The demand for business analysts has grown significantly over the years.
Organizations now prioritize data because of technological and business process changes.
The Bureau of Labor Statistics predicts that management analyst positions including
business analysts will expand by 11 percent from 2021 to 2031 at a rate surpassing typical
occupational growth.
According to the International Institute of Business Analysis (IIBA),
The banking, finance and insurance sectors lead the way in employing business analysis
professionals since 24% of professionals work in these industries.
20% of business analysis professionals are working in IT, making it a key industry to
consider for business analysts seeking new employment opportunities.
Financial Analyst jobs are projected to grow by 9% by 2031, which the BLS rates as
“faster than average” growth.
Computer Systems Analyst jobs are also projected to grow 9% by 2031, which again is
“faster than average” growth.
8% of business analysis professionals report working in government. Also, business
analysis professionals working in Government report an average salary of $85,998
(salary reported in USD).
6% of business analysis professionals are working in healthcare or pharmaceutical
industries. Making it a key industry where business analysts are making measurable
impacts.
The increasing demand for business analysts can be seen through numbers which indicate
they can secure employment across banking, IT and government sectors. The growing
demand for business analysts makes this profession an excellent choice for building a
secure and promising career path. We will examine the elements which lead to business
analyst demand.
Now let’s analyze the factors that drive business analyst demand:
1) Technology landscape: – The modern world experiences its transformations through
technology which drives all changes in work processes and communication methods and
future development and learning approaches. The fast pace of technological progress
demands experts who connect business requirements to technological answers.
Business analysts function as essential professionals who guarantee technology
supports business goals.
“The greatest achievement of technology is not how it changes life, but how it improves it.” –
Satya Nadella,Microsoft – CEO
2) Data (The New Currency): With the rise in digital products, humongous data is being
generated every day which needs to be analyzed to understand patterns and behaviors
used to make strategic business decisions. These insights and findings are extracted by
a business analyst and created into visuals including graphs, charts, reports, etc. Hence
business analysts play a vital role in collecting, analyzing, and interpreting data
“Data is the new oil.” – Clive Humby
“The world’s most valuable resource is no longer oil, but data.” – The Economist
3) Business complexities: – The business environment has become very complex due to
globalization and high competition. Business analysts have the skills and expertise to
navigate these complexities by identifying opportunities, mitigating risks, and
implementing effective strategies.
“Run towards the hardest problems—not walk, run—and that’s where you find the biggest
opportunities, where you learn the most, where you set yourself apart, and most importantly,
where you grow,” – Lisa Su (AMD – CEO)
4) AI and Automation: – Artificial intelligence leads the way by delivering unmatched
predictive analytics capabilities. Companies use machine learning algorithms to detect
patterns and trends which were impossible to detect before.
“You’re not going to lose your job to an AI, but you’re going to lose your job to someone who
uses AI.” – Jensen Huang (NVIDIA – CEO)
The McKinsey report indicates that 70% of companies will implement at least one AI system
during the next decade. The data indicates strong artificial intelligence adoption across
different business sectors.
How to Prepare for the High Demand of Business analyst professionals
The above statistics certainly look promising and can be intimidating at the same time. So
now the big question is how to brace ourselves and prepare for being good business
analysts. Learning should be lifelong journey, so how do we take the first step:
ECBA certification:
The Entry Certificate in Business Analysis (ECBA) stands as one of the most widely
recognized certifications for those who want to become business analysts. The International
Institute of Business Analysis (IIBA) provides the ECBA certification which represents an
ideal first step for those who wish to enter the business analysis field. The ECBA training
serves as a fundamental base for career success regardless of whether you move from
another field into business analysis or start your career in this field.
Why is ECBA your first step?
1) Systematic and Structured learning: The ECBA is designed to offer you a
step-by-step learning approach to Business analysis, especially when information is
freely available in various online sources. It’s very easy to get overwhelmed and
confused. This lays a foundation for core concepts and principles which are extremely
important for aspiring business analysts.
2) Building professional credibility: – Acquiring an ECBA certification which is IIBA
endorsed signals the employers that you have the necessary understanding of business
analysis and you are committed to professional development. It is packed with industry
based real scenario learning. Some job descriptions also specify that they need IIBA
certifications.
3) Confidence and Competence: As someone who is pivoting into this field, your
success is dependent on your confidence which is directly proportional to your
professional competence. Acquiring an ECBA certification is certainly a confidence
booster to aspiring business analysts in today’s hyper competitive job market. It makes
you empowered to take on more challenging professional certifications like CCBA, CBAP
etc. in the future enhancing your marketability as BA professional
4) Networking opportunities: – Pursuing ECBA connects you with a broader community
of business analysis professionals, offering mentoring, industry insights, and job leads. It
offers you a platform of like-minded professionals where you can share, sync and seize
various opportunities, having a sense of belonging to being a part of globally recognized
organization (IIBA).
5) Higher Earning Potential: -The average salary of certified professionals exceeds that
of non-certified professionals by 13% to 19%. The IIBA certification leads to higher
salaries which proves to be a worthwhile investment for career growth
Final Thoughts
The Entry Certificate in Business Analysis serves as more than a certification because it
represents your commitment to business analysis. Your dedication to business analysis
career development becomes evident to employers through this certification. The ECBA
certification becomes accessible to business analysis professionals who dedicate
themselves to preparation and understand its value.
