January 2024 - Market Summary - Business Analyst jobs

Welcome to our 7th edition of Business Analyst job market summary

A deep dive into the business analyst job market, where we analyse our job openings and trends for the month.

There's a lot of uncertainty in the air, so we're hoping to provide valuable insights and answers to your most pressing questions about state of the business analyst job market.

For that, we will only be using data gathered from job opportunities listed on our site, BusinessAnalyst.com - we're not using any external benchmarks, nor data points.

So, let's dive right in.

Business Analyst job market summary in January, 2024 for the United States

Total number of jobs posted: 106

What were the top 3 industries hiring business analysts?

1. Financial (27)
2. Tech (19)
3. Other (13)

How many years of experience are companies currently looking for?

1. Entry Level Business Analyst, 0 - 3 years of experience (35 jobs)
2. Senior Business Analyst,  3 - 5 years of experience (41)
3. Lead Business Analyst, 5 - 10 years of experience (30)

Are business analysts expected to work remotely, onsite or in hybrid ways of working?

1. Remote (42)
2. Hybrid (37)
3. Onsite (24)
   

What is the average business analyst salary?

• For entry level business analyst, the average salary was $81,300.
• Those looking for a senior business analyst position, the average salary offered was $93,000.
• Lead business analysts, are currently looking at $109,000.

These numbers are probably too abstract, so how about we look at them in a little bit more detail.‍

Entry level business analyst jobs summary (0 - 3 years of experience)

For those who are looking to start as a business analyst, or with couple of years of experience under their belt we have seen 35 open positions available in the US.

Jobs are being listed across industries, with the financial sector being the most prominent one.

When it comes to salaries, the minimum starting salary we've seen was at $42,000, going as high as $150,000 annually

The usual average salaries are in the $70,338 - $92,214 range.

Senior business analyst salary jobs summary (3 - 5 years of experience)

Typically, more experienced analysts will work as senior business analysts - such roles will see you taking ownership of the business processes within your organisation, and usually these roles require between 3-5 years of experience.

We've seen 41 open positions available (39% of jobs posted).

The starting salary is understandably higher than at an entry level, particularly on the "up to" level - starting salary was at $50,000, going as high as $175,000 annually.

Tech companies were most active in their hiring efforts, with 8 senior business analyst opportunities opened each.

The usual average salary is in the $80,574 - $104,931 range.

‍

Lead business analyst salary jobs summary (5 - 10 years of experience)

A lead business analyst is usually a team leadership position that commonly requires at least five years of experience, as such there's usually little bit less opportunities on the market, as these roles don't only require individual performance, but also leadership skills.

We've seen 30 open positions available, at around 28% of all the jobs posted.

The minimum starting salary was at $60,000 and going as high as $220,000 annually.

The usual average salary is in the $91,760 - $125,661 range, with the Tech sector leading the number of job postings opened, with 5 opportunities.

Final thoughts

The trend of offering employees more flexibility, and integrating work from home policies is continuing.

We are seeing almost 77% of the positions allowing for at least a few days of remote working, with 42% of jobs being fully remote.

On the salary note, we can see that the ranges provided leave a lot of room for negotiations. Particularly it shows there's a lot of unknowns when it comes to determining the salary that company is looking to offer, and what the fair market rate for the role actually is.

Next Up:

That's a wrap for our January business analyst market summary report - you can expect the next edition in early March, 2024.

Check out our Business Analyst Salary Guide

We just updated our Business Analyst Salary Guide - it provides the overview of business analyst salaries in various industries - and now also shows a more detailed view on each industry page, with a deep dive into how much entry level, senior and lead business analysts can earn depending on their experience.

Not only that, you can also see business analyst salary ranges for various states across the United States.

So, check it out and see how your business analyst salary compares.

‍