what is a business analyst?
As a business analyst, you assess a company's needs and help it achieve its strategic goals. You create analytical models to identify shortcomings in various departments and areas for improvement. You develop solutions based on your analysis and find new opportunities for business expansion. Having identified areas of weakness, you create new systems to boost productivity and increase profits. Business analysts also help businesses optimise costs by assisting with budgeting and financial reporting. For instance, you evaluate areas with high costs in the company and find solutions to limit expenses without affecting productivity. As a business analyst, you support a business during transition periods and help the organisation achieve its goals by providing data-driven insights. You can work internally in any industry to help improve profitability. Some business analysts work for technology and software development organisations, while others work for management consultancy firms serving multiple organisations. The role requires exceptional problem-solving skills and critical thinking, as every day brings new challenges. You also require excellent interpersonal skills to collaborate with various professionals. Would working as a business analyst suit your problem-solving skills and critical thinking ability? Then read on to find out what competencies and qualifications you need to thrive in a business analyst role.
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According to National Careers, the average compensation package for business analysts in the UK ranges from £22,000 to £55,000 per year. Entry-level business analysts with less experience and skills earn as little as £22,000 annually, while experts in the field can take home a salary of over £55,000 a year.
how to increase the salary of a business analyst
As a business analyst, your role involves investigating corporate circumstances to identify areas for improvement. That means your tasks vary depending on the size of the company. When you work for a small start-up, you analyse data from all departments. However, in larger companies, the tasks are complex since they collect a lot of data. A business analyst in a large company earns more than those in start-ups. Your experience and qualifications also influence your earnings. For instance, you can negotiate a higher compensation package when you have extra certifications.
The location also influences the salaries of business analysts. Working in a large city increases your salary prospects, as large cities have a high demand for business analysts, and employers factor in the cost of living.
types of business analysts
Some of the types of business analysts include:
- business process analyst: as a business process analyst, you evaluate business processes and recommend changes. You collect data from various processes and create a process map that examines corporate workflows and identifies opportunities for automation or other money-saving measures.
- business systems analyst: as a business systems analyst, you use technology to analyse a company's operating systems. For instance, you check the effectiveness of the information technology systems in automating company processes. You also recommend upgrades or the introduction of new technologies to improve efficiency.
- generalist business analyst: as a generalist business analyst, you combine process and systems analysis to create the best practices for data collection and evaluation. You also identify areas for improvement in the company and suggest growth opportunities.
working as a business analyst
As a business analyst, you assist companies in making informed decisions by generating business intelligence to support the viability of various decisions. Let's explore business analysts' daily duties, work schedules and job outlook.
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business analyst job description
Some of the daily tasks of a business analyst include:
- identifying the company's needs: as a business analyst, you develop business strategies based on the goals and requirements of the business. When you know what each department needs, you can assist with idea generation, development and implementation to help achieve business goals.
- creating financial models to support business decisions: as a business analyst, your primary goal is to improve the productivity and profitability of the business. That means you assist departments in identifying ways to optimise costs. You can also assist with budgeting or creating financial models for business forecasting.
- communicating with different departments: as a business analyst, you align the functions of every department towards a common goal. For instance, you communicate with the production team to find out their schedule and ensure marketing is performing its duties appropriately. When you reinforce sustainable business processes, you can improve productivity and customer satisfaction.
- project presentation: as a business analyst, you recommend various solutions to improve business processes or find expansion opportunities. You present the projects to the stakeholders for approval. It is your responsibility to impress the stakeholders and vouch for the projects.
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work environment
Business analysts work in many different organisations and industries. For instance, you can work in-house in a manufacturing, banking or technology environment. Some business analysts work for consulting firms and government departments. Business analytics is mainly a desk job; you spend hours analysing data and developing new solutions. While you spend most of your working day indoors, some companies have introduced creative workspaces to promote creativity.
As a business analyst, you also travel a lot for work, especially if you work for a consulting firm. You meet your clients at their offices and make presentations to the board of directors.
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who are your colleagues?
As a business analyst, you work with professionals from different departments. For instance, you are likely to work with data analysts, accountants and operations managers. You also work with business development executives, hr business partners, finance managers, system analysts and business advisers, as well as project managers and management consultants.
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work schedule
The work schedule of a business analyst runs from 9 am to 5 pm. You are likely to work in a full-time position of up to 40 hours a week. You work overtime when you have deadlines, but working at weekends is unusual unless you are attending a workshop. Part-time positions are rare, but some consulting firms have part-time roles.
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job outlook
Working as a business analyst prepares you for managerial positions, as you are involved in most decisions and understand the intricacies of business systems. A business analyst can become an operations manager or project manager. Some business analysts improve their qualifications and become chief operations officers or chief executive officers.
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advantages of finding a business analyst job through randstad
Finding your business analyst job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a business analyst is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
education and skills
Business analysts require the following academic qualifications:
- university education: a business analyst requires knowledge of business analytics, and any degree that imparts analytical skills is useful in the role. Pursue an undergraduate degree in business information systems, computing and systems development or business management. Entry requirements for degree courses are 2 to 3 A-Levels.
- apprenticeship: find an apprenticeship programme and gain the necessary skills. For instance, a project management higher degree apprenticeship or a business analyst higher apprenticeship prepares you for the role.
- work experience: you will have a competitive advantage if you gain experience in the role. For instance, an internship or work placement helps you learn how to manage projects and analyse data. Also, consider entry-level roles in analytics to learn the skills.
business analyst skills and competencies
As well as academic qualifications, a business analyst requires personal attributes relevant to the role. Some of the desirable soft skills include:
- communication skills: as a business analyst, you interact with clients and business executives to explain the outcomes of your analysis. You require exceptional communication skills to communicate effectively. Active listening skills enable you to understand your client's needs and answer questions about your presentations.
- critical thinking skills: anyone can research and present findings, but they may not be viable. As a business analyst, critical thinking enables you to evaluate the solutions generated by your analysis and determine their viability. Critical thinking skills help you make informed decisions.
- research skills: as a business analyst, you provide viable solutions to the management. That means you conduct extensive research to collect the necessary data for decision-making. Your research skills help you identify problems in the business and develop solutions to optimise costs and grow the business.
- technical knowledge: as a business analyst, your primary role is to optimise business operations. You require technological experience and extensive knowledge of statistical modelling tools and other IT systems to excel in your role.
- problem-solving skills: as a business analyst, you solve problems in business operations. For instance, you identify departments with low productivity or high expenses and identify the causes. Your problem-solving skills help you deal with unexpected problems and develop viable solutions.
FAQs about working as a business analyst
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 main roles of a business analyst?
As a business analyst, you evaluate data using data models and statistical analysis to derive logical conclusions. You also develop innovative solutions that will guide operational and strategic changes in the business. From the insights provided, companies can develop strategies and solve problems. A business analyst also assists with budgeting and forecasting to ensure the company optimises costs.
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is business analyst an IT job?
No. A business analyst doesn't work in the IT department but is a liaison between the IT and executive branches. For instance, if the IT analyst analyses data, a business analyst reviews it and generates business solutions and logical conclusions that drive business growth. However, a business analyst can specialise in working in the information technology industry.
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what qualifications does a business analyst need?
To become a business analyst in the UK, you require a bachelor's degree in any course that teaches analytics. For instance, a degree in business information systems or business management prepares you for the role. You can also join the role through apprenticeship opportunities like business analyst higher apprenticeships. As well as academic qualifications, ensure you gain experience through work placements and internships.
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is a business analyst a good career?
Working as a business analyst in the UK is a lucrative career since many businesses have embraced business analysis to boost profitability and productivity. You also have numerous growth opportunities, from managerial roles to consultancy. Business analysts in the UK receive good salaries, which increase with experience.
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what is a business analyst's salary?
As a business analyst in the UK, you earn a compensation package of £22,000 per year when you are new in the role. As you improve your skills and experience, your remuneration can increase to £55,000 per year. The earnings vary based on the size of the company and the complexity of your role.
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how do I apply for a business analyst vacancy?
Applying for a business analyst job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
