What does a Business Analyst do?
Individuals who are interested in pursuing a business analysis degree should first learn more about what the job entails.
In order to make suggestions for ways to improve business practices and procedures, a business analyst investigates and analyzes the organization or business in question. When all is said and done, this analysis will allow the company to increase revenue, solve current issues, and meet established goals.
Technology-focused business analysis and business-focused business analysis are some of the divisions made by the International Institute of Business Analysis (IIBA), with some overlap. Business analysis is viewed by the organization as having eleven distinct roles. These are the ones I’m referring to:
- Management of Business Processes
- Management of the product
- Technology for Business
- Strategist
- Analysis of Cybersecurity Risks
- Cloud Computing
- Artificial intelligence, also known as machine learning or artificial intelligence
- Intelligence in the workplace
- Analytics for Business
- An expert in business analysis.
- Assurance of Quality or Quality of Service
The role of the Business Analyst is to effect change. For-profit businesses, governments, and non-profits alike can benefit from a disciplined approach to introducing and managing change.
By identifying and communicating the need for a shift in how businesses operate, a business analyst can help bring about that shift. The company or organization’s document management system, technology application, business models, production tools, and service offerings all play a role in getting to this point. The analyst must take into account the recommendations’ technical, functional, and financial feasibility as they develop ideas to address the company’s mission.
Since business analysts work at all levels of an organization to define strategy and create the enterprise architecture while taking a leadership role by setting the goals and requirements for programs, they support ongoing technological advancements.
For $139 USD, prospective business analysts can join the IIBA and learn more about the field. More than 29,000 members from 120 chapters in 40+ countries are part of the organization, which is based out of Pickering in Ontario, Canada. Professional development books and journals, a subscription to BAM or Business Analysis Magazine, career action guide, webinars, certifications, and networking are all included in the membership fee for members. More than 240 accredited educational institutions are also members of the organization.
Choosing a Career in Business Analysis as a Major
A Bachelor of Science or Arts in Business Analytics, or Applied Business Analytics, is the most commonly referred to undergraduate degree. On-campus and online 120-credit degrees are available at Grand Canyon University (GCU) in Phoenix. Database structures, including data mining, are examined in detail in the latter, which focuses on business practices.
Graduates of GCU’s Bachelor of Science in Business Analytics program will be able to do the following:
- Rely on problem-solving methods.
- Organize and deliver compelling speeches.
- Utilize data analysis methods.
- Check out the company’s financial records.
- Data should be subjected to statistical analysis and modeling.
Data structures, IT project management, data mining, and computer technology are included in GCU’s B.S. in Applied Business Analytics (ABA) program. Except for organizational behavior, economics, finance, accounting, and marketing, the classes in Business Analytics share many of the same topics.
Because the work of an analyst necessitates a thorough understanding of financial and accounting concepts, bachelor’s degree programs often include these courses. Investment management, taxation, and basic cost accounting are just some of the courses you’ll take in the beginning of your career. Some programs offer courses in mathematics, statistics, and econometrics to help students prepare for financial modeling.
There are three sections to Bellevue University’s online B.S. in Business Analytics program, all of which can be completed entirely online:
Accounting, finance, marketing, microeconomics, and management are the building blocks of business.
Business telecommunications and information systems: C# coding, system analysis, and overall information systems strategy.
Statistics, SQL, data visualisation, data mining, business analytics, and SAS programming are all terms used in the field of business analytics.
An associate degree could reduce the 127 credit requirement for some students. The online learning format has 24 or fewer students per class, 24/7 support services and library, online tutoring, and online forums with fellow students.
If you’re looking for an online or on-campus degree in business analytics, Texas A&M University’s Commerce, Texas, campus has an option for you. During the first year of college, students learn about the history of the United States, business mathematics, life and physical science, college reading and writing, and computer systems. U.S. government and economics, philosophy, and accounting are all options for your sophomore year. Operations management, marketing, data management, communication, and statistics are all offered by the third year. Fourth-year courses might include marketing analysis, financial accounting, data mining, business analytics programming, or analytics modeling.
The terms “data mining” and “data analysis” keep cropping up in degrees in business analytics. However, there are subtle differences between the two.
In addition to testing and proposing hypotheses based on the analysis of data, data analysis includes the development of models.
In data mining, algorithms are used to extract large amounts of raw data and identify patterns and structures within the datasets, which are then used for further analysis.
Data mining relies on mathematical and scientific methods, whereas data analysis relies on business intelligence and analytic models. This difference is evident in their application.
Additional courses that are mentioned above include SQL, which is a structured query language that is used in business analytics to maintain, administer, and manipulate databases. A database is a type of software that stores data for future use. Because SQL is so closely tied to databases, it’s a must-have skill for aspiring business analysts.
If you are interested in learning more about the E.J. Ourso College’s Business Analytics bachelor’s or master’s degrees or graduate certificates, you can do so through Louisiana State University (LSU) Online.
LSU’s online B.S. in business analytics program’s learning goals include the following:
- Learn how to extract data using SQL queries.
- Knowledgeable of the concepts of business intelligence
- Predictive models can be created by this person
- Become familiar with how analytics can be used in the fields of finance, management, marketing and accounting.
- Recognize the various approaches to resolving issues in the workplace.
Management Information Systems, math, accounting, economics, college algebra, financial, statistics for analytics, banking, operations management, and calculus with economic applications are all part of LSU’s General Business with a concentration in Business Analytics.
Data-driven methodologies can be used to reduce costs, increase productivity, boost revenues, solve problems, and improve decision making in an organization by graduates of LSU Online’s Master of Science in Analytics (MSA). The MSA program accepts students who have earned a 3.0 GPA at an accredited university. Three credits each are dedicated to Descriptive, Predictive, and Visual Analytics. This is a mystery.
For the purpose of finding patterns in large amounts of historical data, descriptive statistics are used.
mathematical modeling used to make predictions about a yet-to-be-observed event or property
Interacting with large amounts of data via visually stimulating interfaces. Sales and stock charts, marketing graphs, sales figures, compensation, revenue, and other visually depicted data are examples of this type of data visualization.
To become an analyst, data scientist, management analyst, operations research analyst, and market research analyst, graduates of the master’s program at Louisiana State University will have the knowledge and skills necessary for these positions and more.
Entry-level business analysts need a bachelor’s degree; more ambitious students should pursue a master’s degree in business administration.
Acquiring a bachelor’s degree will help business analysts perform their duties and help businesses succeed. However, success in this field necessitates the presence of certain intangible qualities. These include:
- The ability to communicate effectively in both written and oral form
- Ability to think critically and make sound judgments
- A keen eye for nonverbal cues and the ability to listen and observe body language
- Confidence and poise to put down a fight
- Manners and etiquette in the workplace
- Paying close attention
- Characteristics of Effective Leadership
- Be able to influence and persuade
Only Market Research Analysts, Management Analysts, and Financial Analysts are included in the Bureau of Labor Statistics’ reports on business analysts. With a bachelor’s degree, the median salary for the Operations Research and Management Analyst occupations is $86,200 and $87,660, respectively. Notable is the job outlook for both management analysts (14%), and operational research (25%).
Is it enough to have a bachelor’s degree? According to online job postings, what kind of training is most in demand?
Although some of the positions listed have different titles, the duties and responsibilities are the same for all of them. The following are just a few random examples:
In Irving, Texas, a healthcare organization specializing in anesthesia, the Operations Analyst is responsible for a variety of tasks, including reconciling monthly financial performance, conducting data analysis, and collaborating with hospital departments. One to three years of experience and a bachelor’s in business or a related field are required for the $70,000 listed salary.
Executive management presentations and strategic initiatives require data analysis and data synthesis, and an insurance company in Colorado has posted an opening for a business analyst with these skills. Candidates with three or more years of experience in sales, marketing, finance, IT, or product management and an undergraduate degree can expect to earn between $70,000 and $85,000 per year (discipline not specified).
In the aerospace and aviation defense industry, a company is looking to hire a Business Development Manager 3 who will analyze government budgets, acquisition plans, lead new business development, and more. With a bachelor’s degree and 10 years of defense industry experience, the company accepts applications from those with a master’s degree. There is a salary range of $124,700 to $205,800 plus an annual bonus.
Chicago-based company posted a job in Wisconsin for a Senior Operations/Business Analyst who would be responsible for analyzing and providing recommendations to support facility expansion projects including inventory strategy development, logistics analysis, space planning, and human resources planning. Between $82,000 and $110,000 is what analysts with a bachelor’s degree can expect to earn. It’s a requirement that you know how to use SQL and Microsoft Office.
Graduate degrees aren’t as important as experience, as evidenced by the examples given in this article, Master’s degrees may not be worth the additional time and expense if you’re already proficient in spreadsheets, data manipulation, appropriate programming languages and software development.
Certified Business Analytical Professionals
Many certifications are available from the IIBA that will enhance your career in business analysis and give you a leg up in the field. There are a few to think about:
The IIBA’s Entry Certificate in Business Analysis (ECBA) requires that you have an account with the organization and have completed 21 Professional Development hours within the last four years. The IIBA website has more information on the exam questions and the overall exam experience.
3750 hours of business analysis work experience and 900 hours of BABOK Guide knowledge areas (BABOK = Business Analysis Body of Knowledge) are required for CCBA certification in business analysis. To become an analyst, one must have at least two to three years of experience or 3,750 hours of work experience.
At least 7,500 hours of work experience and 35 professional development hours are required to apply for the Certified Business Analysis Professional (CBAP) certification. Each of the six BABOK Guide Knowledge Areas must be completed in a minimum of 900 hours by applicants (3,600 hours). The test can be taken online.
Certifications offered by the IIBA include:
- Adaptive Analysis (involves finding value in a dataset in a free-flow style)
- Analytics of Organizational Data
- Analysis of Cybersecurity Risks
- Analyse of the Product Ownership Structure
Business Analytics Graduate Certificate Program
An education at this postgraduate level is somewhere in between a bachelor’s degree and a master’s degree in terms of content and level of study. Applicants must hold a bachelor’s degree with a minimum GPA of 3.0 and, ideally, work experience in the field of business analytics. If you meet these requirements and don’t think you’ll benefit from pursuing a master’s degree, a graduate certificate may be a better option.
There is a graduate certificate in business analytics offered by USC Marshall that includes courses in managerial statistics, data science, probability and data mining. Although it is not a requirement, work experience is highly recommended by the admissions committee.
A 12-credit graduate certificate in business analytics is available online from Colorado State University Global. Graduate students pay $500 per credit for courses in predictive analysis, data mining, and visual analytics.
Most people will limit their search to online certificates because most institutions require a background in business analytics. Another option for obtaining an online graduate certificate in business analytics is through PennState Global. Each student must take three courses from the Master of Professional Studies in Data Analytics program in order to graduate. Nine credits can be applied toward a master’s degree if you choose to continue.
For PennState’s online courses, students are able to set their own timetable – there are no set class times. There are weekly assignments, readings and exams to be completed via an online learning network of peers and instructors.
The IIBA, which costs $139 a year to join, offers a wide range of benefits to business analysts who have completed their education and are working in the field. There are numerous benefits to becoming an IIBA member. These include reduced fees for certifications as well as the opportunity to connect with over 120 IIBA chapters around the world.
