In 2021, the role of a Business Analyst in Canada saw significant shifts in compensation patterns, reflecting broader market dynamics and the evolving demands of the job market. According to recent salary trends, Business Analysts in Canada have experienced competitive pay increases, driven by a high demand for data-driven decision-making skills across various industries. This trend underscores the critical importance of Business Analysts in guiding strategic business initiatives, making this profession not only lucrative but also essential for companies looking to maintain a competitive edge in a data-centric economy.
Although the US may come up on the top in top in terms of IT and financial services, in North America, Canada does come a close second with its rapidly growing industries in some of its major cities. Canada has great opportunities for Business Analysts in different sectors like oil and gas, consultancy as well as finance, in companies like Deloitte, Telus, Scotiabank, McKinsey & Company, Capital One, National Bank of Canada, Accenture, and more. Departments where Business Analysts can work include–
- Actuarial services
- Administration
- Communications and marketing
- Finance and accounting
- Human resources
- Insurance
- International and cooperative development
- Legal affairs
- Project management
- Risk management
Business Analysts are essential for businesses in Canada to be able to digest the data from internal and external sources and produce useful information that can help companies make data-backed decisions. Business Analysts can also help companies in re-evaluating their internal structure and workflows to ensure the best results while taking on the competition.
Salary trends for Business Analysts
Business Analyst salaries start pretty high at around C$50,000 in Canada. Salary trends in Canada are a little lower than their US counterparts but this is expected since the living costs are also lower. The average salary takes a slight plunge till the 2-3 year mark after which it rises quickly to the 4-5 year experience mark.
It rises again till the 6-10 year mark from there, albeit slightly slower than the previous growth. From the 6-10 year mark onwards, the salary trends falls again, but at a gentle angle. Progression to leadership positions can be the reason why there are no data beyond the 15-year mark.
The Business Analyst salary in Canada varies significantly based on experience, reflecting the expertise and value brought to the role. Entry-level Business Analysts typically earn a moderate starting salary, but as they gain experience and develop specialized skills, their earning potential increases substantially. Recent salary trends indicate that mid-career Business Analysts see a marked rise in compensation, with senior-level professionals commanding top-tier salaries. This progression underscores the critical importance of experience in the business analysis field, as seasoned analysts are better equipped to drive strategic decisions and deliver impactful insights.
Search results for Business Analysts
While the overall job market may have taken a plunge due to Covid, Business Analysts are just as much in demand as before. Search results for job positions of business analysts resulted in more than 70k job posts and these job results were spread across more than 5k companies.
We also found an average of 14 job positions for Business Analysts per company among the top 5k companies in Canada. More than 12k unique job titles were found, having almost 4k unique keywords for skills.
Top skills in demand for Business Analysts
Management and Design have fought it out for the first place in the skills required for job positions of Business Analysts in Canada. But none have come out as a clear winner, and both can be held as equally important for anyone applying for the job position of a Business Analyst in Canada.
Understanding Business Requirments comes at the 3rd position almost uniformly. It is followed by Business Analysis and Project Management. The frequency of occurrence of the last 3 skills are pretty close– this is understandable since these are required in almost all industries and sectors, in order to improve the efficiency of the companies.
Job Types for Business Analysts
Most of the job positions for Business Analysts are in the mid-level section. The numbers add up to about 60% The rest are mostly made up of entry-level opportunities.
Senior-level positions make up just 1-2% of the jobs. The fraction of senior positions are similar to the numbers found in the UK and the USA. The reason is also expected to be similar– business analysts are expected to move on to leadership positions after a few years of work experience. The large mid-level section also proves that progressing from an entry-level position is fairly easy with the right set of skills and work experience.
Top Regions for Business Analyst jobs
Job listings for Business Analysts are highest in Toronto. The figures for this city is more than at least 5-6 times any other; which is not surprising, since it is the financial and corporate capital of the country. It is also home to some of the largest banks in Canada as well as the third-largest stock exchange in North America. Toronto also tops the list of cities when it comes to overall job opportunities in Canada.
Toronto is followed by Montréal, Vancouver, Calgary, and Mississauga. All four have similar job opportunities when it comes to business analyst jobs. Montréal, being the largest city in the country’s Québec province, comes up at the top of these 4 by a comfortable margin. It should be noted here, that since it is in the Québec province, French is the official language here, and not English, unlike the other 4 cities on our list.
Canada and Business Analyst Jobs
As per some reports, Business Analysts are one of the most “in-demand” professionals in the country. The tech industry in Canada is one of its most booming sectors, and before the pandemic set in, it added nearly 60,000 positions in 2019 alone. Although tech jobs were down in 2020 due to Covid, the numbers were still close, at around 55,000. Since Business Analysts are a bridge between the Business and Tech teams, steady growth in the tech and financial sector can indicate new opportunities for those seeking positions as Business Analysts.
For a detailed overview of Business Analyst salary trends in Canada, particularly with respect to experience, sign-up with JobsPikr.
