Each year, organizations across the globe face astronomical project failure rates, often wasting millions of dollars per failed project. This paper examines the roots of project failure and centers in on the elusive, often undefined role of the business analyst. In response to research showing that many organizations have not set concrete requirements and job descriptions for their business analysts, this paper provides eight essential competencies necessary for success in this job function. It explores the essential skills, knowledge and abilities inherent to each competency and during each stage of a business analyst’s career. The paper concludes with practical tips for using these competencies as guidelines for improving the efficiency of business analysts within your organization