Business Analysts In Superannuation – Career Options And Salary Guide
The demand for business analysts’s (BA) in superannuation has been and continues to exceed supply. Funds often face a challenging hunt to find BA’s with specific superannuation expertise and or familiarity with superannuation processes and administrative platforms.
BA’s without super know-how can be slow to induct and prone to making mistakes until they are more familiar with industry complexities and nuances. However, BA’s with a superannuation background whether junior or senior, immediately add value because they think like a BA plus they understand super. This ensures the client receives the best possibe outcome delivered by people who actually know what they are doing.
A career as a BA can take many pathways and be stimulating, challenging and rewarding. For some, the journey begins without the intention of becoming a BA as they start off performing an entry-level administration or member service role within a super fund. These roles provide solid product and/or administration knowledge base as well as highlighting first-hand the direct impact their roles have on the customer experience.
For others, the road taken is deliberate and more clearly defined from an early stage having taken on other analytical roles in test, product, research or data environments. These roles provide the opportunity to gain exposure to reviewing operating procedures, reporting on quality indicators and then measuring compliance against regulatory or legislative standards.
The superannuation industry is continuously evolving to meet the expectations of its customers through increased engagement. Funds such as UniSuper, Telstra Super and First State Super are invested in improving customer engagement and have dedicated internal project professionals including BA’s to support change through technology or business process re-engineering.
Funds small and large also access BA’s via specialist superannuation consulting firms such as QMV, IQ Group and Sequential. The advantage is to procure expertise and extra resources for set periods of time without the financial overhead of bringing on BA’s as permanent staff.
If you are thinking about a career as a BA, below is a brief overview of salaries/rates measured against a snapshot of key skills and experience.
Business analyst contractors / consultants (day rate) and permanent staff (annual salary)
Process (improvement) Analyst – up to three years’ experience
$350 – $450 per day or $70K to $100K per annum
Example expected duties:
- Identify and communicate opportunities for process improvements.
- Develop process improvement procedures to improve operational efficiency.
- Perform data gathering, root cause analysis and performance trending to develop appropriate process controls.
Business Analyst – three to seven years’ experience
$450 – $700 day or $100K to $130K per annum
Example expected duties:
- Create project scope, design business and functional requirement specifications and technical specification documents.
- Perform business and system process mapping and analysis.
- Perform gap analysis and systems matrix.
Senior Business Analyst – seven plus years’ experience
$700+ day or $130K per annum
Example expected duties:
- Develop business case for new project initiatives.
- Stakeholder management including the facilitation and participation in workshops and decision making forums.
- Project manage and assist delivery of requirements.
Regards
Chris
Chris Goulas – Associate Director
*Please consider the different hiring conditions associated to salaries when comparing contract versus permanent roles. Salaries can also vary depending on the scope of work and speciality requirements.
Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney. For assistance or further information please telephone our office at +61 3 9095 7157 or submit an online form.
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