Do you need specific skills or qualifications?
A variety of UK universities do offer degrees in Business Analytics and Management, or Business Data Analytics, along with post graduate courses covering Business Intelligence, Marketing, Decision Sciences and Big Data. As a relatively new field, most existing business analysts will tend to hold a degree of some sort, but these will tend to have been in a related field such as Business Studies or Computer Science and Technology.
Alternatively, it’s possible to move from an existing career in business or IT, but you’re likely to need several years of relevant experience, along with some formal training, to make the switch to a specialist Business Analyst role.
It may seem like the entry requirements are fairly high to become a freelance Business Analyst, but given that you’ll be potentially be responsible for changing the way large companies and corporations operate, or taking a significant role in the future of smaller businesses, it’s not surprising clients generally need the reassurance of formal qualifications alongside relevant experience.
You’ll need a wide range of skills and experience, but some of the key areas include:
- Written and oral communication.
- Interpersonal and consulting skills.
- Analytical thinking and problem solving.
- Knowledge of business structures.
- Process modelling.
- Organisational skills and an eye for accuracy and detail.
- Understanding cost benefit analysis.
- A good knowledge of networks, databases and relevant technology.
Organisations offering training and certification include the International Institute for Business Analysis, BCS The Chartered Institute for IT, the Project Management Institute, or the International Qualification Board for Business Analysis.
Before investing in any paid courses or training, it’s a good idea to ask existing Business Analysts and potential clients to suggest which certification they feel would have the most value for you in securing projects. You may also want to look at training in related areas, whether that’s to improve your communication and consulting skills, or cover related disciplines which could help you stand out and have a greater impact as a freelance Business Analyst.
For example, knowledge of Marketing, Conversation Rate Optimisation and Multivariate Testing, or specialist knowledge of specific industry sectors.
How much do freelance business analysts typically earn?
There’s relatively limited data available on the average income for freelance business analysts, but the median salary for a full-time role in the UK is around £52,500 (Totaljobs). Entry level positions tend to range between £21,000 to £31,500.
But as a freelancer, your rates will depend on your skills, experience and previous success. If you can potentially save a company millions of pounds, then you’ll be able to set a much higher day rate as a result.
Anecdotally, six figure annual incomes are not unusual for a freelance business analyst with a solid client portfolio.
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