Becoming a business analyst is one of the most lucrative professions in the corporate world today. In fact, the average annual base salary of a business analyst is ₹7,00,000 in India, as of 2019, according to information provided by Glassdoor. On top of that, business analysts always have plenty of job opportunities available to them. Major industries, such as Computer Software, Financial Services, Management Consulting, and Marketing and Advertising are always looking to hire business analysts. But, before you choose a business analyst course, here are some of the skills required to become a top business analyst:
1. Technical Skills
Being tech savvy is almost a necessity in the current times. It is important for a business analyst to have extensive knowledge of the IT industry. A number of business functions are handled by a business analyst. They also make use of tools such as rules engines and BPM solutions to implement changes. There are a number of certificates and computer skills that you must be comfortable with, depending on the specific job, such as:
- Microsoft Visio
- Microsoft Office
- Software Design tools
- Business Process Models
- SBL Queries
2. Research Skills
For analysing information, you must first find it. You need to be able to gather statistics and data needed to find a solution. You would be required to make use of your research and IT skills for this purpose. It is vital that the information is accurate, since major decisions will depend on it.
3. Analytical Skills
As the name of the profile suggests, your analytical skills must be on point. Once the research is done, you would be required to efficiently analyse the sea of data that has been collected. It is important that you understand risk analysis, gap analysis, financial planning and statistical analysis. You also need to know how to use some of the most common analytical tools, such as Tableau, R Programming, RapidMiner, and, of course, Microsoft Excel. A data analytics course can be helpful for this.
4. Communication Skills
A business analyst is expected to thoroughly and efficiently communicate with co-workers, developers, managers and clients. Therefore, it helps to be fluent in more than one language, both spoken as well as written. The success of your job depends on how well you can communicate your ideas to the people around you. You would also be required to explain ideas and concepts in simpler language at times.
5. Documentation Skills
Good organizational and documentation skills are essential for a business analyst. You would be required to document all the steps of your working process and show them to others. This would help in keeping everyone onboard regarding your plan of action. Your documentation must be accurate and clear. It is important to show others the data and research behind the numbers as well.
6. Financial Skills
Once you have researched and analysed all the numbers, you would be required to take financial decisions on the basis of them. You must know how much everything is going to cost, and if your business will be able to afford it.
There are also certain other skills that can make you a good business analyst, such as negotiation and problem-solving skills. A business analyst course can be helpful to master all these skills.