Pay and benefits

The Business Analyst Salary Under the Microscope

January 12 2018 • by Anabel Cossette Civitella

The business analyst salary

According to the 2014 TECHNOCompétences compensation survey, in Quebec the median salary of an intermediate level business analyst is $67,400 and that of a senior analyst is $79,400.

According to somewhat more recent data, business analysts – a profession that comes under “business management consulting service professionals” according to the Institut de la statistique du Québec (ISQ) – get a median salary of $41.20 per hour. This means that half the people holding this job in Quebec earn less than $41.20 and the other half earn more than this amount. From the ISQ data we also note that 25% of people earn less than $34.33 and 25% earn more than $46.67 per hour.¹

In Canada, the salary offered by 735 business analyst job offers posted on the Indeed site was from $60,000 per year. Some 610 jobs were also paid between $80,000 and $150,000 (with a minority being between $100,000 and $150,000).²

A multitude of factors

The business analyst salary paid by employers depend on several factors: the business sector, the size of the business, its location and the social benefits offered (number of paid holidays, vacations, insurance plan, retirement plan, etc.).

And although business analysts are found in many business sectors, they are especially in demand in the IT sector. With a bachelor’s degree, the average annual salary is $68,417 (intermediate) to $83,524 (senior)… a salary very close to the median. The analyst’s speciality counts for less in the overall earnings than his place of work and the conditions offered.³

In addition, “people are surprised when they are asked, ‘how much are you ready to work for’,” says Marie N. Trillot, president of TOTEM, a Montreal personnel placement agency. Yet it’s the cornerstone of equitable compensation. “You do not have to be based on average compensation,” she adds. The recruiter explains that it is first necessary for the worker to be asked what salary he is “comfortable” with, which he thinks is “appropriate”. He can then set his own selection parameters.

For example, take a job in Regina, Saskatchewan. The business analyst salary for a permanent position at SaskTel (the provincially regulated telecommunications company) is $26.65 to $38.27 per hour. No experience is required for the entry salary, and qualifications are a university degree.⁴

In Montreal, the same type of position offered by BNP (an international banking group) to a junior requires five years of experience.⁵ If we compare the jobs offered on the island of Montreal or in Laval, it is common to see a better salary offered in Montreal, due to the higher cost of living.

When the business analyst is employed in the public sector, conditions and wages increase proportionately with the prerequisites. For the municipality of Durham in Ontario, for example, a bachelor’s degree in administration, commerce or IT is required, as well as professional accounting accreditation and various certifications (such as a certificate from the International Institute of Business Analysis). The entry salary is $83,000 and can be negotiated up to $92,000. For someone who would be willing to migrate and work for the government of the Northwest Territories in Yellowknife, the salary goes up significantly, without even considering the remote region bonus of $3,450. In this case as well, noteworthy experience is required, but the salary ranges between $95,589 and $114,134. ⁶

The future of analysts

Junior or senior, financial analysts can expect their employment conditions to improve over the next few years. The finance and insurance sector has seen a significant salary increase over the last ten years.

According to Statistics Canada’s Survey of Employment, Payrolls and Hours, from 2006 to 2016 average weekly earnings (including regular salary, bonuses, commissions and other types of special payments, but excluding overtime) rose from $888.47 to $1,178.85 per week, an increase of 32.6%. In comparison, the consumer price index rose 15.5% over 10 years.⁷

Sources:

Latest articles by Anabel Cossette Civitella

Comments

The Business Analyst Salary Under the Microscope