Ever wondered what a business analyst does? In today’s blog we’ll be introducing this rapidly growing career path: explaining the responsibilities of a business analyst, and answering your questions about job prospects and salaries. Let’s take a look.
Business Analyst Job Overview
Business analysts are an important part of an organisation’s management team and are responsible for collecting statistics and information, then transforming the data into useful reports, infographics, and visualisations.
As a business analyst your duties would include:
- Analysing organisational systems, structures, and core business functions (e.g. marketing, sales, customer service, product development).
- Identifying business weaknesses, shortcomings, and inefficiencies.
- Recommending solutions that streamline processes, improve market position, and increase profit margins.
- Working closely with the organisation’s CEO and executive committee.
Business analysts are also highly sought after in the government, non-profit, humanitarian and environmental sectors, as they uncover concerning public trends while highlighting new possibilities that could transform our world.
FAQs for Business Analysts in Australia
Got some questions about the business analyst career path? Our FAQs section covers average salaries, prospects, personal attributes, and qualifications.
What's the difference between a business analyst and a data analyst?
Both business analysts and data analysts examine statistics and organisational data. However, business analysts are more interested in analysing business processes to improve efficiencies and financial performance. They are very involved in the decision making and strategic planning processes.
Data analysts on the other hand, spend more time gathering data, recognising patterns in datasets, and making predictions. They prepare complex reports and presentations, but are less involved in decision making.
What are the prospects for business analysts in Australia?
According to the latest labour market insights, there are more than 100,000 business analysts working in Australia right now, plus a further 57,000 ICT business analysts. Even better, this job role is expected to grow by more than 32% over the next 3-5 years.
How much does a business analyst earn?
In Australia, business analysts generally work around 44 hours per week and earn approximately $117,100 per annum.
How do I become a business analyst?
The best way to become a business analyst is by gaining a degree in business and taking majors in business analytics and/or statistics. There are also VET pathways available, especially for ICT business analysts.
- Diploma of Information Technology (Business Analysis) — if you’re keen for a career as an ICT Business Analyst, this nationally recognised diploma will teach you how to produce ICT feasibility reports and match ICT needs with the strategic direction of your organisation.
- Advanced Diploma of Business — not yet ready for a 3-year degree? With this fantastic VET qualification you’ll learn how to lead financial strategy development as well as innovative thinking and practice.
- Bachelor of Business Analytics — this is a degree that really hits the mark. You’ll learn to use the latest data mining technologies then transform your findings into relevant, useable data. Graduate job-ready with a corporate skill-set.
- Master of Statistics — if you’re degree qualified and want to steer your career toward business analytics, this post-graduate qualification will teach you how to collect and analyse complex data sets, while developing your skills in mathematics, consulting, and project writing.
What personal attributes will I need to become a successful business analyst?
Business analysts are innovators who are always asking great (but often challenging) questions. They are also:
- Logical and decisive — do you have the critical thinking skills and reasoning power to make logical inferences, predictions, and recommendations from organisational data and business statistics?
- Self-confident — you’ll need the confidence and interpersonal skills to communicate business data to business leaders and stakeholders, in a way that is engaging, factual, and relevant.
- Tech-savvy — business analysts use technologies to gather data, then create vibrant (and understandable) reports, infographics, and visualisations.
- Accuracy — you’ll need an eye-for-detail and the discipline to maintain data integrity and reliability. Does this sound like you?