Business analysts are not necessarily required to come from an IT background. However, it is prudent for them to be aware of how the diverse products and tools operate in the same sphere. They must have sufficient knowledge of both soft and hard skills. Business analysts must also be part of business analyst training and know how to gather data trend reports and apply them to the organization.
In India, a business analyst is someone who undergoes diverse specific business records. This includes evaluating the financial performance and business crisis the company may face in the long run. Candidates who wish to become potential business analysts must have a strong hold on analytical skills. Their communication must also be strong enough. Apart from this, they must have a graduation degree. This can be either technical or non-technical.
What are the academic requirements to become a Business Analyst?
Students who are interested in becoming business analysts can opt for various courses. However, the standard qualifications required are-
- If a candidate is looking to study in an undergraduate program, they must have properly passed their class 12th exams. They must have scored between 50% to 60% in both Statistics and Mathematics.
- If a candidate is studying diploma, they must pass the 10 + 2 examinations from a reputed educational board.
- If any candidate is studying a Postgraduate program, they must have completed their graduation. This means two to three years in this field is necessary.
- Although the cut-off may differ from institution to institution, students can scout for relevant regulations regarding their Undergraduate degree. This applies to candidates who have not appeared for any discipline as stated above yet wish to work as a business analyst in the long run.
What are the responsibilities of a Business Analyst?
The role of a business analyst is important. As such, they must be skilled in numerous departments. For starters, a business analyst must be a great communicator. This is prudent to carry out the tasks seamlessly and efficiently whenever possible. They may also be good data analyzers along with a skillset for managing projects properly. Their technical skills and ability to gather comprehensive information on time must also be well-furbished. A cloud training program will only help them to enhance their skillsets in this field.
The business analyst is also the bridge force that links every department in the business with one another. That is why they are also responsible for interacting with diverse business stakeholders and experts on subject matters. The ability to document and evaluate specific business requirements and problem-solving skills are also important for them to possess.
A business analyst also adheres to other roles mainly-
- Closely coordinates with the developers and system architects. This is done to ensure that the system’s execution occurs seamlessly.
- They are engaged in the modification and design of business systems.
- They may also operate with the company to map out opportunities that render business improvement.
- They examine the system and curate new documentation alongside user manuals.
- They document the technical designs and operations of the system.
What is the career scope of a Business Analyst?
As a business analyst, you may have to work closely with recruiters. However, here are the major career scopes in this field-
- Data Analyst Scientist
- Data Business Analyst
- IT Business Analyst
- Quantitative Analyst
- Business Analyst Manager
Each of these career scopes mentioned above is broad. They also include high payments and are well-reputed. Apart from this, they may also come with numerous benefits for your further career opportunities and improve your chances of success in the industry. But remember that for all these career paths, you must work on your communication and analytical abilities to stand out. Here is a more elaborate description of these career scopes mentioned above.
1. IT Business Analyst
In this field, the IT Business Analyst can earn between Rs. 3 Lakhs to Rs. 11 Lakhs in India. The facilities that they are provided with, along with the work environment, are very flexible. Although the job can be slightly stressful due to the constant shift in customers, one is likely to enjoy their work. You can only broaden your horizons in this sector with a cloud training program. As an IT Business Analyst, your responsibilities will be to manage internal corporate communication and data organization, focus on team management and assess business goals.
2. Data Analysis Scientist
As a Data Analysis Scientist, you can earn between Rs. 4 Lakh to Rs. 6 Lakh per year. Their main job is to think out of the box in technical aspects of the business and have a strong grip on Statistics and coding. Their day-to-day responsibilities will include analyzing results, mapping out new data collection, and process evaluation alongside interpreting data. They may also be responsible for chalking out patterns and trends in data sets.
3. Business Analyst Manager
These business persons receive an annual remuneration package of Rs. 17 Lakh. They must be brilliant at communication, critical thinking, and problem-solving and know how to use Microsoft for the best results. Their day-to-day operations will include mentoring the entry-level business analysts and managing persistent improvement in the team. They may also be responsible for pulling research to back the processes conducted by the firm and synchronizing data-driven projections.
4. Quantitative Analyst
They generally earn Rs. 14 Lakh and are required to have comprehensive knowledge in .NET, Java, Python, and even VBA. Their day-to-day responsibilities include developing specific Mathematical models that help foster profitable decisions. This can be related to risk management, investment, and even pricing. Apart from this, Quantitative Analysts also perform risk analytics, monitor market dynamics, and create new Statistical software.
To become a business analyst in India, you must undergo at least one of these courses mentioned below.
- PG Diploma in Business Analysis
- Bachelor Of Business Management
- Bachelor Of Business Administration
- Master Of Business Administration
- Diploma in Business Administration