If you’ve spent some time as a business analyst, you might be ready to exit the career and move on to something else. Perhaps you’re curious about a career as a business analyst, and you want to know which paths you can follow.
What are business analyst exit opportunities? Can you move up and into something else, or will you have to downgrade your position once you move out of it? What do you need to become a business analyst?
Maybe those are some of the questions you’re asking right now. This piece will explore the career of a business analyst professional and the opportunities one might have after exiting the position.
What Does the Business Analyst Career Entail?
The title of a business analyst is so versatile that two business analysts for different companies may perform completely different tasks. Generally, the primary role of a business analyst is to review and analyze a business’s procedures, processes, and practices to search for key areas of improvement.
Once the analyst discovers the problem, his or her job is to develop solutions for the problem and then collaborate with other key members to work on a resolution or recovery system. Business analysts work in a variety of fields, such as technical, financial, retail, logistics, software, etc.
Businesses may hire these individuals to review financial or payroll issues, management and team development, or more technical aspects of the business. Because the business analyst employment realm is so vast, these professionals may perform some, all, or none of the following tasks:
- Evaluate a company’s needs
- Create documents and manuals
- Consult with users, managers, team members, and executives
- Use technical products to investigate and solve issues
- Develop new processes and products
- Strategize and find solutions to major deficiencies
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Paths Toward Becoming a Business Analyst?
If you’re interested in the career of a business analyst, you might want to know how to get started and which direction to go afterward. The first step toward becoming a business analyst is knowing whether you have the skills and personality traits to succeed as one.
Analytical skills are the most vital elements for success in such a position. You must enjoy going through data, reports, statements, numbers, and other information with a fine-toothed comb to find inconsistencies and erroneous processes. Strong time management skills and prowess at writing reports are additional necessities for such a position.
You also need advanced communication skills, as you may have to meet with stockholders, consumers, management personnel, and workers. Technical skills are mandatory as well because a business analyst needs to use modern technologies to pinpoint and address specific problems.
Next is obtaining the required education for a business analyst job. Most entry-level business analyst positions require at least a bachelor’s degree, but it can be in business administration, statistics, business information, finance, or something similar.
Additionally, you could take some courses to obtain a more specific certification. An example of a related document would be a Certified Business Analysis Professional or Certified Management Consultant certificate.
The career path of a business analyst usually starts with an entry-level job as a business consultant. Consultants utilize many of the same skills required for business analysts but without the same high level of technical involvement.
The next step after being a business consultant might be a role as a junior business analyst. As a junior business analyst, you may have a senior analyst as your mentor and perform duties under his or her direction. Several years of work as a junior analyst will put you in the position to get hired as a standalone business analyst.
Perhaps you are already a business analyst who wants to know, “Where do I go after business analyst?” Maybe you’re unclear about business analyst exit opportunities. Don’t worry because there may be opportunities you had no idea you could grab hold of.
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Where To Go After a Job as a Business Analyst
It’s never wise to assume that a business analyst career has a dead end. An entire world of opportunities is out there for you if you want to go further in your career. One position you could shift to is that of a corporate strategist.
A corporate strategist is someone who looks at current business strategies and implements new and improved strategies to build on the current results. In some cases, these individuals create marketing strategies and motivate staff members. They are also responsible for delivering presentations to investors.
A corporate strategist’s income is almost double that of a standard business analyst. Thus, you can consider moving upward when you exit. Such positions might be available at one of the FAANG companies, where you can receive a handsome salary for your work.
You might be interested in training other people to be business analysts. Therefore, you could look into starting a career as a business analyst mentor.
Another option is to obtain financing and start your own business. You already have the skills and qualifications to analyze problems and develop strategies.
You can use those same skills to improve the business operations that you used to aid other businesses. There is no block or limit to the amount of money you can earn as a business owner or the success you can achieve acting as your own analyst and strategist.
Maybe you’re a fan of big data. In that case, you can shift your focus to organizations that store and maintain that type of information. As a big data analyst, you’ll work with large data sets and search for patterns and performance issues.
As you can see, business analyst exit opportunities are not scarce. Thus, you don’t have to leave your position and take a pay cut or downgrade. However, you do have to have an idea of which direction you want to move in.
Alternative Careers for Business Analysts
As an exiting business analyst, you might wonder about alternative careers that aren’t the same as business analysts but are similar. These are a few careers that might interest you when you depart from your business analyst role:
Product Manager
As a product manager, you’re responsible for developing a product and ensuring that it hits the market and succeeds. You create the vision for the item and collaborate with developers to manifest it. You will also play a primary role in marketing and selling.
Product manager salaries are versatile and can be as high as $200,000 a year, depending on the product and the organization for which you work.
Subject Matter Expert
A subject matter expert can earn a salary close to $100,000 annually. This person is the company representative who consults with the business analyst to give insight on how the business operates and what changes the company needs the BA to make.
The SME knows the business’s operations like the back of his or her hand and advocates with the BA to facilitate change within the organization.
Functional Analyst
A functional analyst focuses on a particular business domain and has many more technical responsibilities than a business analyst has.
You may have to configure, update, or install specific systems in this position. Functional analysts earn about $97,000 a year.
Compliance Manager
As a compliance manager, you’ll focus on confidentiality and data integrity. You’ll conduct audits and periodically review and investigate compliance issues.
You’ll also be the person who communicates policies and procedures to people across the organization. Additionally, you may act as a trainer to educate employees on all compliance topics. A compliance manager’s salary can go well over $100,000 a year.
Those are just a few business analyst exit opportunities to consider. Many more opportunities are available for you to explore.
Is Business Analyst a Dying Career?
If you’re wondering whether the business analyst career is dying, the answer is no. Business analyst positions are probably the most evergreen of them all. They’re unique because, while their titles remain the same, their duties constantly change.
Thus, you can view a business analyst career as an ever-evolving one instead of a dying one. According to the US Bureau of Labor Statistics, business analyst positions and related jobs are expected to increase by 14 percent by 2030.
As you’ve just read, business analyst career progression can lead to many successful ventures. It can also evolve into a position that utilizes a multitude of additional skills. You have the world in the palm of your hand as an aspiring or seasoned BA. Use the information from above to plan your next move.
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