Over the last two years at Futureheads, I have actively spoken to, worked with, and placed a broad range of Business Analysts. To kick off 2017, I wanted to share a salary survey and general observations with BA community and employers.
The salaries and rates below are based on roles and conversations I have had with business analysts and businesses. Rates/Salaries vary widely depending on the sector – charities and digital agencies tending to be at the lower end of the banding and financial services clients being at the top. Government agencies are continuing to actively hire within this space and tend to pay relatively well.
It is also worth noting one company’s Lead could be considered another’s Mid-weight but hopefully should give you a good overview of the market.
- Mid-weight - £350 – 450 a day
- Senior - £425 – 550 a day
- Lead - £475 – 600 a day
- Junior - £25,000 – 35,000
- Mid-weight – £35,000 - 55,000
- Senior - £50,000 – 70,000
- Lead/Manager/Head of Business Analysis - £65,000 – 90,000
The number of contract business analyst roles available on the market seems to have reduced over the last six months. This could be due to spending cuts and Brexit concerns but I believe is more likely due to digital teams becoming more product focused. Product Analysts or Hybrid Business Analyst/Product Owner roles are becoming more common place.
Business Analysts play a key role within the IT and digital space. The demand for talented individuals who can ensure information is shared in the right way with different stakeholder groups is not decreasing – just changing.
- Communication over documentation: There has been a heavy focus on communication rather than extensive documentation when it comes to finding the right business analyst. This has been happening for a while but becoming more prominent especially when it comes to persuading stakeholders to embark on business or digital transformations.
- Visuals and collaboration tools over big business requirement documentation: Continuing from the previous point, visual modelling and real-time collaboration tools experience are increasingly important. Why spend time updating heavy text-based documents when you can spend more time with stakeholders?
- Business Strategy: There has been a focus on moving away from just delivering project on time and to budget. Constant optimisation of business strategy to ensure business value has taken over.
- Product Owners vs Business Analysts vs Hybrids: Product driven teams are becoming the norm. More companies are hiring Product Owners rather than Business Analysts. Many Business Analysts have transitioned over into these roles but it is common to see hybrids – there are many reasons for this including – the company might still be transitioning from a traditional model, budget constraints to hire two people, businesses not fully aware of what is required or want user and systems focus.
- Digital or Business Transformation: Experience within business change or digital transformation will put you ahead of the field when it comes to applying for a job. Companies need to be adaptable to be successful particularly when it comes to digital. Previous experience supporting cultural and organisational changes will only be beneficial to business analysts seeking new roles in 2017.
If you want to discuss any of the observations I made, or are looking for the next step in your career then contact me.