Business Analyst Salary in India 2024: Fresher to Experienced

The average Business Analyst Salary ranges between ₹ 2.7 Lakhs to ₹ 11 Lakhs in India. However, with a substantial increase in years of experience, the Business Analyst Salary can go up to INR 15 LPA. Some top-paying companies in India for Business Analyst are Amazon, JP Morgan Chase, and HSBC Group.

Business Analyst Average Salary in India in 2024

Business analysts are needed a lot in India and around the world. They help companies make good decisions with data. Because of this, they get good pay and lots of job options in India and worldwide.

As of 2023, the average business analyst salary in India is ₹6.6 Lakhs, with the estimated per month salary ranging from ₹50,850 to ₹ 52,100. The yearly salary starts from ₹2.7 Lakhs and can go as high as ₹15.0 Lakhs as the career progresses. In addition, a business analyst may receive an additional pay or bonus between ₹17,000 to ₹2.03 Lakhs.

Business analytics is a well-paying career path overall. On a cumulative basis, a business analyst can earn more than a software engineer and software developer, whose average annual salaries stand at ₹ 5.3 Lakhs and ₹ 5 Lakhs respectively. However, both IT and business analytics are bankable professions in the long run.

Role and Responsibilities of a Business Analyst

Business analysts work with organizational data to identify problem areas, solutions, and suggest improvements. The role of these professionals is not limited to just analyzing a company’s management structure.

• Their business findings practically impact all the departments of an organization including IT infrastructure, policies, and employee development.
• They work closely with business teams and stakeholders to convey their insights and help implement changes.
• They identify the business goals of a company and devise appropriate management strategies.
• They meticulously analyze data to study what is financially and technologically suitable for the organization.

Business analysts don’t necessarily need to have a background in IT. However, they are expected to possess a basic knowledge of information systems function. Forecasting, budgeting and documentation & reporting are some other essential skills of these people.

Data scientists extract insights from complex data using advanced techniques, while business analysts focus on improving business processes and strategy to enhance operational efficiency. Explore more about their differences here.

Business Analyst Salary Based on Experience

Here is a list of average total pay of a business analyst based (which includes in-hand income, bonus and other salary components) based on experience:

Business Analysts Career Paths and Salaries

Here is a list of all Business Analyst Career paths with their average salary and ranges.

Business Analyst Salary Based on Company

The average salary of business analysts in leading MNCs and startups in India is as follows:

Business Analyst Salary in Top MNCs in India

Business Analyst Salary in Top Startups in India

Business Analyst Salary Based on Location

Business Analyst Salary: Based on Profile

All the modern day business analyst profiles stem from these three types:

Some Popular Business Analyst Profiles in India

Business Analyst Salary: Based on Skills

Some of the topmost skills for business analysts and their salaries are:

Top Skills for Business Analysts

Different skills affect a business analyst’s salary differently. Here are the most trending skills in the market that can take your profile to a higher position:

1. Functional/ Application Design

It refers to the general layout of an entire system, along with its information organization, inputs and outputs, and applicable business rules. A business analyst who knows how to study the existing computer systems, and suggests appropriate updates to the current business technologies can get a salary raise by about 102%.

2. Enterprise Resource Planning

Knowledge of business analytics when combined with knowing how to configure software as per the company needs can increase an individual’s salary by about 50%. There is a high demand for business analysts who are adept in developing and managing ERP programs.

3. Data Modeling

Data modeling implies understanding and analyzing how a company should store, update and manage its data. It is a critical and one of the most in-demand skills and it can increase a business analyst’s average salary by 60%.

4. Project Coordination

Business analysts who are expert in project coordination coordinate teams, analyze project information and help identify the most suitable work packages for the organization. It is a lucrative career skill for analytics professionals and can have a 42% increase on the salary.

5. Machine Learning

AI has revolutionized the domain of business analytics. Exploring data with the help of machine learning allows business analysts to not only find improvement areas but also new organizational aspects with wider scope. No doubt it can help raise the salary by 51%.

6. Business Aptitude

A deep knowledge of business principles associated with accounting, finance, management and employee handling helps a business analyst to figure operational problems and best ways to solve them.

Factors Impacting Business Analyst Salary in India

The salary of a business analyst is calculated by considering major factors like:

1. Education

People who complete degrees in business or analytics related subjects have an edge over others. MBA, and postgraduate diploma in business analytics are some of the most sought after courses for people looking to become a business analyst. Certification courses related to business analysis also show that the candidate possesses a specialized knowledge of the field. For a fresher level candidate, bachelor’s degree in business, computer science or information technology are usually the qualification requirements for a business analyst.

2. Experience

Experienced business analysts are offered better packages because of their command over the concepts and a deep practical knowledge. They also have an idea of how to implement business analytics practices in a company, which is another reason they are paid well.

3. Company

When it comes to business analysis, a large scale company may not always mean a better package. Many startups offer competitive packages to business analysts. The industry to which a firm belongs, be it MNC or SME plays a bigger role in defining how much a professional gets paid. Finance, IT and healthcare companies mostly offer high remunerations to business analysts.

4. Location

The location of the company and the cost of living in that city is one of the most important factors that determine the salary of a business analyst. Business analysts in Pune and Bangalore earn 20% - 25% more than the national average. The salary witnesses a noticeable dip of 2% and 1% in cities like Mumbai and Delhi respectively.

5. Job Profile

Business analytics is a multifaceted domain. Though business analysts primarily assist in analysis and problem-solving, their areas of focus can differ significantly with each role. There are several types of specialist roles these professionals hold, whose salary can differ significantly.

6. Skills

Being updated with the latest industrial trends like SAS BI, predictive analysis and Data-as-a-Service (DAAS) helps in every profession. Business analysts who expand their skill set as per the market needs are paid higher than those with outdated skills. Having only a basic knowledge of the field can also lead to a lower pay.

Business Analyst Salary in Other Countries

Steps to Become a Business Analyst

Education, skills and professional expertise all go hand in hand when trying to find a well-paying role. Some of the crucial steps you need to take to start your career as a business analyst include:

1. Polish your business analytics skills

Enhance your technical competence in the most trending tools and techniques like BI tools, Tableau, SQL and Excel, while improving your soft skills such as communication, leadership and management.

To gain a unique edge, consider learning business analysis methodologies based on your industry of choice. Six Sigma, Agile Business Analysis, and Rational Unified Process are the most trending technologies in the market.

2. Complete a business analyst certification

Earning a certificate course can help broaden your knowledge and make you a more competitive candidate, both at the same time. Here are some of the most popular business analyst certification:

• Certified Analytics Professional (CAP)
• IIBA Entry Certificate in Business Analysis (ECBA)
• IIBA Certified Business Analysis Professional (CBAP)
• IIBA Agile Analysis Certification (AAC)
• IIBA Certification of Competency in Business Analysis (CCBA)

In addition to these, some best job-oriented online courses to consider are Mastering Data Analytics and Breaking into Product Management.

3. Consider getting a degree

Getting a specialization degree in business analytics can definitely be the fast track to reach your career goals. Diploma in Data Analytics, Bachelors/ Masters of Data Science, MBA, and Masters in Data Science and Business Analytics are some of the degrees offered by a few colleges in India. Though a UG/PG degree will not exponentially increase your income, it can give you leverage as some recruiters especially look for these qualifications.

4. Find a suitable business analyst opportunity

Starting with an internship or entry level positions can help build a foundation for more advanced business analyst roles in the future. Search for titles like fresher and entry level business analyst during your job search. You can prepare better for your interviews by checking out articles like Top 30 Business Analyst Interview Questions (2023), and Barclays Interview Experience for Business Analyst.