In This Article
- How does a business analyst add value to an organisation?
- Business analyst roles and responsibilities across industries
- Key business analyst skills
- The typical business analyst salary in Australia
- Business analyst salary expectations
- How to become a business analyst
- Benefits of studying an MBA
- Work towards a competitive business analyst salary with a postgraduate business degree
A business analyst conducts detailed investigations into how a business operates, gathering data and information that they use to inform positive changes. A business analyst will introduce and oversee these changes, ultimately making things more efficient and cost-effective for the organisation.
Business analysts are in demand, and the industry is set to expand in the coming years. According to SEEK, this role is expected to grow by 23.2 per cent in the next five years.
Read on to discover more about what a business analyst does and how they add value to an organisation, as well as the typical business analyst salary in Australia.
How does a business analyst add value to an organisation?
Business analysts provide highly valuable services to organisations. With specialised skills, including analysis, project management and problem-solving, they ensure businesses are operating in the best way possible.
Business analyst job description
A business analyst:
- Investigates processes and analyses data
- Identifies areas that need improvement
- Translates findings into human-centred language that stakeholders can understand
- Offers suggestions on how technology can optimise processes
- Introduces and manages the changes
Ultimately, this leads to better processes, greater employee satisfaction and better financial results for the business.
Business analyst roles and responsibilities across industries
Employers seek out business analysts across many industries, including agriculture, marketing, government, finance, healthcare and more. A business analyst's duties may vary according to the industry they work in. For example, a business analyst in healthcare may find ways to optimise healthcare delivery and improve patient satisfaction. A business analyst working in marketing may examine market trends and customer behaviour to enhance the effectiveness of marketing efforts.
Within each industry, a business analyst may occupy a more specialised role, such as a systems analyst, process analyst or product manager. They may be employed full-time, part-time or as a contractor.
Key business analyst skills
Business analysts possess a unique set of specialised skills. By continuously refining and building on these skills, an analyst can maximise their business analyst salary.
Such skills include:
- Decision-making
- Communication
- Time management
- Research and analysis
- Project management
- Stakeholder management
- Technological literacy
The typical business analyst salary in Australia
The demand for business analysts is on the rise as more organisations are looking to refine their operations, resulting in an increase in job openings across many workplaces.
Given the demand and earning potential for business analysts, now is a great time to upskill and look towards a career in this rewarding field.
Business analyst salary expectations
As business analysts are in demand, employers offer competitive salaries for qualified candidates.
Australia’s average business analyst salary range is $105,000 to $125,000 per year, according to SEEK.
The exact figure an analyst earns will depend on the industry and the candidate’s qualifications and experience.
Here are the average annual business analyst salaries across the top-paying industries in Australia:
- IT: $140,000-$150,000
- Banking: $135,000-$145,000
- Insurance and superannuation: $135,000-$145,000
- Healthcare and medical: $115,000-$125,000
- Consulting and strategy: $110,000-$120,000
- Government and defence: $110,000-$120,000
- Accounting: $110,000-$120,000
- Education and training: $105,000-$115,000
How to become a business analyst
Explore how you can become a business analyst with this step-by-step guide:
1. Pursue an undergraduate degree
Most business analysts complete some form of formal education before practising. They usually pursue an undergraduate qualification, such as a bachelor's degree, in business administration, business analytics, information technology (IT) or a related field. These courses help them develop knowledge and skills in navigating business processes.
Pursuing higher education also opens doors to a wide variety of business analyst roles as employers typically require candidates to have a tertiary degree. Working professionals who don't have a background in this field and want to switch careers can also study a bachelor's degree to help them transition.
2. Acquire work experience
Besides education, becoming a business analyst usually requires relevant practical experience. An aspiring business analyst can build their portfolio by doing an internship or taking on junior roles that involve data, analytics and business intelligence tools. Since business analytics is an important function in most organisations, they can find employment across various industries such as IT, communications, business or healthcare.
The duties of a junior business analyst may involve gathering business requirements and assisting in project documentation and process improvement projects. As they progress in their career, their responsibilities typically grow as well. They may analyse existing business processes for improvement, liaise with technical teams and key stakeholders to develop and execute business strategies as well as monitor the progress of implemented changes.
3. Obtain a postgraduate degree
From here, anyone wondering how to plan a career path as a business analyst can evolve further by pursuing a postgraduate qualification such as a business analyst master’s or an MBA. The qualification can help them develop their expertise and improve their professional credibility in the eyes of prospective employers.
Benefits of studying a postgraduate degree in business analytics
Completing a postgraduate degree will not only help launch a career in business analytics, but it can also give candidates a competitive edge over their peers.
Obtaining this qualification tells a potential employer that a candidate:
- Has advanced knowledge in their field
- Is serious about their career
- Possesses a unique set of skills, including leadership, self-discipline, problem-solving, communication, strategic
- thinking and more
- Is committed to lifelong learning
- Is qualified for a competitive business analyst salary
Due to its flexibility, a postgraduate degree is a good option for anyone wondering how to make a career change at any age. Studying online allows students to work full-time while studying and balancing their commitments. It also introduces students to professionals from across the globe who are all working towards common goals.
Upon completing this qualification, students will be able to launch their business analyst careers with confidence.
Here are a few master's programs in business analytics from Australian universities.
Become fluent in the languages of technology, mathematics and business.
Develop fundamental knowledge and skills in key analytical areas, such as artificial intelligence, data, optimisation, and visualisation and storytelling.
This degree is designed to complement and extend the knowledge and skills gained from any of a wide range of business-related bachelor programs.
Equip your decision-makers with valuable insights to foster innovation and achieve sustainable growth and success.
Gain practical experience with industry-standard tools like Python, SQL, Tableau and Excel; no prior coding experience is necessary.
Alternatively, you can explore MBA courses that offer units related to business analytics to advance your expertise. For example, the University of Sydney's MBA program contains the Data Analytics and Modelling unit as an elective. In this unit, you will be introduced to tools and modelling techniques that are used to gain insights from various forms of data.
Southern Cross University also offers the Business Analytics unit in its MBA course. Some of the topics you will cover in this unit are statistical distributions, introduction to regression modelling and confidence interval estimations.
Below are some MBAs with units relevant to business analytics.
Designed for professionals with three or more years of relevant experience looking to take their career to the next level and break into senior management.
Develop business knowledge and practical skills to advance your career in today’s competitive global markets.
Designed to challenge and build your capacity for business excellence through advanced skills in business leadership and management.
Designed to be completely flexible, this MBA program adapts to your needs and busy schedule.
Gain the business administration knowledge and skills you need to change your career path or launch your business career in Australia and around the world.
Work towards a competitive business analyst salary with a postgraduate business degree
Becoming a business analyst is a rewarding career. By making tangible changes within an organisation, business analysts can see their positive impacts on a company and its people.
With many business analyst job opportunities on the horizon, now is the time to start investing in your future with a postgraduate qualification. Many leading universities in Australia offer postgraduate courses in business analytics for you to explore.