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If you like problem solving and calculations, a master’s degree in business analysis could be your future.
Higher education is an investment that deserves careful research and analysis. That said, with a high industry growth rate and demand for data analytics across industries, enrolling in a masters in business analytics program is a wise move for many. Here’s what you need to know before signing up.
What is Business Analytics?
Every business and organization uses qualitative and quantitative data to make informed decisions. But raw data is not enough. Organizations need someone who is well trained to translate that data and turn it into actionable insights.
Business analytics is the practical application of data to decisions about finance, sales, operations, and management. As our systems and technology become increasingly complex, professionals with a Masters in Business Analytics are essential in helping organizations use innovative analytics and modeling to solve problems.
To be successful in business analysis, you need to balance one foot in the data-driven technical space and the other in practical business application.
Masters in Business Analytics Admission Requirements
Admission requirements for an MSc in Business Analytics are similar to those for other graduate programs. Business analytics is a competitive field that is experiencing growing demand. Check the application dates of the chosen programs and submit your application as soon as possible.
The most common admission requirements for the master’s program include a resume, letters of recommendation, a bachelor’s degree, GMAT or GRE scores, and a personal essay.
For any competitive degree program, admissions officers and faculty look for related experience, an interest in analysis and problem solving, and strong interpersonal skills. Highlight your curiosity, future goals, and collaborative abilities in your essay or personal statement. Previous courses or certifications in data analysis, programming, statistics, and math also don’t hurt.
Each program has its own unique requirements. Be sure to read all the fine print and make sure you meet the criteria and align with the program’s mission and goals.
Courses in a master’s program in business analysis
A Masters in Business Analytics typically takes one or two years, depending on your course load. Each program has its own course titles, descriptions and requirements. However, the basic courses remain similar in all schools.
Statistical models or methods
All business analytics programs offer courses in statistics, ranging from introductory level to more complex modeling and probability.
Business analysts must use advanced level statistics to make accurate forecasts and find new opportunities for their organizations. Statistics courses also teach you how to use and apply tools such as generalized linear models, sampling, and support vector machines.
Optimization methods
Business analytics professionals must not only interpret data, but also determine how to improve their organization’s functions and capabilities. A course in optimization methods provides the information and tools you need to solve problems and discover new methods for a variety of business problems.
Customer Analytics
Many organizations work with clients or customers and use data to improve their business functions. Customer Analytics is a valuable course that teaches learners how to deliver accurate and relevant data while making the data clear and presentable to a lay audience.
Marketing Analytics
A specific subset of business analytics, marketing analytics uses statistics and quantitative analysis to predict customer behavior. This course teaches learners to determine which marketing strategies are most helpful to marketing managers when making informed decisions.
Other courses that are part of a masters in business analysis program include project management, programming, data mining, and financial analysis.
Careers with a Master in Business Analytics
Believe it or not, there are many job options available to you beyond the title of Business Analyst upon graduation. Strong analytical skills are valuable in every industry, from consulting and academia to healthcare and retail. You may find yourself leading a team of analysts or working your way up to a management position.
machine learning engineer
Average annual salary: Machine learning engineers can earn approximately $113,000 per year.
Machine learning is a growing field for professionals with a background in analytics, computer science, or mathematics. These professionals work with computers, robots and other self-automated programs.
Machine learning engineers work with computer scientists to find and use data to help machines learn and perform certain tasks. They also develop automated programs that use machine learning to perform data exploration and interpretation.
Data Architect
Median annual salary: $98,860
Projected growth rate (2020-2030): +8%
If you like to dive into numbers and dive into databases, you may be well suited for a career as a data architect. Data architects work with organizations to create frameworks that manage and store accurate data and create data usage policies. Knowledge of technical language and attention to detail are necessary qualities to succeed in this role.
Data Scientist
Median annual salary: $100,910
Data scientists extract meaningful insights from raw data. They use data-oriented visualization software and programming languages to do this job. These professionals imagine, translate, and report their data findings, and in some cases, they create data reports to detail their findings.
Data scientists can work in computer systems design, business management, scientific and technical consulting management, or scientific research and development, among other industries.
Technical project chef
Average annual salary: Technical project managers can earn approximately $95,300 per year.
Project managers are assets in any industry, often taking titles like IT project manager, marketing project manager, and technical project manager. With an eye for detail and an understanding of data, technical project managers must be able to oversee technical teams, prepare budgets, and apply complex analytics to improve team processes and functionality.
Market analyst
Median annual salary: $63,920
Projected growth rate (2020-2030): +22%
Market research analysts are part of a growing field that combines advanced data analysis and marketing strategy. These analysts conduct quantitative consumer research, study sales trends, and use a variety of tools (from spreadsheets to statistical analysis) to provide insights to stakeholders and marketers.
Frequently Asked Questions About Business Analytics
Is Business Analytics a Good Career?
According to the United States Bureau of Labor Statistics, data and business analytics jobs are growing at an above-average rate. An advanced degree in business analytics opens doors for people who have an aptitude for interpreting complex data and translating it into innovative business practices.
What is the highest paying analytics job?
On average, machine learning engineers earn the highest salaries of all business analytics professionals. That said, salaries vary by organization, industry, location, and level of management.
What do you do in business analysis?
The day-to-day responsibilities of a business analytics professional vary by role and industry. Duties include creating reports for stakeholders, conducting market forecasts to support sales goals, and recommending improvements to internal and external processes.
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