Top 7 Career Options in Business Analytics in 2023

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!

Business Analytics is one of the most important aspects of a successful organisation. Businesses hold a large chunk of data that needs to be made sense of. Business analytics helps businesses in making sense of the data that helps in effective decision-making.

Business analytics helps in the growth of the business. It allows the organisation to understand their customers better and make predictions on the growth and the market trends. This serves a massive benefit to the business. Additionally, it helps the company to stay ahead of its competitors. 

This is why business analytics as a career is a good choice in today’s times, as it is a demanded field. There are good employability opportunities, and the market is expected to reach  $684.12 billion by 2030 (Source).

Top Careers In Business Analytics

Following are the top careers options in business analytics:

1. Business Analyst

  On average, a business analyst earns a salary of 7.0 LPA, and on average, the salary ranges from 3.0 lakhs per annum to 15 lakhs per annum (Source)

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 systems. 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 organization’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. 

A business analytics job has relevance in almost every field, making it much more employable. Some of the industry applications of business analytics are mentioned below-

1. E-Commerce
2. Education
3. Finance
4. Banking
5. Agriculture
6. Logistics
7. Government 
8. Manufacturing

Business analytics, through its research and methods, allows the business to identify and develop strategies to mitigate the risk. Personalization of the products and services can occur once the data has been analyzed. Business analytics also aids in acquiring and retaining users.

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2. Data Analyst

Data analysis is an essential asset for any organisation. It serves as a checker or gatekeeper of data for the organisation. They work with the data collected through either primary or secondary sources, making the decision-making process easier, quicker and more accurate.

On average, the data analyst earns a salary of 4.3 lakhs per annum. The compensation, on average, ranges from 1.9 lakhs per annum to 11.4 lakhs per annum (Source). The pay could be higher owing to various contributing factors such as experience, upskilling level, locations, skill sets, and many other factors.

Experience plays a vital role in this field as data analysts with one to four years of experience earn INR 5.2 lakh per annum on average, while those with five to nine years of experience earn INR 6 lakh per annum. Similarly, data analysts with 10 to 19 years of experience earn INR 9 lakh per annum. 

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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. 

Below mentioned are the roles and responsibilities of a data analyst-

1. Collect data
2. Analyze the data
3. Use statistical methods and techniques
4. Generate reports
5. Identify the patterns or trends in the data
6. Database management

Some of the skills that are required from a data analyst are mentioned below-

1. SQL
2. Data management
3. Data visualization
4. MATLAB
5. Data cleaning
6. Python
7. R
8. Linear Algebra and Calculus

Proficiency in the skills sets open more chances for employability and ensures steady growth in the industry. Business analytics job opportunities in India are numerous, and data analysis is one of those.

3. HR Analyst

On average, the salary of an HR analyst is  4.7 lakhs per annum. The average salary ranges from 2.9 lakhs per annum to 10.6 lakhs per annum (Source). The salary bracket may show some differences guided by other factors such as experience, skill set, level of education, location, etc.

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 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 staffing problems. 

Some of the roles and responsibilities are mentioned below-

1. Trend analysis for employee purpose
2. Statistics analyses
3. Attrition identification
4. Performance identification
5. Relationship management

HR analysis brings a new dimension to the role of HR, where professionals get included in strategy making as the data reflects hiring processes and brings more improvement to the hiring process. 

HR analysis increases the employee experience as it brings a productive workforce. It helps in identifying the aspects of employee upskilling and training. 

4. Financial Analyst

The average salary for a financial analyst is 4.0 lakh per annum. The average salary ranges from 2.1 lakh per annum to 10.1 lakhs per annum (Source).  The employment opportunities are also expected to grow, projecting 9% growth from 2021 to 2031 (Source).

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. 

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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 and 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. 

Some of the roles and responsibilities of a financial analyst are mentioned below-

1. Analyze the financial data and make predictions
2. Reports generation
3. Identify investment opportunities and advise
4. Profit/ Loss analysis 
5. Financial planning
6. Advice on transactions
7. Portfolio management
8. Corporate development

Some of the skills required for procuring highly compensating  are mentioned below-

1. Financial skills
2. Analytical skills
3. Business valuation
4. Financial modelling
5. MS Excel

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5. Supply Chain Analyst 

The average salary procured by a supply chain analyst is 5.5 lakhs per annum. The average salary range for an employee is 2.6 lakhs per annum to 12.0 lakhs per annum (Source).

Their pay depends heavily on their expertise and skill level. Supply chain analysts with Forecasting skills 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 it 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 during regular work hours and might have to perform site visits occasionally. 

Some of the responsibilities of a supply chain analyst are mentioned below-

1. Collecting the data
2. Analyzing the data
3. Operation management
4. Inventory analysis
5. Analyzing trends

Some of the skills required from a supply chain analyst are mentioned below-

1. Quantitative analysis
2. Operations
3. Inventory 
4. Problem- solving
5. Decision- making
6. Critical analysis

6. Marketing Analyst

On an average, a market analyst earns the salary of 7.9 lakhs per annum. The salary ranges from 2.4 lakhs per annum to 13.1 lakhs per annum (Source). The salary could be higher owing to various reasons.

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.  

Some of the roles and responsibilities for a marketing analyst are mentioned below-

1. Analyze data
2. Identify the patterns or trends
3. Draw actionable insights
4. Strategy creation for the company’s efforts.

The skills and responsibilities of a marketing analyst are mentioned below-

1. Market Research
2. Marketing communications
3. Marketing strategy
4. MS Excel 
5. Statistical literacy
6. Communication

7. Data Scientist

Data Science is considered as one of the high paying fields. The average compensation for a data scientist is 10.5 lakhs per annum. The compensation ranges from 4.5 lakhs per annum to 25.2 lakhs per annum (Source).

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). 

Data being a core of any industry, it becomes important to work with data that it makes logic and serves a purpose to solve business problems. Data science has applicability in almost every industry such as government, banking, manufacturing, e- commerce, education, retail, transportation, etc. The industry applicability increases the chances of the employability for a data scientist. 

Some of the skills required for data scientist are mentioned below-

1. Computing 
2. Statistical analysis
3. Data visualization
4. Programming
5. Mathematics
6. Data Wrangling
7. Report generation
8. Communication
9. Data analysis 

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, interests and grab high paying applied business analytics jobs.

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
• Global Master Certificate in 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. 

Conclusion

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 enroll 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.

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