Top skills needed to apply for Business Analyst jobs in Singapore
The digital revolution has been the driving force behind the growing demand for Business Analysts. With advancements in data science and data capacity, the ability to retrieve large amounts of data becomes more seamless. Many businesses are also evolving, and are pivoting to products that are marketed or distributed via digital platforms or are themselves digital.
The rapid evolution of information technology and the rise of big data have opened the door for multiple types of business analyst jobs in Singapore, and demand for contingent workers as well as contract roles are on the rise.
What does a Business Analyst do?
Business Analysts are your specialists involved in every aspect of the business, from the foundations of laying out the strategy to creating enterprise architecture. Business Analysts play a role in every life cycle within a project. A Business Analyst documents the business process in an organisation and evaluates the business model.
Business Analysts jobs in Singapore catalyse change in organisations by understanding business problems and providing solutions that will maximise its value to its stakeholders.
We spoke to our Contracts Team Manager, Karminder Singh Walia who shared why Business Analysts are growing in demand, as well as top skills which hiring managers are looking out for today.
With this understanding of Business Analyst jobs in Singapore, let’s look at Huxley’s top Business Analyst skills that will help you rise above the competition.
Top Business Analyst skills
Business Analyst jobs in Singapore encompass a wide spectrum of responsibilities. Hence, they’ll need to have strong skill sets that are an amalgam of technical and soft skills.
Soft skills required for Business Analyst jobs in Singapore
- Negotiation and Cost-Benefit Analysis
Business Analysts negotiate at every project phase. At the initial stage of a project, negotiation skills are used to decide what must be included in the project's vision. Business Analysts then use their negotiation skills to determine which requests turn into requirements and their priority levels.
As the project progresses, negotiation skills then play a significant role in deciding the functional design that fulfils the requirements. Additionally, negotiation skills are also used to make technical decisions.
Business Analysts also carry out a cost-benefit analysis to assess the costs and benefits expected in a project. When organisations undertake new projects, Business Analysts will make use of cost-benefit analysis to establish if these projects should be embarked on.
- Firm Decision-Making Skills
The decisions made by a Business Analyst has both a direct and indirect impact on the company. Before deciding, a Business Analyst interprets the problem and finds alternative business approaches.
They should then have the aptitude to test all alternative approaches before making a decision and implementing the solution.
Business Analysts will also take the last call in ensuring that a particular technical design conforms to the discussed business requirements.
- Good Communication and Interpersonal Skills
Whilst this is a straightforward trait for any expert to have, being understood is as important as understanding for Business Analysts. You should have the ability to communicate concisely with stakeholders and clients about the requirements.
A Business Analyst uses communication and interpersonal skills at different phases:
- when a project is being launched
- while collecting requirements
- when collaborating with stakeholders
- while validating the final solution
Business Analysts use verbal and written communication to convey ideas, facts, and opinions to stakeholders. Good communication and interpersonal skills will give confidence to a Business Analyst while facilitating meetings.
Karminder shared that top Business Analysts talent possess “excellent analysis skills with a logical approach to problem solving. They can understand policy, standards, and procedural requirements, whilst having had a hands-on experience in operating model design – people, process, technology, information – and articulate complex ideas in layman-friendly terms. Experience as a Lead Business Analyst, Transformation Lead or similar business change-centric role delivering change in the context of process and regulatory policy standards implementation could be a bonus.”
Technical skills required for Business Analyst jobs in Singapore
- Programming Languages
Business Analysts should have hands-on programming knowledge to perform quicker and better data analysis. Knowledge of R and Python are extremely beneficial. Complex problems can be solved by writing efficient codes.
R and Python comprise several libraries and packages for data wrangling, data manipulation, data visualisation, and analytics. Additionally, a sound understanding of statistical software like SAS and SPSS is recommended.
With the help of the above programming languages, massive data can be analysed and visualised skilfully. Business models can also be created for making business predictions.
- Creation of Reports and Dashboards
Business Analysts must be proficient in using various business intelligence tools for creating reports and dashboards. They are a team that develops general reports and dashboard reports to solve decision-making problems. Sound knowledge of Tableau, QlikView, and Power BI is necessary to make different reports based on business requirements.
- Database and SQL
The next skill every Business Analyst should have is the knowledge of database and SQL. Business Analysts most often work with structured data. To store and process this heavy data, they should have a sound understanding of relational databases like Microsoft SQL Server, MySQL database, Oracle DB, as well as NoSQL databases.
Every Business Analyst must carry hands-on experience with SQL. This will help them access, retrieve, manipulate, and analyse data. They must write and understand data definition and data manipulation commands like create, delete, select, update, insert, etc.
- Microsoft Excel
Excel is one of the oldest yet strongest analytics and reporting tool; Business Analysts use it to perform several calculations, data, and budget analysis to unravel business patterns. They summarise data by creating pivot tables and create different charts using Excel to generate dynamic reports related to a business problem.
Excel is used to create revenue growth models for new products based on recent customer forecasts, plan an editorial calendar, list expenses for products, and create charts to show how close the product is to budget across each category.
Business Analysts can also use Excel to calculate customer discounts based on monthly purchase volume by product. They even summarise customer revenue by product to find areas where there is a need to build stronger customer relationships.
Karminder also added on bonus requirements that can help carve a competitive edge:
- Direct experience working in or consulting for financial institutions is critical;
- Knowledge of banking processes are highly desired;
- Strong prioritisation and organisation skills matched with the ability to manage stress, time, and change effectively;
- Prior experience working in Agile Scrum teams will be advantageous.
He also shared that “Technical knowledge of privacy laws and regulations in the UK (GDPR), Singapore (PDPC) and Hong Kong (PDPO) as a minimum, including the guidelines and recommendations of the respective Privacy Regulators like the UK ICO would be good to have. It will also be beneficial to have experience with application design tools such UML, and even practical working knowledge of automated testing tools Selenium and HP ALM/UFT.”
Business Analyst salary Singapore
An average monthly salary for Business Analysts across Risk, Payments, Corporate Banking, and Compliance domain within contracts and contingency roles can go up to SGD15,000, but this is highly dependent on market, specialisation, seniority, and experience.
A tip from our recruitment team is to be careful about over-valuing the salary component when negotiating an employment contract or when contemplating a career switch. It is essential that you think carefully over the reasons why you may be considering a move, what are the prospects for growth, and the culture of the company you intend on joining. It’s also worth noting that apart from salary packages, there are also other benefits such as stock options which companies can provide to compete for the best business analysts in Singapore.
As Business Analysts tend to juggle no more than two big projects at once, full-time contracting can be a more attractive option than permanent roles in many cases. Due to more stringent regulations in place and the need to keep up with change, demand for Senior Business Analysts across Risk, Payments, Corporate Banking, and Compliance will continue to persist. As such, contract jobs will allow for a faster turn-around time and the ability for financial institutions to engage a more agile and flexible workforce. With the gig economy projected to rise, contract jobs would only continue to be in demand. This will also give Business Analysts an opportunity to gain the experience and exposure in varying projects.
Business Analyst course and Business Analyst certification to take up
- Nanyang Technological University: two-day programme and can be attended by mid or senior-level executives from all industries.
- The Institute of Systems Science at the National University of Singapore (NUS-ISS): One-year full-time and 2-year part-time Master of Technology in Enterprise Business Analyst Courses. After completion of the course, students will be awarded IBM Medal and Best Project prize.
- Ngee Ann Polytechnic: One year course is ideal for professionals working in Logistics, Retail, Finance, and Marketing industries.
- Temasek Polytechnic My SkillsFuture: Diploma in Business Intelligence and Analytics.
Looking for Business Analyst jobs in Singapore?
If you work within the Risk, Payments, Corporate Banking, and Compliance sector or other relevant markets and is a specialist in Business Analysis, please reach out to us via the form below if you’re interested in finding out more about career opportunities you can take, and a dedicated specialist consultant will be in touch with you. Alternatively, check out our latest Business Analysis jobs in Singapore below!