Josiah Pradhan, finance lead, Europe, at One HSBC, explains the qualities you'll need to succeed in this position – and why it's a role worth striving for.
The role of a business analyst may vary from company to company, but in each case the main task is to provide information that helps senior managers to make key decisions. Business analysts need to differentiate between financial reporting and management information. It's crucial not to get too bogged down in reconciling numbers to the nth degree, so you shouldn't be afraid of forecasting. For example, if a forecast is 90 per cent right but timely, it will add more value than 100 per cent accurate data provided 10 days later.
The ability to communicate effectively is also vital. You must ensure that all stakeholders understand the information you're providing – and that they trust you to give them the right information at the right time. Indeed, softer skills are just as important as your grasp of the numbers.
I joined HSBC in 2007 as a senior business analyst in the bank's European management information function. The role included analysing financial data and drawing out the key messages from it. Senior managers don't have much time, so giving them clear summaries by month, by quarter and so on – without any waffle – is crucial. There is nothing more boring than looking through tables of numbers, so the judicious use of graphs and other visual tools to highlight trends is also important.
Business analysts should avoid spending too much time looking at the past. You need to give insights about where the business is heading and its progress towards targets. You'll also have to check out what the competition is doing and provide useful comparators. This is probably the most difficult aspect of the job, but also perhaps the most valuable to senior decision-makers.
If you aspire to become a business analyst, try to build up as wide a commercial knowledge as possible and be inquisitive. Don't assume anything.
The CIMA qualification is a great preparation for the business analyst role because it doesn't focus on one area, such as financial accounting, alone. It gives you a wider perspective on the relationship between the numbers and the rest of the business – and an understanding of the commercial stories behind the numbers. You'll find that you'll be applying what you've learnt from CIMA, either directly or indirectly, on a daily basis.
The role of a business analyst may vary from company to company, but in each case the main task is to provide information that helps senior managers to make key decisions. Business analysts need to differentiate between financial reporting and management information. It's crucial not to get too bogged down in reconciling numbers to the nth degree, so you shouldn't be afraid of forecasting. For example, if a forecast is 90 per cent right but timely, it will add more value than 100 per cent accurate data provided 10 days later.
The ability to communicate effectively is also vital. You must ensure that all stakeholders understand the information you're providing – and that they trust you to give them the right information at the right time. Indeed, softer skills are just as important as your grasp of the numbers.
I joined HSBC in 2007 as a senior business analyst in the bank's European management information function. The role included analysing financial data and drawing out the key messages from it. Senior managers don't have much time, so giving them clear summaries by month, by quarter and so on – without any waffle – is crucial. There is nothing more boring than looking through tables of numbers, so the judicious use of graphs and other visual tools to highlight trends is also important.
Business analysts should avoid spending too much time looking at the past. You need to give insights about where the business is heading and its progress towards targets. You'll also have to check out what the competition is doing and provide useful comparators. This is probably the most difficult aspect of the job, but also perhaps the most valuable to senior decision-makers.
If you aspire to become a business analyst, try to build up as wide a commercial knowledge as possible and be inquisitive. Don't assume anything.
The CIMA qualification is a great preparation for the business analyst role because it doesn't focus on one area, such as financial accounting, alone. It gives you a wider perspective on the relationship between the numbers and the rest of the business – and an understanding of the commercial stories behind the numbers. You'll find that you'll be applying what you've learnt from CIMA, either directly or indirectly, on a daily basis.
http://www.fm-magazine.com/study-centre/job-month/job-month-business-analyst
The Article ends but a new debate starts "What does a Business Analyst do?"
As per The International Institute of Business Analysis (IIBA)
"a liaison among stakeholders in order to understand the structure, policies, and operations of an organization, and to recommend solutions that enable the organization to achieve its goals."
There are certain factors the BA job undertakes
Strategic Planning: The analysis of the organization's strategic business needs. it involves economic / market analysis & best possible moves for long term survival of organization.
Operational Analysis & Process Re-engineering: The definition and analysis of the organization's policies, the business process re-engineering, that best fits the organization in terms of resources & fulfills the organizational needs in best possible manner.
Technology Analysis: It involves the analysis of technology that firms & supports the Organization Strategy & Operations. It involved networks, ERP selection & implementation.
There is another question "What traits a Business Analyst profession need?"
There are several things that count not all of them are written.
Passion: The person wants to join the career of BA must be passionate enough as its quite a challenging kind of job. If a person likes challenges its for him.
Analytical Skills: Analytical skills are mandatory for a Business Analyst, as that's what a BA doing, Analyzing, foreseeing, anticipating, concluding.
Aptitude towards learning: One most important quality that matters is the aptitude towards learning as BA job is not a repetitive clerical kind of job. Every time you face different challenges & learning & research is the only tool help you cope with these challenges.
Qualification: An aspirant BA must have at least a good sixteen years of education in Business Administration, Engineering, Software as per the industry you wish to choose. Remember the qualification requirement vary industry to industry.
Besides that there are few popular internationally accepted BA certifications that help to excel & groom the professionals already at mid level e.g.
Communication Skills: Along with analytical skills a BA must be proficient enough in verbal & communication, as it requires lots of communication in requirements gathering, discussions, debates.
Problem Solving & Decision making Skills: The problem solving skills refer to a mental process of a human being where it first identifies the problem out of very complex scenario, assess its impact, design its solution. the BA requires such skills. For example we have had experienced many people around us even in our locality that if they any problem is discussed with them they possibly find best solution out of it while some people further complicate the scenario.
Besides such stuff another question arises "how to jump into the market?"
The trend of hiring business analysts is not popular in Pakistan, truly speaking its not that easy for a new bee to easily jump into Pakistani job Market, at least not in 2011-12 scenario because there are only small number of Management & IT consulting firms in Pakistan that hire "Management Trainees" than simultaneously upgrade the positions. Remember the qualification requirement vary industry to industry.
There are several things that count not all of them are written.
Passion: The person wants to join the career of BA must be passionate enough as its quite a challenging kind of job. If a person likes challenges its for him.
Analytical Skills: Analytical skills are mandatory for a Business Analyst, as that's what a BA doing, Analyzing, foreseeing, anticipating, concluding.
Aptitude towards learning: One most important quality that matters is the aptitude towards learning as BA job is not a repetitive clerical kind of job. Every time you face different challenges & learning & research is the only tool help you cope with these challenges.
Qualification: An aspirant BA must have at least a good sixteen years of education in Business Administration, Engineering, Software as per the industry you wish to choose. Remember the qualification requirement vary industry to industry.
Besides that there are few popular internationally accepted BA certifications that help to excel & groom the professionals already at mid level e.g.
- Certified Business Analysis Professional (CBAP) by International Institute of Business Analysis (IIBA)
- Certified Software Business Analyst (CSBA), industry specific
Communication Skills: Along with analytical skills a BA must be proficient enough in verbal & communication, as it requires lots of communication in requirements gathering, discussions, debates.
Problem Solving & Decision making Skills: The problem solving skills refer to a mental process of a human being where it first identifies the problem out of very complex scenario, assess its impact, design its solution. the BA requires such skills. For example we have had experienced many people around us even in our locality that if they any problem is discussed with them they possibly find best solution out of it while some people further complicate the scenario.
Besides such stuff another question arises "how to jump into the market?"
The trend of hiring business analysts is not popular in Pakistan, truly speaking its not that easy for a new bee to easily jump into Pakistani job Market, at least not in 2011-12 scenario because there are only small number of Management & IT consulting firms in Pakistan that hire "Management Trainees" than simultaneously upgrade the positions. Remember the qualification requirement vary industry to industry.
Unfortunately, only few number of large MNCs & Local firms hire Business Analyst with qualification in Engineering, Business Administration, Accountancy at initial career level. The purpose is to help them assess the process flaws & streamline their operations. These roles include fields of production operations, quality management, sales & marketing research, management accounting, cost analysis.
There is a great need of Software Business Analysts in the software industry. The Software Consulting firms consider mandatory the appointment of Business Analyst for software development teams, their major responsibility is requirement elicitation, understanding & validating the client needs, business process mapping, transmitting the Business Knowledge to developers. The Qualification requirement for these role is Computer Science/IT Graduate or An MBA with major in MIS.
Hopefully with the passage of time Business Analysis profession will grow in Pakistan. This article is composed with the intention to provide basic idea of BA profession to the new bees, I hope it be helpful.
The Article was written by an Alumni of Federal Urdu University of Arts, Science & Technology, currently working in a local Management & IT Consulting firm at mid career level.
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