Business Analyst: What is the cost of hiring?

Why hire a business analyst?

While the need for new staff can affect both your existing team and your bottom line, a business analyst can help:

• Identify business trends based on internal and market data to help with company forecasting
• Develop business plans for internal projects to meet forecasted goals
• Produce reports based on trends to deliver to all company stakeholders

Deciding between a full-time vs freelance business analyst

Both freelance and full-time business analysts have their places in the corporate world. Companies looking for someone to assess their operation and give them one-time advice on how to improve may look into hiring a freelancer. 

Businesses that want to continually improve their processes and systems, however, may want to bring in a full-time analyst. The analyst can consistently assess the company’s business procedures and give advice. They can also track the progress and improvements their advice is causing. A full-time employee would also become accustomed to the company over time, giving them more insight into how to improve it. 

What are the types of business analysts?

There are many kinds of business analysts who specialize in improving specific aspects of businesses. These types include:

• IT business analyst: An IT business analyst is responsible for examining the online systems used by companies and working to improve them. They can also use technology to improve the efficiency of business procedures. 
• Data business analyst: Data business analysts collect a business’s data, organize it and use it to draw conclusions about the business’s performance. They then communicate these conclusions to upper management to improve the company.
• Quantitative business analyst: Business analysts who work with numbers are primarily focused on reducing financial risks in the business and increasing profits. They typically have experience making beneficial investments. 
• Business analyst manager: Business analyst managers supervise a team of business analysts. They’re responsible for training their team, overseeing ongoing education and ensuring work is done properly and efficiently. 

Where to find business analysts

To find the right business analyst for your business, consider trying out a few different recruiting strategies:

• Ask local colleges and universities. Business analysts usually possess degrees in economics, business or mathematics. Local colleges can point you in the direction of promising recent graduates. Make contact with these individuals and set up interviews to see if they fit the position. 
• Search online. Both freelance and full-time business analysts could be advertising their services online. Reach out to any potential candidates to see if they’re interested in the job. 
• Hang help wanted flyers. Posting notices about the job is a tried and true method for attracting quality candidates. 
• Post your job online. Try posting your business analyst job on Indeed to find and attract quality business analyst candidates.

Skills to look for in a great Business Analyst

A great business analyst candidate will have the following skills and attributes as well as work experience that reflects:

• Advanced application of the Microsoft Office Suite
• MySQL and database management skills
• Experience in user testing and project management
• Strong, analytical attention to detail
• Well-versed in presentation styles
• Communication of company goals and needs

Writing a business analyst job description

A thoughtful description is important to finding qualified business analyst candidates. A business analyst job description includes a compelling summary of the role, a detailed list of duties and responsibilities and the required and preferred skills for the position.

When writing your business analyst job description, consider including some or all of the following keywords to improve the visibility of your job posting . These are the most popular search terms leading to clicks on business analyst jobs, according to Indeed data:

• Business analyst
• Data analyst
• Analyst
• Business
• SAP
• SQL
• Business analyst remote
• Remote business analyst
• Data
• Product owner

Interviewing business analyst candidates

Strong candidates for business analyst positions will be confident answering questions regarding:

• Their past ability to take charge of and deliver upon the goals of a project
• Their ability to manage and maintain databases through SQL
• Relevant work experience in testing and project management

Need help coming up with interview questions? See our list of business analyst interview questions for examples (with sample answers).