Business Analyst Salary in 2024

Salary details

The average Business Analyst salary lies between USD 82,900 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: Dec. 15, 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 | 510 jobs Python | 460 jobs Engineering | 294 jobs Data analysis | 284 jobs Statistics | 281 jobs Tableau | 268 jobs Excel | 266 jobs Power BI | 259 jobs Computer Science | 234 jobs R | 213 jobs Agile | 193 jobs Testing | 191 jobs Finance | 182 jobs Data Analytics | 178 jobs Mathematics | 156 jobs Data visualization | 154 jobs Machine Learning | 147 jobs Research | 146 jobs Data management | 142 jobs ETL | 135 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 | 420 jobs Health care | 244 jobs Flex hours | 174 jobs Startup environment | 122 jobs Competitive pay | 118 jobs Equity / stock options | 113 jobs Insurance | 110 jobs Team events | 108 jobs Medical leave | 101 jobs Parental leave | 83 jobs Flex vacation | 79 jobs Salary bonus | 64 jobs Wellness | 60 jobs 401(k) matching | 41 jobs Transparency | 37 jobs Relocation support | 37 jobs Fitness / gym | 18 jobs Gear | 17 jobs Flexible spending account | 14 jobs Unlimited paid time off | 12 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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