Business Analyst Salary by State in U.S.

And demand in the field is only going to grow: Management analyst (another term for business analyst) jobs are expected to grow by 10% between now and 2032, according to the U.S. Bureau of Labor Statistics (BLS), a much faster rate than average for all U.S. occupations.

Therefore, business analysts can earn a handsome salary. We’ll take a closer look at what business analysts earn based on their position, and how to factor in cost of living when evaluating the rewards of doing this job.

How much does a business analyst make?

According to the latest data from the Bureau of Labor Statistics, the average annual salary for business analysts in the United States is $99,410, or $47.80 per hour. Glassdoor gives the average business analyst salary a lower average of $84,278 per year, while additional pay (such as bonuses or stock options) averages $14,711 per year.

“Not everyone gets all the cash from base salary and bonuses, some people just get base salary,” says Jody Thelander, a compensation consultant who has spent more than two decades collecting data from private companies. Salary data.

Business analysts earn the highest annual salary in Massachusetts at $134,350, followed by Wyoming ($126,840), New York ($126,450), Vermont ($125,240) and New Jersey ($122,840 ). This is not surprising considering that New York and Massachusetts rank in the top five most expensive states, and Vermont and New Jersey rank in the top twenty most expensive states. Arguably, business analysts in Wyoming receive the greatest rewards compared to other states, with above-average salaries and a relatively low cost of living.

While these numbers may reflect the market in which you work, it’s important to note that salary depends heavily on factors other than location, such as the type of company, your level and experience, and salary negotiation skills. “Obviously, education comes at a premium, and the more unique the position, the higher the salary,” Thelander added.

Business Analysis vs. Business Intelligence: What’s the Difference?

Business analysis and business acumen may sound similar, but the job responsibilities of each are slightly different. Harvard University’s Business Analytics Program believes on its blog that while business intelligence currently focuses on using data to improve efficiency and performance, business analytics is the practice of using data to predict outcomes and make decisions for the future. Both fields also sometimes dabble in their own sets of tools, programming languages, systems, and frameworks, which means you may need different training depending on which one you prefer.

But overall, companies benefit from having teams and expertise in business analytics and business intelligence.

living cost

A high salary is great, but only if your expenses are not high. This is why places with the highest cost of living tend to pay the most for business analysts. When housing, food, travel, and activities are expensive, income naturally (and ideally) must increase to meet these needs.

According to the latest Cost of Living Index data from the Council for Community and Economic Research (C2ER), the most expensive states and territories in the U.S. are Hawaii, Washington, D.C., Massachusetts, California and New York — home to emerging technology companies and Fortune 500 companies Where strong companies usually reside. In these areas (except Hawaii), business analysts tend to earn over six figures per year.

But business analysts outside these areas can still earn good salaries, with lower-cost-of-living states like Illinois, Alabama and Georgia paying more than $100,000 a year for talent. “We know Miami is hot right now,” Selander said of the demand for technology and data talent, adding, “The Southeast is also quietly growing.”

Business Analyst Salary by State

Here are business analyst salaries in all 50 states and the District of Columbia, as calculated by the U.S. Bureau of Labor Statistics (BLS), and the latest cost of living index for each state and territory as outlined by the Missouri Economic Research and Information Center, based on Data comes from C2ER.

takeout

Overall, business analysts make the most money in Massachusetts, where the cost of living is also quite high, and the least money in Arkansas, at about $77,000 per year. Other higher-cost-of-living states, including Washington, D.C., Washington State, and California, have high salaries for business analysts—about $120,000 per year.

No matter your situation, Thelander emphasizes knowing your worth and fighting for the compensation you deserve. “Find out where you fit into things, understand what the scope is, and then make sure you pursue what you want,” she said.

She added, “It’s worth knowing.”