A business analyst is often responsible for analyzing companies and organizations in an effort to make the organization more efficient. They may advise owners and managers on different ways to cut costs and reduce waste as well as increase revenues and profits. The overall job outlook for a business analyst is strong.
Job Outlook for a Business Analyst
Business analysts provide a very valuable service to organizations and companies; a service that is becoming more valuable with each passing year. In the year 2010, there were 718,800 business analysts employed nationwide according to the Bureau of Labor Statistics. It is expected that 158,138 new business analysts will be employed by the year 2020, making the estimated total of employed business analysts over 830,000. This industry is growing faster than average, so it’s a great field for young business-minded students who are trying to choose a great career.
The Bureau of Labor Statistics expects the employment of business analysts to climb by 22% between the years 2010 and 2020; a rate that is faster than most other industries. Because this percentage represents over 15,000 new business analyst positions each year, those who are going into the field should expect to find a position relatively quickly. Such a demand for business analysts will create competition, which leads to increased salary offerings and new opportunities for professionals.
Why Business Analysts are so Valuable
Businesses and organizations are becoming more aware of just how beneficial business analysts can be for every industry. For companies who spend a few million dollars a project, shelling out the money for a business analyst’s advice is a smart move – especially when that analyst can save the company hundreds of thousands of dollars per project. Business analysts are hired to analyze projects before they go live, to assess the risk and reward of various projects and to reduce the waste being generated throughout the development stage.
Individuals who have obtained at least a Bachelor’s degree can operate as a business analyst, but those who have obtained a Master’s in business administration or finance will experience the most success. Internships and experience will boost the resume and qualifications of a business analyst and will therefore boost the number of opportunities given to those individuals. Those who want to have the largest number of opportunities may want to take additional courses in business law, financial accounting, taxation and risk management.
The Bureau of Labor Statistics has gathered information concerning employment in this industry by state. As of May 2012, a few states with the highest number of employed business analysts include Texas, Florida and Washington where the number of jobs falls between 12,000 and 69,430. Some of the states that have the lowest number of employed business analysts include Alaska, Montana and Mississippi where there are between 50 and 1,780 jobs per state.
Now is a great time to get into the business analyst field since more entrepreneurs are starting their own companies and existing companies are looking for ways to cut costs and increase profits.