Enrolling in a business analytics course is the best way to start a career in the field and grab a high-paying job in the top companies. With the increasing significance of data, the demand for business analytics professionals is rapidly increasing in every industry. However, there is a shortage of skilled workforce, and hence, companies pay high salaries to business analysts who can fulfill their requirements. This is the biggest reason behind young graduates aspiring for a career in the field of analytics.
Before you dive deep into the business analytics field, you must understand what it is all about, what are the prerequisites to enter the field, and what a career in business analytics looks like. You might also want to have a look at the salaries that business analysts in India are earning. Though the salary for business analysts is not fixed, we will help you understand the salary ranges depending on various factors:
What is Business Analytics?
Business Analytics is the process of analyzing past business data to identify trends, patterns, problems, and new opportunities. The field uses a set of tools, technologies, and skills to explore business data and extract meaningful information from it. With business analytics technologies, organizations try to refine their historical or present data to make it useful in decision-making.
The business analytics process may consist of different stages, including data mining, data cleaning, identifying the sequence in data, text mining, predictive analytics, trend forecasting, data visualization, optimization, etc. BI (Business Intelligence) also plays an important role in the field of business analytics. It is helpful in implementing tools and technologies like AI and ML to make important predictions and implement the same into daily business operations.
Prerequisites & Skills To Become a Business Analyst
Business analysts are analytics professionals who interpret business processes by analyzing historical data. They use their analytical skills to help businesses in improving the quality of their products and services. They are responsible for interacting with the business leaders to make important data-driven decisions and improve business efficiency.
The eligibility criteria and skills required to become a business analyst are as follows:
A bachelor’s degree in any discipline will work. Though there are no specific requirements, a background in statistics, programming, mathematics, economics, or business management might be helpful.
You should be aware of the basics of business analytics and statistical methods used in the process.
You must be proficient in mathematics fundamentals like linear algebra and calculus.
You should have knowledge of programming languages like Python, R, SQL, etc.
You should have practical knowledge of how to use business analytics techniques and tools in the real world. Familiarity with tools, such as MS Excel, Word, SAS, MS Power BI, etc, will be required.
Factors Affecting Business Analyst Salary
The salaries of business analysts depend on various factors as mentioned below:
Just like any other role, business analysts earn more as they gain experience. Entry-level business analysts in India earn between Rs. 3.5 lakhs to Rs. 5 lakhs per annum. After gaining an experience of one to four years and developing the necessary skills, they can easily make up to Rs. 5.5 lakhs per annum. Data analysts with an experience of 5 to 9 years earn an average of Rs. 8.3 lakhs per annum. Moreover, those having an experience of 10 years or more can even make up to Rs. 20 lakhs per annum.
2. Industry and Employer
The salary of a business analyst also depends on the industry he/she is working for. Some of the top industries paying the highest to business analysts include IT, healthcare, management consulting firms, finance, investment banking, accounting, etc. Moreover, the business analyst salary also depends on the employer.
Accenture, Capgemini, and TCS are among the highest-paying employers in India, with the average salary of business analysts being around Rs. 7 lakhs per annum in these companies. Other companies offering decent salaries to business analysts (around 5-6 lakhs per annum) include Wipro, HCL, and CSC.
3. Skill set
The skills of business analysts is another important factor influencing their salaries. As business analysts have multiple job responsibilities, they require a diverse skill set. From field expertise to technical skills and soft skills, having a more valuable skill set increases the chances of getting high salaries for business analysts. Having business analytics course completion certificates also boosts your ability to earn as a business analyst.
Business analyst salaries in India also depend heavily on their locations. Professionals in cities like Pune, Maharashtra, Bangalore, etc, earn around 14% to 18% more than the average business analyst salaries in India. On the other hand, business analysts working in Noida, Hyderabad, Chennai, etc, earn 2% to 8% less than the national average. The average salary of business analysts in Bangalore is Rs. 9 lakhs per annum, however, that in Hyderabad is just around Rs. 6 LPA.
Average Business Analyst Salary in India
As per research, the salaries of business analysts in India vary between Rs. 3 lakhs to Rs. 22 lakhs per annum. The average salary of all business analysts in India is around Rs. 7.5 lakhs. Considering all the factors mentioned above, the average salary ranges for freshers and experienced business analysts are listed below.
For freshers: The entry-level business analyst salaries in India generally vary between Rs. 3 lakhs to Rs. 5 lakhs per annum.
For Experienced: After gaining decent experience, business analysts can easily earn between Rs. 5 lakhs to Rs. 12 lakhs or even more (up to Rs. 22 lakhs) depending on their skills, location, company, etc.
Business analysts are among the most in-demand professionals in India. The top companies, such as Amazon, TCS, Wipro, Accenture, etc, pay high salaries to analytics professionals, making it a great career option to choose. To make a career in business analytics, you will first need to have a bachelor’s degree. Once you complete your graduation, you can start developing the necessary skills, such as programming, statistics, mathematics, business intelligence, etc.
A business analytics course can provide you with the right approach to prepare yourself for a job in the business analytics field. Even if you don’t have a background in any of the required subjects, you can learn all the important topics by enrolling in the right course.
Business Analytics Courses at Edvancer
Edvancer is one of the top career-oriented learning platforms in India that aims to provide quality education at the convenience of the students. The ‘Certified Business Analytics Professional’ course at Edvancer is a short-term course that provides you with comprehensive coverage of the field. You get to learn the fundamentals of R programming, important statistical methods, and all the other important topics.
The course also allows you to gain practical experience by working on assignments and real industry projects. The best feature of this course is that it allows you to choose one of the two learning options (self-paced learning and live online classes) as per your comfort level.
1. What is the salary of a business analyst as per experience?
Ans. The salaries of business analysts vary heavily depending on their experience. The salary ranges of business analysts based on their experience are given below:
With 0 to 1 year of experience: Rs. 3.5 lakhs or Rs. 5 lakhs per annum.
With 1 to 5 years of experience: an average of Rs. 5.5 lakhs per annum.
With 5 to 9 years of experience: an average of Rs. 8.3 lakhs per annum.
With 10 or more years of experience: Rs. 8 lakhs to Rs. 22 lakhs per annum.
2. Is business analyst a high-paying job?
Ans. Yes, the job of a business analyst is one of the high-paying jobs in India. They can easily make up to Rs. 5 lakhs per annum at the entry level and can earn more & more as they gain experience.
3. Is a business analyst a stable job?
Ans. If you have the necessary skill set, you can easily get a stable job in the business analytics field.
4. Which company pays the highest for business analyst freshers?
Ans. Some top companies paying the highest salaries to business analysts include TCS, Amazon, Accenture, Capgemini, Wipro, HCL Technologies, CSC, etc.
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