Business Analyst Salary in India: A Complete Analysis for 2023
Do you wish to participate in India’s booming business community? You might be curious about the range of Business Analyst salaries in India. Recently, the country is witnessing a surge in new businesses. All these successful unicorns have a coherent business analyst who can utilize the data generated to project their future trajectory. Hence, business analysts are the most sought-after professionals. This leads to a higher business analyst salary in India than other specialists.
In this article, we’ll discuss how the business analyst salary in India is influenced by the factors like upskilling and staying up-to-date.
What is Business Analytics?
Before we jump on to what business analysts do, let’s first discuss business analytics. Business analytics can be defined as simply analyzing the past to predict the future of the business. It entails analyzing the data generated by businesses in the past to predict insights for the business’s future.
Business analytics explores the data generated by an organization or business and uses statistical analysis, data analysis, and other predictive models to help with better decision-making. To make this educated decision, Business Analysts analyze data using broadly three analysis methods:
Descriptive Analytics
It entails looking at the data, typically manually, to figure out “What is happening?” It analyses the current state of the firm using the Key Performance Indicators (KPIs).
Predictive Analytics
With predictive analytics, data patterns in the past and present are examined to see if they are likely to occur again. It helps businesses and decision-makers invest their resources to yield an advantage in the future.
Prescriptive Analytics
It uses past performance to suggest the measures to be taken in the future when a similar situation arises.
Together these methods are built upon each other. Descriptive analytics examines past data trends. Predictive analytics predicts the likelihood of these patterns appearing in the future, and prescriptive analytics suggests measures should the patterns appear again.
A business analyst can help make decisions that lead to the growth of a business. Hence the business analyst salary in India depends on the skills you bring to the table.
What Do Business Analysts Do?
Business analysts are a bridge that connects data analytics with business. Making arbitrary assumptions is one thing, but thorough comprehension is needed to access the data, gather pertinent information, identify trends, and make wise recommendations.
A business analyst collects acute data from the business and runs a comprehensive analysis to develop strategic solutions. The data collected from past trends, processes, and KPIs holds the power to guide the business toward growth. It also works as a guide to avoiding the mistakes of the past.
But accurately analyzing these features and landing on an effective and attainable solution requires an assiduous procedure. Business analysts interact with business stakeholders to understand business requirements and processes. Depending on the requirements, a business analyst should be able to improve processes and services using the data.
Business analysts should not only be able to predict and interpret the right information from humongous datasets but also need to be able to convey their knowledge to the concerned people. To be able to perform these tasks seamlessly, a Business Analyst is required to follow the procedure meticulously.
● Asking the Right Questions.
Before even starting to scratch the surface of the data warehouses, a business analyst must first understand what the business aims to achieve in the analytics process. The business analyst should ask the right questions to all stakeholders involved to gather accurate and current information.
● Searching for the data at the right place.
Businesses store their daily transactions and other data in massive databases. To gather useful insights, a Business Analyst should first be able to locate where the answers to all the questions would lie.
The extracted data from databases might not always be in the optimal state to be used for gathering insights. The data needs to be cleaned to remove inconsistencies, duplication, blank entries, and garbage values to maintain only the relevant information.
● Analysis and Interpretation.
The business analysts look over the cleaned data for any trends, patterns, or other elements that might have an impact now and in the future.
Based on these forecasts, the analysts evaluate the findings and provide advice and solutions to assist in the future decision-making process. Being able to conduct this procedure can influence the rise in the business analyst salary in India.
Skills Required To Become An Efficient Business Analyst
Analytical thinking and problem-solving
Analytical thinking is one of the core skills required in a business analyst. A business analyst should be able to analyze the requirements of the business and use problem-solving skills to reach a desired solution. Analytical thinking and problem-solving help a business analyst to prioritize the needs of the business rightly. It helps achieve goals even with a lack of resources and unfavorable situations.
Having an impressive eye for detail
Needless to say, a business analyst needs to have great attention to detail. Analyzing the hidden patterns in the data and interpreting a solution that would best work for the growth of the business needs detailed attention to the slightest change in patterns and trends.
Business acumen
When contributing to the decision-making of any business, the business analyst needs to understand how the business works, what factors affect the results, relevant metrics, and more. S/he should have the knowledge and understanding of business. Deep business knowledge majorly affects landing a high business analyst salary in India.
Organizational skills
Business analysts are required to complete delegated tasks within stringent deadlines. Hence a business analyst needs to possess organizational skills like time management, goal setting, and project management.
Knowledge of databases and SQL, networks, and related technologies
Because they frequently work with databases, business analysts need to know how to utilize SQL to obtain data for reporting and analysis. Knowledge of SQL can be advantageous to a business analyst.
Creating reports and dashboards
A significant amount of a business analyst’s time is spent on creating reports and dashboards. Business analysts use dashboards to convey their findings, insights, and solutions to business owners and stakeholders. If you want to convey your thoughts effectively, you need to be skilled at creating reports and dashboards.
Cost-benefit analysis
Cost-benefit analysis compares the anticipated or forecast costs and benefits (or opportunities) associated with a project option to see whether it makes sense from a business perspective.
Programming
The two programming languages needed for analytics are R for statistical analysis and Python for general programming. Every business analyst should be able to code in these languages.
Communication
Be it business analytics or any other field, communication is a key skill every professional should possess. A business analyst needs to be an effective communicator to easily communicate the interpretations and findings of the analytics process to everyone concerned.
Job Responsibilities of a Business Analyst
A business analyst is responsible for
- Analyzing and assessing the current business methods and coming up with areas of improvement.
- Developing strategies to optimize business processes.
- Researching and reviewing the latest IT advancements and staying up-to-date with the trends.
- Collecting information from stakeholders in meetings and formulating reports.
- Performing requirement analysis and communicating the results effectively.
Also Read: Business Analytics Techniques
Business Analyst Salary in India
A business analyst’s salary in India ranges from INR 400,000 to INR 1,500,000 per annum. The average business analyst’s salary in India is INR 700,000. Over the years, the demand for business analysts has massively increased to cater to the increasing data and business opportunities.
Hence, with good analytics skills and business knowledge, even a newcomer can land an average pay scale. Though it should be noted that the pay scale also depends on factors like location, expertise, experience, education, ability to perform the job well, and the company itself.
Factors Influencing Business Analyst Salary in India
The business analyst salary in India is majorly affected by some factors. Let’s dive deep into each of them:
Experience
Experience plays a key role in determining salary in many professions. Business analytics is no exception, as it plays a crucial part in shaping businesses. On average, a fresher can earn up to 4 lac per annum. A business analyst with an experience of 5-10 years earns up to 9 lac per annum.
For an experienced professional with more than 10 years of experience, the average salary can go up to 15 lac per annum. The amount of experience you garner always adds up to your income. With experience, your salary as a business analyst will also increase.
Location
The city you are located in or the location of your company affects the pay scale. The same job profile can offer a higher salary in certain cities than in others. Some corporations pay remote workers according to the same pay scale, no matter where they reside. In some companies, a cost-of-living factor is used to adjust compensation.
The pay scale of employees is decided based on the market price. It includes the taxation rates, cost-of-living, to some extent, the business’s needs. In Banglore, the IT hub of India, business analysts make INR 660,000 annually on average. Whereas in Chennai, they earn about INR 775,000 per annum. In New Delhi, this goes to about INR 600,000 annually. Hence, work location plays a role in determining the business analyst’s salary in India.
Education
A graduate business degree is the best place to start if you want to work as a business analyst because it will cover several crucial topics, including business administration, business acumen, operational management, human resources, logistics, finance, and accounting. The knowledge required to fill this position can also be obtained through a master’s degree in business, such as an MBA.
Applying for a position as a business analyst at the entry level also requires industry experience. This can refer to any industrial training or internship you can complete while working for a bachelor’s or master’s degree.
Company
The salary range for a business analyst also depends on the size of the organization you work for and the nature of your projects. A large multinational corporation with thousands of workers will offer higher wages than a local or national small business.
In-demand Business Analyst Career Paths
Let’s look into a few in-demand career paths that offer a high business analyst salary in India.
● Business Analyst Managers
They are responsible for recruiting a team of business analysts’ team, overseeing the analytics process, and executing goals.
● Data Business Analyst
They analyze large datasets, identify patterns and trends, and prepare dashboards, reports, and charts to help decision-making for the business.
● IT Business Analyst
By converting the stakeholders’ business objectives into tangible deliverables and then monitoring their technological progress, IT business analysts help IT personnel and corporate management communicate. They look at the data flow and predict what infrastructure changes will be needed as the business grows.
● Quantitative Analyst
They specialize in developing and applying mathematical models that underpin any company’s financial choices. The risk management, price, and investment goals of these choices.
You can also check: Business Analytics Courses in Bangalore
Companies Paying Highly for Business Analysts
Some of the big companies that offer a high business analyst salary in India are:
- Tata Consultancy Services
- Deloitte
- Accenture
- Cognizant Technology Solutions
- Wipro
- Infosys
- American Express
- IBM
- Amazon
- HCLTech
- Zomato
- Capgemini
Jobs Similar To Business Analyst
There are several jobs that are similar to that of a business analyst, including:
- Management consultant: By analyzing an organization’s operations and making ideas for improvement, management consultants assist organizations in performing better.
- Data analyst: To find patterns and trends that can guide corporate decisions, data analysts gather, handle, and analyze vast amounts of data.
- Process analyst: Process analysts concentrate on examining and enhancing corporate procedures to boost productivity and effectiveness.
- Systems analyst: Systems analysts create and put into place IT systems to assist with business operations.
- Product manager: Product managers are in charge of overseeing the development of a product, analyzing market trends, specifying features, and managing the product launch process.
- Project manager: Project managers plan, execute, and close projects, and work closely with stakeholders to ensure that project objectives are met.
- Financial analysts use financial data to recommend investment and financial management strategies to organizations.
- Operations research analyst: Operations research analysts use mathematical modeling and data analysis to help organizations make better decisions.
The Estimated Average Salaries for These Jobs Are:
- Management consultant: The average salary range of INR is 6-20 Lakhs per annum.
- Data analyst: Average salary range of INR 4-12 Lakhs per annum.
- Process analyst: The average salary range of INR is 4-8 Lakhs per annum.
- Systems analyst: Average salary range of INR 4-12 Lakhs per annum.
- Product manager: Average salary range of INR 8-20 Lakhs per annum.
- Project manager: Average salary range of INR 6-20 Lakhs per annum.
- Financial analyst: Average salary range of INR 4-12 Lakhs per annum.
- Operations research analyst: The average salary range of INR is 4-8 Lakhs per annum
Myth Busters
Let’s blow off the leaf from some common myths about the business analyst job.
1. Business analysts are required only after the project commences.
Many employers and businesses often think that a business analyst comes after the project starts. However, the primary job of a business analyst is to identify opportunities to change patterns that will bring an advantage to the business or organization. This will become difficult if the business analyst is brought in after starting the project.
Involving a business analyst before the project kicks off helps understand the indicators and factors that can lead to success or prevent unnecessary losses. Being associated with the projects before they start and monitoring every aspect of it is one of the reasons why the business analyst salary in India is so high
2. It takes years of studies to become a business analyst.
While formal education can be a valuable asset to start as a business analyst, it is not the only path; there are other ways of developing the skills and knowledge needed to succeed in this profession.
- On-the-job training: Many organizations have programs to train individuals to become business analysts. These programs often provide hands-on experience and mentorship, which can be more valuable than formal education in some cases.
- Professional certifications: There are several professional certifications available for business analysts, such as Certified Business Analysis Professional (CBAP), Certification of Competency in Business Analysis (CCBA), and others which can be achieved by passing an exam, attending a course, or through work experience.
- Self-study: With online resources and training materials available, individuals can learn the skills and knowledge needed to become business analysts through self-study.
- Alternative education: Many business analysts come from non-traditional educational backgrounds, such as engineering or finance, but have been able to transition into the field by developing the necessary skills and knowledge.
3. Business analytics is only about numbers and statistics.
There is a prevalent misconception that statistics and number crunching are what business analytics is primarily used for. While there are undoubtedly parts of the job that demand a technical mindset, business analytics specialists focus more on strategically synthesizing data and producing useful business decisions.
Consider a few professions that the role of a business analytics expert is frequently confused with to gain a better understanding of the position.
4. A business analyst is only the project manager’s shadow.
The role of a business analyst is significant for the success of a project by providing valuable insights and analysis that inform the project’s direction, goals, and objectives. They work closely with the project manager to deliver the results on time, within budget, and meet the needs of the stakeholders. Business analysts are not shadows but essential parts of the project team, bringing unique skills, knowledge, and perspectives to the table.
Must Check: Business Analytics Courses in Pune
Key Indicators for Becoming a Business Analyst
Following indicators usually affect the decision to become a business analyst:
Diverse and challenging projects
Business analysts have the opportunity to work on a variety of projects across different industries and functional areas, which keeps the work interesting and challenging.
Analytical and problem-solving skills
Business analysts use their analytical and problem-solving skills to identify and solve business problems, which can be a fulfilling and rewarding experience.
Career advancement and professional growth
Business analytics offers opportunities for career advancement and professional growth through roles such as Senior Business Analyst, Business Analysis Manager, or Project Manager.
Positive impact on the organization
Business analysts play a vital role in ensuring that the organization’s resources are used effectively and efficiently, which can positively impact the organization’s performance and stakeholders.
High salary and good job security
Business analysts are in high demand and typically have good job security and the potential for a high salary.
Fast-paced and dynamic environment
Business analysts typically work in fast-paced and dynamic environments, which can be exciting and stimulating for those who enjoy this type of work.
FAQs
1. What is the highest business analyst salary in India?
The highest business analyst’s salary in India is 15 lac per annum, i.e., 1.3 lac per month.
2. Is business analytics an IT sector job?
It’s not necessary to have IT experience to be a business analyst. Business analysts typically have finance, marketing, business administration, or data analytics backgrounds. However, they should be aware of the basics of how IT tools and systems operate. Having said that, some business analysts may also focus on information technology.
3. What challenges does a business analyst face?
The major challenges faced by a business analyst are:
- Unclear expectations from the stakeholders about the project.
- Changing business needs.
- The created specifications do not meet the development team’s needs.
- Undocumented processes.
4. How can a business analyst aim for a higher income?
You can earn more as a business analyst by various means:
Specialization: Generalists can make it big, but there’s always a reserved place for a specialist who truly understands the business. Companies look forward to hiring and retaining specialists and often offer high pay.
Changing employer: It’s good to consider changing jobs to a company that can pay more for the expertise you bring to the table.
Education: Pursuing higher education or degrees like MBA can offer a chance to land a higher business analyst salary in India.
Conclusion
About 97 zettabytes of data were created globally in 2022. Hardly would there be any business or organization not working with data. Without any doubt, analysis of the data follows its generation. And for this reason, businesses are looking for skilled business analysts who can help them predict the organization’s trajectory and make profitable decisions. Thus, business analyst salary in India is rising like never before.
If you possess the analytical and decision-making skills required for business analytics with a flair for playing with data, this article might have helped you understand the salary structure for this job. These are just an estimate. The success and salary rate ultimately depends on your ability and skills. The more equipped you are, the better you’ll grow as a business analyst.
