MS in Business Analytics – Everything you need to know for Fall 2019
Data is everywhere.
The world is in constant creation and processing of data.
From the price of your toothpaste till the number of syllables in you lullabies, everything is data.
According to a recent study conducted by EMC Digital Universe, by the end of the year 2020, nearly 14.6 GB of new data will be created for every single person on the face of the earth. This is nearly equivalent to the size of 13 blu-ray movies. Phew! That sure is huge!
Fine. Lots of data is created, big deal!
So what next?
What follows after the creation is a simple two-stage process.
The first stage is to efficiently process the huge chunk of data, which is where Data Analysis comes to play. Data Analysis aims at incorporating statistical practices to organize and interpret data. It gives information which can be put to use in various ways.So like some wise guy once stated,
With great quantity of data comes a greater responsibility to process them.
Then comes the second stage of the process – Using the processed data in business. Business decisions are taken based on deep analysis of this processed data. This information is then used to build business models and devise strategies for better growth.
What is Business Analytics?
Business Analytics is the use of relevant data to develop, maintain and solve complex business problems. It entails using the data from the past trends & patterns of your business to gain better insights and devise a plan to drive future decisions for your business.
Business analytics focuses primarily on using quantitative and statistical approach to a business problem. It requires an individual to have data quality sense, a good business understanding and have a data-driven decision capability.
In simpler terms, if you’re excited by data & you’re interested in using various technologies & practices to build a business empire, then Business Analytics is for you.
Why you should go for MS in Business Analytics
Like we discussed in the beginning, the world is in need of experts to process the large chunks of the generated data. Top Companies and Institutions are on the lookout for talented and ambitious Business Analysts. It is one of the shortest time course for an in-demand job. And by demand, what do I exactly mean?
Let ‘s get numerical!
If such is the demand in the US alone, imagine the need for skilled Business Analysts across the globe.
With a risk of being responded by a dozen of sighs, let me put forth a famous quote, yet again.
With great demand comes greater Salary packages.
The pay scale is quite high for candidates who possess a Masters in Business Analytics, with an average salary being $ 80,800.
There are various roles that you can adorn after your MS in BA. Market Research analysts, Statistician, Financial Analyst, being few of the many. We’ll discuss more on this further.
Do you know the even better part of choosing this domain?
Business Analysts jobs are predicted to increase by 20% by 2020 according to US Bureau of Labour Statistics. So the job opportunities for Business Analysts has begun and it will continue to grow over the years.
Who should opt for a Masters in Business Analytics
With enough being said about the need, importance and growth of Business Analytics, its time we discuss who should take up this course.
- Aspirants who wish to pursue a successful career in the Business domain
- Students who are research-oriented and is driven by an analytical approach to problems
- Students with good Analytical and Data Interpretation skills
- Professionals and core engineering students who are seeking long-term goals in the business sector.
An MS in BA enables you to incorporate your technological skills with your business understanding and knowledge. Even an Arts graduate can opt for this Master’s specialization after the completion of an MBA.
The admission eligibility for masters in Business Analytics varies based on the requirements of different universities. The mandatory eligibility criteria asked by top universities are mentioned below:
- Applicants are required to have an educational qualification of 16 years and to have completed their Undergraduate Program.
- Applicants with three-year undergraduate degrees will be considered for admission based on a holistic review.
- An undergraduate Grade-Point Average (GPA) of 3.0 for either all 4 years or for the last 2 years
- GMAT or GRE scores: The score criteria for these tests vary for each university. It is advisable to target a good score as it increases your chances of getting an admit from a top university.
- English Proficiency documents: TOEFL and IELTS score requirements vary depending on the universities. Here again, a good score will help you boost your profile.
- Knowledge of calculus is asked for in many universities. Students who have not completed an undergraduate calculus course may satisfy the prerequisite by completing Quantitative Foundations in Business.
- In some colleges, students pursuing the Master of Science in Business Analytics degree program are required to fulfill one semester credit hour of Professional Development course or equivalent.
Difference between Business Analytics & Data Science
Business Analytics is a booming field and is offered in top universities and business school across various countries. Here is the list of the top schools in USA that specializes in an MS in Business Analytics
Source: University Website
Job Opportunities in the USA
Though you may have come to a fair understanding of the importance of business analytics, you might also be wondering what the other job titles are after you MS in the same.
Here is a list of the various job roles along with their median pay, the job outlook for the particular job over the years.
P.S: Information on the state-wise distribution of the employment is also provided.
If you were confused about taking up your MS in Business analytics, I hope this blog has helped solve your concerns and doubts. A Masters in Business Analytics can shape you to become a business professional and come up innovative strategies, all the while being paid a hefty salary. The scope of career for Business Analysts is high across the globe, thus enabling you to work in your dream city, whatever it be.
Having doubts regarding Business Analytics?
Post your comments below and get them clarified!