Domain expertise is generally acquired over a period by being in the “business” of doing things. For example,

●      A banking associate gains knowledge of various types of accounts that a customer (individual and business) can operate along with detailed business process flow.

●      An insurance sales representative can understand the various stages involved in procuring of an Insurance policy.

●      A marketing analyst has more chances of understanding the key stakeholders and business processes involved in a Customer Relationship Management system.

●      A Business Analyst involved in capital markets project is supposed to have subject matter expertise and strong knowledge of Equities, Fixed Income and Derivatives. Also, he is expected to have handled back office, front office, practical exposure in applying risk management models.

●      A Healthcare Business Analyst is required to have basic understanding of US Healthcare Financial and Utilization metrics, Technical experience and understanding of EDI 837/835/834, HIPAA guidelines, ICD codification – 9/10 and CPT codes, LOINC, SNOMED knowledge.

Some business analysts acquire domain knowledge by testing business applications and working with the business users. They create a conducive learning environment though their interpersonal and analytical skills. In some cases, they supplement their domain knowledge with a few domain certifications offered by AICPCU/IIA and LOMA in the field of Insurance and financial services. There are other institutes that offer certification in other domains.