Business Analyst, Finance/Banking Salary
Commissions comprise a big part of overall income for Finance & Banking Business Analysts. The median take-home amount in this area is around $62K, and on average, close to one-half of that final number comes from commissions. Total incomes of Finance & Banking Business Analysts incorporate potential for, in a few cases, more than $15K from bonuses and close to $11K from profit sharing; these performance components cause packages to range between $41K and $102K. Compensation for this group is mainly affected by residence, but the company and tenure are influential factors as well. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. Most Finance & Banking Business Analysts report high levels of job satisfaction. Women are just slightly outnumbered, with male Finance & Banking Business Analysts making up 58 percent of survey respondents. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Business Analyst, Finance/Banking
A business analyst is someone who scrutinizes the financial aspects of the business and determines if there are any changes that could be made to make the business more successful. A successful analyst needs a detailed mind that is able to analyze data and come to conclusions based on this data. Based on these conclusions the analyst makes recommendations and changes to improve the business.Read More...
A business analyst requires essentially two overarching goals. One is to be able to gather, analyze and interpret data in areas such as budgets, financial planning and forecasting, and cash flow projections. Secondly, the business analyst must be able to coordinate, organize and direct organizations of projects and processes related to the financial sector of business. They must develop and implement goals and procedures based off of the data that they analyze.
A business analyst will often require a bachelor's degree in accounting, finance or information technologies. They may also have a technical background as a programmer or computer engineer. A successful business analyst must have this background as they draw upon this as the means to be able to interpret the data. However, they must also be able to work with people within the business to design feasible and obtainable goals to improve the business. Thus, they must not only be able to identify the problem but also come up with the solution to fix it.
A business analyst is a job that requires attention to detail and an innovative mind to fix problems. It is mentally stimulating and very fulfilling when they lead the business into the green!
Business Analyst, Finance/Banking Tasks
- Coordinate, organize and direct organization of projects and processes related to the financial sector of the business.
- Develop and implement goals and procedures related to management of financial aspects of the business.
- Gather, analyze and interpret data in areas such as budgets, financial planning and forecasting, cash flow projections, etc.
Common Career Paths for Business Analyst, Finance/Banking
Finance & Banking Business Analysts may experience a large salary bump if they progress into a role such as Management Consultant. The latter position pays an average of $93K annually. Finance & Banking Business Analysts typically move into roles as Senior Financial Analysts or Senior Business Analysts, and those positions pay $14K more and $23K more, respectively.
Business Analyst, Finance/Banking Job Listings
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Popular Employer Salaries for Business Analyst, Finance/Banking
J.P. Morgan Chase & Co. (JPMCC), U.S. Bank, Bank of America Corp. (BOFA), Capital One Financial Corp, and The PNC Financial Services Group, Inc. are leaders in the field that employ a large number of Finance & Banking Business Analysts. Employees of Bank of America Corp. (BOFA) can expect to make the most, with the company offering a median salary of $85K; however, pay is widely dispersed from bottom to top, ranging from $40K to $155K. Capital One Financial Corp, The Bank of New York Mellon Corporation (BNY Mellon), and J.P. Morgan Chase & Co. (JPMCC) also offer top salaries for Finance & Banking Business Analysts. Workers at these firms can expect to earn about $79K, $70K, and $63K, respectively.
U.S. Bank, The Northern Trust Company and Chase Bank are three other employers with a reputation for below-average pay, showing salaries around $53K, $55K, and $60K.
Popular Skills for Business Analyst, Finance/Banking
Survey takers working as Finance & Banking Business Analysts report using a large range of professional skills. Most notably, skills in SAS, Process Improvement, Financial Modeling, and SQL are correlated to pay that is above average, with boosts between 11 percent and 20 percent. Skills that seem to negatively impact pay include Windows Operating System General Use, Document Preparation, and Document Review and Distribution. Those proficient in Microsoft Excel are, more often than not, also skilled in Microsoft Office and Financial Analysis. The majority of those who know Data Analysis also know Financial Analysis and Microsoft Office.
Pay by Experience Level for Business Analyst, Finance/Banking
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. Although individuals who have less than five years' experience earn $58K on average, people with five to 10 years benefit from a notably larger average of $70K. The average pay reported by folks with 10 to 20 years of experience is around $77K. More than 20 years of experience mean a somewhat bigger median paycheck of $82K, but it's not much more than what less experienced people make.
Pay Difference by Location
For those looking to make money, Finance & Banking Business Analysts in San Francisco enjoy an exceptional pay rate, 32 percent above the national average. Finance & Banking Business Analysts will also find cushy salaries in New York (+31 percent), Houston (+20 percent), Seattle (+16 percent), and Los Angeles (+7 percent). Location significantly influences compensation, with Buffalo Finance & Banking Business Analysts earning much less — 28 percent less — than the national average. Pittsburgh and Atlanta are a couple other places where companies are known to pay below the median — salaries are 19 percent lower and 11 percent lower, respectively.