Katie from Adelaide went from being a researcher, earning $85000 to working as a Business Analyst, earning $130,000 annually. Along with Katie, many Australians from various disciplines are choosing to leave their careers of 10 to 20 years to take on the roles of Business Analysts. Why are they doing this? Is money the only reason? Read on…
Reason #1: Strong salaries
A Business Analyst can attract strong salaries. According to Indeed.com.au, the average salary for a Business Analyst is $104,107 per annum. Whilst the actual compensation can depend on the industry, experience, and skills, a good Business Analyst will be compensated above the market average mentioned above. The job is rewarding but you need to be open to learning, motivated to work hard consistently, and keep updating your skills.
Reason #2: Transferable skills when you become a Business Analyst
The barrier to entry into the Business Analysis domain is low. Skills acquired in other jobs are transferrable. Domain knowledge acquired in other roles such as healthcare, finance, or construction can be an asset. For example, Katie’s experience as a medical researcher in the healthcare domain worked in her favour in securing a job in the Healthcare and Medical devices company that she had applied for. A civil engineer can be an asset to a company that makes construction-related software. During COVID-19 many people who lost their jobs in other industries got trained as Business Analysts and with the support of experienced professionals have found work in the industry.
(If you are interested in becoming a Business Analyst, check out more details.
Reason #3: Flexible work options when you start a Business Analysis career
This job can give you flexibility and some roles can be performed completely remotely. This is an amazing benefit during a pandemic and even in the future if you want to travel or live in a different part of the world. The hybrid working model is increasingly getting accepted by organisations, especially after COVID-19. According to the Australian Bureau of Stats, “41% people worked from home at least once a week in February 2021, compared with 24 % people before March 2020”.
Though some Business Analyst roles require face-to-face interaction, especially during meetings and workshops, securing hybrid working options is always a conversation away with an employer. Some companies allow 100% work from home (or anywhere) and other companies want Business Analysts to be face to face with stakeholders and other teams members. There are also opportunities to work out your schedule around family needs if your employer supports this. These days employers are more considerate and open to such conversations. It is best to discuss ways of working before joining an organisation if it is important to you.
Reason #4: Contribute in meaningful ways
The day-to-day work that a Business Analyst performs could make a huge impact. The value add becomes clear when projects are delivered, when products are built or when processes are improved. The impact of your work can bring immense satisfaction & a sense of accomplishment. In my career, I have seen improved processes that saved operational costs for the business, delighted customers, and happier clients. Whether you work in an agile or waterfall environment, you can see the impact of your work within a short period. Satisfied stakeholders, pleased customers, and proud clients are only a few of the examples that can add meaning to your work.
Reason #5: Ability to craft your career when you become a Business Analyst
You could design your career based on your values, strengths, and what matters to you. If you want flexibility because you are a new parent, you can find roles where you can work around your schedule. If you want to grow as a Project Manager, your employer might help you grow and provide opportunities to learn in a safe environment. If you want to stick to being a Business Analyst then you could grow as a Business Analysis Manager or even continue as an exceptional Business Analyst for the rest of your career. You could move into people management or product management if that excites you. The number of opportunities and options is immense.
Reason #6: Shortage of good Business Analysts
COVID has impacted the migration and hence the availability of good Business Analysts. Further, there is always a shortage of good business analysts no matter how the market is. Business Analysis requires a diverse set of skills that can range from hard skills set such as analysis and story writing to soft skills such as communication and negotiation. This diverse skill set is usually hard to find leading to the demand for good business analysts.
Reason #7: Great job market
The current job market is one of the best I have come across in my career. Businesses are expanding post-COVID as new opportunities have emerged. According to ABS, the unemployment rate in Jan 2022 is at 4.2%. This is the lowest unemployment rate since August 2008, when it was 4.0%. New digital businesses have become viable as we move towards a more technology-driven world. Business Analysts play a critical role especially during the discovery, identifying requirements and supporting teams implementing the right requirements. There is a huge demand for business analysts in technology, Healthcare, government, and other industries as organizations make progress in their transformation journeys.
At last, I would say there is a great future for current and aspiring Business Analysts. It comes down to your strengths and how best you would like to use those to earn a living. If I were to go back to the beginning of my career and choose again, I would still choose to become a Business Analyst. If you are looking for a career change, I recommend starting your journey today towards Business Analysis. You will learn a lot and most likely fall in love with being a Business Analyst like Katie did.
If you are interested, check out our beginner course to become a Business Analyst!
Author: Sonia Narang