Business Analyst Salary & Pay

Business analysts continue to be in high demand in companies of all sizes. A business analyst can work in any sector and do many different tasks. A business analyst succeeds by making the business more efficient or reducing risk. The job of a business analyst is popular because it covers many areas and because the business world is always changing.

If anything, the need for good business analysts has only increased with time. In today’s fast-paced and competitive market, companies must be efficient. Business analysts (BAs) play a crucial role in achieving this. Check out this article for more details on BA qualifications and skills.

(Note: Salaries can differ based on industry, experience, and company policies. (The above figures are estimates taken from glassdoor.com)

How Much Does a Business Analyst Earn?

In Germany, business analysts earn an average base salary of €55,495 per year.

In the Netherlands, the average business analyst’s base salary is €52,764.

In France, business analysts earn an average yearly base salary of €45,225.

According to Glassdoor, the average yearly base salary for a business analyst in the UK is €45,200.

In Europe, the salary for a business analyst ranges from EUR 25,000 to EUR 55,000. This range depends on location, as wages vary between countries. Another factor that can affect this is the company that the BA is working for. Banks and big consulting firms pay the highest salaries but need experience and good grades.

Yet, the good thing is that business analysts are needed in almost every industry. This means there is a high demand for these professionals, which is great for job seekers. Business analysts need to learn new skills to make data-based decisions because of complex processes and systems. Like always, when the skill needed goes up, the average pay usually goes up too. This is also true for BAs.

Companies often add performance-based compensation to a variable component. The bonus amount can vary, but a good starting point is around 10%. The table above gives a snapshot of business analyst salaries.

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Business Analyst Job Role

The job titles and responsibilities of business analysts vary depending on the company and role. This can impact salaries.

A business analyst gives senior management detailed, accurate, and timely information. They interpret data, like operational, financial, or ESG data.

The role involves analysing current data and predicting future data, as the title implies. It is an ideal entry-level role, as it gives the incumbent a chance to understand various aspects of a business from a data perspective.

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Business Analyst Skillset

A business analyst role may vary depending on employers, but there are common skills.

High Numeracy. This is a pre-requisite, as a business analyst deals with a high level of data. Employers depend on business analysts for precise and timely data that is meaningful.
Communications. Effective communication is crucial for a business analyst. Presenting data or reports is no longer enough. Today, there is a need for interpreting data and analysing cost components.
IT Skills. The need for IT skills should not discourage job seekers. Today, business analysts need to understand IT for ERP and data warehousing.

Sector Specialisation

The key to boosting a career and, by extension, a pay package is to specialise in certain key areas. Possibilities and exciting locations should decide this. Business analysts can move up to become IT directors, project managers, or team leaders. They also lead teams of junior BAs. These positions often pay over EUR 100,000, but they require many years of work experience.

Specialisations are also possible in some economic areas, known as verticals.

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