There are many flavours of business analysis and Business Analyst can opt for any one of the flavours depending on his/her academic and professional background.
Followings are some of the career paths a Business can opt for:
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Operations Head - Business Strategy Analyst who analyses the business need by analysing their current products, services, process and operations, and recommends solution (with or without IT) to improve the business.
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Enterprise or Business Architect - A Business Analyst starting a career as a Business analyst, and moving towards lead Business analyst, and a role of heading Business Analysis activities as an enterprise or Business Architect in an organisations.
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CTO: In rare cases this is also a possibility for a business analyst if the person comes from technology background. He will have to work through many technology roles such as in-chrage of IT projects and overall technology in non-IT company to reach to CTO role.
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COO: The natural goal could be chief operating officer or Head - Business Change. Business Analyst moves upward from managing project to program to operations or change.
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Product Owner - Business Analyst working in a IT company specialised in product development can becomes Product owner/manager through a BA path.
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Practice Head - In-charge of projects with similar domain in an non-IT company and establish the process and standards for Business Analysis activities such as creating “Centre of Excellence” for Business Analysis.
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Program Manager - Business Analyst from technical background can become an in-charge of projects from same domain in an IT company.
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Delivery Head - Business Analyst from technical background who is in-charge of delivery of project or IT services in an IT company having same or different domain.
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Management Consultant -A Business Analyst starting with Jr consultant, create a path towards Consultant, senior consultant and management consultant.