Written by Michael Feder
Reviewed by Kathryn Uhles, MIS, MSP, Dean, College of Business and IT
Written by Michael Feder
Reviewed by Kathryn Uhles, MIS, MSP, Dean, College of Business and IT
Business analysts are an important part of today’s data-centric world. Professionals in this field focus on different aspects of business operations, from management to accounting to operations. Regardless of where their expertise lies, these professionals play a crucial role in the business world.
Companies rely on data to assess their processes and find areas for improvement. As a result, business analysts are not limited to technical industries. Business analysts work in various sectors, from manufacturing and retail to software development and insurance.
A wide range of specialties in the field also exists. Business intelligence analysts, management analysts and IT business analysts are just a few examples. These specialties require expertise in a specific area, but all analysts need the same analytical and technical skills and understanding of business principles regardless of their focus.
Business analysts are unique in that they are part data scientists and part business advisors. They need to know data analytics to glean applicable insights, and they also need to understand their industry and general economic and business principles. This ensures their business analysis ultimately improves operations and increases profits.
Business analysts can begin their career path in one of several ways. They can enroll in a bachelor’s degree in IT or data science. In addition to a degree program, students may be interested in completing additional professional development or boot camps in data analytics.
For example, a business student or a recent graduate might take a business analytics certificate course to hone their skills and distinguish themselves from other aspiring analysts. Or they can pursue a master’s in data science.
Here’s a look at the degrees that can prepare you for a career in business analytics.
As a business analyst, you need a deep understanding of business principles, so earning a business-related degree can be a helpful first step. It’s possible to learn the specialized skills for this job through elective classes or certification programs that teach computer-related aspects of the profession during intensive, hands-on sessions.
There are different degree options even within the business category, including a bachelor’s in management. Your choice may depend on whether you want to focus on management or operational analytics. Both degree options will give you a solid knowledge of business practices and principles.
Technical skills are essential in most business analyst positions, so you could also benefit from a bachelor’s in computer science. You will learn programming skills to work with databases and analytics software during this program. Languages like R, SQL and Python are important for business analysts. A degree can also help you if you want to become an IT business analyst or an analyst for a tech or software company.
Please note that the Bachelor of Science in Computer Science degree program at University of Phoenix does not include business analyst as a job outcome.
Data and analytics increasingly influence marketing. Business analysts with a marketing degree can specialize in advertising, using their communication skills and knowledge to assess past campaigns, create forecasts for current plans, research markets and consumer trends, and perform research related to the pricing and product releases. Many marketing degree programs will offer courses that teach students how to use analytics software and tools and general communication skills.
Please note that the Bachelor of Science in Business with a Marketing Certificate degree program at University of Phoenix does not include business analyst as a job outcome.
An economics degree can serve you well in a business analyst career because it gives you an understanding of the forces that affect industries. Individuals with a degree in economics will understand factors that influence the pricing of products and services, how to perform industry and competitor research, and how to assess the effects of policies, regulations and taxes on business operations.
Technical skills required for business analytics include knowledge of databases, data analytics and relevant programming languages like R, Python and SQL, according to the International Institute of Business Analysis. Regardless of their employer’s industry, a business analyst also needs to know about data mining techniques, data analytics applications like R and SAS, and data visualization software.
A business analyst also needs to understand the technical requirements of their employer’s industry and their area of specialization. For example, a business analyst who focuses on IT processes will need to understand the nuances of networks, software, hardware, databases and cybersecurity.
Soft skills are also essential for business analysts. Business analysts need to be able to present their findings clearly and understandably, especially to a company’s decision-makers, administrators and executives.
Analytical and problem-solving skills are vital soft skills in this career. A business analyst also needs to be highly organized with regard to research projects and job responsibilities.
Business analysts work in different industries and sectors, but they all have the same goal. They use data to help companies identify areas for improvement and make informed decisions about processes, policies and strategies.
Analysts communicate with business decision-makers to plan analysis projects. After they complete their business analysis, they need to organize and present their findings. They often need to visualize data and translate findings in a way that executives without the same technical expertise can understand.
Depending on the industry, business analyst responsibilities might include pricing, financial forecasts, budget modeling, marketing analysis and assessing the efficiency of business operations.
The field of business analytics has a wide range of salaries. While BLS doesn’t have data specifically for business analysts, it does for related fields, including operations research analysts. As of May 2023, operations analysts earned between $52,930 and $148,920, with a median of $83,640, according to BLS.
As of May 2023, management analysts (another related field) earned between $57,840 and $172,280, with a median of $99,410, according to BLS.
Salary ranges are not specific to students or graduates of University of Phoenix. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. University of Phoenix does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.
BLS projects 10% growth in jobs in management analytics and 23% growth in operations research analysis from 2022 and 2032.
These projections suggest there will likely be new job openings for graduates with a relevant bachelor's degree who have developed the diverse skills necessary to succeed in business analysis.
BLS Occupational Employment Projections, 2022-2032 is published by the U.S. Bureau of Labor Statistics. This data reflects BLS’ projections of national (not local) conditions. These data points are not specific to University of Phoenix students or graduates.
University of Phoenix offers several online business degrees that prepare students with skills necessary for a variety of career paths, whether you’re just getting started or looking to advance your skill set. These include:
A graduate of Johns Hopkins University and its Writing Seminars program and winner of the Stephen A. Dixon Literary Prize, Michael Feder brings an eye for detail and a passion for research to every article he writes. His academic and professional background includes experience in marketing, content development, script writing and SEO. Today, he works as a multimedia specialist at University of Phoenix where he covers a variety of topics ranging from healthcare to IT.
Currently Dean of the College of Business and Information Technology, Kathryn Uhles has served University of Phoenix in a variety of roles since 2006. Prior to joining University of Phoenix, Kathryn taught fifth grade to underprivileged youth in Phoenix.
This article has been vetted by University of Phoenix's editorial advisory committee.
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