The business analyst job has been ranked as 5th among the top recession-proof occupations since they exist in almost all business sectors. As for being one of the highest paying entry-level jobs, the average starting salary for business analyst depends on the industry, location, and hirer.
What Do Business Analysts Do?
Numerous college undergraduates and business professionals are keeping track of the average starting salary for business analyst jobs. The increasing attention for this profession came about when the job was touted as a recession-proof occupation–aside from being tagged as one of the highest-paying entry level positions. Hence many are now engaged in serious efforts to attain the basic qualifications required by the said profession and are likewise interested to know the exact compensation figures to look forward to.
A business analyst’s job is not just about theoretical knowledge acquired from academic disciplines but also the ability to sort out relevant and useful data from different sources plus actual business experience. The business analyst pulls together all resources into charts, graphs, and diagrams using a wide range of computer skills. This all goes into the presentation of results in one large picture of a business process model . High remuneration can be expected, as profit shares are extended to those who come up with models that produce the most revenue.
What Are the Basic Requirements for an Entry-Level Business Analyst?
A four-year Bachelor’s degree in business administration or computer science with at least three years’ actual working experience in a computerized system for accounting, payroll preparations, financial analysis, purchasing, and credit and collection processes, as well as human resources training and hiring procedures, are the best qualifications to present when applying for entry-level business analysts jobs.
One doesn’t have to be certified to gain entry-level business analyst jobs.
Accordingly, the matter of determining the average starting salary for business analyst jobs depends on the type of industry, job specialization, and location.
The Average Annual Salary Ranges for Entry-level Business Analyst Jobs are inclusive of bonuses and profit shares.
Business Analyst – No Specialization
Based on National Salary Data: $43,579 - $65,824
Based on Popular Demand by Industries:
- Management Consulting : $44,863 - $64,684
- Information Technology (IT) Services: $43,968 - $63,024
- Insurance: $43,615 - $61,513
- Health Insurance: $44,049 - $60,948
- Healthcare: $42,692 - $60,683
Based on Popular Demand by Cities:
- Houston, Texas: $48,041 - $73,387
- Boston, Massachusetts: $45,841 - $71,443
- New York, New York: $49,866 - $69,050
- Atlanta, Georgia: $46,789 - $63,406
- Chicago, Illinois: $48,793 - $62,291
- Minneapolis, Minnesota: $46,310 - $60,256
- Washington, District of Columbia: $40,792 - $54,193
Based on Popular Employers:
- The Boeing Company: $48,834 - $81,401
- Deloitte Consulting LLP: $54,938 - $66,490
- Hewlett-Packard Company: $45,706 - $59,579
- Target Corporation: $48,794 - $52,350
- J.P. Morgan Chase & Co. (JPMCC): $41,558 - $49,534
Business Analyst – Retail
Based on National Salary Data: $37,038 - $53,251
Based on Popular Demand by Industries:
- IT Consulting : $41,033 - $57,584
- Retail: $40,662 - $57,540
- Cellular Phone Sales: $39,941 - $56,421
- Apparel, Shoes, Accessories, Cosmetics, Home Furnishings: $40,369 - $56,252
- Business Process Outsourcing: $37,828 - $53,192
Based on Popular Demand by Cities: Data Unavailable
Based on Popular Employers: Data Unavailable
Business Analyst – Database
Based on National Salary Data: $ 43,326 - $ 65,216
Based on Popular Demand by Industries:
- Information Technology (IT) Services: $45,413 - $65,983
- Financial Services: $44,932 - $65,012
- Insurance: $44,626 - $64,007
- Health Insurance: $45,117 - $63,516
- Healthcare: $43,527 - $62,847
Based on Popular Demand by Cities:
- Boston, Massachusetts: $50,000 - $72,000
- Chicago, Illinois: $41,760 - $71,893
- Dallas, Texas: $48,470 - $69,687
- New York, New York: $46,184 - $68,351
- Atlanta, Georgia: $44,219 - $59,976
- Houston, Texas : $42,500 - $59,416
Based on Popular Employers: Data Unavailable
Business Analyst- Banking/Finance
Based on National Salary Data: $47,157 - $76,391
Based on Popular Demand by Industries:
- Investment Banking: $49,102 - $71,364
- Financial Services: $45,595 - $65,570
- Insurance & Financial Services: $45,265 - $64,682
- Mortgage Banking: $44,317 - $64,089
- Banking: $44,378 - $63,567
Based on Popular Demand by Cities:
- San Francisco, California: $54,523 - $90,050
- New York, New York: $55,959 - $79,751
- Boston, Massachusetts: $48,396 - $74,880
- Houston, Texas: $49,130 - $71,468
- Dallas, Texas: $44,716 - $67,966
- Chicago, Illinois: $46,487 - $66,923
- Atlanta, Georgia: $39,273 - $60,907
Based on Popular Employers:
- Citibank: $41,437 - $79,327
- Bank of America Corp. (BOFA): $39,430 - $79,253
- Morgan Stanley: $45,644 - $75,000
- J.P. Morgan Chase & Co. (JPMCC): $45,217 - $71,311
- The Boeing Company: $52,058 - $67,146
Business Analyst – IT
Based on National Salary Data: $ 51,740 - $ 80,316
Based on Popular Demand by Industries:
- Information Technology (IT) Services: $54,363 - $80,509
- IT Consulting:$ 53,763 - $79,495
- Financial Services: $53,749 - $79,190
- Insurance: $53,594 - $78,524
- Healthcare: $51,644 - $75,987
Based on Popular Demand by Cities:
- New York, New York: $60,644 - $89,463
- Houston, Texas: $51,036 - $84,594
- Chicago, Illinois: $54,861 - $77,753
- Dallas, Texas: $55,847 - $77,271
- Washington, District of Columbia - $52,144 - $76,643
- Minneapolis, Minnesota: $52,250 - $76,600
- Atlanta, Georgia: $49,346 - $73,132
Based on Popular Employers:
- Computer Sciences Corporation (CSC): $40,874 - $74,558
- J.P. Morgan Chase & Co. (JPMCC): $52,903 - $73,698
- Accenture: $52,685 - $68,444
- Hewlett-Packard Company: $45,221 - $61,042
- Electronic Data Systems, Inc.: $42,729 - $59,665
Business Analyst – Web Jobs
Based on National Salary Data: $56,182 - $84,465
Based on Popular Demand by Industries:
- Internet Advertising: $52,577 - $77,743
- Financial Services: $50,296 - $74,582
- Insurance: $50,140 - $73,631
- Healthcare: $48,642 - $71,992
Based on Popular Demand by Cities:
- New York, New York: $67,742 - $81,313
- Chicago, Illinois: data unavailable
- Boston, Massachusetts: data unavailable
Based on Popular Employers: Data Unavailable
Note: The average starting salary for business analyst positions furnished in this article are all based on Payscale’s salary reports as of January 2011. Inasmuch as the site makes updates on a quarterly basis, the salary amounts reported are subject to change.
Reference & Image Credit Section:
References:
- US Bureau of Labor Statistics.gov. Management, Scientific, and Technical Consulting Services –https://www.bls.gov/oco/cg/cgs037.htm
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