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Business analytics is a popular field because of its usefulness in today’s high-tech environment. With so many industries where you can work as a business analyst, there are many opportunities for you to analyze information and present it to businesses to help them. The insights you provide businesses can help them grow, so they need you! Unfortunately, there are many misconceptions about the role of a business analyst. Let’s start to debunk the myths.
Myth #1: A Business Analyst Always Works in an Office
False. Many business analysts work from home. What’s more, you can enjoy this profession as a freelancer rather than a full-time employee for a public or private organization.
When you work remotely, you can complete projects for businesses worldwide, rather than only those who are based locally. From your home office, you can collect information from data using a range of software and easily communicate with businesses who outsource to you via phone, email, and video conferencing tools.
Myth #2: Following, Rather than Leading
Some people look at a business analytics professional’s role as a sort of sheep who follows the processes set in place within organizations. However, these experts are often hired to recommend solutions to issues within businesses, which means they lead change rather than follow others.
By examining data and human interactions, a business analyst can find ways for business owners to improve their operations. Uncovering ways to boost an organization’s efficiency is a key part of a business analysis. As well, you will be a liaison between different departments in an organization and present solutions in written reports and verbal presentations to those who are in management in ways they understand.
Thus, being innovative and a confident leader are important skills. You will hone these skills as a student in a master’s degree in statistics program.
Myth #3: There are Not Many Jobs Out There
Again, untrue. There is a range of masters in statistics jobs to apply for once you have higher education. Along with being a business analyst, you can also look forward to working as a data analyst, statistician, financial risk analyst, marketing analyst, and more.
Achieving a master’s level of education enables you to go higher up the career ladder. Thus, you can secure a higher-paying job than you might have the opportunity to do otherwise. There are positions both for those who want to work from home and those who prefer to work outside of the residence.
Myth #4: Business Analysts are Developers
Not necessarily. Business analysts have a lot of knowledge, but they don’t need to be developers to enjoy a successful career. Instead, what counts the most is that the professional understands the needs of businesses and finds solutions to meet those needs.
While knowledge of technology is certainly an asset, this role does not necessarily require that you write code. Instead, as the name of this job suggests, it is about analyzing a business, from understanding their requirements to functional testing to improve processes.
There are various types of analyses to do, depending on the project. For example, there is process design, which refers to standardizing workflows. There is also strategic planning, which means determining the different needs of a business. Then, after the company makes changes, you can analyze the results of making those alterations.
Myth #5: It’s All about Number Crunching
There are so many other parts of being a business analyst than number crunching. While looking at data certainly is part of the job, it is only one facet.
A business analyst also must have great written and verbal communication skills, as well as terrific time management and the ability to understand what is expected of them on the job. In other words, a combination of soft and hard skills is necessary.
Starting Your Career as a Business Analyst
Gaining the most of your career ahead involves knowing what to expect and what is simply a misconception. Then you can avoid confusion as to what your day job is likely to be like after graduating from a master’s in statistics program. Then you know whether it will be a good fit for you and can look forward to a satisfying career that is long-lasting and earns you a competitive salary.
Among the highlights that you can look forward to, is making a difference in the success of a company through your actions. Being able to help the organization improve efficiency can be an amazing feeling and motivates you to continue to give your all each day.
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