Today’s business landscape is all about data. Organizations of all sizes and industries rely on skilled experts who can wield the power of data to make strategic decisions and unearth valuable insights. That’s where business analytics comes into play. This game-changing discipline blends business data analysis, statistical modeling, and a keen sense of business acumen to transform raw data into real-world intelligence.
This article will explore in-demand business analytics roles; key responsibilities, required skill sets, and potential career progression; and insights into the average entry-level salaries. We’ll also highlight companies and industries that are actively hiring for these positions.
A business analyst position usually requires a bachelor’s degree in business administration, computer science, information systems, statistics, data science, or a related field. Advanced education, such as a master’s degree or relevant certifications, can also be beneficial. While businesses don’t always expect work experience for entry-level positions, internships can provide valuable experience.
Overall, the salary range for entry-level business analyst positions is typically between $60,000 and $90,000, although it can vary based on job title and description.
Let’s jump in and look at specific positions in business analysis!
1. Data analyst
Average salary: $65,534
As a data analyst, your role involves working with data sets to extract meaningful insights and support decision-making. Your day-to-day activities will include collecting, cleaning, and analyzing data and identifying patterns, trends, and correlations.
Responsibilities: Ensuring data accuracy, performing statistical analyses, creating visualizations to present findings, conducting financial modeling and forecasting, and evaluating performance metrics
Senior roles handle more complex analyses and play a more strategic role in decision-making.
Required skills:
- Strong analytical skills
- Proficiency in data analysis tools (SQL, Python, R) and spreadsheet software (Microsoft Excel)
- Solid understanding of statistical concepts and techniques
- Effective communication for conveying complex data findings to nontechnical stakeholders
- Attention to detail for data integrity and accuracy
2. Business intelligence analyst
Average salary: $67,770
As a business intelligence analyst, your role revolves around extracting and analyzing data to provide valuable insights that drive business decisions. You’ll work closely with stakeholders to understand their requirements and create reports and dashboards using SQL and other data analysis tools.
Responsibilities: Data mining, data cleansing, and ensuring data accuracy; identifying trends, patterns, and opportunities for improvement
Senior roles often specialize in specific industries or domains, such as healthcare, finance, or marketing.
Required skills:
- Proficiency in SQL for data extraction and manipulation
- Experience with data visualization tools like Tableau or Power BI
- Familiarity with statistical analysis and predictive modeling techniques
- Effective communication for collaboration and presenting to nontechnical audiences
- Critical thinking and problem-solving to address complex business challenges
3. Business systems analyst
Average salary: $64,844
As a business systems analyst, your role revolves around understanding and optimizing business processes through the use of technology and data analysis. You’ll collaborate with stakeholders to gather requirements, analyze business needs, and design efficient systems and solutions.
Responsibilities: Conducting data analytics and providing insights to support decision-making and implementing and maintaining information technology systems that align with the organization’s business strategy
Senior roles often specialize in specific areas, such as supply chain management or data analytics.
Required skills:
- Strong knowledge of business analysis techniques, such as requirements gathering and process modeling
- Familiarity with information technology systems and their integration with business operations
- Critical thinking and problem-solving to identify areas for improvement
- Attention to detail for accurate data analysis and system design
- Strong business acumen to align technology solutions with business strategies
4. Financial analyst
Average salary: $64,213
As a financial analyst, your role involves analyzing financial data to support decision-making and provide insights into an organization’s financial performance. You’ll review financial statements, assess revenue and expenses, and identify trends and opportunities for improvement.
Responsibilities: Conducting financial modeling, forecasting, and annual budgeting; performing financial risk assessments; and evaluating investment opportunities
Senior financial analyst roles involve more complex financial analysis, strategic planning, and leadership responsibilities.
Required skills:
- Proficiency in financial analysis, modeling, and valuation techniques
- Strong knowledge of accounting principles, financial ratios, and investment analysis
- Analytical skills, attention to detail, and ability to interpret financial data
- Effective communication for presenting financial insights and collaborating with business partners
- Strong problem-solving and critical thinking skills for sound financial recommendations
5. Business analytics specialist
Average salary: $67,790
As a business analytics specialist, your role is to utilize data analysis techniques and tools to extract valuable insights and support informed decision-making within an organization. You’ll work closely with stakeholders to understand business requirements, identify data-driven solutions, and implement analytical models and strategies.
Responsibilities: Conducting data analytics, leveraging tools like Excel and data visualization software, and providing recommendations to optimize business processes and drive growth
Senior roles often specialize in specific industries or domains, such as marketing analytics or supply chain analytics.
Required skills:
- Proficiency in business analytics techniques, including data analysis, statistical modeling, and predictive analytics
- Familiarity with information technology systems and their integration with business operations
- Effective communication for collaborating with stakeholders and translating complex data findings
- Analytical thinking and problem-solving to tackle complex business challenges
- Strong business acumen to align analytics initiatives with business strategy
6. Sales analyst
Average salary: $64,200
As a sales analyst, your role is to analyze sales data and market trends to provide valuable insights and support strategic decision-making within a sales organization. You’ll work closely with sales teams, marketing professionals, and stakeholders to identify growth opportunities, optimize sales strategies, and improve overall business performance.
Responsibilities: Data analysis, forecasting, market research, and reporting on sales performance.
Senior roles often specialize in specific industries or market segments, such as retail, healthcare, or technology.
Required skills:
- Proficiency in business analytics techniques, including data analysis, statistical modeling, and data visualization
- Familiarity with market research methodologies and techniques
- Effective communication skills for collaborating with sales teams and stakeholders, presenting insights, and providing recommendations
- Analytical thinking and problem-solving abilities to identify trends, patterns, and opportunities within sales data
- Customer-focused mindset and strong business acumen
7. Medical economics analyst
Average salary: $90,315
As a medical economics analyst, your role is to analyze healthcare data and financial information to support strategic decision-making within the healthcare industry. You’ll work closely with healthcare organizations, insurance providers, and stakeholders to evaluate medical programs’ financial performance, identify cost-saving opportunities, and improve overall financial sustainability.
Responsibilities: Data analysis, forecasting, market research, and reporting on healthcare economics
Senior roles often specialize in specific areas, such as healthcare cost management, population health analytics, or value-based care.
Required skills:
- Proficiency in business analytics techniques, including data analysis, statistical modeling, and data visualization
- Strong knowledge of healthcare systems, medical coding, and reimbursement methodologies
- Familiarity with market research methodologies and techniques
- Analytical thinking and problem-solving abilities to identify trends, patterns, and opportunities within healthcare data
- Strong understanding of healthcare regulations, policies, and market dynamics
8. Business process optimization specialist
Average salary: $63,037
As a business process optimization specialist, your main role is to analyze and improve business processes within an organization to drive efficiency and productivity. You’ll collaborate with cross-functional teams, identify areas for process improvement, and implement strategies to streamline operations.
Responsibilities: Analyzing process data, identifying bottlenecks, mapping workflows, and recommending process changes to enhance overall business performance
Senior roles often specialize in specific areas, such as Lean process optimization or Agile project management.
Required skills:
- Strong understanding of business processes, including process mapping and documentation
- Expertise in tools like Excel, process modeling software, and data analytics tools
- Familiarity with business strategy frameworks and decision-making techniques
- Analytical thinking and problem-solving abilities to identify process inefficiencies and propose solutions
- Strong understanding of business strategy and the ability to align process improvements with business goals
9. Program analyst
Average salary: $70,638
A program analyst’s role is to support the planning, implementation, and evaluation of various initiatives and programs within an organization. They collaborate with stakeholders to gather requirements, analyze data, and provide insights to drive decision-making and improve business processes.
Responsibilities: Project management, data analysis, and supporting business development efforts
Senior roles often specialize in specific industries or areas, such as data analytics or project management.
Required skills:
- Proficiency in business analytics and data analysis
- Strong analytical skills
- Proficiency in data organization tools like Excel
- Knowledge of project management methodologies and tools
- Familiarity with business development principles and strategies
- Strong analytical thinking and problem-solving abilities
Who’s hiring business analysts on Handshake?
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