A business analyst conducts detailed investigations into how a business operates, gathering data and information that they use to inform positive changes. A business analyst will introduce and oversee these changes, ultimately making things more efficient and cost-effective for the organisation.

Business analysts are in demand, and the industry is set to expand in the coming years. In 2020, there were 34,100 business analysts in Australia. By 2025, this figure is predicted to grow to 43,500.

Read on to discover more about what a business analyst does and how they add value to an organisation, as well as the typical business analyst salary in Australia.

How does a business analyst add value to an organisation?

Business analysts provide highly valuable services to organisations. With specialised skills, including analysis, project management and problem-solving, they ensure businesses are operating in the best way possible.

Business analyst job description

A business analyst:

  • Investigates processes and analyses data
  • Identifies areas that need improvement
  • Translates findings into human-centred language that stakeholders can understand
  • Offers suggestions on how technology can optimise processes
  • Introduces and manages the changes

Ultimately, this leads to better processes, greater employee satisfaction and better financial results for the business.

Business analyst roles and responsibilities across industries

Employers seek out business analysts across many industries, including agriculture, marketing, government, finance, healthcare and more. However, business analysts are particularly in demand within banking and IT.

Within each industry, a business analyst may occupy a more specialised role, such as a systems analyst, process analyst or product manager. They may be employed full-time, part-time or as a contractor.

Key business analyst skills

Business analysts possess a unique set of specialised skills. By continuously refining and building on these skills, an analyst can maximise their business analyst salary.

Such skills include:

  • Decision-making
  • Communication
  • Time management
  • Research and analysis
  • Project management
  • Stakeholder management
  • Technological literacy

The typical business analyst salary in Australia

The demand for business analysts is on the rise, leading it to become one of the fastest growing roles in Australia.

More organisations are looking to refine their operations, resulting in an increase in job openings across many workplaces.

In fact, the National Skills Commission has added several business analyst roles to its Skills Priority List, which helps inform policies on skills development and migration. In particular, the National Skills Commission has reported shortages of:

  • ICT business analysts
  • Systems analysts
  • Analyst programmers
  • Network analysts

Given the demand and earning potential for business analysts, now is a great time to upskill and look towards a career in this rewarding field.

Business analyst salary expectations

As business analysts are in demand, employers offer competitive salaries for qualified candidates.

Australia’s average business analyst salary range is $100,000 to $120,000 per year.

The exact figure an analyst earns will depend on the industry and the candidate’s qualifications and experience.

Here are the average annual business analyst salaries across the top-paying industries in Australia:

  • IT: $142,816
  • Banking: $139,567
  • Insurance and superannuation: $139,305
  • Healthcare and medical: $117,208
  • Consulting and strategy: $115,593
  • Government and defence: $114,555
  • Accounting: $114,293
  • Education and training: $108,824

How to become a business analyst

Most business analysts complete some form of formal education before practising.

Some start their careers early by completing business analyst courses, such as an undergraduate degree, before moving straight into junior roles upon graduation.

This isn’t the only pathway, however. Many analysts have a background in a specific industry, such as communications, business, IT or healthcare. From here, anyone wondering how to plan a career path as a business analyst can kickstart their journey by pursuing a postgraduate qualification such as a business analyst master’s or an MBA.

Benefits of studying an MBA

Completing an MBA will not only help launch a career in business analytics, but it can also give candidates a competitive edge over their peers.

Completing an MBA tells a potential employer that a candidate:

  • Has advanced knowledge in their field
  • Is serious about their career
  • Possesses a unique set of skills, including leadership, self-discipline, problem-solving, communication, strategic
  • thinking and more
  • Is committed to lifelong learning
  • Is qualified for a competitive business analyst salary

Due to its flexibility, an MBA is a good option for anyone wondering how to make a career change at any age. Studying an MBA online allows students to work full-time while studying and balancing their commitments. It also introduces students to professionals from across the globe who are all working towards common goals.

Upon completing an MBA, students will be able to launch their business analyst careers with confidence.

Work towards a competitive business analyst salary with an MBA

Becoming a business analyst is a rewarding career. By making tangible changes within an organisation, business analysts can see their positive impacts on a company and its people.

With many business analyst job opportunities on the horizon, now is the time to start investing in your future with an MBA.

MBA Discovery allows you to compare MBAs from some of Australia’s leading universities. To find out which MBA is right for you, speak to a Student Enrolment Advisor today.

Speak to a Student Enrolment Advisor

Whether you’re ready to enrol, or just have a quick question, simply fill out the enquiry form below to speak directly to the university’s enrolment team. They will be able to guide you through:

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