Skilled Business Analysts assist with the implementation and support of business information systems across multiple departments. They identify problems and opportunities within a company and ultimately provide solutions that help achieve the business' goals.
A Business Analyst job description should cover collaborating with financial reporting and IT teams to develop initiatives and strategies that optimise costs and improve internal and external reporting.
Business Analyst duties and responsibilities of the job
Business Analysts conduct market analyses, analysing both product lines and the overall profitability of the business. In addition, they develop and monitor data quality metrics and ensure business data and reporting needs are met. Strong technology, analytical and communication skills are must-have traits.
A Business Analyst job description typically includes:
- Creating a detailed business analysis, outlining problems, opportunities and solutions for a business
- Budgeting and forecasting
- Planning and monitoring
- Financial modelling
- Variance analysis
- Defining business requirements and reporting them back to stakeholders
In addition to performing financial and operational modelling, a Business Analyst is expected to develop new models that underpin sound business decisions. A Business Analyst job description should recognise the streamlining and improving of internal and external reporting. The role should also call for a strong understanding of regulatory and reporting requirements as well as experience in forecasting, budgeting and financial analysis combined with a thorough understanding of key performance indicators.
The end goal is to provide financial insights that help the decision-making process, and align capital and resource allocation within the business budget. The Business Analyst should also drive fresh initiatives for financial planning and business intelligence systems.
Business Analyst job qualifications and requirements
Typically, Business Analysts require a Bachelor degree minimum. Whilst any degree is advantageous, the following subjects are useful as they’re in a similar field:
- Business Studies
- Business Administration
- Information Technology
There are also a number of industry-recognised certificates aspiring Business Analysts can acquire. The International Institute of Business Analysis (IIBA) offers such accreditation.
The core skills of a Business Analyst job description should also include:
- Experience working with senior decision makers
- Strong communication/interpersonal skills
- Proven analytical background
- Advanced Excel skills
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