Healthcare Business Analyst Salary
Healthcare Business Analyst Salary – Written by: LN Mishra, CBAP, CBDA, AAC & CCA Published on: March 2, 2021 12:00:00 AM
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Healthcare Business Analyst Salary
Business Analyst Salary Business analyst salaries are determined by various factors such as location, qualifications, experience level, and job specialization. For example, the average BA salary in the Asian region is not as high as the average salary in North America. Analysts in the UK who specialize in data processing may receive better compensation. Compensation also depends on the company you work for. Many top analytics companies that specialize in Risk and Market Analytics profiles typically tend to pay higher entry-level salaries. While many consulting and service firms may pay you a lower base compensation, they make up for it by offering a hefty bonus at the end of the year. IIBA conducted its annual salary survey for 2020 with 5491 participants from across 129 countries. The main factors considered when conducting the study are age, education, work experience, salary, career development, certification, maturity level of business analysis, agile approach, digital transformation, and cyber security. It reports that there is active growth in agile, product ownership, data analytics, digital, cyber security and other areas of work that fall under the practice of business analytics. The survey reported an average global salary of $72,228 for women and $66,305 for men, with the global salary for women being 9% more than that of men. The majority of respondents were under the 25-35 age bracket, with 40% being female, 59% male, and 1% non-binary. 40% of respondents held a bachelor’s degree, 35% had a master’s degree, and the rest held an associate’s degree, with only 2% having a Ph.D. With the age group of respondents leaning towards the younger side, around 80% have worked as full-time business analysts. A majority of 46% with 2-10 years of work experience were employed. Countries such as the United States, Australia and the United Kingdom that have a high average salary package ($94,343), mostly employ BAs with a minimum of 10.5 years of work experience. Career opportunities as a business analyst are many, with some major specializations such as data analyst, information security, IT, quantitative analysis. Therefore, BA has many job options making business analyst one of the most sought after jobs. Nearly 80% of global survey respondents work in the private sector, while the rest are divided among educational, government and non-profit organizations. The top industries hiring business analysts are IT, healthcare, banking and transportation, with all of these sectors providing a global average salary of $82,100. Worldwide average salary range for business analysts based on experience: Entry Level: $40,000 to $70,000 Mid-Career: $55,000 to $95,000 Experienced: $70,000 – $150,000 BA average salary comparison by country: Let’s take an in-depth look at the regional salaries and benefits of BAs in the US, Australia, Canada, and the UK, which have higher average salaries compared to other countries: US: The United States has an average BA salary of $104,502 (in US dollars USD) Average salary by gender: Female – $102,979 USD, Male – $107,210 USD. Average salary by education level: Bachelor’s Degree – $101,135 to $101,729 USD, Master’s Degree – $105,729 to $109,317 USD BAs holding certifications have a higher salary grade of $121,364 to $124,096 USD. In the US, BAs mostly work for the financial, consulting, pharmaceutical and IT industries. BAs working for consulting / professional services earn around $146,982, which is 41% more than the national average salary. CANADA: Canada has an average BA salary of $108,090 CAD (in Canadian dollars CAD) Average salary by gender: Female – $97,620 CAD, Male – $115,520 CAD Average salary by education level: Bachelor’s Degree – $85,517 to $91,643 CAD, Master’s Degree- $102,637 to $110,402 CAD. Certified BAs have a higher salary grade of $87,886 to $115,665 CAD In Canada, BAs are in the highest demand in the banking sector. The highest paying industries are energy and utilities and healthcare. BAs working in the energy and utility industry earn around $153,693 CAD, 42% more than the national average salary. Around 54% of BAs are interested in moving into a product owner analysis role. 70% of BAs in Canada work for the private sector. AUSTRALIA: Australia has an average BA salary of $137,681 (in Australian AUD) Average salary by gender: Female – $137,668 AUD, Male – $139,274 AUD Average salary by education level: Bachelor’s Degree – $127,321 to $129, 263 AUD, Master’s degree – $133, 611 to $148, 146 AUD BAs holding certifications have a higher salary grade of $102, 225 to $138, 319 AUD In Australia, BAs working for information technology, finance and government sectors have which is challenging due to strong job growth and high demand in this field. Analysts working in the government sector earn around $160,028, which is 16% higher than the national average salary. Around 47% of BAs are interested in moving to product analytics. UK: The United Kingdom has an average BA salary of £74,923 GBP (in British Pounds Sterling) Average salary by gender: Female – £66,991 GBP, Male – £80,182 GBP Average salary by education level: Bachelor’s Degree – £68,905 to £70,491 GBP, Masters – £64,949 to £97,243 GBP BAs holding certifications have a higher basic salary grade of £75,064 In the UK, the top sector in which BAs work is industry insurance, banking and IT. Analysts working for the government sector earn around £129,439 GBP, which is 72% higher than the national average salary. Analysts working for the education sector earn about £85,910 GBP. BAs working in cyber security across the US, Canada, the UK and Australia mostly specialize in risk management, compliance knowledge and disaster recovery. BAs in these countries demonstrate problem solving, critical thinking, decision making and other agile skills. BA practices agile approaches such as Scrum, Scaled Agile, Lean and Kanban, and DevOps. How business analyst salaries have changed over the years Over the past decade, due to digitization, there has been a huge growth and reform in business, which has led to the need for robust business models and strategic planning. This has resulted in a boom in demand for business analysts, making them part of every business and organization. According to 2010 survey statistics, the average salary of a business analyst in the United States was $82,493, which is 22% less than today’s average salary. The average salary of a business analyst worldwide is around $58,000, which is 21% less than today’s salary. To know about the future of business analysts, we need to understand how business analysts contribute to business performance and economic growth. As humans rely on advanced technology to make our lives easier, the need for more complex systems continues to increase. We live in a technology-driven era where businesses depend on ever-changing industry trends and need BAs to facilitate iterative decision-making. For example, without BA, companies cannot prepare comprehensive documents using technical teams that can implement features. Business analyst is a techno-functional job, meaning there is always a new business function to learn along with the project you are working on, making career advancement in that field very easy compared to other technical jobs like IT or software development. Furthermore, the BA role requires soft skills and a conscious response to business needs in a volatile market, so it has no threat from technological advances. About 90% of business analyst jobs require no more than a bachelor’s degree. Although certification is not a factor mentioned in many open positions, obtaining certification increases employment opportunities such as fair remuneration and promotion. Around 60% benefit from gaining accreditation within the first six months of employment and the rest within a year. The IIBA survey showed that BAs holding at least one certification earned 13% more than non-certified respondents. IIBA’s core certifications, such as CBAP, CCBA & ECBA, cover the fundamental knowledge and competencies a business analyst needs to possess. It is based on work experience and individual skill sets and recognizes career development as you gain work experience and take on wider project responsibilities. Further Reading- Jobs That Open Doors to a Great BA Career Everything You Need to Know About the Business Analyst Profession Everything You Need to Write the Perfect Business Analyst Resume A business analyst works to identify problems and find opportunities for businesses to improve processes, products, and services. Their responsibilities include creating models for business decision making, budgeting, forecasting, developing plans and monitoring business performance against key performance indicators (KPIs). KPIs are measurements used to assess whether and how businesses are meeting their key business objectives.
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