Business and financial analysts work with companies to evaluate their decisions and calculate plans for optimal success. This may come in the form of business consultants, who review the books and operation procedures of a company and offer suggestions for financial improvement, or financial advisors, who recommend smart investments to grow a business. Whichever types of analysis business consultants are responsible for, it's important to have critical thinking skills and a business frame of mind to offer the best suggestions.
Business analysts either work within one company to continuously improve production, or consult with multiple companies on their various projects and investment opportunities. Both offer opportunities for travel and across the country.
Business Analyst Job Education Requirements
Entry-level business analysts need at least a bachelor's degree in business, management, finance, or a similar major in order to enter the field. More advanced positions may require a master's degree, but experience or consulting certifications can compensate for education.
Analysts need to stay on top of economic, political, and geographic trends in order to make the best suggestions for company projects. From expanding to other industries through acquisitions to opening an office or factory oversees, business analysts need to understand the risk, reward, and challenges that the company faces with every decision.
Business Analyst Job Market
The job market for business analysts is expected to see rapid growth in the next ten years. The 16% growth means there will be more than 39,000 jobs by 2022. This is because businesses are starting to understand the global economy and the need to expand beyond national borders. They will also be needed as businesses look to invest in multiple industries for improved stability. Analysts will work to help businesses grow and provide expertise and perspective on decisions.
Business Analyst Job Salary Information
Business analyst salaries tend to be an average of $76,000 a year, according to the Bureau of Labor Statistics. Those who excel in the field and work for major corporations can make more than $100,000 annually or take contract work for more. Similar jobs in the field include Risk Management consultants who make an average of $80,000 annually, and Finance Directors who can make more than $120,000 a year.
The temptation of a six-figure salary is enough to lure anyone with a business degree, but analysts need to understand politics and economics to succeed in this role. Plus, the more business experience they have, the better decisions analysts will be able to make.