Market Statistics
In 2023 we saw the numbers of Business Analysts fall consistently through the year, with a larger drop at the end of the year and especially in permanent roles.
But we’ve already seen more roles come online in January 2024 and we expect this to continue as many businesses are planning out larger scale projects for the year ahead.
We are expecting numbers to rebound heading further into 2024 for both the permanent and contract markets.
Salary / Rates Information
With the drop in overall numbers of Business Analyst roles, we’ve also seen a reduction in the average salaries as demand has dropped to around the same values as in 2022.
The average salary for a Business Analyst is at £55k, and for most BAs salaries sit between £45k and £65k. Senior/Lead BAs may find salaries to be slightly higher.
In contrast to the reductions we’ve seen in salaries for permanent roles contract rates have remained in a steady place, even as demand has fallen. There has been a slight increase over the last few months leading to an average day rate of £525.
As demand for BAs increases in 2024, we’ll likely see consistent increases in the day rates for contract Business Analysts.
Trends
Developing your core analytical skills, soft skills, and picking up experience in new tools will always help you to stand out from the crowd. What else should you look out for?
Changes in IT
We’ve seen changes to the way IT teams are structured and expect to see
more in the near future with the evolving landscapes of AI, big data, and
cybersecurity.
Adapting to these new developing areas of IT will be important and learning
about how new roles associated with these areas interact with other areas
of an IT team will be useful.
AI + Machine Learning
Taking the time to build your understanding of Gen AI, Machine Learning, and
languages like R and Python will put you in a good position. Understanding why
an AI model is making the decisions it is can make it easier to interpret results,
and explain to stakeholders.
Data
There’s more data available than ever, and a big challenge for the future is
managing and interpreting more and more data. Whether that’s creating tools
or processes to let people analyse their own data, or updating the use of
visualisation tools to provide more informative visuals.
Cloud
Lots of businesses are continuing with moving to cloud-based platforms to
manage a variety of business processes. Understanding the best ways to
implement these platforms to increase collaboration, and reduce costs, will be
useful knowledge for Business Analysts.
Hybrid Working
Hybrid working is the preferred working style for Business Analysts, for the vast majority of new roles that come onto the market. Onsite roles are increasing slightly but the trend is towards hybrid.
The majority of new roles for Business Analysts expect 3 days a week in the office. There are some roles with 1 or 2 days a week but these make up a small minority.
Top Locations
The largest northern tech hubs continue to offer the most Business Analyst opportunities with Manchester and Leeds leading the pack. The surrounding counties to these major cities are also seeing good numbers of BA roles.
Contact
To request more specific information about the market or to talk to us about your next role, get in touch via our contact form, send us an email, or give us a call.
Contact Form – 4itrecruitment.co.uk/contact/
Phone – 0113 259 0949
Email – tom.shuttleworth@4itrecruitment.co.uk
For information about roles we are actively recruiting for, click here to head to our jobs page.