Does PBA Certification Enhance A Business Analyst Salary?
Holding a PMI-PBA Certification is valuable going by the remuneration standards of business analysts worldwide. Surveys in 2021 reveal the average income of business analysts as per their experience and geographic location. COVID has introduced the trend of remote working. In that case, the country where a business analyst resides will impact his/her salary.
Business Analyst Salaries
Here, is a glimpse of salaries in 2023 that a Certified Professional in Business Analysis is entitled to.
|Business Analyst Salary (in USD)
Depending on the economic status of individual nations, the salary might vary. Overall it belongs to the category of attractive pay irrespective of job markets and industries. Here is a discussion on how PBA Certification holders fared in different countries or continents in 2021.
USA: Business analyst salaries of PBA Certification holders range between USD 121, 364 and 124,096 on average. Individuals with master’s and bachelor’s degrees in business analysis earn USD 109,317 and 101,729, respectively.
Canada: This nation exhibits the scope of employment for PBA-certified individuals in diverse sectors with high priority in the banking sector. Industries related to utilities, healthcare, and energy lie next in terms of recruiting business analysis professionals in large numbers. These sectors fetch employees an average remuneration of USD 117,909. The usual remuneration of a certified individual is USD 115,665.
Australia: USD 138,319 is the remuneration of individuals possessing PBA Certification. Such professionals employed in the government sector receive higher wages than any other job profile holders in the nation. The hike in their salaries by 16% than that of other occupations amounts to USD 160,028.
United Kingdom: IT business analyst finds a special place in this country. IT, banking, and insurance sectors account for a lion’s share of business analysis professionals’ recruitment. Needless to say that a PBA Certification would keep one ahead of others while receiving one’s pay.
Over a decade and above, the remuneration of business analysis professionals has escalated by 22%, which is quite remarkable. This is forecasted to increase with the increasing dependence on technology. For a PBA Certification holder, every project is scope for staying updated with recent business functionalities. This paves an easy way for career advancement, unlike other techno-functional jobs.
What Other Factors Influence The Salary Of Professionals In Business Analysis?
Apart from possessing a PMI-PBA Certification, there are the following factors that improve a business analyst’s salary.
Skill: A business analyst needs to be a multitasker since every area of a business requires his/her expertise. Jobs vary according to the skills one possesses and their suitability to the concerning business department. Professionals having attained a master’s degree in this domain receive a relatively high salary than that business analysis graduates. What to speak of individuals who obtain PBA Certification.
Size of organization: The size of the employer organization is an important factor in determining business analyst salaries. Medium or small enterprises might not need to hire the same number of business analysts as a large organization does. Besides, well-to-do organizations offer higher pay to their employees as compared to their smaller counterparts.
Experience: Not just on-job training but one’s knowledge is also counted while evaluating a business analyst’s experience. Surveys reveal that even at the entry-level, an employee with a master’s degree is offered a greater pay package than one without a degree. Naturally, PBA Certification holders are entitled to more lucrative pay than others with a similar amount of experience.
Entry-level: Entry-level business analyst jobs fetch an alluring remuneration only to those who possess statistics or data-related degrees. Salaries vary according to the level of degree attained. A master’s degree holder is entitled to higher pay than one with a graduate degree in statistics or data domains.
Here lies the significance of PMI-PBA Certification in validating one’s expertise even if one doesn’t have any of these degrees. Entry-level positions are usually the time allotted to professionals to familiarize themselves with the intricacies of the business analysis domain. Obtaining PBA Certification already equips one with that knowledge thereby, increasing one’s salary more than others holding the same position.
Given below are the salaries of the designations within the purview of the entry-level category. From this survey data of May, 2020 individuals can estimate the remuneration they will receive after attaining PBA Certification.
|Information security analyst
|Less than 5
|Less than 5
|Market research analyst
|Computer system analyst
Mid-level business analyst jobs offer USD 67,000 and above as an average salary while it exceeds with increasing experience. Senior-level business analysts shift from their usual roles to managerial positions. Information systems, financial projects, marketing, advertising, or computer systems manager just to name a few.
Salaries vary according to the different professional fields. As of 2020 May, a financial project manager’s salary is around USD 134,180. Individuals with 5 or above years of business analysis experience can opt for this profile. The median salary on average for computer systems or information systems managers is USD 151,150. This also calls for the same number of years of experience.
The level of experience varies from one employer to another in the case of marketing, advertising, or promotions manager. They receive USD 141,490 as remuneration, which further increases for PBA Certification holders.
Given below are the USA locations offering the relatively higher senior-level business analyst salary in 2023.
The above-mentioned data and information are intriguing enough for professionals in business analysis. Attaining PBA Certification is the simplest solution to make employers raise the compensation of business analysts they hire.
Professionals in business analysis arrive at potential business solutions to issues where IT isn’t the answer. On the other hand, they can identify and implement the IT solutions that confirm the organization’s competitive advantage. Naturally, the economic markets treasure them where financial resource wastages are unacceptable because of limited budgets. Certified individuals never fail in delivering the business advantages predicted for business change initiatives.
Training enables individuals to make a fortune from providing expert advice to an organization through its business change life cycle. External consultants are in great demand and are compensated with alluring pay scales. IT systems analysis alongside strategic analysis and definition are at the command of certified professionals. Their value-delivery approach and the ability to work cross-functionally are a sought-after combination. Such individuals rightfully deserve all the appreciation and perks that come along with their job.