The Truth About Business Analyst Salaries: What You Need to Know in 2021
If you’re considering a career as a business analyst, it’s important to know what to expect in terms of salary. The good news is that the business analyst field is one of the most lucrative career paths today. In this article, we’ll explore what you need to know about business analyst salaries in 2021.
What is a Business Analyst?
A business analyst is a professional who analyzes an organization or business domain and documents its business and processes, or systems, assessing the business model or its integration with technology. In simpler terms, a business analyst is someone who works with businesses to help them improve their processes, products, and services.
What Determines a Business Analyst’s Salary?
Several factors determine a business analyst’s salary, including experience, education, location, and industry. Typically, business analysts with more experience and education command higher salaries. Those who work in high-demand industries also tend to make more money.
According to Glassdoor, the average business analyst salary in the United States is approximately $70,000 per year. This number can vary greatly depending on location, with cities like San Francisco and New York City having higher average salaries.
Salary by Education Level
Business analysts with higher levels of education tend to have higher salaries. According to PayScale, the average salary for a business analyst with a bachelor’s degree is $63,000 per year, while those with a master’s degree make an average of $80,000 per year. Doctoral-level business analysts make the most, with an average salary of $103,000 per year.
Salary by Industry
Salaries for business analysts can vary greatly by industry. According to PayScale, the highest paying industries for business analysts include finance and insurance, pharmaceuticals, and information technology.
The finance and insurance industry pays an average salary of $77,000 per year to business analysts, while pharmaceuticals pay an average of $88,000 per year. Those who work in the information technology industry make an average of $75,000 per year.
Conclusion
If you’re considering a career as a business analyst, it’s important to know what to expect in terms of salary. Business analysts with more experience, education, and those who work in high-demand industries tend to make more money. With an average salary of $70,000 per year in the United States, the business analyst field is a lucrative career path to pursue.
