Financial Business Analyst
A financial business analyst works with financial institutions and banks. They are typically involved with quality and risk assessment for one or several lines of business, and identify trends and developments in competitive markets. In some cases, a financial business analyst will also work with the financial institution’s technology department to assess technology needs or improvements.
In the financial industry, the starting salary for a business analyst can range from $36,000 a year to $41,000 a year.
Information Technology Business Analyst
Some organizations will have a business analyst working with their information technology department. The role of a business analyst within a technology group typically includes defining user needs by analyzing, reviewing, and documenting current systems, as well as reviewing new systems. This includes cost analysis and functionality of current and new systems to improve overall usability.
A business analyst in this type of role may be required to have a degree in information technology, depending on the scope of their responsibilities.
In the information technology industry, the starting salary for a business analyst can range from $39,000 a year to $44,000 a year.
Consultive Business Analyst
Many organizations will hire an outsourced consulting company to assist in assessing new systems, or redefining current systems and processes. This can be cost effective for an organization if they don’t have a need to hire a full-time business analyst. In a consultive role, a business analyst can have a variety of responsibilities on a project basis. In most cases, the business analyst will have some understanding of information technology and specific systems the organization is purchasing or redefining processes and procedures.
A business analyst in a consulting organization will work in a variety of industries and environments. The starting salary for a business analyst in a consultive role can range from $44,000 a year to $52,000 a year.
Economic Business Analyst
A business analyst in a economist role is involved with analyzing overall economic trends and data for an organization. This type of position typically requires knowledge of statistics, and extensive research to foresee possible business losses for an organization due to economic changes. The organization may develop new lines of business, or discontinue current lines of business as a result of the business analyst’s research.
This type of position requires a degree in economics, and starting salaries can range from $55,000 a year to $62,000 a year.
Salary Variances
A starting salary for a business analyst can vary depending on the organization’s needs. In some cases, an organization will have a defined process for their business analysts. Those types of roles typically involve extensive reporting, and a senior business analyst handling the critical details and analysis for the organization.
Other business analyst roles have no defined process, and the organization depends on their business analysts to define procedures for risk, cost, and usability analysis.
According to Salary.com, average starting salaries across all industries can range from $38,000 a year to $60,000 a year.
