Top 5 Factors Influencing Business Planning Analyst Salary
As a business planning analyst, it is crucial to have a good understanding of the factors that influence your salary. In this blog post, we take a closer look at the top five factors that play a key role in determining how much a business planning analyst can earn.
1. Level of Experience
One of the most important factors that affect the salary of a business planning analyst is their level of experience. Typically, individuals who are just starting out in this field will earn less than those who have several years of experience under their belt.
According to PayScale, the average salary for an entry-level business planning analyst is around $59,000, while those with 5-9 years of experience can expect to earn an average of $80,000 per year.
2. Industry
The industry that a business planning analyst works in can also have a significant impact on their earning potential. Some industries, such as finance and healthcare, tend to offer higher salaries compared to others.
For instance, a business planning analyst working in the finance industry can expect to earn an average of $93,000 per year, while those in healthcare can earn an average of $80,000 annually.
3. Geographic Location
The location of a business planning analyst’s job can also greatly affect their salary. For example, those working in metropolitan areas such as New York or Los Angeles can expect to earn higher salaries than those working in more rural areas.
According to Glassdoor, the average salary for a business planning analyst in New York City is around $90,000 per year, while those in rural areas like Iowa can expect to earn around $64,000 annually.
4. Educational Qualifications
Educational qualifications are also a key factor in determining a business planning analyst’s salary. Those with a bachelor’s degree in business administration, finance, or a related field will typically earn more than those without.
However, obtaining advanced degrees such as a master’s in business administration (MBA) can further increase earning potential. According to PayScale, those with an MBA in finance can earn an average of $102,000 per year.
5. Company Size
Lastly, the size of the company that a business planning analyst works for can also have an impact on their salary. Larger corporations often have more resources and revenue, which can translate to higher salaries for their employees.
According to Indeed, the average salary for a business planning analyst working for a company with less than 50 employees is around $66,000 per year, while those working for companies with over 1,000 employees can expect to earn an average of $91,000 annually.
Conclusion
In conclusion, there are several factors that can influence a business planning analyst’s salary, including their level of experience, industry, geographic location, educational qualifications, and company size. By taking these factors into consideration, individuals can make informed decisions about their career and earning potential in this field.
