Factors Impacting Business Analyst Salary in India
The salary of a business analyst is calculated by considering major factors like:
1. Education
People who complete degrees in business or analytics related subjects have an edge over others. MBA, and postgraduate diploma in business analytics are some of the most sought after courses for people looking to become a business analyst. Certification courses related to business analysis also show that the candidate possesses a specialized knowledge of the field. For a fresher level candidate, bachelor’s degree in business, computer science or information technology are usually the qualification requirements for a business analyst.
2. Experience
Experienced business analysts are offered better packages because of their command over the concepts and a deep practical knowledge. They also have an idea of how to implement business analytics practices in a company, which is another reason they are paid well.
3. Company
When it comes to business analysis, a large scale company may not always mean a better package. Many startups offer competitive packages to business analysts. The industry to which a firm belongs, be it MNC or SME plays a bigger role in defining how much a professional gets paid. Finance, IT and healthcare companies mostly offer high remunerations to business analysts.
4. Location
The location of the company and the cost of living in that city is one of the most important factors that determine the salary of a business analyst. Business analysts in Pune and Bangalore earn 20% – 25% more than the national average. The salary witnesses a noticeable dip of 2% and 1% in cities like Mumbai and Delhi respectively.
5. Job Profile
Business analytics is a multifaceted domain. Though business analysts primarily assist in analysis and problem-solving, their areas of focus can differ significantly with each role. There are several types of specialist roles these professionals hold, whose salary can differ significantly.
6. Skills
Being updated with the latest industrial trends like SAS BI, predictive analysis and Data-as-a-Service (DAAS) helps in every profession. Business analysts who expand their skill set as per the market needs are paid higher than those with outdated skills. Having only a basic knowledge of the field can also lead to a lower pay.
Business Analyst Salary in India 2024: Fresher to Experienced
The average Business Analyst Salary ranges between ₹ 2.7 Lakhs to ₹ 11 Lakhs in India. However, with a substantial increase in years of experience, the Business Analyst Salary can go up to INR 15 LPA. Some top-paying companies in India for Business Analyst are Amazon, JP Morgan Chase, and HSBC Group.