The Business Analyst Job Outlook in 2023
Business analysts are increasingly in demand as organizations turn to data to make key decisions. These job growth predictions prove it.
The future isn’t set in stone, but job outlook analysts try to predict it anyway. To that end, various sources report good, if not tremendous, growth in business analysis. That also includes adjacent positions that use the same skill-set as business analysts.
According to the U.S. Bureau of Labor Statistics (BLS), the country’s most authoritative source for career outlook, business analysts are on track for growth of up to 25% by 2030. It’s a far cry from the country’s 8% average growth expected by 2030.
That’s almost unprecedented growth for a job outside the hugely prominent field of computer science.
More businesses need data analysis than ever before
It’s not a mystery why business analyst positions will expand by double-digit percentages. Now more than ever, businesses rely on data to make crucial decisions. Data determines everything from which products to sell, how much to sell them for, and to whom to sell them.
From small, local businesses to the largest corporations, organizations of all sizes are seeking business analysts for their ability to capture, manage, and interpret large datasets. In the wake of the information age, companies have access to data previously unavailable even 10 years ago. As a result, they need people who can put data in the context of business strategy.
Although much of the job is managing databases to perform descriptive and predictive statistical analysis, the other part of the job is presenting it in an easy-to-understand manner for managers and executives. Therefore, proficiency in data visualization software is essential to the business analyst.
Exploding growth for business analyst positions
The BLS doesn’t specifically track “business analyst” in its list of jobs. The 25% growth prediction refers to operation research analysts, a similar position with an inclination toward improving internal operations through data analysis. That 25% growth prediction is the upper range of the overall expectation.
However, the BLS also predicts a bright future for other job positions that share responsibilities with business analysts. For example, market research analyst is another analogous position — it focuses on using data to spot trends, synthesize consumer data, and provide recommendations on sales strategy. Growth for this position will be as high as 22% by 2030.
Finally, other closely related positions, such as budget and management analysts, will likely grow by 5% and 14%, respectively, by 2030.
As always, it’s worth taking forecasts with a grain of salt. Still, whether you choose sales and operations or budget and management analysis, you can expect the demand for business analysts to keep trending upward.
Business analyst skills are transferable
One of the reasons why the BLS doesn’t feature a “business analyst” listing is that it can have different meanings.
As you already saw, roles such as market analyst and operations research analyst have different responsibilities but use the same base skill-set. What that means for you, the prospective business analyst, is that you’re not tied to one specific job title. Instead, you can apply business analysis skills to various positions, giving you the luxury of flexibility in the business analyst job market.
A good way to look at it is that the skills you learn from a program like Dataquest’s Business Analyst path are a solid foundation. For example, a marketing manager job requires marketing experience, but depending on the employer, the job can rely heavily on marketing research. A likely scenario would involve the following:
- Collecting customer information through surveys
- Gathering insights from data sources
- Analyzing the data to forecast consumer intent
- Presenting the information in a visual package
If that sounds like what a business analyst’s job, that’s because it is. The only exception is the explicit focus on marketing above other business departments.
When you can apply business analyst skills in other jobs, the chances of finding a job are considerably in your favor.
Become a business analyst in approximately six months
Demand for business analysts is high, and the demand is only likely to increase. With the prospects for business analysts looking so promising in the years to come, now’s a great time to get your foot in the door. How one does that depends on availability and financial circumstances.
A college degree program, which would take three years at the very least, is a route many take, but there are equally good and more affordable alternatives to consider. Dataquest’s Business Analyst path is one of those alternatives, which you can finish in as few as six months — or longer, if you need it.
At an in-person institution, you’ll spend 10 to 15 hours a week attending class — double that when you include homework. However, Dataquest’s Business Analyst path moves at your own pace, requiring no more than 10 hours of your time per week. That means you don’t have to worry about cramming before an exam or taking extra time out of your busy schedule to finish homework.
Whether you take your time or power through and finish in six months, the Business Analyst Data path adjusts to your schedule. It’s never the other way around.
