Business Analyst Salary: Key Things You Must Know
Introduction
It is good to have a business analyst to look after all the activities and strives to work for its growth to achieve name and fame. A business analyst is a person who can able to analyze all the situations and activities going on in your business. It involves maintaining the records, documentation, staffing, organizing, planning, delegating, processes, assessment of technology, taking care of financial issues, etc everything.
So the business analyst plays a vital role in every kind of organization. Based on the size, type of organization, the business analyst needs to analyze four different things. They are development, models, designs, systems, or technology. Business Analyst salary is also an important thing to discuss and aware of its details. let us go through the article to understand the Business Analyst’s average salary.
- What is the Business Analyst’s Salary?
- Responsibilities of a Business Analyst
- Salary Scale Based on the Experience
- Salaries Based on the Qualification
- Salary Scale Based on the Type of Company
- Payouts Based on the Location
- Payscale Based on the Designation Hierarchy
1. What is the Business Analyst’s Salary?
Before going to discuss What is a Business Analyst salary, one should understand the evolution of the business analyst. from the past itself, it has been a great practice of appointing a business analyst who bridges the gap between the inside of the organization to the outside of the organization. To get an idea about the business analyst salary, we need to understand what are the considering factors for it. Like,
- Job description-responsibilities
- Experience
- Designation hierarchy
- Size of the company
- Qualification
- Skills
- Location
- Type of the company etc.
B. Responsibilities of a Business Analyst
if we observe the job description of a business analyst, he may have different kinds of responsibilities based on the work and kind of company. Based on these responsibilities, Business analytics jobs salary has to be decided. Some of the responsibilities are,
- Initially, the BA to collect, gather information and prepare documents and analyze them to understand the business requirements.
- BA also works for developing and designing various procedures and models to achieve the goals of an organization at a low cost.
- BA also needs to resolve the firm’s issues and also should involve in technology-related decisions.
3. Salary Scale Based on the Experience
Let us explore the Business analytics salary at various components. It is a job for which one should possess both analytical and business abilities. Generally, if the companies are large, the salary for a Business Analyst with 5 years of experience may range from 8 to 9 lakhs INR per annum. The designation will be a senior business analyst. On the other hand, a junior Business Analyst salary ranges between 4 to 6 lakhs INR per annum.
The Business Analyst salary for freshers may earn from 2.5 to 4 lakhs per annum based on his qualification and the size of the organization. Also, these packages may or may not include the allowances, OTs, bonuses, incentives, etc. If a business analyst owns 15 years of experience, he may earn a minimum of 12 lakhs per annum.
4. Salaries Based on the Qualification
The individuals can apply for the business analyst job with various kinds of qualifications. Some of them may enter into their career at their graduation level. Some others may possess professional degrees, some others may earn Masters degree are diploma courses or certifications, etc. to increase their value of education as well as knowledge.
The company may not offer the same package for both The graduate-level and master’s degree level candidates. So the salary package may change from one individual to another. The MS in Business analytics salary doesn’t mean to get directly 8 likes or 9 likes. Because even though he is well qualified, the experience also counts more.
some of the certification courses provided by various organizations to enrich the knowledge of business analysts.
- Business Analyst (CFLBA)
- IREB Certified Professional for Requirements Engineering (CPRE)
- PMI Professional in Business Analysis (PBA)
- IIBA Certified Business Analyst
- IIBA Entry Certificate in Business Analysis (ECBA)
- IIBA Certification of Competency in Business Analysis (CCBA)
- Professional (CBAP)
- IIBA Agile Analysis Certification (AAC)
- IQBBA Certified Foundation Level
5. Salary Scale Based on the Type of Company
If we consider the IT Business Analyst salary, it varies based on the size and requirement of the organization. Letters discuss the top IT companies paying the highest lead Business Analyst salary on an average per year. The Accenture company pays Rs. 7,04,965 per annum, the Capgemini and TCS give around Rs. 7,03,178 and Rs. 696,132 respectively as the highest package per annum. Coming to HCL, Wipro, and CSC companies pay a bit fewer packages based on their requirements which are around Rs. 5,21,246, Rs. 5,79,188, and Rs. 6,02,435, respectively.
6. Payouts Based on the Location
Business Analyst salary also depends on the location of the company. Because the availability of resources may be high at some locations and low at other locations. If you take an instance, Amazon is a company that has several worker places at several locations. it may not pay the same salary for business analysts at every location. Locations like Pune, Bangalore will pay 17.7% more, Mumbai, Maharashtra will pay 3% more than the others. Noida is 8.2% less and the channel is 5.2%, Hyderabad is 4.2% less comparatively.
7. Payscale Based on the Designation Hierarchy
Another criteria for paying a Business Analyst salary is the designation of the employee. Because an individual cannot get the same salary for all the levels of his career ladder. Generally, the levels of a business analyst can be categorized as,
- Senior business analyst:- these employees may possess a lot of experience and knowledge. Education may vary because earlier we don’t have these professional certifications and courses so far. They may be nearly 7 to 9 lakhs per annum inclusive of all bonuses, incentives, allowances, etc
- Lead business analyst:- these employees were comparatively more in experience, knowledge, salary. They can take part in decision making to great extent. The lead Business Analyst salary may have the package of 12 lakhs per annum on an average. The highest salary for the lead business analyst is 1,466,738 rs. per annum.
- The project manager or general category of the business analyst:- These are the entry-level business analyst who involves in groundwork and takes part in decision making to a small extent. The Junior Business Analyst salary may range between 4 to 7 lakhs per annum.
- Another categorization is called senior product manager who has the highest authority on the whole project and took part in everything. He earns nearly rs.2,346,597 per annum.
Conclusion
Hence the business analyst is a person who analyzes various issues and processes involved in the business. He had a predominant role in the organization for its growth. The business analyst salary depends on various criteria and factors like experience, education, company, designation, etc as discussed above. the career of the business analyst is evergreen and booming day by day. So choose your career path in your right way to end fruitful results.
If you are interested in making it big in the world of data and evolve as a Future Leader, you may consider our Business Analyst Training, a 10-month online program, in collaboration with IIM Indore!
