Is business analysis a high paying career?
The Business Analyst position is considered to be popular and there are many job opportunities in this sector. Almost all kinds of organizations require a Business Analyst at some point in their trajectory.
There is usually always a requirement for Business Analysts and the number of job vacancies have been increasing over recent years for this position.
Important questions that need to be answered is whether Business Analysts are paid well and what are the contributing factors that determine the level of salary for a successful Business Analyst?
Let us try to answer these questions with the help of the following article.
Like all job positions, the level of salary is directly proportional to the level of experience and expertise a Business Analyst candidate has.
If a candidate has a higher level of experience, then in most cases they can determine and negotiate their salary for their skill sets. On the other hand, if a candidate has only recently completed their education, the salary for the candidate would depend more heavily on the organization they wish to join, rather than negotiation alone.
For Business Analysts in the United States of America, the average starting salary is around $70,000 per annum and would be expected to increase according to the experience and skills the candidate gains.
For seasoned Business Analysts with a higher level of experience, the salary can reach up to $100,000 and beyond per annum, according to the organization.
There are also many Fortune 500 companies that provide a higher level of salary for the right candidate.
Even though experience plays a major role in determining the salary for the Business Analyst, the skill sets of the candidate should also be taken into account when determining the salary.
To negotiate a higher salary, the analyst needs to update their skills according to the market needs. Like any other job positions, Business Analysts are also required to have all-round skills and should have a full understand the operations of working of the business.
Can it be said that Business Analysts are well paid?
Now, let us attempt to answer the most important question; do Business Analysts get paid well?
The answer is both yes and no.
If we look at the broader picture and view the market as a whole, there is more supply than demand.
Every year there are thousands of graduates looking for a Business Analyst position, this imbalance naturally reduces the salary prospects for these fresh graduates.
When we consider the tuition fee paid by these new graduates, then the obvious answer is they are not getting paid as well when in entry level positions.
However, when looking at long-term opportunities and scope for growth, we can say yes for the above-mentioned question.
As we said earlier, there are many reputable organizations who are looking for the right candidate for the Business Analyst position. With the right experience and right skill sets, it is possible for a successful candidate to achieve a position with a high-paying salary.
Not only in business organizations there is also scope of work in other industries like tutoring. So, an analyst with a high level of skill sets can earn a good living as a Business Analyst.