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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.

Experience Level Salary Range
Entry Level

$54,272 - $56,043

Intermediate Level

$63,335 - $70,123

Senior Level

$87,713 - $105,998

Expert $137,320
Consultant $102,825

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

Course Name

Course Details

Data Science - Master

View Details

Artificial Intelligence (AI) -Master

View Details

Python Development -Master

View Details

Deep Learning

View Details

Data Science with R 

View Details

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.

 Average Business Analytics Salary

1). Entry Level Business Analyst Salary

Your journey for Business analyst position starts at an entry level position. Your entry-level job profile requires an associate’s degree along with 0-2 years of experience in the similar field. 

You should be aware of general business frameworks ideas, methods, and the technology that enables those methodologies to work. At this level, you should be able to check, survey, and measure explicit business frameworks and how they influence the organization and the clients.

At this stage, an entry level Business Analyst commonly answers to a manager and is unable to make independent decisions. The business analyst salary entry level usually varies from organization to organization. Here’s an average entry level business analyst salary

Entry Level Business Analyst Salary Average Salary

Annual-based Salary

$40,000

Month-based Salary

$4,393

Week-based Salary

$1,135

Day-based Salary

$ 277

Hour-based Salary

$ 26.85

…not a bad start, right?

2). Business Analyst Salary At An Intermediate Level

So, now that you’ve completed 2-4 years at your entry-level position as a business analyst, it’s time for you to level up your experience. 

At this point, you ought to have picked up learning on business framework ideas, database ideas, and you should even now be conversant in taking care of business frameworks and the needs of the clients.

You ought to have degree of a project, access the objectives of a project, and define your own ventures and frameworks to enable your organization to arrive at that particular goal.

At this level, you must have got the exposure to complex queries, and have had a few opportunities to be innovative., but there is still a long way to go and a lot more to achieve. Here you might report to a senior manager/department head instead of a team lead.

Intermediate Level Avg. Salary

Annual-based Salary

$87,780

Month-based Salary

$6,106

Week-based Salary

$1,495

Day-based Salary

$457

Hour-based Salary

$42.20

3). Business Analyst Salary at Senior level

Bachelor’s degree is crucial at this level. Ensure you have one. You need 4-6 years of involvement with business frameworks now, as well. At this level, you should be able to check, evaluate, and measure explicit business frameworks and arrangements and how they influence the organization and the clients. You should be very capable to achieve the Senior Business Systems Analyst position.

Now, the huge distinction is that you may lead, direct, and be responsible for different employees (Sounds motivating, right?). Be an amazingly amicable and an incredible communicator. Increase your creativity and become fine with the obligation of being a team leader.

Senior level Avg Salary

Annual-based Salary

$86,234

Month-based Salary

$6,106

Week-based Salary

$1,578

Day-based Salary

$526

Hour-based Salary

$62.93

Being a Senior Business Analyst, you can earn more than this. So why not climb?

4). Expert Business Analyst Salary

For this position, you are required to have a Bachelor's degree in a particular area and 6-8 years of experience in the field (that’s a great deal). Time and commitment are all you need to arrive at this position.

At this level, you should be able to characterize the scope of projects, figure out the goals, implement a proper plan, sort out and instruct everybody required (from project managers to the customers), and show outputs to them. Now, you will be in charge of everything. You will be responsible for keeping tasks on schedule.

The expected yearly compensation for an Expert Business Systems Analyst is $137,570.

5). Business Analyst Consultant Salary

This is the senior most position for a business analyst and requires minimum of 8-10 years of experience.

At this point, you will be capable of: checking, surveying, and measuring explicit business frameworks and arrangements and how they influence the organization and the clients.

You are likewise expected to be a specialist in Business Analyst techniques, processes, strategies, business frameworks, statistical analysis, and the majority of the steps engaged with shaping business arrangements and executing them from beginning to end.

Your ability in the Business Analyst domain should have furnished you with the mandatory skills. You're viewed as the top-level expert and authority now. Inquiries of the down-line employees will be coordinated to you.

The expected yearly compensation for a Sr. business analyst consultant is $177,850.

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. 

Location Avg. Salary Location Avg. Salary

New Hampshire

$91,476

Ohio

$80,700

New Jersey

$103,352

Delaware

$82,245

Oregon

$98,814

Montana

$81,182

Michigan

$88,138

Illinois

$83,255

California

$104,091

Mississippi

$78,001

Nevada

$90,930

North Carolina

$81,741

Massachusetts

$99,292

West Virginia

$73,597

Alaska

$93,105

Missouri

$80,205

Washington

$98,423

South Dakota

$73,769

Maine

$84,380

South Carolina

$77,259

Arizona

$92,537

Kentucky

$77,876

Alabama

$83,486

Wisconsin

$77,323

Texas

$93,871

Hawaii

$73,354

Minnesota

$87,557

Iowa

$76,784

Virginia

$89,575

Utah

$72,564

Wyoming

$81,506

New York

$93,284

  • 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.

Remuneration Statistics of the major USA States and Cities

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.

Salary Structure Of Business Analyst - Wyoming

Business Analyst working in Wyoming is likely to earn an average annual wage of $111,180. Salaries typically start from $49,010 and up to $ 200,349. Business Analyst in Wyoming earns better than 96% of careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the average business analyst salary entry level-

Salary Structure Of Business Analyst - Wyoming

Salary Structure Of Business Analyst - New York

People who are employed in the profile of Business Analyst earn an average yearly salary of $102,815. Salaries typically start from $48,315 and go up to $174,899. Business Analyst in Wyoming earns better than 64% of the professionals employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in New York very particularlySalary Structure Of Business Analyst - New York

Salary Structure Of Business Analyst - District of Columbia

The professionals working as Business Analysts can earn an average annual business analytics salary of $101,860. Business analyst salaries start from $64,650 and go up to $144,010. Business Analyst of Columbia earns better than 60% of the professionals who are employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in Columbia-

Salary Structure Of Business Analyst - District of Columbia

Salary Structure Of Business Analyst - Florida

The professionals working with the organization's Business Analyst can surely earn an average annual salary of $80,010. Business analyst salaries typically start from $38,090 and go up to $133,350. Business Analysts of Florida earns better than 73% of the professionals who are employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in Florida-

Experience Level Average Annual Salary Range
Entry Level $70,072

$59,500 - $74,534

Mid-Level (3-5 years) $85,000 (Estimated)

$78,000 - $92,000 (Estimated)

Senior Level (5+ years) $100,000 (Estimated)

$90,000 - $110,000 (Estimated)

Lead Business Analyst $130,383

$120,710 - $149,760

Salary Structure Of Business Analyst - Maryland

The professionals who are working as Business Analysts can earn a business analyst average salary of $94,790. Salaries typically start from $54,850 and go up to $134,440. Business Analyst of Maryland earns better than 68% of the professionals who are employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in Maryland-

Experience Level Average Annual Salary Range
Entry Level $76,167

$68,432 - $84,902

Mid-Level (3-5 years) $92,000 (Estimated)

$85,000 - $99,000 (Estimated)

Senior Level (5+ years) $110,000 (Estimated)

$100,000 - $120,000 (Estimated)

Lead Business Analyst $124,800

$115,320 - $134,280

Salary Structure Of Business Analyst - New Jersey

The professionals working as Business Analyst can earn an average annual salary of $97,360. Business analytics salary entry level ranges typically start from $53,873 and go up to $155,108. Business Analyst of New Jersey earns better than 67% of the professionals who are employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in New Jersey-

Experience Level Average Annual Salary Range
Entry Level $81,258

$72,000 - $90,516

Mid-Level (3-5 years) $95,000 (Estimated)

$88,000 - $102,000 (Estimated)

Senior Level (5+ years) $110,000 (Estimated)

$100,000 - $120,000 (Estimated)

Lead Business Analyst $135,421

$126,976 - $143,866

Salary Structure Of Business Analyst - California

The professional enthusiasts working as Business Analyst can earn an average annual salary of $89,769. Salaries typically start from $49,224 and go up to $144,023. Business Analyst of California earns better than 70% of the professionals who are employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in California-

Salary Structure Of Business Analyst - California

Salary Structure Of Business Analyst - Texas

The professionals working as Business Analyst can earn an average annual salary of $88,414. Salaries typically start from $49,069 and go up to $137,598. Business Analyst of Texas earns better than 70%  of the professionals who are employed in careers in similar fields. Here is a screenshot was taken from the Website of Sokanu that describes the situation in Texas-

Experience Level Average Annual Salary Range
Entry Level $72,418

$64,000 - $80,836

Mid-Level (3-5 years) $88,000 (Estimated)

$80,000 - $96,000 (Estimated)

Senior Level (5+ years) $105,000 (Estimated)

$95,000 - $115,000 (Estimated)

Lead Business Analyst $120,173

$110,698 - $129,648

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:-       

Description Amount
Gross Salary $10,000
Deductions  
State Income Tax -$92
Social Security Tax -$620
Medicare Tax -$145
Total Taxes -$857
Net Pay $9,143
Tax Rates  
Marginal Tax Rate

11.65% (Estimated)

Average Tax Rate 8.57%

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. Here are 3 “Top tips” for you to earn high as a Business Analyst 

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:

Popular Skills 

Salary

Business Analysis

$72,453

Project Management

$75,261

Requirements Analysis

$79,871

Data Analysis

$77,760

SQL

$78,817

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:-

Company

Median Salary

Chevron

$111,270 per year

Credit Suisse

$95,013 per year

Bank of America

$10,49,105 per year

General Motors

$96,574 per year

Capital One

$102,374 per year

Morgan Stanley

$85,240 per year

Cisco

$85,540 per year

TEKsystems

$83,400 per year

State Street

$86,060 per year

Ford Motor Company

$80,000 per year

Accenture

$79,340 per year

Liberty Mutual Insurance

$80,350 per year

Tata Consultancy Services

$93,449 per year

Deloitte Consulting

$72,900 per year

Amazon

$72,500 per year

U.S. Bank

$67,276 per year

Deloitte

$91,412 per year

Charter Communications

$72,000 per year

Citi

$70,700 per year

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.


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Comments

  • K

    Knox Miller

    This is a lovely article! As a business analyst, the skills and the overall know-how of the topic really helps.

     Reply
    • logo16

      JanbaskTraining

      Hey, Thanks for sharing your experience. For further insight, you can connect to us at https://www.janbasktraining.com/contact-us

  • A

    Aidan Johnson

    Yes, rightfully stated that nothing beats experience. I have been working with a firm for the past few years and now I am a senior Business Analyst earning around 90,000$ annually. So, the more the better here.

     Reply
    • logo16

      JanbaskTraining

      Hey, we thank you for your comment and interest. For further information, you can connect to us at https://www.janbasktraining.com/contact-us

  • K

    Kaden Brown

    Typically there is competition among different segments of Business analysts but for a fresher a course typically helps in understanding which segments are suitable for themselves.

     Reply
    • logo16

      JanbaskTraining

      Hey, Thanks for sharing your experience. For further insight, you can connect to us at https://www.janbasktraining.com/contact-us

  • H

    Holden White

    This is a very quick and informative blog. The salary research is major eye-opening for freshers.

     Reply
    • logo16

      JanbaskTraining

      Hey, thank you so much. We are grateful that our blog has been a help to you! We can get your query resolved if you can just call our experts at

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