What is the Salary for a Business Analyst?
Business Analysts continue to be highly sought after in companies of all sizes. The job description of a Business Analyst, see job description article, is flexible enough that they can find employment in almost every sector of the economy and perform a variety of functions. At the end of the day, a Business Analyst is successful if he or she can improve the operational or financial efficiency of the business or reduce the inherent risk in some way. This broad mandate is what keeps BAs in demand despite the rapidly evolving business landscape.
If anything, the need for good Business Analysts has only increased with time. As the global marketplace becomes more dynamic and competitive, companies need to squeeze out every bit of efficiency out of their operations. This is where good BA’s can add the most value.
Business analysts can expect to make EUR 40,000 to EUR 80,000 on average across Europe. This number is highly dependent on the location as wages can vary wildly between countries. Another factor that can affect this is the sort of company that the BA is working for. Banks and large consultancy firms offer the biggest pay packages – but they also require relevant experience and/ or a very good academic pedigree and track record.
However, the advantage here is that almost every industry will have the need for Business Analysts which keeps the demand on the higher side. With business processes getting ever more complicated, Business Analysts are feeling the pressure to learn new skills. As always though, an increase in the skill requirement usually leads to higher average salaries as well and the situation for BAs is no different.
In addition to the regular pay, there is also a variable component which is determined solely on performance. The bonus can also vary greatly from company to company but something around 10% is considered a decent starting point.
Specialisation is Key
The key to boosting your career, and by extension your pay package, is to specialise in certain key areas. What area one chooses to specialise should ideally be based on interest and available opportunities. Business Analysts often get promoted to become IT Directors, Project managers, Program Managers or Team Leaders handling teams of junior BAs under them. These roles often end up paying more than EUR 100,000 but do require several years of relevant work experience.
Specialisations can also be achieved in specific industries or verticals. For example, some BAs might focus on operations while others choose to specialise in financial analysis.
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