As a Salesforce Business Analyst with 8 years of IT experience, what long-term career path would you recommend – progressing within the business analysis role, transitioning to a developer, or exploring a product owner role? Also, any insights on expected packages in Pune for these roles?

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You can stay couple of more years as BA and then transition to Product owner or manager role.
Ideal salary for 8 YOE in pune will be over 18LPA in pune and 20 LPA in Bangalore for SFDC domain.

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Do we need any certifications specially for Product Owner or how to get a higher salary?

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