Business analysts are in huge demand today. As a result, people wanting a career as business analysts can expect generous benefits and compensation. Today, we focus on business analyst salaries in Minnesota and its general vicinity.
This article breaks down Minnesota business analyst salary data by factors such as location and companies and considers experience levels. We even delve into the option of remote office work!
Let’s start with a very brief definition of a business analyst.
What’s a Business Analyst?
A business analyst is a professional who aids businesses by analyzing their processes, products, services, and systems, aiming to improve current processes and make profitable decisions via data analysis and insights. The right improvements can significantly reduce business costs, making the position pay for itself. Business analysts also help organizations document their business processes by assessing their business model and how it integrates with current technology.
Business analysts are primarily responsible for communicating with all stakeholders and analyzing, eliciting, and validating the requirements necessary for changes to business processes, information systems, and company policies. Consequently, professional business analysts significantly move an organization toward greater efficiency, profitability, and productivity.
Business analysts must understand the following:
1) What the business does and how it does it
2) How to improve existing business processes
3) Identifying the steps or tasks needed to support new feature implementation
4) Designing the new features that must be implemented
5) Analyzing the impact of implementing those new features
6) Actually implementing those new features
What is the Average Business Analyst Salary in Minnesota?
According to the latest information provided by Careerexplorer.com, the average annual business analyst salary in Minnesota is $95,880 per year. However, bear in mind that this figure is the statewide average and doesn’t factor in considerations such as experience level, demand, whether the candidate has a degree or specific sites in the state. Consequently, this figure is more of a ballpark number, subject to significant change.
The average salary figure is markedly better than similar figures in the surrounding states. Here’s a snapshot of average annual salaries for a business analyst position in the states adjacent to Minnesota:
1) Wisconsin: $81,580
2) Iowa: $80,400
3) North Dakota: $77,770
4) South Dakota: $78,710
But now, let’s get back to Minnesota and explore the business analyst salary situation in the state’s largest city.
Business Analyst Salary in Minneapolis-St. Paul
Glassdoor.com says the average annual business analyst salary clocks in at $84,269. The possible range stretches from $123K at the high end to $58K at the low end, although the most likely range is between $103K and $69K.
Once again, this is an average figure and doesn’t consider factors like experience and skill level, education, company size, or overall demand.
Business Analyst Salaries by Experience Levels
Time is money and professionals who consistently and competently do their job gain experience over time. Thus, experience is a monetizable resource. Therefore, employers will pay top dollar for an experienced professional versus the noticeably smaller salary offered to a newbie.
Here are the annual business analyst salary figures in Minnesota, with the details provided once again by Careerexplorer.com.
1) Starting level business analysts: $60,900, or $29.28 per hour
2) Junior-level business analysts: $73,300, or $35.24 per hour
3) Mid-level business analysts: $95,880, or $46.10 per hour
4) Senior-level business analysts: $125,470, or $60.32 per hour
5) Top-level business analysts: $162,870, or $78.30 per hour
Notice how there’s quite a jump in compensation between mid-level and senior business analysts’ salaries. Naturally, there are factors to consider, such as performance, which may result in higher pay raises and possible bonuses.
The Top Paying Industries for Business Analysts
Thanks to LinkedIn’s salary tool, we can use the results to extrapolate which industries, at this time, are the top paying ones for business analysts. Of course, these figures are not exclusive to Minnesota, but it’s reasonable to assume that the state stays consistent with these nationwide figures. So here are the top twenty best-paying industries.
1) Hardware and networking: $72,800, with a range between $46K and $110K
2) Finance and Banks: $70,000, with a range between $44K and $100K
3) Software and IT services $68,000, with a range between $42K and $105K
4) Entertainment: $68,000, with a range between $43K and $103K
5) Energy, Utilities, and Mining: $70,000, with a range between $46K and $101K
6) Wellness and Fitness: $65,000, with a range between $40K and $95K
7) Retail: $65,000, with a range between $40K and $94K
8) Consumer goods: $65,000, with a range between $42K and $93K
9) Manufacturing: $65,000, with a range between $41K and $93K
10) Healthcare: $65,000, with a range between $42K and $89K
11) Transport and logistics: $65,000, with a range between $42K and $88K
12) Public administration: $63,200, with a range between $40K and $89K
13) Corporate services: $63,000, with a range between $42K and $85K
14) Real Estate: $62,500, with a range between $40K and $90K
15) Recreation and Travel: $62,000, with a range between $40K and $80K
16) Media and Communications: $60,000, with a range between $42K and $80K
17) Education: $60,000, with a range between $33K and $82K
18) Construction: $60,000, with a range between $41K and $82K
19) Non-profit: $57,100, with a range between $40K and $83K
20) Public safety: $56,000, with a range between $31K and $91K
The Top Paying Companies for Business Analysts
Are you ready for additional information about even more salaries? Well, according to Careerkarma.com, these are the top companies for business analysts nationwide:
1) Cisco Systems: $119,381
2) Accenture: $104,448
3) Capital One: $102,374
4) IBM: $95,155
5) Bank of America: $85,154
6) Deloitte: $83,776
7) Citi: $73,928
8) JPMorgan Chase: $72,600
9) UnitedHealth Group: $68,510
10) Wells Fargo: $64,760
Now, compare those figures with this listing of current open business analyst positions and their respective salaries in Minnesota, provided by Glassdoor.com.
1) Target: $106,500
2) Optum: $111,993
3) Ameriprise: $109,069
4) U.S. Bank: $102,039
5) Deloitte: $101,529
6) UnitedHealth Group: $111,132
7) Crew: $127,083
8) Infosys: $100,677
9) University of Minnesota: $87,237
10) Wells Fargo: $117,878
11) Accenture: $111,611
12) CWT: $99.724
You’ll notice some overlap between the two lists, which shows that if you’re looking for a business analyst position in Minnesota, you have career opportunities with some of the best-paying companies in the United States!
Average Business Analyst Salary Based on Company Size
According to Builtin.com, companies with over 1,000 employees pay business analysts more. However, the variance between companies with more than 1,000 employees and smaller companies (51 to 200, 201 to 500) is insignificant.
Business Analyst Salaries in Minnesota by City
Here’s a short listing of Minnesota cities, and their average business analyst salaries, as shown by Glassdoor.com:
1) Minneapolis/St. Paul: $84,269
2) Rochester: $82,993
3) Duluth: $81,711
Business Analyst Salary – The Remote Option
The COVID pandemic has been a game-changer in the employment scene. Thanks to quarantine lockdowns, companies made it easier for their employees to work at home remotely. Although the pandemic is subsiding and restrictions are lifting, many organizations still allow their staff to work remotely. It’s become a great perk.
Business analysts can work remotely and, according to Glassdoor.com, can earn an average of $62,375 per year. In this case, it doesn’t matter if you live in Minnesota or not, nor is the company’s location relevant.
Do You Want to Learn How to Become a Business Analyst?
The more education and skills you have, the better your salary options. Certification is a great way to acquire valuable business analysts while showing a prospective employer that you have the tools needed to do the job.
That’s why you should consider the Business Analytics Bootcamp in Minnesota for your certification needs. In conjunction with IBM, the University of Minnesota’s Carlson School of Management offers this six-month world-class business analytics program.
The bootcamp teaches you to make data-driven decisions, delivering a high-engagement learning experience coupled with real-world applications to help you master essential business analytics skills. You will learn the following:
1) Business Analytics
2) Descriptive Statistics
3) Prescriptive Statistics
4) Predictive Statistics
5) Data Visualization
6) Hypothesis Testing
7) Linear Regression
8) Logistic Regression
The bootcamp consists of live masterclasses taught by distinguished UMN faculty, industry-specific training offered by IBM’s global experts, and over a dozen hands-on projects (including three capstone projects). When you finish the bootcamp, you will earn a certificate from the Carlson School of Management and Simplilearn, a become a member of the prestigious UMN Alumni Association.
Today’s business world needs top-notch business analysts. So why can’t that be you? If you want an exciting, profitable career in a field that offers solid job security, check out this fantastic bootcamp and set a new direction for your vocation!