Business Analyst Salary: Know Your Worth in 2024 (US & Global)

Introduction

The demand for business analysts is booming! The U.S. Bureau of Labor Statistics projects an 11% growth rate by 2029, exceeding the average for all occupations. This surge is fueled by the digital revolution, further ignited by the COVID-19 pandemic. Companies need strong analytical minds to navigate this digital landscape.

However, there's a gap between demand and qualified candidates. Estimates suggest a shortage of 140,000 to 190,000 business analysts in the U.S. alone.

This blog dives into the world of business analysts. We'll explore entry-level salaries, career paths, and the skills that influence earning potential. We'll also unpack factors like experience, location, and industry that affect a business analyst's compensation.

A Glimpse of Business Analyst and What They do

Business analysts, sometimes called management analysts, are data wizards who unlock an organization's potential. They use data to streamline operations, boost productivity, and ultimately, increase profitability.

Here's how they achieve this magic:

• Process Ninjas: They dive deep into existing processes and data sets, identifying areas for improvement and pinpointing opportunities to expand market reach.
• Solution Architects: Business analysts go beyond problem-finding. They design solutions that create optimal value for the organization. This can involve crafting business architectures, formulating strategic plans, and even taking a leadership role in implementing these improvements.
• Efficiency Experts: Their keen eye for inefficiencies helps reduce costs and ensure smooth operations.
• Technology Champions: Business analysts understand the role of technology in driving progress. They recommend the right tools and processes for continuous improvement.

In short, business analysts are the strategic backbone of an organization, optimizing its ability to thrive in today's competitive market. The next section will explore the earning potential of this exciting career path, focusing on entry-level salaries and how experience can increase your compensation.

Types of Business Analyst

In the following section, we have gathered a list of Business Analysts out there looking for their first employment, or that aren't sure of how much cash to request in the wake of working for an organization for a long time.

Note:

• There is likely overlap between some Business Analyst and Business Systems Analyst roles.
• Salary ranges are based on data from Salaryexpert.com and Indeed.com

The Average Business Analytics Salary: As Per Experience

The business analytics salary entry level evaluation plan is broken into three parts: high-level, middle-level, and low-level depending on the applicant’s understanding and capabilities. Organizations use compensation evaluations to advance the value and reasonable compensation gauges.

Business Analytics Salary in Different Regions of the USA

A Business Analyst Consultant has an expected yearly compensation of $94,770 in the USA. In the below table we have listed the Business Analytics Salary different region-wise. 

• Entry Level: $40,000 to $70,000 with up to an 8% bonus
• Mid-level Career: $55,000 to $95,000 with up to a 10% bonus
• Senior Level: $70,000 - $150,000 with up to a 10% bonus
• Overall U.S. business analyst average salary: $45,000-$110,000 with up to a 10% bonus 

Remuneration Statistics of the Major USA States and Cities

To clear the air about the Business Analyst salary entry level, we have collected some useful data, facts and figures about the Business Analyst salary all across the USA.

The graphical representation makes it very clear that the State of Wyoming is paying the best remuneration for the Business Analyst profile. We are now going to discuss the business analytics salary trends of some major areas as listed in the graphical representation above. You may notice that in some places the fresher salary is way too much than that of the areas paying a higher salary, this is because in these regions the scope gets delimited in the future of business analyst and the salaries remain stagnant for a long time.

What Affects The Business Analyst Salary?

A). Location

Relatively, not many people would attach an additional hour or two to their drive, while some may think about moving to an alternate region for a better company. There are numerous who are attached to a specific area because of family or different commitments. The business analyst salary entry level depends on the location of the company and how much profit it can produce in a year. 

B). Working hours

The time required for a long drive, or having the option to leave right on time to get the children can have a major effect in pleasing different parts of an individual's life. Another fact is whether a profile expects 40 hours or 60 hours, seven days can substantially affect an individual’s satisfaction. The more time you are ready to invest in the company, the better can be your business analyst entry level salary. 

C). Company size

The size of the company also really matters! Working for a startup company with the risk that an employee will search for another activity in a year or two is an important fact to be considered. Everyone needs job stability. Huge companies will, in general offer greater steadiness however they accompany managerial and hierarchical difficulties that can cheapen the essential work. Hence, bigger organizations provide higher business analyst salary to attract new talents. 

D). Taxes

Let’s assume the average entry level business analyst salary in New York is $10,000 per year. Following will be the deductions:-       

Notes:

• This is a simplified scenario for illustrative purposes only. Actual tax deductions and rates may vary depending on your filing status and deductions claimed.
• New York City residents may have additional city income taxes.

How To Get Hike In Business Analyst Salary In US?

Wondering how to increase your average business analyst salary into many folds. Here are 3 things that can turn your world around.

 A). Certification

If you are an inexperienced fresher the first thing to do is to find a certification course which not only gives you sound knowledge but also a practical grasp of technologies. As well as provides you with industrial experience.

On average, the compensation for ladies is $78,980, and for men is $75,410. The normal compensation of the top 5 certification holders came in at $85,804, or 11% expansion in profit, demonstrating a preferred critical position to seek after a Business Analyst certification. Even Industry Related certifications curated by JanBask Training guarantee a boost to your chances & salary by more than 50%.

Now that you are prepared with all the handy business analyst skills. It’s time to upgrade your armoury with a Business Analyst Certification which shall act as proof of your skills learned. 

Here are a few certifications you can enrol after the course to increase your average business analyst entry level salary & position;

• IIBA Entry Certificate in Business Analysis (ECBA)
• IIBA Certified Business Analysis Professional (CBAP)
• IIBA Certification of Capability in Business Analysis (CCBA)
• PMI Professional in Business Analytics (PMI-PBA)

On average, the compensation for ladies is $78,980, and for men are $75,410. The normal compensation of the top 5 certification holders came in at $85,804, or 11% expansion in profit, demonstrating a preferred critical position to seek after a business analyst certification.

B). Experience

As explained above, you might have understood now how the level of experience helps in the growth of the salary of a business analyst. 79% of respondents hold either a bachelor's or graduate degree and that a graduate degree in addition to experience came about in $2,566 more in income.

As per PayScale, a Business Analyst in IT with under one year of experience can hope to win a normal absolute pay (incorporates tips, reward, and extra time pay) of $68,698. An early career Business Analyst in IT with 1-4 years of experience procures a normal pay of $70,815. A mid-career Business Analyst in IT with 5-9 years of experience acquires a remuneration of $76,054. An experienced Business Analyst in IT with 10-19 years of experience acquires an absolute pay of $83,811. In their late career (20 years and higher), Business analysts get an absolute pay of $87,324.

Pro Tip: Start With an Entry Level Role

Accounting, finance, or business. Whatever domain you choose to become a Business Analyst you should start from scratch. Go for entry-level job roles & internships. Nothing beats experience, an experience of 1 or more years will allow you to choose the path you want to choose.

If you’re a fresher and looking to prepare yourself for an interview we have prepared a list of Top Business Analyst interview questions and answers to excel you.

C). Company size

Another report shows that the employees working in top MNC’s earn 10-30% more than employees working in small organizations as business analysts. 

Business Analyst is among the top 10 highest-paid jobs in the US. so, if you are a fresher or a passionate experienced person looking forward to a high-profile and high-earning job in this digital era.

Popular Skills for High Business Analyst Salary In US

In this section, we have compiled a list of the most popular skills to turn your average entry level Business Analyst Salary into a High Salary in US.

Let’s take a look:

Salaries of Business Analyst Ramified by Industry

A Business Analyst commonly starts a vocation (at a passage level position), making around $50,000 every year. However, what amount of cash will that Business Analyst make in five years? What about in twenty?

As per the data found on PayScale, insurance and healthcare offer the highest starting wages for graduates of business analytics streams. For financial companies and software applications, the lowest salary (annual) for business analysts was estimated between $40,471 and $40,293, respectively. Business analysts living in the northeast and western areas of the U.S. earn higher salaries than those coming from the middle and southern regions.

As per more data found on LinkedIn, salary ranges of top companies for the profile of Business analysts are given below:-

Conclusion

There are many other components based on which the compensations of the business analysis experts rely upon, which can be region, qualification, skills and so on. Pursue the path of learning and obtaining the skills in the related field and that is the thing that will assist you with sailing the ship of achievement.

So, if you liked our article on What is a business analyst salary in the USA. You can also take part in our tailored Business Analyst training course which has successfully trained more than 2500 students who are working with successful MNCs. 

So, What now! If you have more tips or want to share more information regarding the topic, you can share them in the comments section below.

FAQ’s

Question 1: What is the average salary for an entry-level business analyst?

Ans:- The average salary for an entry-level business analyst can vary depending on factors such as location, industry, and company size. However, on average, entry-level business analysts can expect to earn around $60,000 to $70,000 per year.

Question 2: Does obtaining a business analyst certification online increase the salary for an entry-level business analyst?

Ans:-  Yes, obtaining a business analyst certification online can potentially increase the salary for an entry-level business analyst. Certification showcases your expertise and validates your skills, making you a more competitive candidate and potentially opening up opportunities for higher-paying roles.

Question 3: What are the benefits of completing a business analyst certification training program?

Ans:-  Completing a business analyst certification training program provides several benefits. It equips you with in-depth knowledge and skills required for the role, enhances your credibility and marketability as a business analyst, and increases your chances of securing higher-paying job positions.

Question 4: Are there any specific certifications that are highly recognized for entry-level business analysts?

Ans:-  Yes, there are several certifications highly recognized for entry-level business analysts. Some popular ones include the Certified Entry-Level Business Analyst (CEBA), Entry Certificate in Business Analysis (ECBA), and Certified Business Analysis Professional (CBAP) certifications. These certifications validate your knowledge and expertise in the field.

Question 5: How can I negotiate a higher salary as an entry-level business analyst?

Ans:- To negotiate a higher salary as an entry-level business analyst, it is essential to research the market rates for similar roles in your area. Highlight your education, certifications, internships, and any relevant experience during the negotiation process. Additionally, emphasize the value you can bring to the company through your skills and potential contributions.