The job market for Business Analysts (BAs) has witnessed notable shifts from June to October, reflecting seasonal trends, economic factors, and perhaps changing corporate demands for analytical roles. This blog delves into the specific data, analyzing the weekly fluctuations, and providing a percentage-based breakdown of these changes.
1. June: A Peak in Hiring Demand
In June, the Business Analyst job market displayed a strong hiring trend, with a total of 556 job openings recorded over the four weeks. This period marked the highest demand for BAs across the months observed.
- In the first week of June (1-7 June), 125 jobs were posted. This number increased by 21.6% in the second week (7-14 June), rising to 152.
- However, the demand dipped slightly in the third week (15-21 June) to 132, a 13.2% decrease from the previous week.
- The month concluded with 147 job postings (22-28 June), marking a 11.3% increase over the third week.
By the end of June, the average weekly demand for Business Analysts was 139 job postings, signifying robust activity in the job market.
2. July: Gradual Decline in Opportunities
In July, there was a noticeable decline in job opportunities compared to June, with a total of 503 job postings, reflecting a 9.5% drop from June’s total.
- The first week of July (2-6 July) started with 124 postings, a 15.6% decline from the last week of June.
- The second week (6-12 July) saw a slight recovery to 137 jobs, an increase of 10.5%.
- The third week (13-19 July) saw a decrease to 119, a 13.1% drop, followed by 123 jobs posted in the final week (20-26 July), which was a modest 3.3% increase from the previous week.
Overall, July witnessed a steady decline in demand, averaging 126 job postings per week. This drop suggests possible seasonal factors or shifts in business priorities during the summer months.
3. August: A Sharp Drop in Demand
August saw the steepest decline in the demand for Business Analysts, with a total of 419 job postings, marking a significant 16.7% decrease from July.
- The first week of August (27 July – 2 Aug) started with 114 job postings, down by 7.3% from the final week of July.
- This trend continued into the second week (3-9 Aug) with 95 jobs, a sharp 16.7% drop from the first week.
- There was a minor recovery in the third week (12-18 Aug) with 99 jobs, a 4.2% increase from the second week.
- The final week of August (17-23 Aug) saw a moderate rise to 111 postings, reflecting a 12.1% increase.
Despite the slight recovery toward the end of the month, August’s average weekly postings were 104.75, indicating a clear cooling off of the job market.
4. September: Continued Decline but Stabilizing Trends
In September, the downward trend persisted but at a slower pace, with a total of 389 job postings, representing a 7.2% decline from August.
- The first week of September (24-30 Sep) saw 133 job postings, a promising increase compared to the final week of August.
- The second week (31 Aug – 6 Sep) recorded 124 jobs, an 6.7% drop from the previous week.
- In the third week (7-13 Sep), the number of jobs remained stable at 132, a 6.4% increase.
- The final week of September (14-20 Oct) saw 128 postings, a 3% decrease.
The slight stabilization in September, with an average of 129.25 job postings per week, may suggest a potential plateau in the demand for BAs after the significant declines of July and August.
5. October: Signs of Recovery
As we enter October, there are early signs that the job market for Business Analysts may be rebounding. The data for the last two weeks in October (23-29 Oct and 30-6 Oct) shows a slight recovery trend, with job postings reaching 129 and 112, respectively. While the data for October is still incomplete, it suggests a potential stabilization or recovery in demand.
Salary FluctuationsÂ
Below is a breakdown of the salary fluctuations based on more than 1000 job postings that has been posted in last 30 days.
- Hourly Rates: The hourly rates for Business Analysts typically ranged between $46.07 and $54.99, with most of these positions being in full-time or temporary roles.
- Monthly Salaries: In one case, a Business Systems Analyst role offered $6,430 per month, which translates to an approximate annual salary of $77,160.
- Annual Salaries: Full-time roles often listed annual salary ranges from $60,000 to $111,700, with some Business Intelligence Analysts being offered between $82,450 and $86,603 per year.
The average salary for the roles that provided clear salary information was around $75,000 – $85,000 per year, reflecting a healthy demand for qualified Business Analysts in the market.
Certifications That Enhance Job Prospects
Certifications play a pivotal role in enhancing a candidate’s profile. The following certifications are frequently mentioned in job postings:
- Certified Business Analysis Professional (CBAP): One of the most recognized certifications for Business Analysts.
- PMI Professional in Business Analysis (PMI-PBA): Employers value this certification for candidates involved in complex projects.
- Agile Certified Practitioner (PMI-ACP): With many organizations adopting Agile methodologies, this certification is in high demand.
- Six Sigma Certifications: For roles that emphasize process improvement, Six Sigma Green Belt or Black Belt certifications are highly regarded.
Location-Based Insights
The geographical distribution of jobs shows that opportunities for Business Analysts are widespread, though certain regions seem to have higher concentrations:
- Toronto, ON: A significant number of postings are from Toronto, which is Canada’s financial hub. This suggests that organizations in finance, banking, and technology sectors are actively hiring.
- North Vancouver, BC: Vancouver has a growing technology ecosystem, and there is strong demand for analysts to support businesses in this region.
- Calgary, AB: Calgary remains a key location for energy and resource-based companies, where Business Analysts are in demand to help optimize operations.
- Montreal, QC: As one of Canada’s major cities, Montreal offers opportunities, especially for bilingual analysts.
However, as October suggests signs of recovery, it will be interesting to observe if this upward trend continues into the final quarter of the year. Business Analysts remain crucial in driving data-driven decision-making, and while short-term fluctuations are evident, the long-term demand for this role appears resilient.
Companies seeking Business Analysts should be aware of these trends and consider adapting their hiring strategies to align with market dynamics. Similarly, professionals in the field should remain vigilant and adaptable to the shifting job market, as opportunities continue to emerge and evolve.