Expected Growth for Business Analysis Careers
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Business analysis career growth has an excellent outlook. The number of jobs for all US business analysts will increase from the current 364,000 openings to 2,720,000 by 2020, per the BA Times.1 “This can be explained by the fresh round of investment in IT by businesses in order to emerge from recession,” stated Business Analysis Trends for 2016.2 “Business analysts map the flow of information around the business and translate this into coherent, usable technology processes. As companies insist on seeing a real return on their investment, the business analyst – with their dual business and IT focus – will play a critical role.”
What You Need to Know About Business Analysis Career Growth
One of the reasons business analysts are in high demand is because their job cannot be automated. Business analysis requires a human touch. “Business analytics looks brilliant as a vocation and a subject for good research…. With the easy availability of youthful and capable talented assets, the eventual fate of business analysis looks encouraging for now,” stated What Are the Expected Business Analytics Professionals Demand in 2019?.3
As the career prospects for business analysts are growing by leaps and bounds, now is a prudent time for those wishing to make a switch to this profession to seek certification.
Digital Transformation Drives the Demand for Business Analysts
Seventy percent of companies either have a digital transformation strategy in place or have one in the works.4 This is another reason business analysis career growth is booming. Business analysts facilitate digital transformation by designing information systems that execute the strategy defined by the business, and seventy-seven percent of these professionals' report being involved in digital initiatives.
According to Modern Analyst,5 business analysts also enable organizational change by implementing new/novel business processes, increasing efficiency and productivity of existing business processes, and reducing operating costs of existing processes.
6 Quick Statistics About Business Analysts
Many professionals established in other careers are considering a transition to a Business Analysis role as the next step of their career journey. Those interested in the profession should know that among the population of business analysts…
- Sixty-four percent have 10 years’ experience or less.
- Eighty-seven percent work full-time, between 37 and 40 hours per week.
- Fifty-two percent are women and 48 percent are men.
- Almost 45 percent hold a bachelor’s degree, whereas 34.3 percent hold a master’s degree.
- Thirty-four percent are between the ages of 26 and 35.
- Twenty-four percent have been with their current employer for 6 to 15 years.
Also, business analysts work across different industries, the top 5 being:
- Information technology
- Finance/insurance
- Government and public sector
- Business/professional consulting
- Healthcare and social services
Interestingly, a business analyst working in healthcare and social services earns 15.2 percent more than the average analyst.
Learn more about business analysis professional careers in the 2018 Salary Survey infographic published by IIBA, available to everyone (IIBA members get the full salary report).
As the trends continue, the demand for business analysis professionals will grow. How are you preparing for your Business Analysis career?
References:
1, 3. BA Times. What are the expected business analytics professionals demand in 2019?