The industry of Business Analytics is growing at an exponential rate and was valued at a whopping USD 67.92 billion in the financial year of 2020. This number is expected to reach a value of USD 103.65 billion by the year 2026 with a growth rate of 7.3%.
With the significant statistics and associated financial value, it is no wonder that aspirants across the country are seeking a specialization in this dynamic industry. The scope of growth in the Business Analytics sector is outstanding and the financial remuneration makes this a much-sought-after field.
In this blog, you will discover all you need to know about Business Analytics and the salary in this profession across cities, positions, and companies. You will gain a clear and coherent understanding of how much a Business Analytics professional can expect to learn in this regard.
What Does Business Analytics Mean?
A subset of business intelligence and data management solution, Business Analytics uses a number of methodologies to translate data into useful information.
With the use of methods such as statistical analysis, predictive analytics, and data mining, aspirants learn to analyze and transform data into meaningful insights. Business analysts are also tasked with identifying and anticipating the trends in an audience, driving smart, data-driven decisions for the organization.
There are a number of reasons why Business Analytics is recognized as an integral component driving an organization’s success. These include:
- Business Analytics helps companies gain much-needed insights into the functioning of the same. This occurs when the right kind of data is presented to make meaningful decisions.
- This is a niche that helps organizations make their processes significantly more efficient by analyzing data and streamlining necessary procedures.
- Business analysts can use their knowledge to prevent a company from taking unnecessary risks. This can help promote success in the long run.
MBA in Business Analytics – Salary in India
An MBA in Business Analytics is among the most sought-after qualifications for the dynamic field. Completing an MBA in the niche can provide aspirants with the fundamental and technical knowledge needed to manage data.
Surveys have revealed that recruiters and hiring managers from top organizations opt for candidates who have an MBA in Business Analytics. The value associated with completing this degree is significant and can foster career growth in the long run.
The salary for an MBA aspirant in Business Analytics is as follows:
- Business Analytics Starting Salary in Different Locations
If you are starting out in the field of Business Analytics with an MBA, understanding what the best cities for employment are can be beneficial.
Some of the highest paying cities in the country for Business Analysts are:
|Chennai||Tamil Nadu||INR 50,434|
- Business Analytics Salary at Different Levels
The salary packages for MBA-holders in Business Analytics may vary from state to state among the most popular cities in India. However, a significant variation is also noted with regards to the experience an individual has.
The salary for businesses at different levels of expertise and experience include:
|Less Than 1 Year||INR 3,50,000|
|1-4 Years||INR 5,28,000|
|5-9 Years||INR 8,30,000|
|10-19 Years||INR 10,00,000|
|20+ Years||INR 20,00,000|
- Business Analytics Starting Salary in Leading Companies
There are a number of companies that require skilled business analysts to help make data-driven decisions. Some of the leading companies in the country offer excellent pay packages for aspirants with the required qualifications.
Business Analytics starting salary in leading companies are:
Key Skills Required for Business Analytics
While business analysts work primarily with data, they are also required to optimize processes and focus on analysis. The analysis is key to making the most of raw information and turning it into useful insights that can be used to drive informed decision-making.
The landscape of data is changing at a continuous rate. This makes it tough for professionals to work on harnessing the skills required to succeed in the field.
Learning the skills a business analyst requires while in the early career years can significantly boost development in the long run.
Some of the most recognized skills for a business analytics professional includes:
- Excellent Communication Skills
To allow businesses to come to an understanding of which decision to make, a business analytics professional needs to be an excellent communicator. Business analysts are required to present their findings as clearly and concisely as possible. This ensures that all aspects of a situation are taken into consideration and understood before a decision is made.
- Critical Thinking Skills
Business analysts are primarily tasked with making sense of the data they collect. A good business analyst should be able to think of the implications of their data and the kind of data that needs to be collected in the first place.
Having an eye for the smaller details is an essential skill and a responsibility for business analysts. Given that these professionals are required to handle complex data and large pieces of information, being detail-oriented can prevent minute errors from happening.
A field that is growing at an exponential rate, Business Analytics is an excellent option for aspirants seeking significant career satisfaction and benefits. The advantages of being employed in this field are significant and a key benefit is the remuneration that professionals can expect.
With an MBA in Business Analytics, aspirants can choose to seek employment in the best cities with opportunities for qualified professionals. There are additionally a number of reputed organizations that require experts. Aspirants with an MBA in Business Analytics under their belt stand the chance to be employed by the listed organizations.
If you are an aspirant seeking a career in the lucrative field of Business Analytics, consider the Business Analytics program offered by Made Academy! With this program, students are trained in entrepreneurial skills and learn to apply theoretical knowledge to practical settings. The curriculum is designed by industry and academic professionals, allowing students to gain the skills needed to make a name and career as a Business Analyst professional.
For more information on this dynamic and intensive Business Analytics program, please call the number below:
+91 9513505501 / (080) 26794741
Additionally, you can fill the application form for details on the program from Made Academy!