Technological development has revolutionized the world of businesses. In the United States, too, a lot of business has been observed to be developed. This is due to the increase in demands for new products and also with the increase in technology. Further, as the businesses are increasing, so is the manpower for the businesses. To run a business smoothly, people are hired who have the required skills. But, the hiring process is not a simple one as it goes through many job applications. Individuals having different experience levels and expertise are always trying to get through some of the top organizations in the United States.
One such role that most companies offer is the role of a business analyst who has to perform some specific tasks in the organization. The business analyst’s salary varies from the wages paid to the other roles. Also, as the experience level changes, the compensation of the individuals keeps on changing. The article will discuss the opportunities of a business analyst in the United States. It will also list out the salaries that are being offered to a business analyst in the companies. Before understanding the role and salaries, let us discuss who a business analyst is.
Business Analysts
A business analyst is an individual that helps the organization work well. They guide the processes taking place in an organization. They are mostly involved in data analysis through which they try to improve the processes or any products of the businesses. This is done through a thorough analysis of the data. This makes them the bridges between the IT and the business sector of the organization. Their role is to assess the processes and define the requirements of the businesses. They then deliver all the reports to the stakeholders and the executives.
The business leaders engage with the business analyst to understand this process of change. They try to understand how some data-driven changes can lead to the increased value of the products.
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Job Description of a Business Analyst
New business models are created through the business analysts supporting the business decisions. For optimizing cost, the business analysts must work closely with the IT department and the financial reporting. Only then can efficient strategies and initiatives be established. To carry out all these tasks, the business analyst has to understand the concepts of businesses very well. They should have the knowledge and understanding of the reporting and the regulatory requirements. Also, they should have experience in financial analysis, budgeting, and also forecasting.
The basic task a business analyst has to perform are:
- The business analyst has to outline the business problems, solutions to the problem, a detailed analysis of the business, and the opportunities lying with the business.
- Forecasting and budgeting
- Planning businesses and then monitoring the changes.
- Variance analysis
- Reporting
- Planning
- Defining the requirements of the businesses and then reporting to stakeholders.
With the increased amount of data required by the companies, the role of the business analyst keeps on changing. Issues differ across different companies. Every issue has to be addressed by the business analyst of the companies.
Salary of Business Analyst in the United States
The business analyst earns an average salary of around $74,028 per year in the United States. Along with this, the business analyst earns a bonus of around $4,000 per year.
The average salary, however, changes with the experience level of the professional. For example, those having an experience level of 1 to 2 years earn an average of around $70,134. Also, those professionals who have experience of around 6 to 9 years earn an average of about $77, 901 and if the experience level increases to more than ten years, then the average salary becomes around $82,390. The business intelligence analyst salary in the United States is $87,762.
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Based on the locations of the companies, the average salary of the business analysts varies. Below is the list of the average salaries paid to a business analyst per the company’s location in the United States.
- In Houston, TX, the average base salary of a business analyst annually is around $93,058. In addition to the base salary, they get a cash bonus of $5,000 per year. The salaries, however, change with the change in the experience level of the individuals. Individuals with experience of around 1-2 years earn an average salary of $88,749 per year. With the increase in the years of experience, i.e., if the individual has an experience level of 6-9 years, then the average salary becomes $98,578 per year. For those who have experience of more than ten years, then the average salary per year becomes $104,258.
- The average base salary of a business analyst annually in Washington, DC, is $86,043. The cash bonus for them is $1,100 per year. The average base salary changes to $82,059 for those professionals who have an experience level of 1-2 years. With the increase in experience, i.e., 6-9 years, the average base salary changes to $91,146. Further, the average salary of the business analyst becomes $96 398 for those who have experience of more than ten years.
- New York, NY has seen a change in the average base salary offered to business analysts. The average salary accounts for $84,905 per year in New York. However, the professionals also earn a cash bonus of $5,000 per year. If the business analyst has experience of 1-2 years, then the average salary tends to be $80,974. However, as the experience level increases from 6-9 years, the average salary becomes $89,942. This change to $95,124 for those individuals who have experience of more than ten years.
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- In Chicago, IL, the average salary of a business analyst is $81,681, along with a cash bonus of $3,050 per year. If the business analyst has experience of 1-2 years, then the average base salary becomes $77,899. For an experience level of 6-9 years, the average salary of a business analyst in Chicago is $86,527. Also, if the experience level is above ten years, then the average salary becomes $91,512.
- The average base salary of a business analyst annually in Atlanta, GA, is $78,443. The cash bonus for them is $4,889 per year. The average base salary changes to $74,811 for those professionals who have an experience level of 1-2 years. With the increase in experience, i.e., 6-9 years, the average base salary changes to $83,096. Further, the average salary of the business analyst becomes $87,884 for those who have experience of more than ten years.
The different salaries as per the location of the companies have been listed. However, it is not always based on the location of the companies that there is a difference in the salaries. But, there is a variation in the average salaries of the business analysts as per their recruiters. Let us have a look at how the different companies in the United States pay their employees.
- The average salary of a Business Analyst hired by Intuit is paid with an average base salary of around $131,708 per year.
- The average salary of a Business Analyst hired by Barclays is paid with an average base salary of around $117,442 per year.
- The average salary of a Business Analyst hired by Pacific Gas and Electric Company is paid with an average base salary of around $111,278 per year.
- The average salary of a Business Analyst hired by Favor TechConsulting is paid with an average base salary of around $104,370 per year.
- The average salary of a Business Analyst hired by Intel is paid with an average base salary of around $104,150 per year.
- The average salary of a Business Analyst hired by Cox Communications Inc. is paid with an average base salary of around $103,591 per year.
- The average salary of a Business Analyst hired by Chevron is paid with an average base salary of around $100,651 per year.
- The average salary of a Business Analyst hired by Capital One is paid with an average base salary of around $98,854 per year.
- The average salary of a Business Analyst hired by Accenture is paid with an average base salary of around $98,732 per year.
- The average salary of a Business Analyst hired by UKG (Ultimate Kronos Group) is paid with an average base salary of around $97,974 per year.
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Conclusion
The article discussed the business analyst salary offered by different companies spread across the United States. Although the salary changed with the companies’ locations, the salary difference could also be observed in the salary offered to the business analysts based on their experience level. Also, the average salary offered by the top-most companies in the US is quite different from each other. Therefore, if anyone is interested in working in any of these domains, they must obtain the required skills mentioned by the different enterprises. Also, once the salary paid is known to you, it is now better to decide on which career path to go ahead.
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