Business Analysts, who can also be referred to as Management Consultant or Management Analysts are professionals who are experienced in analyzing an organization or business and offers suggestions on how to improve it to make it more efficient.
Individuals who want to become a Business Analyst will need to gain work on a background in both business and computer science in order to enter this profession.
This will prepare them with the necessary skills to help business and corporations become more efficient.
Education Requirements to Become a Business Analyst
Individuals who want to become a Business Analyst need a minimum of a bachelor’s degree in order to qualify for entry level positions.
Some employers prefer to hire individuals who have an advanced master’s degree in business administration (MBA) which requires an additional two years to complete.
In addition, to raise the prospects of securing employment, individuals may also seek a Certified Management Consultant (CMC) certification to become a Business Analyst.
At the undergraduate level, there are no specific programs an individual needs to take in order to become a Business Analyst.
Some helpful programs include studying: marketing, finance, accounting, economics, business management, English or computer and information science.
Individuals who have completed their undergraduate program also have the option to attend a master’s program in business administration (MBA) in order to improve their prospects of getting hired.
These programs typically take a minimum of two years to complete and include in depth coursework on business management and administration.
Another optional path an individual may take to become a Business Analyst includes seeking the Certified Management Consultant accreditation.
This accreditation requires individuals to have a minimal level of education and to pass a rigorous exam.
Individuals may visit the Institute of Management Consultants USA website to learn more information on the CMC accreditation requirements.
Business Analyst Job Description
Business Analysts use their skills and knowledge in business processes and computer science in order to analyze a company’s processes and methods in order to determine whether some improvement can be made in those areas.
Business Analysts will consult with businesses or corporations to assist them in improving their processes in order to create a more efficient business model.
The goal in improving processes is to ultimately help a company’s bottom line, or profits, increase.
Business Analysts may begin a project by gathering information and data on the specific area that a company would like to make more efficient.
This will include interviewing current employees to determine current processes, analyze financial data such as revenue and make recommendations on any organizational changes, procedures and new systems.
Business Analysts will then discuss any recommendations to management and follow up with them at a later time to see if any recommended changes have improved efficiencies.
Business Analyst Salary and Career Path
In 2012, the annual median wage for Management Analysts, also referred to as Business Analysts, was approximately $78,600.
Exact wages will depend on a variety of things including the industry an individual works in as well as the level of experience.
Individuals working as Business Analysts for the federal government can expect a median wage of $84,530 per year as opposed to individuals working for state or local governments who earn a median wage of approximately $62,270 per year.
Individuals may also work in the private sector for management firms; these individuals can expect a median wage of approximately $84,300 per year.
The job outlook for Business Analysts looks strong as job opportunities are expected to grow by 19 percent through the year 2022.
This projected growth is faster than average when compared to other professions.
This growth is also attributed to the fact that more and more companies are seeking consultation on how to increase efficiency and control or reduce total costs.
The increase in competition among companies is causing corporations to look at how they use their resources and focus on efficiency.
Individuals interested in a career as a Business Analyst will use a variety of skills and business knowledge in order to help a business become more efficient.
Because of the increase in competition among corporations, Business Analysts have to consistently analyze a company’s methods to improve its efficiencies.
These types of constant changes can help a Business Analyst feel challenged in their career with the added bonus that this career has a promising job outlook.