Business analysts are in heavy demand and that demand will rise in the years to come. Business analyst growth is expected to reach 25 percent over this decade, far outpacing the percent growth of other industries in the United States according to the U.S. Bureau of Labor Statistics.
Naturally, high demand means higher salaries, so this is an excellent time to make business analysis your career. But where exactly are these great-paying jobs? This article explores the highest-paying business analyst jobs for 2023 and provides insights into the types of business analysts, the factors that affect business analyst salaries, and more.
We will also break down potential business analyst salaries by experience level, cities, and type of business analyst. Additionally, we will spend some time discussing different companies and the kind of salaries they offer.
What is a Business Analyst?
Before we search for a business analyst’s highest salary, let’s spell out what the job entails. Business analysts use their collected data to help organizations make the best-informed decisions that result in practical business solutions. The business analyst collaborates with information technology (IT) teams and the finance department. Many companies rely on business analysts to lend a hand in financial modeling, budgeting, forecasting, pricing, variance analysis, and reporting.
So, a business analyst is a professional who uses statistical analysis on large data sets to identify the most effective ways of improving their organization’s efficiency.
The Types of Business Analysts
Business analysis isn’t limited to a single position, and the highest-paying business analyst jobs depend on your experience and related role. There are different types of business analysts, each with their own skill set, although there is plenty of overlap. Here is a breakdown of some different types of business analysts:
1) Entry Level Business Systems Analyst
2) Intermediate Level Business Systems Analyst
3) Senior Business Systems Analyst
4) Expert Business Systems Analyst
5) Entry Level Business Analyst
6) Intermediate Level Business Analyst
7) Senior Business Analyst
8) Lead Business Analyst
9) Business Analyst/Project Manager
10) Business Process Consultant
11) Business Development Director
Business systems analysts focus on requirements that explain how a business system supports or facilitates the work-related activities found in a business process and the user roles performing business process work activities or in a decision-making role.
How to Get a Business Analyst Job
Business analysts are highly specialized professionals with great demands made on them. They are paid high salaries for a reason; companies rely on business analysts to make sense of data and present plans that improve the business and keep it ahead of the competition. So, before we dive into the specifics of the highest-paying business analyst jobs, let’s see how you get a business analyst job in the first place.
1) Get a bachelor’s degree. If you want more significant job opportunities and a competitive edge in the business analyst industry, you need a four-year degree in business administration or a related field.
2) Sign up for a coding boot camp. Coding boot camps are ideal places to learn the fundamental concepts of business analytics. For example, generalized coding bootcamps teach you SQL, while bootcamps focusing on data analytics or data science will teach you about topics such as business analytics tools and statistical languages. Additionally, bootcamps offer competitive curricula and the chance to make valuable connections via networking.
3) Get an internship or apprenticeship. Nothing beats real-world job experience for learning new skills and impressing a recruiter. There are plenty of business analysis internships available to help you understand the relevant business processes, skills, and best practices. These roles typically lead to full-time positions.
4) Gain a business analyst certification. There is a wide variety of business analysis certifications available to help you show potential employers that you have the skills to complete business analysis tasks. Check out certifications such as an IIBA™F Certification of Competency in Business Analysis (CCBA), an IIBA Agile Analysis Certification (AAC), or an IIBA Entry Certificate in Business Analysis (ECBA). We will touch on certification courses again later.
5) Update and upload your resume. Once you have accomplished the above steps, get your resume out there. A solid resume gives employers a chance to see your abilities and experience.
What Affects a Business Analyst’s Salary?
When we look at salary figures for whatever position we want, we need to remember that not only are those figures averages, but also they can vary depending on a number of mitigating factors and circumstances. So that business analyst’s highest salary figure you find on an employment site, while accurate, may only apply to some applicants.
So, what affects salaries?
1) Location. A company with multiple locations may offer different salaries depending on the local economy or need for that position.
2) Working hours. Is the position full-time or part-time? Is it an hourly or salaried position, and if it’s the latter, is there a tacit understanding that you will be expected to work more than 40 hours per week with no overtime?
3) Supply vs. Demand. How many business analysts are available in a given area compared to the number of vacancies? A company with only four open positions and a dozen candidates doesn’t have to worry about offering a higher salary than usual, especially if they’re the only company in the area with that need.
4) Company size. Larger companies tend to be more secure, whereas startups are risky. On the other hand, many startups offer extremely generous compensation to offset their expectations of the staff working long, frantic hours trying to get the business up and running. More giant corporations also typically offer more benefits than smaller businesses.
5) Taxes. Different states in the United States have different income tax rates. Some states, like New Hampshire, don’t even have an income tax! Then, of course, there are also Federal, FICA, and Medicaid taxes to consider.
6) Experience level. While it makes sense that a company’s starting salary for an intermediate-level position will be higher than an entry-level position, it’s possible that a company could offer a bit more compensation to one intermediate-level candidate than to another if one of the two candidates has more experience.
Now, let’s look at the highest-paying business analyst jobs.
Top Salaries for Various Types of Business Analysts
Here’s a sample of top salaries for selected kinds of business analysts, as reported by Zippia.com. This sampling will give you an idea of the current market and how different positions command varied salaries.
Business Analyst/Project Manager
These positions analyze processes, develop project management procedures, and follow the client’s requirements to their satisfaction. They also manage project resources, set deadlines, and delegate tasks to the project staff.
Average Salary: $99,882
Business Systems Senior Analyst
Business systems senior analysts resolve problems and fulfill requirements related to organizational information. They design computer programs, determine operational objectives, and improve business systems. Additionally, they maintain user confidence and information confidentiality, define project requirements, and prepare technical reports.
Average Salary: $103,098
Lead Business Analyst
Lead business analysts use data and analytical skills to develop, plan, and implement business operations and systems to help companies meet their short and long-term goals. They conduct market research and assessments, gather and analyze data, study industry competitors and consumers, and identify the strengths and weaknesses in existing systems.
Average Salary: $107,171
Senior Business Analyst
Senior Business Analysts oversee a company’s business operations, analyzing risks and devising strategies to boost efficiency and financial gains. They work closely with different teams while evaluating and monitoring the teams’ performance and progress. These analysts also gather and analyze data, foster coordination with various in-house departments, and manage fellow skilled professionals.
Average Salary: $96,844
Senior Technical Business Analyst
These analysts are experienced professionals who mainly work on business improvements. They’re familiar with industry trends and how they affect the company, and they also have a working understanding of the company processes, staff capabilities, and other business-related context-setting information.
Average Salary: $105,907
Average Salary for Business Analysts in the USA
Now that we’ve explored the highest paying business analyst jobs, let’s look at basic average business analyst salaries in the United States, broken down by experience level, as reported by Payscale.com.
1) Entry Level: $60,000
2) Intermediate Level: $64,000
3) Senior Level: $71,000
4) Expert: $79,000
Business Analyst Salary Statistics of Major USA Cities
Let’s look at a business analyst salary breakdown by major cities in the United States, according to Indeed.com.
1) Houston, TX: $108,955 per year
2) Chicago, IL: $89,138 per year
3) Tampa, FL: $89,009 per year
4) Washington, DC: $88,050 per year
5) Dallas, TX: $80,237 per year
6) Phoenix, AZ: $79,607 per year
7) New York, NY: $71,083 per year
8) Columbus, OH: $70,362 per year
9) Charlotte, NC: $65,444 per year
According to Indeed, the states where business analysts earn the highest salaries include:
1) New York
2) Massachusetts
3) West Virginia
4) Indiana
5) Illinois
6) Nebraska
7) California
8) Alaska
Business Analyst Job Salaries Based on Companies
We’ve explored business salaries based on experience, job type, and geography. Now let’s look at the highest paying business analyst jobs by companies.
1) Intuit: $131,708 per year
2) Fannie Mae: $119,022 per year
3) Pacific Gas and Electric: $117,809 per year
4) Oracle: $112,214 per year
5) Barclays: $110,407 per year
6) UBS: $108,453 per year
7) Thermo Fisher Scientific: $107,420 per year
8) Favor TechConsulting: $104,041 per year
9) Cox Communications Inc.: $103,591 per year
10) Capital One: $102,374 per year
11) Accenture: $101,928 per year
12) UKG: $101,623 per year
13) BNY Mellon: $99,086 per year
14) Cisco Systems: $96,499 per year
15) Walmart: $95,235 per year
Are You Interested in Business Analytics Training and Certification?
We discussed how certification could help you get a better-starting salary, and now’s your chance to make it happen. If you’re looking for business analyst training and certification, take this excellent business analytics Bootcamp. Presented in collaboration with IBM, the University of Minnesota’s Carson School of Management offers students a six-month Bootcamp that provides a high-engagement learning experience fused with real-world applications that helps them gain the skills critical to business analytics.
You will learn in-demand skills like:
1) Business Analytics
2) Data Visualization
3) Descriptive Statistics
4) Hypothesis Testing
5) Linear Regression
6) Logistic Regression
7) Predictive Statistics
8) Prescriptive Statistics
9) And many more!
You will be awarded your certificate from the Carlson School of Management and Simplilearn and become a member of the coveted UMN Alumni Association after you complete the Bootcamp.
The business world awaits your skills and experience. So sign up for the Bootcamp, turbocharge your skill set, and create a better future for yourself in the world of business analytics. Join the Bootcamp today!
