Business Analyst Career Prospects
The year 2019 has seen the career prospects for business analysts continue to be brighter as more companies are increasing their investments in big data, business analytics, and AI to stay competitive as they build more data-driven organizations. Market research by International Data Corporation forecasts big data and business analytics revenues to reach $189.1 billion in 2019, a 12% increase over 2018.
AAs per the Bureau of Labor Statistics (BLS), the business analyst/management analyst had a mean annual wage of $94,390 in May 2018. The BLS declares that the need for business analysts will grow 14% as companies seek to improve efficiency and control costs from 2016 to 2026.
According to BA Times and IBM, The number of job opportunities in the US for business analysts will increase from the current 364,000 openings to 2,720,000 by 2020. As the investments are growing rapidly in various parts of the world, Business Analyst positions are grabbing their vacancies as per the industry with usable technologies. Business Analysts role cannot be fully automated. Hence, it needs manpower to reach their goals in any form of the industry.
Today, most of the organizations rely on big data analysis to get valuable data insights. Hence, recruitment spree for big data experts is high. This particular job role is related to business analytics that needs a blend of right business analysis skill with hands-on exposure to the business analysis tools.
Moreover, business analysis is an area which merges with several operational areas of an organization throughout the project lifecycle. As a result, a business analyst plays an instrumental role throughout the project which increases the demand for business analysts in organizations.
(Information comes from the BLS Occupational Employment and Wages report for May 2018.
The 50% percentile represents the median of the study and differs somewhat from the average explained earlier in the article.)
In a survey of C-level executives of Fortune 1000 companies done in January 2019 by New Vantage Partners, 92% of respondents said they were increasing their investment in big data and AI, with 75% citing fear of disruption from data-driven digital competitors and 92% stating that it would allow their businesses to be more competitive and agile.
However, only 31% of respondents said they had achieved a data-driven organization, with 77% saying that “business adoption” of big data and AI initiatives continued to represent challenges for organizations.
As businesses continue with this trend of increased investment and slow adoption of big data and AI initiatives, business analysts will increasingly become more important to act as a catalyst for adoption. Equipped with problem-solving, critical thinking, communication, and interpersonal skills, plus technological expertise, business analysts will find cost-effective solutions that lead to greater profitability and efficiency for their organizations.
When you do a google search for a business analyst jobs, you will be surprised at your results revealing that demand for business analyst roles in the United is still very much alive.
As of April 2019, on Indeed.com there are approximately 7,851 open “business analyst” jobs in the United States alone and the following graphic depicts their geographic distribution ranked by the number of positions available per locale.
What Skills Does a Business Analyst Need?
Comabys Business Analysis course is designed to help BA career starters master the skills needed to become successful analysts. BA needs more of soft skills rather than technical skills.
While not all business analyst roles are created equal (Junior/Senior), they do share similarities. Here are a few skills that Comabys have found to be successful in showcasing during business analyst interviews:
1. Confident and polished communication skills
2. Problem solving skills
3. Negotiating
4. Critical thinking skills
5. Understanding the business objectives of an organization and how they relate to projects you are developing
6. Attention to details
7. SQL
8. Technical expertise as it relates to the organizational capabilities
9. Clear and concise writing abilities
10. Modeling experience
Interested in becoming a business analyst, as a beginner or need more training? Check out our Business Analyst Workshop Course, a 5 – 6 weekends mentor-guided workshop with no prerequisites.
Future of Business Analyst – Is Business Analysis a Good Career?
A good career means it depends on many factors and it also depends on an individual. Is business analysis a good career? If this question is in your mind, you’re in the right place. Considering the below mentioned basic parameters, yes, business analysis is no doubt a promising career.
Future of Business Analyst
Once you get hold of this role with enough knowledge you can move to project management or consultant roles that can cater from functional to pre-sales consultant or even IT PMO.
Salary
Business analyst role offers a lucrative salary which is why it is one of the most sought-after jobs for many professionals.
Job Security
When every sector of IT is experiencing the footsteps of automation, the business analyst is a role which can’t be automated. This is a purely people-oriented job. Hence it cannot be replaced by a robot. So, your job is secured.
Self-improvement
As a business analyst, you will get the chance to grow by leaps and bounds with the latest technologies like Big Data. Hence, if you are comfortable with data and dig into this area, then you can move to the business analytics field soon.
Hence, becoming a business analyst is no doubt a good choice for your career. However, few key areas you must master if you want to flourish in your career as a business analyst and these are –
- Effective communication skills
- Domain knowledge
- Fair ideas of IT processes
- Proper qualification (Graduate with BA skills) and certification
- Hands-on experience in BA tools & techniques
Scope and Demand for Business Analysts
Business analyst future prospects and the scope is ever expanding in United States and across the globe. Today, most of the organizations rely on big data analysis to get valuable data insights. Hence, recruitment spree for big data experts is high. This particular job role is related to business analytics that needs a blend of right business analysis skill with hands-on exposure to the business analysis tools.
Moreover, business analysis is an area which merges with several operational areas of an organization (as shown below) throughout the project lifecycle. As a result, a business analyst plays an instrumental role throughout the project which increases the demand for business analysts in organizations.
So, the scope of a business analyst is not limited to its core area rather in some more areas like
- Big data analytics
- Quality control
- SDLC areas
- BPM (Business Process Modelling) functions, and many more.
Not to mention the scope and opportunity are endless in the business analysis domain!
A Forecast on the Future of Business Analyst 
As organizations are following data-driven analysis, so in most of the cases business analyst role is mixed up with data analytics which is going to play an important role for data security systems of an organization. This, in turn, is acting as a contributor in making the future of business analyst prosperous and bright.
With the enhancement of IoT (Internet of things) and Big data analytics, it is forecasted that this combination of technology will grow exponentially by the year 2020. Business analysts are supposed to get a wide scope of work in the business analytic area which is dealing great with the enormous amount of data either structured or unstructured that is being collected through IoT, continue to grow in the near future. No doubt, business analytics is going to be an emerging area for the future of business analyst.