Confused about whether to pursue a Master degree in Business analytics?
Or doubtful about the employability rate after the completion of your degree?
Its okay to have such questions in your head before making an informed decision revolving around your education and career.
With the drastic rise in the popularity of courses such as Big Data, Data Science, business analytics etc. More and more students are willing to take a step ahead and consider pursuing their masters in such challenging courses.
If you are someone who is planning to earn a masters degree in Business Analytics or has already completed one and are looking for the job prospects of the same. Then, this article might come handy to you.
What do you mean by Business analytics?
Business analytics is the study and skill involving iterative, methodical exploration of an organization’s data by the tool of statistical analysis. It focusses on developing new insights and understanding of the business performances by the use of statistics.
Business analytics is a newly developed tool bringing revolutionary changes in the functioning of the businesses. So far, it is becoming a necessity in industrial ventures in order to stay in a neck to neck competition with the market. It is highly competitive but extremely fruitful and demanding field of the 21ST century.
However, most people confuse Business Analytics with Data Analytics. Learn about their differences here.
Scope after MS in Business Analytics
One can embark upon various career options after completing a graduate degree in Business analytics but all of them revolve around digging out the data and developing methods for the extraction of the same.
Current Scenario in the industry for a MS in Business Analytics
According to the GMAC survey report in 2018, more than half of all the top participating employers are looking to hire MS Analytics graduates in 2018. The demand is strongest among Asia-Pacific employers, of whom 62 percent plan to hire Master of Analytics graduates in 2018. About half of employers in the US (52%), Europe (50%), and South (Latin) America (47%) plan to make such hires.
A majority of Fortune Global 100, 500, and publicly traded companies have Master of Data/Business Analytics hiring plans. The hiring demand for recent Master of Data/Business Analytics graduates is strongest among the employers in the technology (70%), healthcare (61%), manufacturing (55%), and consulting (54%) industries.
Major job roles are listed below-
1. Business Analyst
As the name suggests, a business analyst is typically a person who analyses an organization or business domain (real or hypothetical) and documents its business or processes or systems, assessing the business model or its integration with technology.
The job role of a business analyst involves acting as a connecting link between the user and the project manager. They handle the task of gathering data, processing and then confirming the final document.
- Conceptual/Critical thinking
- Data Analysis and Modelling
- Business Expertise
- Intellectual Curiosity
- Detailed observation
- Communication Skills
- Reasoning power
The average salary of a business analyst with a graduate degree in the same range is around US $ 94, 881.
2. Quantitative Analyst/ Modeler
A quantitative analyst or a common term uses- Modeler is a person who is an adept in mathematical and statistical methods involving complex calculations and quantitative analysis in order to overcome financial and risk management problems.
A quantitative analyst typically assists a company in making crucial financial decisions. Investment banks, asset managers, hedge funds, private equity firms and insurance companies all employ quantitative analysts, or “quants,” to help them identify profitable investment opportunities and manage risk.
The quantitative analyst is an in-demand job role of the 21st century due to the popularity of electronic trading pertaining to the use complex algorithms and numerical data.
- Advanced mathematics
- Tech savvy
- Time management
- Communication skills
- Critical thinking
- Analytical outlook
- Strong reasoning and prudence
As a quant, you are most likely to work in international banks., hedge funds, Wall Street, consultancies and other tech-oriented business organizations.
The average salary of a quantitative analyst as of August, 2018 is US $110,344. Although the average range varies from $47,000 – $168,00.
3. Data scientist
Data Scientist is an individual who utilizes his mathematical, observational, analytical and programming skills in an organization and assists it in interpretation of large set of data. Then they use information and formulate it to data driven solutions to solve complex business challenges.
Typically, a data scientist carries a bachelor degree in mathematics, statistics, economics or Computer science. They have a wise range of career competencies including: statistics, machine learning, coding, databases, technological reporting.
Since Data Science is a diverse field, the job role is divided into two branches- one focussing on statistical analysis and the other looking after the technical aberrations emphasizing on Computer science.
- Educational qualification
- Intellectual Curiosity
- Business acumen
- Data visualization
- Communication Skills
- Team work
The mean salary for people with a job title as “Data scientist” in their resume is US $120,000 whereas the median salary is $112,000.
Data Scientist (Statistics)
Data Analytical scientist deal with maths, statistics, understanding the trends, solving the complicated data models etc. They deal with numerical calculations and develop mathematical solutions with an algorithm-based approach to overcome the financial challenges. A major task in the job is the data mining and analysing of the data extracted.
- R programming
- Unstructured data
- Apache Spark
Data Scientist, emphasis on Computer Science
Data scientists who mainly focus on Computer Science or Technology are associated with the technical part of the job and acts more as a developer than an analyst. They deal with databases, coding, high-performance computing and parallel processing, and machine learning. Working knowledge of Python, Spark, Scala, and Julia reduces the competition in the job.
- Python Coding
- Hadoop platform
- SQL Database
- Unstructured data
Here is a list of industry in association with the demand of data science and the recent trends on the same.
|For Business schools||For analytical Institute|
|Industry name||% of grads in the industry||Lowest salary||Highest salary||% of grads in industry||Lowest salary||Highest salary|
|Media and entertainment||5%||$55,000||$95,000||0%||n/a||n/a|
The response after pursuing an MS in Business analytics and the in-demand frame for the same in the market is overwhelming. Be it the career scope, employment rate, salary preferences, credibility; all such factors are fitting to make it as a career choice.
So if you imagine a life with a heavy work schedule that requires you to crunch with numbers and manipulate data and you can picture yourself enjoying in determining the solution set in challenging situations and have a solution oriented approach with high level of emotional intelligence , then it is highly recommendable for you to set your feet for an enthralling journey in the data chunk market and give your career a great kickstart!