Business Analyst Salary in 2024

Salary details

The average Business Analyst salary lies between USD 80,000 and USD 142,500 globally. It represents the overall compensation/gross salary amount for the working year (before deductions like social security, taxes and other contributions), not including equity/stock options or similar benefits.

All data shown are full-time equivalent (FTE) salaries. Part-time salary information has been extrapolated to its FTE value.

Last updated: Nov. 17, 2024

Top 20 Job Tags for Business Analyst roles

The three most common job tag items assiciated with Business Analyst job listings are SQL, Python and Engineering. Below you find a list of the 20 most occuring job tags in 2024 and the number of open jobs that where associated with them during that period:

SQL | 434 jobs Python | 395 jobs Engineering | 249 jobs Data analysis | 241 jobs Statistics | 237 jobs Tableau | 234 jobs Power BI | 226 jobs Excel | 223 jobs Computer Science | 198 jobs R | 186 jobs Testing | 168 jobs Agile | 165 jobs Finance | 155 jobs Data Analytics | 152 jobs Data visualization | 138 jobs Mathematics | 128 jobs Research | 127 jobs Machine Learning | 126 jobs Data management | 124 jobs ETL | 122 jobs

Top 20 Job Perks/Benefits for Business Analyst roles

The three most common job benefits and perks assiciated with Business Analyst job listings are Career development, Health care and Flex hours. Below you find a list of the 20 most occuring job perks or benefits in 2024 and the number of open jobs that where offering them during that period:

Career development | 363 jobs Health care | 216 jobs Flex hours | 149 jobs Startup environment | 108 jobs Equity / stock options | 100 jobs Insurance | 97 jobs Competitive pay | 96 jobs Team events | 96 jobs Medical leave | 85 jobs Parental leave | 71 jobs Flex vacation | 70 jobs Wellness | 55 jobs Salary bonus | 54 jobs 401(k) matching | 35 jobs Transparency | 35 jobs Relocation support | 35 jobs Gear | 17 jobs Fitness / gym | 15 jobs Flexible spending account | 14 jobs Travel | 10 jobs

Salary Composition for a Business Analyst in AI/ML/Data Science

The salary composition for a Business Analyst in AI/ML/Data Science typically includes a fixed base salary, performance-based bonuses, and additional remuneration such as stock options or benefits. The fixed base salary often constitutes the majority of the total compensation package, ranging from 70% to 85%. Bonuses can vary significantly depending on the company's performance and individual achievements, usually accounting for 10% to 20% of the total salary. Additional remuneration, such as stock options, profit-sharing, or comprehensive benefits packages, can make up the remaining 5% to 10%.

Regional differences play a significant role in salary composition. For instance, salaries in tech hubs like San Francisco or New York tend to be higher due to the cost of living and demand for skilled professionals. Industry also impacts salary; tech companies and financial services often offer more competitive packages compared to other sectors. Company size can influence salary as well, with larger companies typically providing more substantial bonuses and stock options.

Steps to Increase Salary from This Position

To increase your salary from a Business Analyst position in AI/ML/Data Science, consider the following strategies:

• Skill Enhancement: Continuously update your skills in data analysis, machine learning, and AI technologies. Proficiency in tools like Python, R, SQL, and data visualization software can make you more valuable.
• Advanced Education: Pursuing a master's degree or specialized certifications in data science or AI can open up higher-paying opportunities.
• Networking: Engage with industry professionals through conferences, workshops, and online platforms to learn about new opportunities and trends.
• Leadership Roles: Aim for leadership or managerial positions within your organization, as these roles typically come with higher salaries.
• Industry Transition: Consider moving to industries that offer higher compensation for AI/ML expertise, such as finance or healthcare.

Educational Requirements

Most Business Analyst roles in AI/ML/Data Science require at least a bachelor's degree in a related field such as Computer Science, Data Science, Statistics, or Business Administration. A strong foundation in mathematics and statistics is often essential. Some positions may prefer candidates with a master's degree, especially for roles that involve complex data analysis or strategic decision-making.

Helpful Certifications

Certifications can enhance your credentials and demonstrate your expertise to potential employers. Some valuable certifications include:

• Certified Analytics Professional (CAP)
• Microsoft Certified: Azure Data Scientist Associate
• Google Professional Data Engineer
• IBM Data Science Professional Certificate
• SAS Certified Data Scientist

These certifications can provide a competitive edge and may lead to higher salary offers.

Required Experience

Typically, employers look for candidates with 2 to 5 years of experience in data analysis, business analysis, or a related field. Experience with data modeling, statistical analysis, and familiarity with AI/ML tools and techniques is often required. Demonstrated experience in translating business needs into data-driven solutions is highly valued.

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