Business Analyst Salary Guide: What to Expect in 2023

Business analysts are in high demand across all industries, and their salaries reflect that. The median salary for a business analyst in the United States is $93,000, according to the Bureau of Labor Statistics. However, salaries can vary depending on experience, location, and industry.

Here is a breakdown of the median salary for business analysts in different industries:

  • Finance and insurance: $99,782
  • Information technology: $98,681
  • Manufacturing: $93,024
  • Professional and business services: $92,091
  • Management and consulting: $91,902

Here is a breakdown of the median salary for business analysts at different experience levels:

  • Entry-level: $73,051
  • Mid-level: $91,983
  • Senior-level: $116,256

Factors that can affect a business analyst’s salary:

  • Experience: Business analysts with more experience typically earn higher salaries.
  • Location: Business analysts in major metropolitan areas typically earn higher salaries than those in rural areas.
  • Industry: Business analysts in certain industries, such as finance and information technology, typically earn higher salaries than those in other industries.
  • Company size: Business analysts at larger companies typically earn higher salaries than those at smaller companies.
  • Education: Business analysts with a master’s degree typically earn higher salaries than those with a bachelor’s degree.

How to increase your business analyst salary:

  • Gain experience: The more experience you have, the more valuable you will be to potential employers, and the higher your salary will be.
  • Get certified: There are a number of business analysis certifications available, such as the Certified Business Analyst Professional (CBAP) and the Certified Business Requirements Analyst (CBRA). Earning a certification can demonstrate your skills and knowledge to potential employers and can lead to a higher salary.
  • Network with other business analysts: Networking with other business analysts is a great way to learn about new job opportunities and to stay up-to-date on the latest trends and developments in the field.
  • Negotiate your salary: When you are offered a job, be sure to negotiate your salary. Do your research to find out what other business analysts with your experience and qualifications are earning. Be prepared to walk away from the job offer if you are not offered a fair salary.

Overall, business analysts are well-paid professionals with high job security. By gaining experience, getting certified, and networking with other business analysts, you can increase your earning potential and build a successful career as a business analyst.