How to Become a Business Analyst?

If you are wondering how to become a business analyst and what the role entails, you are at the right place. Well, it primarily requires you to get a relevant degree like BBA or MBA apart from acquiring pertinent skills. 

Notably, the role of a business analyst is to help organizations improve their processes, products, services, and software through data and in-depth business analysis. You will be working with both IT and business teams to bridge gaps and make things function much smoother. A business analyst's role runs at four important levels: Strategic Planning, Business/Operational Model Analysis, Process Definition & Design, and IT & Technology Business Analysis. 

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What Does a Business Analyst Do?

As a business analyst, you will assume different responsibilities that contribute to the better running of the business. Your role involves the following activities:

• Gathering information from stakeholders through interviews, workshops, and surveys to understand their needs and objectives.
• You are responsible for preparing integrated documentation of the requirements of the business and usage cases.
• You analyze huge data sets using such tools as SQL and Excel to identify patterns, locate problems, and bring into view areas of improvement.
• Chart, table, and other graphic presentations of data and information to facilitate understanding of complex information.
• Evaluate various technical solutions and identify an option that best fits the business requirement.
• Leading forecasts, developing budgets, and performing financial and variance analysis to inform key decisions.
• Supporting staff through changes, planning tests, and quality checks once changes are implemented.

Eligibility Criteria to Become a Business Analyst

There are no set eligibility criteria for you to take up the career as a business analyst:

• A good understanding of MS Excel, data modelling, and documentation will be an added advantage.
• The general requirement often is a bachelor's level in Business, Finance, Economics, or IT studies. 
• Some employers may want a master's degree, especially for higher-ranking positions, but this is not always necessary.

Who Can Become a Business Analyst?

If you are considering a career as a business analyst, you are eligible if you fall under one of these categories:

• Recent MBA Graduates: As an MBA graduate with the right skills and certifications, you can easily find opportunities in business analysis. Every firm wants to inject fresh blood with a good understanding of the basics into their company.
• Software Engineers, Developers, and IT Analysts: If you are a software engineer, developer, or IT professional, your familiarity with programming and IT gives you an advantage. Although competition for salary hikes is tough in these fields, transitioning into a business analyst role could open doors to better pay and career growth. 
• Data Analysts: Certified data analysts can also switch to business analysis smoothly. Not only is the average salary higher, but the role will offer you more flexibility compared to traditional data analyst positions.
• Sales Professionals: The switch to a business analyst position would bring big career growth in your sales professional career. This will be an opportunity to step away from the pressure of sales numbers as one advances professionally.

Step-by-Step Process to Become a Business Analyst

Here's a step-by-step guide you can follow to become a business analyst in 2024:

Step 1: Define Your Goal

Be focused on what you want. Just like with any other profession, understanding the basics forms a very great foundation. In the case of business analytics, start by learning the core principles. You should know what a business analyst does. Take some time reading blogs and exploring online courses for research about what this path entails.

Step 2: Get a Relevant Degree 

The majority of the initial business analysts start with a bachelor's degree like BBA, BBA in Business Analytics, BBA in Finance, BBM and more. To reach any higher position in management, a more advanced degree might be required like MBA, MBA in Finance, MBA in Business Analytics, MBA in IT, PGDM in Business Analytics and more. Adding a master's degree to your qualifications can set you apart in this competitive field, especially if it's in business analytics or business administration.

Step 3: Sharpen Your Business Analysis Skills

To excel as a business analyst, you will need to polish these key skills: 

• Business Analytics
• Problem-Solving
• Communication skills 
• Stakeholder Analysis
• Technical Skills
• Critical Thinking
• Logical Thinking
• Data Visualization
• Programming 
• Knowledge of Databases
• Negotiation skills 

Step 4: Get an Online Business Analyst Certificate

Getting a certification will let you demonstrate the ability of what you know and also keep you on the latest software and technologies. While no certain credentials may be required, nonetheless, getting a certification in your field can make you stand out from the competition. Take on a course that teaches you fundamental technical skills, gives you an idea about various business analytical tools, and awards certification at the end of it.

Step 5: Practical Exposure

Once you get comfortable with the concepts and core skills, take part in real-world projects on business analytics. You will get to know how various tools and technologies are applied to real projects. Also, it would be an opportunity to be involved in the workings of a business and understand exactly what a business analyst does. In this way, it will gradually prepare you for undertaking more advanced responsibilities.

Step 6: Create a Resume/CV and Start Applying

Now, create a complete CV or resume of all practical projects,  and assignments and any work you have done during or based on your online courses. You will find this of great value when you go into the business analyst position application process. Highlight all the skills and experiences in your updated resume. And now, having updated your resume, start exploring and applying for jobs that fit with your renewed skills and experiences.

Salary Trends of a Business Analyst

According to PayScale, if you are a beginning business analyst career in India and have less than a year of experience, then your annual salary can be around INR 3,54,534. As years go by, it increases considerably. 

• For 1-4 years of experience, you may receive an approximate annual salary of INR 5,14,652. 
• This might reach INR 8,29,344 annually by the time you reach the mid-career level, which is with 5-9 years of experience. 
• Once you reach the experienced business analyst level, it can reach all the way up to INR 12,45,341 once you have crossed 10-19 years of experience.

Note: The trends connected with the salaries of business analysts in India are quite impressive; that is why now is the most perfect time to think about choosing this field for building your career.

Top Recruiters Hiring Business Analysts

Business analysis is one of the prioritized sectors in the corporate world, and every company looks for skilled professionals who would make a difference. By being a business analyst, you will document the business requirements and design the solution to address multiple challenges. Top organizations like KPMG, Deloitte, Accenture, HCL, Oracle, Gartner, and Cognizant need skilled human resources to help them reinvent operations and thereby create value.

With a clear understanding of what a business analyst does, their key responsibilities, and the path of knowing how to become a business analyst, you are ready to embark on your journey into the world of business analytics.

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