Employers spend millions on training employees yearly. You can cut down on your training costs by hiring the right talent from the start.
You need to know how to vet job applicants, and one key factor to look at is their salary history. Once you know their earning history, you can set a realistic salary for the position you have open.
Keep reading to learn more about the job responsibilities of a business analyst, and how that can help you determine the average business analyst salary.
How to Calculate Your Average Business Analyst Salary
The average business analyst’s salary can be calculated in a few different ways. By averaging the salaries of all business analysts across the nation, according to the Bureau of Labor Statistics. This number can be thought of as the “national average.”
The average business analyst’s salary can be calculated based on experience level. Employers may offer different salaries for business analysts with varying levels of experience and knowledge. You can look into local wages as well as the national average.
It can also be calculated based on job responsibilities. Specific job roles may be more demanding than others and will command a higher salary, either locally or nationally.
The Impact of the Location
There are regional differences in salary depending on the type of employer, the organization’s size, and the analyst’s experience. In general, the average salary for a business analyst in the US can range between $66,000 to $120,000 per year.
The figures fluctuate depending on the particular region. Although it is essential to understand the impact of location on business analyst salaries, it is also important to note that experience and qualifications. An experienced business analyst could also earn bonuses and other incentives.
Average Salary Depending on the Job Type
The average salary for a business analyst varies depending on the job type. The median annual wage for a business analyst range from $71,000 to $81,000. For specific job types, the salaries can differ significantly.
Senior business analysts boast median wages range from $100,000 to $112,000. Entry-level analysts make roughly half of that, ranging from $ 49,000 to $57,000 yearly. Other analytic roles offer salaries depending on the company, job experience, and skill set.
The software architect is the highest-paying job type within the business analyst family, earning a range of $131,000 to $141,000.
The Benefits
Business analysts are well-informed, creative individuals who use analytical skills to identify and solve business problems. They use data-driven insights to recommend improvements. They develop business plans and improve workflow.
All in all, becoming a business analyst can bring many rewards. It has excellent salaries and challenging work opportunities. Learn a lean six sigma certification today to enjoy the benefits.
Getting Started on Business Analyst Career Today
Average business analyst salary varies widely. It all depends on experience, industry, and geographical location. If you are interested in finding out the typical wage in your area, check salary websites and job postings to get a more realistic estimate.
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