5 Best Careers in Applied Business Analytics – 2021 Guide
Applied business analytics is a good space for any business-minded person interested in data and analysis. In this field, you work with a lot of data to solve business questions. There are a lot of careers in applied business analytics. We have sampled the top 5 best for anyone looking to get into this field.
1. Business analyst
A business analyst’s path varies. Being one, you should bring business goals together with IT materials together. Business analysts have the following roles in an organization:
- Design and change business systems or IT systems.
- Gather business needs and requirements and provide full documentation of your analysis.
- Plan technical solutions using analytics and data available.
- Document functional designs of the systems.
- Deal with systems and developers to find out the execution of the system.
- Give a hand in the evaluation of the systems and create user manuals for the same systems.
You could increase your qualifications through various methods. Including your BSC in applied business analytics (https://www.gcu.edu/degree-programs/bachelor-science-applied-business-analytics), there are several certifications you can get. These are Certified Business Analysis Professional(CBAP) and Certification of Capability in Business Analytics(CCBA).
The average price for a business analyst as of May 2018 was $85,660 yearly.
2. Financial analyst
Other than business analysis, you could enter into financial analysis. Financial analysts use data to create models for decision support on a financial scale. The roles for a financial analyst in an organization are:
- Reporting any financial performance & prepare regular leadership reviews.
- Using past results in their current analytics to determine decision-making.
- Getting updated with the current trends in the financial sector.
- Working together with departments in accounting to ensure financial reporting.
- Guiding the organization during cost analysis.
- Using data to suggest actions and make a comparative analysis.
- Guiding the organization in improvements using the current trends.
- Fully automating the finance and accounting departments of an organization.
Financial analysts get an average salary of $61,971 per year. You could better or lessen this according to your expert level. Besides a degree in applied business analysis, you could get certificates. The two major certificates are Certified Financial Planner(CFP) and Chartered Financial Analyst(CFA).
3. Data analysts
A career in data analysis positions you out to the world extensively. Data analyst jobs are available in a lot of industries and markets. Most companies use data, which makes it essential to hire a data analyst.
In data analysis, data is used to help employers make decisions in business. Other than that, a data analyst has the following roles:
- Get data for analysis and organize it to do other job responsibilities.
- Compile reports on data and give management information used to make decisions.
- Collaborate with other members in an organization to share data for decision-making.
- Be keen on data patterns to identify data changes that may be hard to spot.
- Start operations to collect data through automated routines.
On average, a data analyst gets $100,354 annually. Nonetheless, this is relative according to your skills. Skills in spreadsheets and data visualization equipment are an added advantage.
4. Project managers
To become a project manager, you need skills in other applied business analytics-related careers. You may be on the path to being a project manager when in any career. Your roles as a project manager include:
- Being in the whole process of a project. That is from the planning to the closure of the project.
- Getting skilled workers required in any project you are managing.
- Coming up with plans for your team.
- Smoothening the execution of the project.
- Directing and overlooking each department’s plans in a project.
- Beware of all factors in your project. These factors include timeframe, resources, and budget.
Almost all industries need project managers. But, the three leading industries requiring project management are Construction and Infrastructure, IT and Business Improvement, and Transformation, bringing an average salary of $65,000-$149,000.
5. Business intelligence
Any person doing applied business analytics can jump into business intelligence. You grasp business processes, data warehouses, and production systems in the business world.
The main role in finding out data about business in an organization. And by business we mean, consumer intake, sales, and output of an organization. This data helps organizations learn new strategies on how they conduct their business.
With a lot of competitive careers in the market, applied business analytics is a great field. Acquiring the needed skills in this field provides a good ground for anyone pursuing it. Regardless, you should increase your skills through certifications and further learning.