You can’t make good decisions without good data and information. Because of that, companies rely on business analytics professionals who analyze data and help them make better-informed decisions.
Right now, career opportunities in business analytics are booming. This article will throw light on some of the most lucrative careers in business analytics, inspiring you to enter the field!
Top Careers In Business Analytics
Following are the top careers options in business analytics:
1. Business Analyst
A business analyst in India earns INR 6 lakh per annum, including bonuses, shared profits, and commissions. Their salary starts from INR 2.74 lakh per year and goes up to INR 10 lakh per annum.
Business analysts with less than a year’s experience earn around INR 3.5 lakh per annum, and those with one to four years of experience earn INR 5 lakh per annum. On the other hand, business analysts with 10 to 19 years of experience make INR 10 lakh per annum on average, while those with more than 20 years of industry experience earn INR 20 lakh per annum.
What Does a Business Analyst Do?
A business analyst is responsible for improving a company’s processes, products, services and system. They must continually look for areas that have a scope for improvement. BAs must identify what’s technologically and financially feasible options for their organization.
They must have strong research skills to find the organisation’s weak spots and make improvements accordingly. Apart from research skills, business analysts must also have strong communication skills as they work with multiple departments, including the IT and financial reporting teams.
2. Data Analyst
The average pay of a data analyst in India is INR 4.24 lakh per annum. The pay scale ranges from INR 2 lakh per annum to INR 9.4 lakh per year, depending on multiple factors such as experience, skills, and employer.
Experience plays a vital role in this field as data analysts with one to four years of experience earn INR 3.96 lakh per annum on average, while those with five to nine years of experience earn INR 6 lakh annum. Similarly, data analysts with 10 to 19 years of experience earn INR 9 lakh per annum.
What Does a Data Analyst Do?
A data analyst is responsible for using data to gather information on particular topics. They have to conduct surveys and collect the information necessary for performing the analysis. Data analysts are responsible for presenting the data in an easy to understand manner as well. They use Microsoft Access, SQL, Microsoft Excel, and many other technologies. Other essential skills for this role are Statistical Analysis, Data Management, and Reporting.
3. HR Analyst
An HR analyst gets an average salary of INR 4.27 lakh per annum. Their pay ranges from INR 1.98 lakh per annum and goes up to INR 7.74 lakh per annum, including shared profits and bonuses.
HR analysts with less than a year’s experience earn INR 3.7 lakh per annum on average. On the other hand, HR analysts with five to nine years of experience make INR 5.1 lakh per year on average, while those with 10+ years of experience earn INR 8 lakh per year in this field.
What does an HR Analyst do?
An HR analyst (human resources analyst) uses computer applications and techniques to analyze its human resources data. They gather, research, analyze, and use the data to find and share valuable business information with the management. This information helps the organization find better candidates, motivate the current employees, and fix the staffing problems.
4. Financial Analyst
The average pay of a financial analyst in India is INR 4.11 lakh per annum. Pay in this field ranges from INR 2.19 lakh per annum and goes up to INR 9.9 lakh per annum.
Entry-level financial analysts earn 17% less than the industry average, while early-career financial analysts (1-4 years of experience) earn 6% less than the average.
Conversely, mid-career financial analysts (5-9 years of experience) earn 43% more than the average, while late-career professionals in this field (10-19 years of experience) earn 107% more than the median. Finally, experienced financial analysts make 167% more than the average.
What does a Financial Analyst do?
Every company has to find ways to use its profits most efficiently. To find the best uses for their earnings, they rely on financial analysts. Financial analysts have to study the recent market trends, consider the microeconomic and macroeconomic factors and the demographics to help the company make suitable investments.
They must understand how the company invests its resources and how secure those investments are. Financial analysts advise on protecting the company’s current wealth in harsh times and growing the same.
For example, they might help the executive board determine how risky a particular investment is to help them make better-informed financial decisions.
5. Supply Chain Analyst
One of the most prominent careers in business analytics is a supply chain analyst. A supply chain analyst earns INR 4.85 lakh per annum on average in India. Their pay starts from INR 2.62 lakh per annum and goes up to INR 10 lakh per annum.
Their pay depends heavily on their expertise and skill level. Supply chain analysts with Forecasting skill earn 26% more than the industry average. Other skills that offer above-average pay are Data Analysis (17% more than the average) and Project Management (10% more than the market average).
What does a Supply Chain Analyst do?
Supply chain analysts have to analyze the supply chain of their organization and enhance the same. They work with other organization teams to determine if the current supply chain is optimal and how they can improve.
For example, a supply chain analyst might find faults in their organization’s current warehousing system and suggest a better one to make the operation more efficient. They work in regular work hours and might have to perform site visits occasionally.
6. Marketing Analyst
A marketing analyst earns an average salary of INR 4.85 lakh per annum in India. Their pay ranges from INR 1.91 lakh per annum and goes up to INR 10 lakh per annum according to their experience, location, and skills.
Those with less than a year’s experience in this field earn INR 3.5 lakh per annum, while those with one to four years of experience make INR 4.5 lakh per annum on average. On the other hand, marketing analysts with five to nine years of experience make INR 6 lakh per annum.
What does a Marketing Analyst do?
A marketing analyst is responsible for helping businesses gather insights on their products and services from a marketing perspective. They analyze the marketing programs and industry trends using customer profiling, data analysis, and predictive statistics.
Marketing analysts work with various departments of an organization to prepare and present findings to clients. They look for opportunities for new marketing campaigns and generate sales forecasts. Their generated insights help companies in getting new customers, retaining old clients, and boosting their revenue.
7. Data Scientist
A data scientist earns an average salary of INR 8.17 lakh per annum in India. Their pay ranges from INR 3.4 lakh per annum and goes up to INR 20 lakh per annum, depending on their skills and experience.
Pay in this field depends heavily on one’s skills and expertise. Some skills that offer above-average pay in this profession are:
- SPSS (69% more than the average)
- Artificial Intelligence (62% more than the average)
- Software Development (54% more than the average)
- Microsoft Powerpoint (28% more than the average)
- Natural Language Processing (23% more than the average)
What does a Data Scientist do?
A data scientist is responsible for finding valuable insights from large quantities of data to help their company make better-informed decisions. They use various processes, algorithms, and scientific methods to gather insights from unstructured and structured data.
They wrangle, clear, and filter the data to make it usable for analysis. Data scientists use machine learning algorithms and deep learning, and additional tech skills to perform their duties. They also have excellent story-telling skills to share their insights with a non-tech audience (such as stakeholders).
How To Pursue a Career In Business Analytics?
There are many lucrative careers in business analytics, such as data scientist, business analyst, financial analyst, and many others. You can pursue any one of them, depending on your career aspirations and interests.
However, to enter the field of business analytics, you’ll need to get certified and learn the numerous skills and technologies employed in this sector.
At upGrad, we offer multiple business analytics courses. All of these courses are online and teach you the skills you need to become a business analytics professional:
- Business Analytics Certification Program
- Certificate Program in Business Analytics
- Executive Post-Graduate Programme in Business Analytics
- Global Master Certificate in Business Analytics
- Executive Management Programme in Strategic Innovation, Digital Marketing and Business Analytics
Some of the prominent skills you will learn in these courses are Python, Tableau, Predictive Modeling, Statistics, and many others. You also receive dedicated mentorship, interview preparation, and resume feedback to help you become skilled business analytics professional.
Pursuing a career in business analytics is a good choice for aspirants who wish to tread both worlds – Business and Data Science. While it may seem challenging to enter the field, all you need is the right qualifications and necessary skill set to flourish in business analytics.
Which business analytics piqued your interest the most? Let us know the answer in the comment section below.
If you prefer to pursue a career in business analytics, you can enrol in our Executive Post-Graduate Programme in Business Analytics. This program lasts for eleven months and offers more than 100 hours of live sessions and 8+ case studies and assignments.
Business analytics will be helpful to you if you want to pursue a career in management as it focuses on gathering insights for decision-making. Having this skill will make your job as a business leader much easier.