The Economics Of Insights: Business Intelligence Salary Considerations

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The Economics Of Insights: Business Intelligence Salary Considerations – Business analytics is an in-demand field that can open the door to many different industries and career paths. Companies rely on Business Analytics to help them understand their customers, marketing and overall operations. As a Business Analyst, you could make six figures without a college degree and work remotely or in an office.

Business analytics might sound like an attractive career, but is it the right path for you? Deciding on the career you want to pursue is a big decision with many factors to consider. We break down Business Analyst salary, skills, responsibilities and more below.

The Economics Of Insights: Business Intelligence Salary Considerations

Business Analysts use data and technology to understand an organization’s performance and help it achieve its goals.

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Business Analysts use tools like Microsoft Excel, Power BI, and Tableau to analyze and visualize data. Most learn structured query language (SQL) so they can work with databases, where companies store data from customers to financial information.

They then derive insights from the data through various methods such as statistical forecasting. Statistical forecasting uses historical data to help better anticipate and prepare for the future. For example, a Business Analyst can use data to identify inefficient business processes and suggest ways to fix these issues.

The day-to-day responsibilities of a Business Analyst depend on the company and the location. Here are some common tasks:

You don’t need a college degree to become a Business Analyst. However, this profession requires soft and technical skills, such as:

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The US Bureau of Labor Statistics (BLS (opens a new window) ), estimates that the demand for analysts will increase by 25% by 2030. Even in tough economic times, companies focus on driving business efficiency and achieving financial goals. Business Analysts play a critical role in helping companies identify where to focus their efforts and improve overall performance.

To get more of an individual perspective, follow Business Analytics professionals on LinkedIn, TikTok, and other social media. Some share personal experiences of what it’s like to work in the field and how to find employment.

Business analytics is one of the many six-figure careers you can pursue without a college degree. Entry level jobs for Business Analysts may not start at six figures. However, your salary should increase as you gain experience and improve your skills.

Many companies also offer lucrative cash bonuses, which can significantly increase your income. According to Indeed, the average cash bonus is $3,500, but some high-performing professionals earn $10,000 or more per year in bonuses.

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In general, companies in states with a low cost of living tend to offer lower salaries. However, professionals in these fields may have more spending power than peers who earn higher wages in more expensive states.

Note: Although some states pay higher on average, there may be fewer open roles. For example, the average Business Analyst in Wyoming makes around $106,000, which is more than in other states. However, there are fewer roles to implement. Wyoming currently has 400 roles compared to over 40,000 roles in New York.

Many busy urban areas offer lucrative employment opportunities for Business Analysts. The average salary can vary widely between cities, even within the same state. You can research to find a city that strikes the right balance between salary and cost of living.

Improving your analytical skills can open the door to many different careers. Business Analyst is one option, but you can transfer those skills to a number of job titles including:

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Fortunately, these jobs have many overlapping responsibilities and skills, so you have the flexibility to move between careers to get the best salary.

As mentioned, Business Analysts have versatile skills that are transferable to numerous roles and industries. This also means that there is no one set career path for Business Analysts.

Most start as entry-level Analysts and move into mid- to senior-level roles that may have a variety of full titles including:

For example, if you also excel at time management, collaboration and organization, you could move into a project management role. Project Managers coordinate, implement and supervise complex projects and manage team members. The average Project Manager salary is $86,000.

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There are many other college options to develop the knowledge and skills needed to become a Business Analyst, such as:

Business analytics can lead to many rewarding and potentially profitable job opportunities. a business accelerator can help you build a solid foundation for a career in business analysis.

Apprenticeships are tuition-free and apprentices are paid a salary while developing their analytical skills on the job. As an apprentice, you will learn the skills and tools needed to take on a career in business and drive impact in your organisation.

To start your business career, complete an apprenticeship application (opens a new window). It takes less than 10 minutes to complete. The team will follow up with you to learn more about you and help you land a role.

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Imagine this: You love data, you’re a professional, or maybe you’re hiring data experts. You probably asked,

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So, find a comfortable place, maybe a cup of coffee, and let’s dive into the world of data science salaries together. I promise it will be an exciting journey! 🌟

Data Prep: Before entering the analysis, I cleaned and organized the data. I removed duplicates, handled missing information, and got everything neat and tidy.

Analysis Tools: To do the analysis, I used Power BI. It’s easy to use and great for making interactive charts, which fits perfectly with our study of data science salaries.

During the period from 2020 to 2023, it is clear that salaries first decreased slightly in 2021, with a decrease of approximately 3.88%. After that, however, there was a significant growth trend in the following years. Salaries increased by approximately 32.32% from 2021 to 2022 and continued to increase with a growth rate of approximately 16.79% from 2022 to 2023.

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Well, 2020 was a tough year because of the pandemic, and it affected the economy, jobs, and what people were paid. So, the slight drop in 2021 could be due to these hard times. But here’s the silver lining: after that, salaries went on a positive streak.

I then created a pie chart to illustrate the various job options in the field of data science. There were four parts to this chart, each showing a different way data scientists can work.

I used a clustered bar chart as the perfect tool to compare average salaries in USD based on job type and company size. The insights I got were very interesting:

Full-time vs. Part-time vs. Freelance vs. Contract: The chart shows significant differences in average salaries based on the type of employment. Full-time employees tend to have the highest average salaries, followed by contract workers and part-time employees. Freelancers tend to earn less on average. This suggests that full-time positions and contract opportunities often have higher compensation, reflecting the level of commitment and specialization required.

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Small vs. Large Companies: Within all types of employment, it is notable that medium-sized companies tend to offer higher average salaries. For example, in the full-time category, employees in medium-sized companies often have higher average salaries compared to those in small or large businesses. This trend can be attributed to the competitive compensation packages and the allocation of resources within medium-sized companies.

Top Earning Job Titles: Among the top 25 job titles, certain roles are consistently seen as high earners with well above average salaries. roles such as Director of Data Science, Machine learning Engineer, Data Science managers to name but a few, These roles often require specialized skills or extensive experience. Professionals aspiring to higher income levels may consider pursuing careers in these fields

These insights provide a comprehensive understanding of the differences in average salaries among the top 25 job titles, helping both job seekers and employers make more informed decisions about career choices and compensation strategies.

The analysis highlights the correlation between level of expertise and compensation. Professionals with more experience and expertise tend to earn higher salaries. This trend emphasizes the importance of skill development and career progression to maximize earning potential.

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In addition, the analysis of average salaries by company location and level of expertise, shown on a map, shows the role of location and expertise in shaping compensation levels. These insights can guide job seekers, employers, and policy makers in making informed decisions related to career choices, compensation strategies, and regional workforce planning.

In summary, when looking at salary trends in the data science field from 2020 to 2023, we noticed some interesting observations. It looked like there was a chance