Data is the lifeblood of any business today. Businesses are increasingly using a data-driven approach to help them gain insights for better decision making resulting in better business outcomes.
Since having access to and understanding data is vital to a thriving business, the demand for business analytics professionals is also increasing. According to the U.S. Bureau of Labor Statistics (BLS), the demand for business analysts is expected to grow 14% by 2028, which is much faster than the average for all occupations.
If you’re ready to move into a career in business analytics, we give you the intel you need to understand the job and salary range you can expect in this field.
Business Analytics Salaries Uncovered
According to Indeed.com, a business analyst can earn an average annual salary of $79,433 in the United States. This can go up to $95,368 for Senior Business Analysts.
The salary range for a business analyst also differs based on which part of the country you live in. Some of the highest paying cities in the United States for business analysts are as follows:
- Minneapolis: $98,671
- Washington: $89,834
- New York: $84,006
- Chicago: $83,673
Your annual average salary can also vary based on the organization you work for. Some of the highest paying companies to work for as a business analyst in the United States are:
- Fannie Mae: $131,315
- Oracle: $123,753
- Pacific Gas & Electric Company: $117,809
- Google: $114,220
- Southern California Edison: $110,049
What Does a Business Analytics Professional Do
Business analyst professionals work closely with the finance and IT teams to enable data-driven decision-making.
A typical job description of a business analyst includes the following responsibilities:
- Creating a detailed business analysis, outlining problems, opportunities, and solutions for a business
- Budgeting and forecasting
- Planning and monitoring
- Defining business requirements and reporting them back to stakeholders
- Automate and modernize systems by staying abreast of the latest IT advancements
- Prioritize initiatives based on business needs and requirements
Sometimes the role of a business analyst gets confused with other profiles in the domain. Here’s how the responsibilities of a business analyst differ from other similar roles.
Business Analytics vs Data Analytics
At a broader level, both business analytics and data analytics aim to improve operational efficiency. But if you look closely, you’ll see that business analytics is specific to businesses and data analytics focuses on both business intelligence and Online Analytical Processing (OLAP).
Business Analytics vs Data Science
Data scientists are responsible for presenting information in a way that can help in data-driven decision-making. However, the job of a data scientist isn’t necessarily to solve specific business challenges. On the other hand, a business analytics professional always seeks to find solutions to specific business problems while evaluating any data insight.
Business Intelligence vs Business Analytics
More often than not, the terms business intelligence and business analytics are used interchangeably and point to similar processes. However, both these processes differ fundamentally and should not be confused.
While business intelligence analytics focuses on descriptive analytics, business analytics is all about prescriptive analytics. This means that business intelligence provides a new perspective into currently known information while business analytics determines the possibilities of future outcomes.
Become a Business Analyst Now
If facilitating data-backed business decisions seems interesting to you then this career path is for you. If you are early in your career then you can start by taking up a business analytics internship.
Whichever route you choose, you will need the right skills to land a job that pays you well. Enroll in our Business Analytics Nanodegree program and get the foundation you need to start your career in the field.