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In this article, we will look at the 20 highest paying countries for business analysts. We have also discussed the demand and importance of business analysts. If you want to skip our detailed analysis, head straight to the 5 Highest Paying Countries for Business Analysts.
Why Are Business Analysts Important?
By 2025, IDC forecasts a high growth in worldwide data, projecting it to reach a mind-boggling 175 zettabytes, with a 61% increase from the current 33 zettabytes. This exponential increase confirms the monumental challenge of managing such colossal volumes, with data dispersed across three key domains: the core, edge, and endpoints.
IDC’s “Data Age 2025” report, sponsored by Seagate, highlights the transformative impact of this data explosion. Notably, the storage industry is set to ship 42 zettabytes of capacity within the next seven years, while IoT devices are projected to generate 90 zettabytes of data by 2025. With nearly half of this data expected to reside in public cloud environments and around 30% consumed in real-time, the landscape of data management and utilization is undergoing a seismic shift, demanding innovative solutions to navigate this data deluge.
Therefore, in today’s day and age, business analysts are indispensable to modern enterprises as they navigate the ever-expanding sea of data. In 2024, when decision-making heavily relies on data-driven insights, business analysts serve as the linchpin. They translate complex datasets into actionable information, guiding strategic choices that shape the trajectory of organizations. Despite the abundance of data, the challenge lies in extracting meaningful insights efficiently. Here, artificial intelligence (AI) has proven to be a crucial ally, empowering analysts to sift through vast datasets rapidly, identify patterns, and predict future trends.
Moreover, AI democratizes data accessibility, enabling non-analytical stakeholders to comprehend insights effectively. By capitalizing on AI, analysts can focus more on strategic analysis rather than mundane tasks, thus maximizing their potential impact.
In addition, in today’s tumultuous retail landscape, the importance of analytics cannot be overstated. Facing challenges like labor shortages, supply chain disruptions, and the threat of climate change, retailers are turning to data-driven insights for guidance. These analytics come in various forms, from descriptive and diagnostic to predictive and prescriptive, helping retailers understand consumer behavior, manage inventory efficiently, and empower their associates. For instance, by leveraging cloud-based analytics, retailers can optimize inventory placement across hundreds of stores, enhancing sales and customer satisfaction. Additionally, innovative approaches like using AI-powered robots to monitor inventory levels offer practical solutions to the supply-and-demand puzzle. Owing to the growing importance of business analysts, it is also one of the highest paying jobs for the future.
Top Skills for Business Analysts to Learn in 2024
In the 2023, State of Social Media report, we discovered some interetesing findings: 80% of businesses expect a social media budget increase within three years, with 44% predicting a rise of over 50%. 90% emphasize the importance of capitalizing on social data for strategic decision-making. Moreover, 97% recognize the role of AI and ML in efficient data analysis. Leaders are gearing up to harness emerging technologies to maximize social media’s impact. As social platforms evolve into indispensable business tools, adept utilization of data and AI has become paramount for competitive advantage. From these stats, we infer that it is high time business analysts learn machine learning (ML) and artificial intelligence (AI) to harness data-driven insights, predict trends, and optimize business processes. ML and AI empower analysts to extract valuable patterns from vast datasets, enabling informed decision-making and competitive advantage.
To read more about skills in demand, see the most In Demand Skills for Freelancers.
Highest Paying Companies for Business Analysts
NVIDIA Corp (NASDAQ:NVDA) and Meta Platforms Inc (NASDAQ:META) are two of the highest paying companies for business analysts in 2024 with average annual salaries of $171,988 and $169.015 respectively, according to Glassdoor.com.
Speaking on NVIDIA Corp (NASDAQ:NVDA), the company’s ascension to the third most valuable US company has confirmed the growing prominence of artificial intelligence in investment circles. With a market capitalization of $1.8 trillion as of Thursday morning, NVIDIA Corp (NASDAQ:NVDA) has outpaced tech titans like Alphabet, inc (NASDAQ:GOOG) and Amazon.com, Inc (NASDAQ:AMZN) achieving this milestone propelled by a 51% increase in share value year-to-date. This rapid rise has solidified its position behind Microsoft Corp (NASDAQ:MSFT), valued at over $3 trillion, and Apple Inc (NASDAQ:AAPL) at $2.81 trillion. Notably, NVIDIA Corp (NASDAQ:NVDA)’s growth trajectory reflects investor optimism, with projected revenue increases of 120% in fiscal 2024 and another 60% in the following year. Moreover, with continued demand for its chips in the AI sector, NVIDIA Corp (NASDAQ:NVDA) also remains a top performer in the Nasdaq 100 Index.
On the other hand, for Meta Platforms Inc (NASDAQ:META), business analysts play a crucial role in understanding user behavior patterns, such as engagement metrics, demographics, and preferences. For instance, they might analyze user interactions with ads to identify which demographics respond most positively, allowing Meta Platforms Inc (NASDAQ:META) to tailor its advertising strategies accordingly. Additionally, business analysts can evaluate the performance of new features or products by tracking user feedback and usage statistics, helping Meta Platforms Inc (NASDAQ:META) refine its offerings to better meet user needs and preferences.
Furthermore, business analysts at Meta Platforms Inc (NASDAQ:META) are instrumental in identifying emerging trends and opportunities within the digital ecosystem. By analyzing market trends, competitor strategies, and user feedback, they provide valuable insights for product development and innovation. For example, they may analyze user engagement with virtual reality (VR) content to gauge its popularity and potential for growth, informing Meta Platforms Inc (NASDAQ:META)’s investment decisions in VR technology.
A business executive confidently presenting a financial research report to a boardroom.
Our Methodology
To list the highest paying countries for business analysts we identified the countries with the highest demand for business analysts and then made a list for 30 countries with the average salaries for business analysts. Of those 30, the 20 with the highest average salaries were selected and have been ranked. We acquired the data for average salaries of business analysts for each country from the Economic Research Institute (ERI). The list is presented in ascending order.
By the way, Insider Monkey is an investing website that uses a consensus approach to identify the best stock picks of more than 900 hedge funds investing in US stocks. The website tracks the movement of corporate insiders and hedge funds. Our top 10 consensus stock picks of hedge funds outperformed the S&P 500 stock index by more than 140 percentage points over the last 10 years (see the details here). So, if you are looking for the best stock picks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
20. United Arab Emirates
Average Salary: $71,288
Dubai and Abu Dhabi, major business hubs within the UAE, offer a dynamic and rapidly growing economy, with abundant opportunities for professionals in different sectors. The strategic geographical location of the UAE serves as a gateway between East and West, attracting multinational corporations and facilitating diverse business environments. This leads to highly competitive wages for business analysts in the country.
19. Singapore
Average Salary: $71,298
With numerous multinational corporations and financial institutions establishing their regional headquarters in Singapore, there’s a constant need for professionals who can analyze market trends, optimize operations, and drive strategic decision-making. Consequently, the competitive demand for their expertise translates into higher salaries, reflecting the value they bring to organizations like DBS Bank, Singtel, and Temasek Holdings
It is one of the highest paying countries for business analysts in Asia.
18. New Zealand
Average Salary: $72,577
The country’s strong economy, driven by industries like technology, finance, and agriculture, creates demand for skilled professionals. Additionally, New Zealand’s focus on innovation and efficiency drives the need for effective business analysis. Owing to the high work-life balance, it is one of the best countries to work as business analysts.
17. Italy
Average Salary: $72,681
Italy’s strategic location, strong manufacturing sector, and emphasis on craftsmanship have fostered a dynamic business environment. Hence, career opportunities for business analysts are plenty as they help Italian businesses optimize operations, identify growth opportunities, and navigate complex markets. With an average annual salary of $72,681, the country definitely offers a competitive business analyst salary in Europe.
16. Japan
Average Salary: $77,143
Tokyo, being the financial epicenter, attracts excellent candidates for business roles and fosters innovation in sectors like finance, technology, and manufacturing. Major corporations like Toyota, Sony, and Mitsubishi continuously drive demand for skilled business analysts, further confirming Japan’s position as a global hub in this domain.
15. Canada
Average Salary: $80,090
Between 2022-2031, Economists, economic policy researchers, analysts, and Business development officers, marketing researchers, and consultants anticipate 20,400 job openings in the country. Hence, Canada is one of the countries where business analysts are in high demand.
14. Finland
Average Salary: $84,870
Finland offers a conducive environment for business analysts led by companies like Nokia and Rovio, and a strong emphasis on education and research supported by institutions like Aalto University and VTT Technical Research Centre. The country’s advanced digital infrastructure, high-quality healthcare system, and efficient government services enhance the analytical process.
13. Netherlands
Average Salary: $85,163
The Netherlands provides an optimal setting for business analysts due to its dynamic economy buoyed by multinational giants like Philips, Shell, and Unilever. Esteemed academic institutions such as the University of Amsterdam and Erasmus University Rotterdam cultivate skilled workforce in business analytics.
12. United Kingdom
Average Salary: $85,656
The UK offers a fertile ground for business analysts due to its dynamic economic landscape, featuring prominent industries such as finance (e.g., London Stock Exchange), technology (e.g., Silicon Roundabout), and healthcare (e.g., NHS). Major cities like London, Manchester, and Edinburgh host a plethora of corporations, startups, and governmental bodies, creating abundant opportunities for business analysts. It is one of the best countries for business analysis jobs.
11. Australia
Average Salary: $86,472
The demand for ICT Business Analysts in Australia is strong, with 13,500 individuals currently employed in the field. The majority (90%) work full-time, reflecting a high level of commitment. Industries such as Professional, Scientific and Technical Services, Financial and Insurance Services, and Public Administration and Safety are major employers, with a notable presence in Information Media and Telecommunications. Demand is concentrated in capital cities, particularly Melbourne, Sydney, and the Australian Capital Territory.
Australia is also one of the highest paying countries for mechanical engineers.
10. France
Average Salary: $89,579
With an average annual salary of $89,579, France ranks 10th in our list of the top paying countries for business analysts. France offers ample opportunities for professionals to engage with multinational corporations, innovative startups, and established businesses across different sectors.
9. Ireland
Average Salary: $91,720
Ireland has a favorable business climate, low corporate tax rates, and strong government support for innovation that attract numerous companies. Such an environment naturally offers an increasing demand for business analysts.
Ireland is also one of the highest paying countries for data scientists.
8. Austria
Average Salary: $94,365
Vienna, the capital, serves as a hub for multinational corporations and international organizations with ample opportunities for networking and career growth for business analysts. The country has a skilled workforce, advanced infrastructure, and a strong emphasis on innovation, making it an ideal destination for professionals in any field. Business analytics is one of the highest paying english-speaking jobs in Austria.
7. Germany
Average Salary: $95,434
Cities like Berlin, Frankfurt, and Munich are home to several numerous multinational corporations, providing abundant opportunities for career growth in business analysis fields. Moreover, the country’s strong emphasis on education ensures a skilled workforce adept at data analysis and strategic planning. It is one of the top 10 highest paying countries for business analysts.
It is also one of the highest paying countries for software engineers.
6. Norway
Average Salary: $99,364
Norway is one of the highest paying countries for business analysts in Europe. The country offers compelling prospects for business analysts due to its stable economy, high standard of living, and commitment to innovation. Oslo, the capital, serves as a vibrant business hub, attracting international companies across various sectors.
Click here to see the 5 Highest Paying Countries for Business Analysts.
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Disclosure: None. 20 Highest Paying Countries for Business Analysts is originally published on Insider Monkey.
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