What You’ll Be Doing
Most people in this field don’t work specifically for a single company, unless it’s a fairly large company. Most business analysts spend their careers as consultants or freelancers who are hired by companies to come in and do what they do: analyze the current situation and make suggestions for improvements. Whether you want to focus on all aspects of the business or you’re more interested in specializing in a certain aspect of business, such as inventory or logistics, you’ll find that the number of clients who need your skills will be plentiful, especially as the economy continues its downturn and eventually begins to improve. Another option is to be hired by the government to assist them in analyzing the state of businesses across the country.
What You Need to Succeed
To be successful in this industry, you’re going to need a solid background in business. Most companies are going to expect you to have at least a master’s degree. That degree should be in a more general business-related area such as management or business administration. Don’t be surprised to discover that most companies aren’t going to want to hire people with limited business experience. That means you may need to spend a few years working in the trenches before you’re ready to take on a business analyst career.
On the other hand, some organizations may be interested in hiring a full-time business analyst, so they may take you in even if you only have a bachelor’s degree or limited experience in the field. However, this will not be the case if you’re hoping for a job with the government. They’ll expect lots of experience and education before even considering an applicant for an available position.
What the Future Looks Like
As mentioned above, the need for people to fill business analysts jobs is going to increase in the next several years. The growth rate between 2006 and 2016 is expected to be about 22% which is much faster than most careers. You’ll find the greatest success by working in niche consulting groups which specialize in particular industries, although if you have some experience in international business that area is also expected to show phenomenal growth.
On the down side, competition is going to be fierce. Because people who want a business analyst career can come from almost any background, applicants should be plentiful. You’ll need a strong resume to stand out from the rest of the crowd. The average salary for people in this field who work for a particular company is just under $70,000 per year. However, if you are self-employed and working as a consultant, you can potentially earn a lot more than that.
