While the role of a business analyst has become imperative in the workplace, the job openings for financial analysts have also gained traction in recent times. As these roles are becoming more popular, many aspirants are wondering — which role suits me the best? Not only in terms of work, but people are also curious about which post offers more growth or more money.
In this article, we will take a look at both these job roles and understand which is the best suited for you.
Both these job roles deal with data analysis — they examine data and use the findings to make recommendations about business decisions. Despite this, both these jobs are significantly different.
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The prime role of a financial analyst is to research, analyze, and interpret financial and accounting information and predict the future performance of the company. They are also responsible for forecasting future revenues and expenditures, as well as modelling capital structure and budgeting.
While on the other hand, a business analyst is a broader domain. A business analyst not only deals with investment-related data but also involves the day-to-day operations of the business such as strategy, business models, processes and workflows, and even technical systems.
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However, that doesn’t make the financial analyst job smaller. It is domain-specific and needs more of a specialist than a generalist — it needs someone who knows money and has a tremendous amount of knowledge of the finance industry.
When we talk about a job role — especially in the field of analytics — growth and the paycheck definitely matter a lot. Professionals from the analytics domain do earn handsome amount of money but not every role has the same figure.
According to a PayScale report which was updated on 5 November 2019, the average salary of a Financial Analyst in India is ₹4,03,285.
The same report also suggests that JPMorgan Chase & Co. is on the side where the average salary of a Financial analyst is ₹7,06,342. While other companies like Accenture and Ernst & Young, pay somewhere around ₹4,53,760 and ₹4,26,922, respectively. Deutsche Bank reportedly pays ₹3,21,500 to their financial analysts.
Now talking about the average salary of a Business analyst, we have already mentioned that it’s a broader domain compared to financial analyst and involves several other business aspects.
For example, let’s take a look at the average salary of a business analyst, IT in India. According to another PayScale report, the average salary of a business analyst, IT is ₹6,10,529. However, the salary varies depending on whether the professional is working directly with a company or working with a service provider that provides analyses services to various companies.
Here is a list of companies with different pay scales for business analyst, IT:
There is another report for business analyst which is Business Analyst (Unspecified Type) and according to this report, the average salary of a Business Analyst (Unspecified Type) in India is ₹5,05,048. And companies like Amazon.com and Novartis are two of the high paying one.
Talking about the growth aspect, both the job roles have seen a significant rise. If you look at the fintech sector, there are a significant number of startups that have emerged and given the data that these startups and existing companies are going to use, the need for skilled financial analysts is definitely going to get high in order to uncover deeper insights into the company’s finances.
Talking about business analytics, this domain will continue to grow. Data will remain as the key driver for organisations and to make the best use of that data to make crucial business decisions, the role of a business analyst is going to be more important. Furthermore, business analysis being a broad domain, these professionals are more likely to make a career in different sectors. It has also been said that the role of a business analyst is much more than requirements or collaboration — a business analyst must be capable enough of taking up different works and jobs, depending on the need of the hour.