Business Analyst Salary Range
The ultimate responsibility of a business analyst is to maximize a client's profit or efficiency. This can be through the procurement of stocks, streamlining operations or rewriting a budget. The U.S. Bureau of Labor Statistics (BLS), a federal government entity that collects and distributes U.S. career information, maintains salary data on three types of business analysts: financial analysts, management analysts and budget analysts.
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Management Analyst Salary
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Management analysts evaluate the structure of a company and devise ways to streamline operations and maximize efficiency and profits. The mean annual salary for the occupation as of May 2008 was $82,920, according to a report by BLS. That average annual salary breaks down to $39.87 per hour. The middle 50 percent of management analysts in the country earned between $54,890 and $99,700. The lowest tenth brought home less than $41,910, and the highest 10 percent earned more than $133,850.
Financial Analyst Salary
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Financial analysts are investment advisers to companies and individuals. They assess clients portfolios and make recommendations on stocks, bonds and other commodities. According to a May 2008 salary report by the BLS, the mean annual salary for financial analysts in the United States was $84,780. That works out to a mean hourly wage of $40.76. The middle 50 percent range was $54,930 through $99,100. The lowest-paid tenth earned less than $43,440, and the highest 10 percent earned upwards of $141,070.
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Budget Analyst Salary
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Budget analysts review and draft budgets for organizations and companies. The goal is to help clients allocate resources in an efficient, profitable manner. The mean annual salary for budget analysts in the United States was $68,140 in May 2008, according to the BLS. That works out to $32.76 hourly. The middle half earned between $52,290 and $82,150, and the lowest-earning 10 percent made less than $42,470. The highest-paid tenth made more than $100,360.
Work Experience
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The earnings of a business analysts generally increase along with work experience. According to an April 2010 salary survey by Payscale, the median expected salary for budget analysts with less than one year of work experience falls between $35,514 and $49,051. That salary range increases to $49,128 through $73,472 for budget analysts with between five and nine years of work experience. Budget analysts with more than 20 years of work experience can expect to bring home between $55,853 and $80,730. The salaries of management and financial analysts also tend to be progressive in nature.
Benefits and Bonuses
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Salaried business analysts are generally entitled to employment benefits at the cost of their employer, according to the BLS. This includes medical and dental plans, paid sick leave and retirement funds. Some analysts who need to travel for work are provided with a company car. Otherwise, they are reimbursed for the use of their personal vehicle. Companies are increasingly issuing smart phones to analysts for business purposes. Outstanding work is commonly awarded with annual bonuses.
Education
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All three career fields require a bachelor's degree, according to the BLS. Common fields of study for aspiring business analysts are finance, statistics, business, economics and accounting. For some business analyst positions, job applicants need a master's degree. Financial analysts often seek a Master in Business Administration (MBA). Many management analysts specialize in a particular field, such as human resources or information technology and hold a postgraduate qualification in that specialty. Regardless of specialty or education level, business analysts regularly take continuing education courses to keep abreast with new developments in their fields.
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References
- U.S. Bureau of Labor Statistics Occupational Employment and Wages, May 2008: Budget Analysts
- U.S. Bureau of Labor Statistics Occupational Employment and Wages, May 2008: Financial Analysts
- U.S. Bureau of Labor Statistics Occupational Employment and Wages, May 2008: Management Analysts
- Payscale: Median Salary by Years Experience
- U.S. Bureau of Labor Statistics Occupational Outlook Handbook, 2010-11 Edition
Resources
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