Moving from Business Analyst to Domain SME

If you are planning to switch from a BA role to a domain SME, the first step that should come to your mind is understanding the role, its responsibilities, the skills and expertise required to carry out the tasks, and most importantly, the function of the role.

A business analyst is responsible for the beginning, middle, and end deliverables of a project. Additionally, they are in charge of activities such as project mapping, business cases, use cases, scope assessment, risk assessment, and business process documentation. On the other hand, a domain SME is an individual who possesses extensive knowledge and expertise in a specific industry or field.

In this article, we will explore the exciting journey of transitioning from a BA to a domain SME, understanding the role and responsibilities of a Domain SME, exploring their salary potential, and discovering the strategic approach to becoming a sought-after expert in your chosen field.

Who is a Domain SME: Role and Responsibilities

An SME is a specialist with in-depth knowledge of a particular technology, field, material, manufacturing process, or machine. They've received years of formal education in their particular area, and typically hold advanced degrees. SMEs have a long history of employment in their sector.

SMEs know how to apply their expertise to projects and challenges in the real world in addition to their education and experience. SMEs are frequently chosen as employees by top executives within a corporation, although they can also be hourly independent contractors.

Here are some roles and responsibilities of a domain SME:

• A Domain SME possesses extensive knowledge and understanding of their industry or field. They stay abreast of industry trends, emerging technologies, and best practices, enabling them to provide up-to-date insights and recommendations.
• Domain SMEs actively participate in gathering, analyzing, and documenting business requirements specific to their industry. They work closely with stakeholders to understand their needs, translate them into comprehensive requirements, and ensure that project outcomes align with industry-specific objectives.
• SMEs serve as a go-to resource for stakeholders and project teams, offering subject matter guidance and expertise. They provide clarifications, answer questions, and assist in resolving domain-specific challenges throughout the project lifecycle.
• Domain SMEs collaborate with various stakeholders, including business owners, project managers, and technical teams. They actively participate in meetings, workshops, and discussions to ensure alignment between business objectives and technical implementation.
• SMEs are responsible for sharing their expertise with others within the organization. They develop and deliver training sessions, workshops, and documentation to educate stakeholders, project teams, and end-users on industry-specific concepts, processes, and best practices.
• Domain SMEs constantly seek opportunities to improve processes, enhance efficiency, and drive innovation within their industry. They stay updated on market trends, emerging technologies, and regulatory changes to provide recommendations for process optimization and industry advancements.
• Domain SMEs work closely with Business Analysts to ensure accurate interpretation and translation of business requirements. They collaborate in reviewing functional specifications, validating solutions against industry standards, and providing valuable insights to BAs throughout the analysis process.

The salary of Domain SME

Determining the exact salary of a Domain Subject Matter Expert (SME) can vary depending on several factors such as industry, experience, geographic location, and the organization's size. Here is a salary structure as per different locations:

• As per Ambitionbox, the salary structure for a domain SME in India is ₹ 5.7 lakh per annum.
• According to Indeed, the average salary of a domain SME in the USA is $116,247 per annum.

A strategic approach to becoming a Domain SME

Becoming a Domain Subject Matter Expert (SME) requires a strategic approach and continuous learning in your chosen field. Here are the steps to help you on your journey to becoming a Domain SME:

Step I. Choose an area of expertise

You can become a domain expert in banking, financial services, insurance, healthcare, travel, and supply chain. The idea is to choose a domain, where IT projects are in good numbers for long-term stability. BFSI and US Healthcare are safe choices

Step II. Learn the basics of the domain

Acquire a foundational understanding of the chosen domain by studying its key concepts, processes, and industry-specific terminology. Utilize online resources, industry publications, and relevant training programs to gain knowledge about the domain.

Attend webinars, workshops, and conferences to stay updated on emerging trends and best practices. Building a strong knowledge base is crucial for becoming a credible SME.

Step III. Find an organization or project, where you can work on projects of this domain

Seek opportunities within an organization or project that allows you to work on projects specific to your chosen domain. Look for roles or assignments that align with your career aspirations and provide exposure to the industry you want to specialize in.

Joining such projects will help you gain practical experience, collaborate with domain experts, and deepen your understanding of the subject matter.

Step IV. Continue to learn the domain for a few years

Consistently invest in expanding your domain knowledge. Stay up to date with industry news, research, and developments. Engage in continuous learning through professional certifications, workshops, and advanced training programs.

Actively participate in industry forums, online communities, and networking events to connect with other professionals and share insights. Continual learning will enhance your expertise and keep you relevant in a rapidly evolving domain.

Step V. You can always consider lateral movements for salary raise and better opportunity

To advance your career as a Domain SME, explore opportunities for lateral movements within your organization or across different companies. Consider roles that offer increased responsibilities, exposure to different projects, and potential salary raises.

Look for positions that allow you to apply your domain expertise while expanding your skill set in areas such as leadership, project management, or strategic planning. Embrace new challenges to continually grow as a Domain SME.

To further enhance your knowledge and expertise, we recommend checking out our informative blogs Fundamentals of Banking Domain and Fundamentals of Insurance Domain.

Conclusion

Transitioning from a Business Analyst to a Domain Subject Matter Expert (SME) is an exciting journey that offers new horizons and opportunities for professional growth. By diving deeper into a specific industry or domain, professionals can become invaluable assets within their organizations, leveraging their specialized knowledge to drive success.

If you are aspiring to become a Domain SME in the banking domain, we recommend considering the Business Analyst Banking Domain Training course offered by Techcanvass. This comprehensive course is designed to equip professionals with the knowledge and skills required to excel in the banking industry.

From understanding banking products and processes to mastering key concepts and techniques used by banking business analysts, this course provides a solid foundation for a successful career as a Domain SME in the banking domain.

To learn how you can accelerate your transition from a BA to a Domain SME in the banking industry, enroll today!