With the increasing dependence of organizations on data, the role of a business analyst has assumed enormous proportions. Consequently, business analytics as a career has moved up the ladder in terms of popularity and monetary benefits.
The job role of a business analyst
A business analyst paints a clear picture of the organizations’ operations and advises how to improve processes, revenue, and efficiency. To be able to do this effectively, a business analyst uses analytic tools like Python, R, Tableau, RapidMiner, Apache Spark and Microsoft Excel.
Career scope in India
Most top-notch companies hire full-time business analysts while others hire them as business consultants or advisors. Major industries hiring business analysts include financial services, information technology, retail, human resources, and market research. In a developing country like India, the opportunity for business analysts is limitless. On an average as per a survey report, the average salary of a business analyst in India is Rs. 6,45,000/- per annum at the entry-level. This figure rises to Rs.12,00,000/- per annum as the experience increases. A well-established business analyst earns between Rs. 25,00,000/- to Rs.40,00,000/- annually.
How to become a business analyst
Let’s have a look at how one can become a business analyst in India :
- Graduate degree
A degree in Business Administration or Finance is advised as it would give you the fundamentals of business operations. A background of IT and Engineering is preferred by most employers as business analytics is so dependent on software and technology.
- Postgraduate degree
An MBA immediately raises your level to higher advisory roles. But if you are looking at moving directly into business analytics various universities in India offer business analyst courses and business analytics programs. Some of the options include IIM (Bangalore), IIM (Indore), Indian School of Business (Hyderabad), IBM Aegis School of Business and Great Lakes Institute of Management.
Professional certification ensures job-relevant skill updation. For financial reasons or time constraints, a certification could be a better option than a postgraduate degree. It even offers a better ROI. Certification in business analytics is progressively becoming a key requirement. Certification in Business Data Analytics (IIBA-CBDA) is a coveted certification.
A certification should make an individual proficient in SAS, R, SPSS, SQL, Hive and a working knowledge of business intelligence tools like Tableau, Qlik, Spotfire, etc.
A good domain grasp and understanding of analytical tools can land you an opening with some of the top employers of business analysts like TCS, Cognizant, GENPACT, Infosys, IBM, Deloitte, Accenture. Some startups that provide excellent employment opportunities are AbsoluteData, Fractal Analytics, Mu Sigma Analytics.
There is a growing demand in India for business analysts. By 2020 it is foretold that India would have the highest number of business analysts in the world. The most promising sectors for them being banking, retail, healthcare, e-commerce, manufacturing, and hospitality, to name a few.