Payal solanki

How much can I earn in next five years as a Business Analyst ?

I am confused , can you help me out

by Payal solanki
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2 answers

RE: How much can I earn in next five years as a Business Analyst ?

Aparna M Venkatesan
Aparna M Venkatesan
Verified Career Expert
PhD Management And Organizational Psychologist
  • Hosur

Hello!


Thank you for choosing Meracareerguide and writing to us. I understand you are asking about job and salary prospects of a Business Analyst in five years time frame. To be honest, any career will take you through the right growth if you are a person who could develop personal and technical skills, identify suitable opportunities for you and make effective use of them. I would first give you a big picture of the career path a Business Analyst would go through in 0-5 years.

As you will see from the above picture, you have three options to mark your career as a Business Analyst. This first phase will take any where between zero to three/four years to help you acquire and master the essential skills and then move into the next level of your career. Ideally as the three options, you can start as a Business Analyst as a fresh MBA graduate and their annual pay could start anywhere between 3lakh to 7lakh. Well established MNC's are the highest with their starting pay and you could easily expect a pay of 6-7 lakh with them. In case you are working with a growing/start up company, they could offer a fresher any where between 3.0 to 3.5 lakh. The above salaries could be expected for someone with an MBA degree from a reputed B-School. In case, you don't have an MBA, but hold a Masters in IT/ Computer science, MNC's and startups would offer you entry level roles like a Developer, Quality Analyst, Industry Analyst and Domain Analyst. WIth a Masters degree, a fresher could expect a pay between 4.5 to 6 lakh with MNC's and a startup could offer you anywhere between 2.8-3.5lakh initially.


You have to master your analyst skills and it takes minimum two years or a maximum four years to go to the next level, 'IT Business Analyst' position. You could expect a minimum 15-30% hike (largely depends on the company where you work) from your basic salary on which you initially started as a fresher. You will again spend minimum a year or two in this role and depending on your performance you could be moved on to the next level, Senior/Lead Business Analyst or Sales/Business development. If you are at a startup, you could expect your salary range between 4.5-6.0 lakh and if at an MNC you could expect 8.5 to 10.0. There are very few MNC's who have a high pay scale like these but it is nominal to see a range of 6-7.5lakh. AT the end of five years you will be an SME, getting a pay of 10+ at MNC or a pay of 7.5+ with startups. Hope this picture helps you.

Good luck.

RE: How much can I earn in next five years as a Business Analyst ?

Rahul Shinde
Rahul Shinde
Verified Career Expert
Career Consultant at Pinnacle School of Business Management
  • Thane

Hi,


Greeting's for the day!!!

In Today's fast-paced market scenario, the role of Business Anslyst (BA) lends great value to an organization. - a BA is a genralist capable of functioning competency in diverse roles.

Outsourcing has become a mainstray in our global economy. Large corporations reduce their operation cost by seeking out the same work quality at lower costs. By outsourcing, a distance between business stakeholder and the programmer is created, creating the need for higher quality and more precise analysis, including creation of documents and functional specifiactions, has risen. With this equipment, an increasing demand for business analysts can be witnessed in our information economy.

Added to this, in a competitive economic landscape, business bodies strive to improve their business processes and reduce costs - Business Anslysts are at the center of most of these initiatives.


Required Skills or Personal Qualities:
Business Anslysts needs to have:
1. Communicating Details and Concepts.
2. Technical Skills
3. Conceptual Modelling Skills
4. Curiosity
5. Decomposing the Abstract into Details
6. Mentoring and Coaching
7. Communicating Risks
8. Leveraging the "Parking Lot"
9. Change Management
10. Asking WHY?
11. Impromptu Whiteboard Drawing
12. Analytical Skills
13. Problem Solving Skills
14. Decision-Making Skills
15. Negotiation and Persuasion Skills
16. Managerial Skills


Requirements to get job as Business Analyst:
- Most employers require candidates to have Bachelor's degree in Business Administration or a related field, but some prefer candidates with Master's Degree.
- Certified Management Consultants (CMC) may ahve the best job prospects.
- Certifications such as "Certified Business Anslysis Professional (CBAP)" and "Certification of Competency in Business Analysis (CCBA)" woulde be considered as an added advantage.


Job Prospects:
The 2006-2016 U.S. Bureau of Labor Statistics (BLS) report predicts BA's will be among the fastest growing IT Occupations, while Google, Infosys, Wpro and their like are constantly on the lookout for business analysis graduates with the acumen to undertake critical business projects.

Career prospects for this course are quite promising, with multinational gaints often visiting leading international educational institutions to recruit promising students as Business Anslysts. With the business anslysis qualification earned abroad and experience earned during your study tenure, you can start with a salary of about Rs. 4,20,000 and reach Rs. 15,00,000 or even more over the years, as you nurture your career.

With 5Years of work experience, the Business Anslyst can serve Mid-Level Management positions and earn aroung Rs. 7,00,000 to 8,00,000 per annum.


Further doubts or queries feel free to contact.

--
Regards,
Rahul.

RE: How much can I earn in next five years as a Business Analyst ?

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