Business Analyst Jobs
A business analyst can also be called a project manager and is usually part of a bank's information technology (IT) department.
The business analyst will need to provide periodic reports to the business unit's management which details the progress of the project. The business analyst must have enough overall knowledge of the project to be able to determine if all of the necessary processes involved are being handled at the right times and appropriately.
The business analyst or project manager will need to work closely with many other people in several departments on a regular basis to see the project through to the end. The business analyst will work as the center of a project team. Other members of the team will often contact the business analyst when they need information or to ask questions.
The business analyst needs to be able to communicate with others to keep the project moving towards completion by the required due date.
This can be a position where the employee is putting in many extra hours to stay on top of his or her projects. Work conditions are usually good, although employees will be tied to a desk and computer throughout the day, so must enjoy that kind of environment.
If you enjoy multitasking, working as a team, pay attention to details, and understand computer technologies and processes, this may be a very good career choice for you.
This is one vocation that is not expected to decrease in demand. As a matter of fact, according to the U.S. Bureau of Labor Statistics, employment of computer analysts in general is expected to increase 20% between 2008 and 2018, much faster than average the rate of growth. Remember, though, this figure is for many types of analysts, and not specifically business analysts in the banking industry.
Business analysts are expected to hold a bachelor's degree in information systems, information systems management, technology, or related field. Certifications in specific IT and project management software are also often required by the employer.
Knowledge, Skills, and Abilities
The business analyst must be knowledgeable of the bank's IT systems, organizational chart, various business units and their functions, and how to manage a project from start to completion. The business analyst must have extensive knowledge of project management methods and software. He or she should also understand each department's function within the bank, and have knowledge of the systems and software each department uses (when managing a project for them).
Since the business analyst will have to keep track of all the project detail and a great deal of data, the business analyst should be a great multi-tasker and a detail-oriented person. The analyst will interact with many people within the various business units of a bank, at different authority levels. Having excellent communication skills is vital to the analyst's success.
Additionally, the analyst should have excellent organizational, analytical, and time management skills.
Some banks look for analysts who can see both the "big picture" and the smallest details when it comes to a project. Other qualities banks may look for include: The ability to present and absorb complex ideas quickly and accurately; the ability to provide solutions to a tight deadline; the ability to work within a large team - sometimes under stress, but always under control; the ability to work independently as well as part of a team; the ability to work effectively as a member of a team; and self-confidence and an authoritative manner without being over bearing.
According to the US Bureau of Labor Statistics, annual income of computer systems analysts was $75,500 in May 2008, with the highest ten percent earning more than $118,440. Computer system analysts perform slightly different roles than the business analyst, but the jobs are very similar and related. However, business analysts may earn somewhat less than computer analysts.
Potential Career Paths
The business analyst has many choices when deciding what career path to take. He or she could choose to get promoted to technical lead or supervisor of other team members. From that position the person could then earn a promotion to manager. Depending on the size of the bank, there may be many layers of management, leading up to executive positions.
The analyst may also choose to take a job with a consulting firm. Some firms offer higher salaries to analysts. Here the analyst could also earn promotions into management positions.
Eventually, if the analyst works at a large bank, he or she could become an executive in the IT arm of the bank.