Are you wondering if your business analysis career goals make sense financially? Considering switching careers and wondering if you’ll take a short-term salary hit? Simply looking to find out what salary a business analyst makes?
The most recent salary survey of practicing business analysts was conducted by the International Institute of Business Analysis (IIBA) in 2013. While the detailed report is available to IIBA members only, I obtained permission to share a few relevant details with our readers.
The report summarizes data from 2,085 responses representing 62 countries. Overall, the findings are positive for those considering a career in business analysis.
Finding #1: The Business Analyst Salary Outpaces Other Professions
In the US, the average business analyst salary is $91,512. This number rose significantly since the $82,493 average salary reported in 2010, and is more than double the median household income.
The report summarized salary figures from five other countries in US dollars:
- Average Business Analyst Salary in Australia: $111,949
- Average Business Analyst Salary in Canada: $88,985
- Average Business Analyst Salary in India: $18,086
- Average Business Analyst Salary in South Africa: $57,893
- Average Business Analyst Salary in the United Kingdom: $88,745
Finding #2: More BA Experience = Higher Salary
Across the board, the average business analyst salary increased with years of professional experience. Education did not have a significant impact on salary and in some countries had no impact.
This finding was consistent with the 2010 report. In fact, the 2010 report was more specific and indicated that each year of paid business analysis experience, salary rose by $923. (In contrast, for each year of paid software development experience, salaries only rose by $220.)
The good news for you is that even if you’ve never held a titled business analyst job, you may have qualifying business analysis experience. While it’s not a direct output of the report, investing the time in discovering your transferable skills and experiences could make a significant difference in your starting salary in your first or next formal business analyst position.
Finding #3: Business Analyst Salaries Diverged Significantly by Industry
In all countries, salaries diverged across industry. For example, in the United States, the lowest paying industry averaged salaries at $81,741 and the highest paying industry averaged salaries at $109,288.
If you are considering focusing on a specific industry in your business analysis career, the report can help you make a wise financial decision. While exceptions always exist to every average, your choice of industry could have a significant impact on your long-term salary potential as a business analyst.
>> Increase Your BA Salary
Here are a few posts about getting into a business analyst role and getting noticed for salary-enhancing opportunities:
>>Learn How to Get Started as a Business Analyst
In How to Start a Business Analyst Career, we discuss all types of business analyst job roles in greater depth and you’ll learn how to assess and expand your business analysis skills and experience.
This book will help you find your best path forward into a business analyst career. More than that, you will know exactly what to do next to expand your business analysis opportunities.