Business Analyst Contracts: Everything You Need to Know
A contract business analyst is an integral aspect of the development and growth of businesses large and small. Common in today's technology-dependent society, contract business analysts, and business analysts who are qualified for this line of work, are employed in a variety of fields and industries.3 min read
A contract business analyst is an integral aspect of the development and growth of businesses large and small. Common in today's technology-dependent society, contract business analysts, and business analysts who are qualified for this line of work, are employed in a variety of fields and industries. Businesses like financial and insurance institutions, telecommunication and internet service providers, governments, and universities are often seek out the expertise of contract business analysts.
Responsibilities of a Contract Business Analyst
Contract Business Analysts usually bring a wealth of knowledge, expertise, and experience to a company's business operations by implementing technological improvements. In addition to their impressive technical skills and certifications, business analysts also bring exceptional interpersonal, communication, and analytical skills to their work.
The role of a contract business analyst will vary depending on the industry, client, and project. Companies often bring contractors or consultants on board to work on short-term projects and to provide skills and expertise that the in-house team lacks. Some responsibilities of a contract business analyst include:
- Determining the actual needs of the organization and its customers or clients
- Advising senior management
- Interpreting and analyzing data/systems
- Finding areas for improvement
- Creating new technological solutions
- Support the integration and testing of new processes
- Providing staff training of the systems implemented
Benefits of Contracting as a Business Analyst
Contracting as a business analyst has many benefits over working in a permanent position. Not only do you have control over the type projects, the volume, and the duration of the projects you work on, but you also have more leverage to negotiate contract terms. Having your choice of projects can also improve and build upon your experience and skillset.
Another great benefit of working as a contractor is financial gains. A contract business analyst can expect to be paid between $51,000 and $96,000, with an average salary of $70,170, or between $18 and $40 per hour.
Challenges to Business Analyst Contracting
There are three primary challenges that prevent business analysts from exploring a career as a contractor.
1. Overcoming your fears – Many business analysts fear going out on their own for many reasons, including:
- Underestimating their experience - It's not the amount of experience you have that matters, but the quality of the experience gained. Contract business analyst positions begin at the entry level and go up to the executive level. Your ability to fill the specific need of the company will get you hired, not how many jobs or years you've worked.
- Uncertain job market – companies tend to trim the workforce when times get tough. To respond to the reduction in employees, many businesses hire contractors because they bring expertise without the additional employment-related costs like benefits.
- Being limited to contracting in the future – many business analysts believe that contracting will make them less attractive to employers when they decide to pursue permanent employment options. The opposite is true. By contracting, you gain a variety of experiences and a diverse skill set that is highly attractive to employers seeking to hire for the long term.
2. Looking for the perfect contract – Searching for a contract business analyst position differs from a traditional job search. Lead by recruiters, the application process is shorter with more emphasis placed on the strength of your resume. Consider your goals, the skills you possess, your level of expertise, and the areas in which want to grow or improve. Utilize job boards, online employment sites, and networking events to discover available positions or positions that will soon be available.
3. Securing the job – To get that dream position, you must sell yourself. Your resume must highlight your specific experience, skills, and certifications that fit the precise position or need of the company. However, it's not the only thing you should focus on. A great resume gets you in the door, but your personality gets you the job. Be sure to invest in yourself by working on your public speaking skills, purchasing appropriate work attire, and taking additional trainings or certifications to improve your skillset.
If you're looking for some legal advice before you pursue a career as a contract business analyst or need assistance reviewing a contract agreement, post your legal need or job on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.