Published By Team Setmycareer on Aug 12, 2023 updated on 08-11-2023
How To Become a Business Intelligence Analyst
Analysts in market intelligence (BI) convert data into observations that drive business value. BI researchers can find developments that can enable other teams, administrators, and administrators to make strategic choices to modernize and enhance operations in the enterprise by using information processing, data analysis, and data simulation strategies and technology. As businesses seek to make the most of the massive amounts of data they obtain, the position of the business intelligence analyst also becomes progressively significant. BI consultants usually find sources of sales decline and locate areas where changes can be created to save money or raise income for the firm. This is accomplished by the use of BI algorithms and resources to mine complicated data.
A business intelligence analyst is a coveted career path for those who want to help companies make better data-driven decisions. As data continues to grow in volume and complexity, the need for business intelligence analysts will only increase. So how do you become one? This comprehensive guide covers everything you need to know, from education and skills to salary prospects and related careers.
A business intelligence analyst is responsible for developing and implementing data analytics solutions to help businesses operate more efficiently and profitably. Their core duties include:
In a nutshell, a business intelligence analyst bridges the gap between raw data and executable business strategy. Their specialized data skills allow them to transform complex information into actionable insights.
A bachelor’s degree in a quantitative field like statistics, mathematics, computer science, information systems or business analytics is the typical education needed for this career. Coursework should include classes on database technology, data mining, data visualization and statistics.
Specialized master's degrees in business intelligence, data analytics or data science can further develop technical capabilities. But relevant work experience and skills are just as important.
Here are some must-have skills for aspiring business intelligence analysts:
Gaining domain experience in a specific industry is also an advantage when starting out. For example, healthcare analysts need to understand industry trends and terminologies.
How can you get started on this rewarding career path? Here are the typical steps:
This career progression can happen quite rapidly in high-growth fields like tech where data skills are in continuous demand. With some experience under your belt, you can expect to see expanded responsibilities and salary growth.
According to Glassdoor, the average base pay for a business intelligence analyst in the U.S. is $68,000 per year. But salaries can vary based on factors like:
Bonuses, stock options and profit sharing may add another $5K - $20K or more to total compensation at some companies. As you move into senior roles, expect salaries over $100K on average.
The job outlook for BI analysts also looks extremely positive. The Bureau of labor statistics predicts 22% growth from 2020 to 2030 - much faster than average. This is driven by skyrocketing data volumes and demand for analytics skills in every industry. Investing in business intelligence analyst skills can pay off with plentiful job options.
A business intelligence analyst role can lead to other data-focused career paths, including:
The collaborative, creative nature of business intelligence makes it a great springboard for progressing into leadership roles like Chief Data Officer or Vice President of Analytics.
Once you procure the required qualifications for becoming a Business Intelligence Analyst, a myriad of options is open to you. There are multiple projects you can undertake throughout this line of work, and there are many other fields you can branch out to as well.
Business Intelligence Analyst can opt for various fields of work in the companies listed below:
We understand that making important career choices can be overwhelming and uncertain. The decisions you make today will shape your professional journey and have a lasting impact on your life. That's why we highly encourage individuals like you to talk to our experts before making any significant career decisions. Our team of experienced career counselors is here to provide you with the guidance and support you need to make informed choices that align with your aspirations and goals.