a company’s IT systems can do to support the company’s goals and requirements.
What makes a great business analyst?
Any business analyst needs business acumen and great analytical skills to succeed in their role. However, there are some qualities that make a good business analyst stand out. A great business analyst will excel at troubleshooting and have pronounced problem-solving skills. They are not slowed down by issues for too long and they rapidly work on solving any problems that arise.
In addition, a successful business analyst has a knack for people. They don’t just put together impressive reports and analyses but are also able to effectively communicate the results and what action needs to be taken – in easy-to-understand language without too much technical jargon – to a range of stakeholders in different departments, right up to the senior executive team.
Is it best to hire an in-house business analyst or a contractor?
As an employer, you can choose to recruit a permanent business analyst for your organisation or hire an independent contractor on a project basis as needed. Opting for a contractor gives you more flexibility and may save you costs if you only book their services when you have an urgent need for professional business analyses.
Having your own in-house business analyst, however, means they will be more familiar with your business and become a fixed part of your team. This allows them to build better relationships with other departments and may make their work more effective in the long term as you don’t need to train up an external contractor for each project.
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