MBA In Business Analytics
A Masters of business administration (MBA) is a post-graduate business program and commonly sets the graduate well over those with just their undergraduate degrees. Several reputed schools and colleges offer MBA programs, which usually last from 12 months to two years.
While MBA aspirants can concentrate on one of the core subjects of the program, such as management or finance, several MBA programs allow candidates to generate interest in distinct industries. For instance, an MBA student can graduate in sports management, entrepreneurship, the entertainment business, or healthcare management. Also, in management specialisation, MBA programs may allow an interest in information technology, hospitality, education, or criminal justice. Unfortunately, few MBA programs partner up with several professional healthcare programs, like nursing schools, to provide joint degrees.
What is An MBA in Business Analytics?
Business Analytics is a study of data by statistical and operations analysis, the development of predictive models, applications applied for optimising techniques, etc. It uses analytical tools for business development. The MBA in business analytics syllabus constitutes Computer simulation, optimisation, statistics, decision analysis, artificial intelligence, data mining and visualisation, predictive modelling, marketing, supply chain, applications in finance, etc. A business analyst analyses an organisation and concocts all the reports evaluating the form or alliance with the technology. Therefore, it involves a large amount of core syllabus in primary industry sectors such as accounting, finance, and marketing.
An MBA in business analytics for working professionals can be very beneficial. First, working can assist you in achieving professional status. Second, it can help you expand your career horizons by improving your knowledge, comprehension, and experience. Third, the practical application of what one learns enhances experiential learning. Finally, simultaneous learning and application encourages self-learning and helps professionals become more comfortable with new abilities and practises. One of the most appealing characteristics of an MBA in business analytics for working professionals is the flexibility to work around your schedule. The majority of distance or online MBA programmes can readily be tailored to fit the needs of working professionals.
One can study full-time MBA in Busines analytics or part-time MBA in Business analytics. There are many universities offering full-time and part-time MBA in Business analytics. Full-time MBA in business analytics requires regular classes.
Benefits of Doing an MBA in Business Analytics
Each company has its own purpose and guide for growth, and quantitative reasoning attaining behind any new actions provides the whole organisation with a sense of direction and a standard for measuring its growth and collecting comprehensive quantitative data and composing projections sequentially is why changing the organisation’s asserted purpose into actionable measures for improving and ascending over time.
Amongst the opportunities that analytics reveals are chances for creating more rational use of resources and streamlining methods. A candidate skilled in analytics is placed to join forces with several departments and maximise productivity within the business. When significant data and practical operations management come collectively, the outcome is quicker, and the tasks are performed efficiently to keep an organisation running.
The comprehensive data generated by analytics may appear complicated and confusing. But with the requisite training, these numbers usually add up and generate compelling evidence to follow a different direction in the business. A portion of learning regarding analytics determines how to communicate what the data has to convey to a diversity of clients in both words and visualisations.
That capacity to communicate is essential because it concedes productive partnership among and across teams. Outlining accurately how a difference in a specific method may save the organisation time or resources and how much the company attains to increase profits by seeking an emerging possibility makes a reasonable case to decision-makers. At the very time, analytics shares beneficial information to several departments, trimming down on wasteful methods and optimising goods or tools.
Difference between Business Analytics and Data Science
Some of the differences between Business Analytics and Data Science are listed below-:
- Data Science is the science that employs algorithms and statistics along with the incorporation of technology. But, on the other hand, the study of statistics comprising crucial business data to gain insights would later augment a business’s growth.
2. Data Science utilises structured and unstructured data, whereas Business Analytics employs mostly structured data.
3. Business Analytics does not require much knowledge or use of coding as it is more oriented towards statistics. However, in Data Science, coding is widely used, and a good knowledge of Computer Science is mandatory.
- Only studies and trends relevant to business processes are utilised, whereas Data Science requires the study of every existing trend and pattern.
5. In Business Analytics, the entire analysis is conducted only using statistical analysis concepts whereas, in Data Science, Coding is first utilised, following which statistics are required.
Types of Business Analytics processes
Business Analytics can also be classified into different process types depending on the purpose. While there is some variation in how these areas may appear, most specialists agree on the latter categories:
It renders insights gathered from actual data employing scorecards, recording, clustering, etc. Descriptive Analytics narrates to companies what is happening in their businesses and empowers them to envision trends. This business analytics practice explains the question, “what has happened?” The process for descriptive analytics usually includes extracting out data patterns by “slicing and dicing” or “drilling down.”
It forms predictive patterns by machine learning and analytical tools and techniques. Predictive analytics assists businesses in the project on how contemporary trends are expected to act out over time. This predictive analytics solves the question, “what is likely to happen next?” The process for predictive analytics usually involves data mining and forecasting.
It advises firm decisions depending on simulation, optimisation, etc. Prescriptive analytics aid businesses make crucial business strategies depending on possible scenarios built on previous and prevailing data. This business analytics study acknowledges the question, “what should we do now?” The process for prescriptive analytics usually incorporates guidance associated with risk management and resource reallocation.
MBA in Business Analytics Syllabus
Some of the core topics in the MBA in Business Analytics syllabus include:
- International Business
- Human Resources
Some of the subjects you might study as part of a business analytics MBA specialization involve:
- Spreadsheet Modeling
- Accounting Analytics
- Marketing Analytics
- Financial Analytics
- Business Statistics
- Applied Regression
- Principles of Management Science
- Data Mining
- Forecasting and Modeling
- Business Analytics Strategy
Overview of the Course Curriculum
The programs are usually STEM-optimized which means that the graduates will be allowed to stay in the United States for extended periods before receiving the offer letter. The program puts a special emphasis on courses in Data Science and Digital Strategy along with Business Analytics. Inculcating such skills will allow the students to easily handle and utilise huge datasets. The entire program weighs a minimum total of 180 ECTS credits. Industry sought-after technical proficiencies like Machine Learning, R and python programming, along with Marketing and Management Analytics, are also taught under this program. In some schools like ESADE, a “Pre-programme” exists to assist the students with no business/industrial background. The program begins three weeks before the regular classes. Overall, the program is inclined to structure the student’s ability to handle critical business issues by overseeing and managing vast datasets.
Eligibility Criteria for MBA in Business Analytics
Eligibility criteria for National Students
To pursue MBA in Business Analytics, the requirement is Any graduate with a 3 or 4 years bachelor’s degree with an aggregate of 45% or above or any other equivalent degree from a recognised university.
- Proficiency in English.
- SUAT (Online Test)/MAT with 75% per cent or above/CAT/XAT with 65% per cent or above
- Followed by Group Discussion & Personal Interview
Eligibility criteria for International Students
The eligibility criteria for all courses for international candidates is a minimum of 50% in the qualifying test and must have studied the prerequisite subjects for admittance into the coveted program.
Almost every university accepts applications, and many of them need an entrance exam for admission. To pursue an MBA, some of the universities/Institutions are asking, 1 or 2 years of work experience. However, for most universities with a bachelor’s degree and entrance test, you can get admission.
English proficiency test is mandatory.
For international students, a minimum of 50% in the qualifying exam such as TOEFL, IELTS, GMAT and GRE band scores are mandatory.
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Admission Process for MBA in Business Analytics
The selection of candidates for various programmes happens in two rounds and has three sections of evaluation. First, candidates can appear for the National entrance test (NET). Then, based on the marks received in the NET exam, shortlisted applicants are invited for the Pre-Interview Test and Personal Interview (PIT/PI).
- Communication skills
- Fluency in English
- Analytical skills
- Problem-solving skills
- Management skills
- Interest in changing financial trends and economies of other countries
- Business aptitude
When you apply for a particular university, there are few components in the application they prefer. Some of them are mentioned below:
- GMAT score
- GMAT Quant percentile
- MBA essays
- MBA admission interviews
- Undergraduate GPA
- Recommendation letters
- Undergraduate college reputation
- Length of experience
- International experience
- Industry of employment
- Undergraduate major
- Statement of Purpose
Entrance Tests Required for MBA in Business Analytics
Some of the colleges hold their own entrance tests, whereas the common entrance test is organised at the national level. For national students, MAT, CAT, XAT, SNAP are few entrance tests.
If you are applying for an International University the required entrance tests are:
- TOEFL (Test of English as a Foreign Language) is another test that requires a band score of at least 79. For few universities, it is 100 to 90 to 80 to 70, and the least accepted is 60.
- PTE(Pearson Test of English) is one test that is also acceptable, having a band score of 6.5 overall and not less than 6.0.
- IELTS is an International English Language Testing System. If you want to get into the top business school or universities, you need an overall band score of 6.5 and not less than 6.0.
- The GMAT score is used to test your verbal and quantitative ability. A good GMAT score with other aspects is enough to guarantee your admission to one of the top universities. The band score of the GMAT should be around 6.5 to get admission with not less than 5.5.
Top Universities That offer an MBA in Business Analytics at Global Level
NYU Stern School of Business, New York University, New York
Duration of Course
Originated in 2013, Stern’s Center for Business Analytics publishes analysis and offers networking chances. The NYU provides an MBA concentration in Business Analytics, along with a Master of Science in Business Analytics. Mixing the school’s strengths in business analytics and finance, the school also provides an MBA concentration in Financial Systems and Analytics.
The Wharton School of the University of Pennsylvania, Philadelphia, Pennsylvania
Duration of Course
Wharton’s newly-originated MBA specialisation in Business Analytics equips candidates with an understanding of how to interpret actual-world intricacies by leveraging data. In addition, the school has various related research centres, the embodiment of the Wharton Customer Analytics Initiative and Wharton People Analytics.
HEC Paris, Jouy-en-Josas, France
Duration of Course
HEC Paris is one of the rare European business schools which provides analytics concentration in the MBA program. In 2013, the school joined forces with IBM to add business analytics programs to its MBA specialisation in strategy. Candidates will also get the benefit of the school’s Business Analytics Club, which hosts events on networking and information.
Temple University – Fox School of Business and Management Philadelphia, Pennsylvania
Duration of Course
Even though the MBA programme’s core curriculum meets several aspects in big analytics and big data, the school also allows a dedicated specialisation in Business Analytics for candidates who wish to delve deeper. Fox’s Global Center for Big Data in Mobile Analytics writes related research and publishes it on an annual “Big Data Conference.” Furthermore, the school also provides an MS program in Business Analytics.
Tepper School of Business, Carnegie Mellon University (CMU) Pittsburgh, Pennsylvania
Duration of Course
Among a rich tradition of training and research in technology, there is no wonder that Carnegie Mellon’s Tepper Business School was one of the first to add analytics components in their MBA programmes. Admittedly, now, the school’s MBA course in Business Analytics leverages the school’s research intensities in subjects like operations and information systems. Also, the MBA’s core curriculum presents a comprehensive summary of analytics, with topics like “Probability and Statistics” and “Statistical Decision-Making.”
Georgia Institute of Technology – Scheller College of Business Atlanta
Duration of Course
Founded in 2014, Scheller’s Business Analytics Center hosts events on networking and provides related research. The school’s MBA specialisation in Business Analytics meets method analysis and design, business intelligence, marketing research, and several other subjects.
Emory University – Goizueta Business School, Atlanta, Georgia
Duration of Course
After opening in 2011, Goizueta’s Marketing Analytics Center equips candidates and teachers with networking events through discussions and other events. In addition, the school provides various MBA specialisations that are related to business analytics, along with one in Marketing Analytics and another in Decision Analysis.
NUS Business School, National University of Singapore
Duration of Course
After joining forces with IBM in 2013 to begin a Business Analytics Center, NUS has started a Master of Science in Business Analytics, the first of its sort in Singapore. candidates in NUS’ MBA programme will be exhibited to analytics with few classes such as “Analytics for Managers.”
Imperial College Business School, London, United Kingdom
Duration of Course
Imperial has inclined up its analytics track in the past few years. In 2015, it opened a business analytics research centre along with KPMG. The very same year, it also started an MSc in Business Analytics programme.
Why do Companies need Business Analytics?
The onset of the modern age has brought with it the necessity of incorporating technology into business processes. To supplement its growth, an organisation has started utilising several key metrics that impact its overall performance. These key metrics divert the company’s focus on Key Performance Indicators like – judging the behavioural purchase pattern of consumers, market segmentation, and evaluating ad campaigns. Business Analytics plays a vital role in the decision-making process of organisations and therefore has become a hot skill of the new era. The data obtained is used by almost every division within the organisation. In the coming future, businesses will eagerly look for people with a working knowledge of this skill. Thus, being equipped with these relevant skills and gaining extensive experience in the field through these esteemed programs and universities would surely set the students on the path of professional growth and success.
Career Options After MBA in Business Analytics
The increasing value of Big Data’s overall correspondences is forcing businesses and companies to use both Business Analytics and Business Intelligence. It provides good career options for a student after MBA in Business analytics. However, However, data in its crude form is of no value until it is analysed and evaluated to reveal precious insights. Here is specifically where Business Analytics enters.
Business Analytics belongs to the study of Big Data by using statistical and operations analysis, developing predictive models, applying optimisation techniques, and communicating the outcomes to all the stakeholders concerned – team affiliates, business associates, and clients. It concentrates on quantitative procedures and proof-based data for business modelling and data-driven decision-making.
Regularly, commercial companies use Business Analytics to:
- Analyse data collected from different sources.
- Monitor KPIs and react to altering trends in real-time.
- Utilise advanced analytical tools and statistical analysis techniques to reveal unseen patterns in extensive datasets.
- Share information with appropriate stakeholders through interactive dashboards and news.
Job Roles in this sector and their Respective Salaries
Some of the high-paying roles (along with the respective annual salaries in descending order) that graduates from an MBA in Business Analytics program can bag are-:
- Statistician – $134,000
- Marketing Analytics Manager – $132,000
- Financial Analyst – $126,000
- Project Manager – $108,000
- Market Research Analyst – $107,000
- Technical Team Leader – $90,000
- Quantitative Analyst – $84,600
- Predictive Modeller – $78,600
- Computer System Analysts – $75,000
- Business Analyst – $70,000
- Data Scientist – $69,000
- Data Analyst – $65,000
- Health Care Analyst – $61,200
Some of the top recruiters for MBA in Business Analytics Graduates are :
- Tata Group
- Adani Group
- Morgan Stanley
- American Express
- McKinsey and Company
- Larsen and Toubro (L&T)
- Boston Consulting Group
MBA in Business Analytics Salary in India
Usually, freshers who begin in entry-level job positions like Data Analyst, Business Analyst, Big Data Analyst, and Market Researcher, can make an average base pay ranging within INR 2,50,000 – 5,00,000 LPA. The higher positions payrolls are saved for aspirants hailing from reputed Business-schools.
As for experienced candidates who have obtained about 5-8 years of working experience and have migrated to mid-level management positions, the average base pay is somewhere around INR 7,00,000 – 15,00,000 LPA. For senior-level professionals having around 10-15 years of work experience, the salary package becomes much higher. These professionals in managerial positions up to INR 18,00,000 – 30,00,000 per annum.
The average base pay for candidates internationally ranges from $80,000 to $110,000.
Is it a good fit for you?
Considering the numerous industry studies, Business Analytics stands out as one of the most rewarding careers – both in terms of salary and learning. However, there are some crucial prerequisites that one should be well-equipped with in order to pursue a career in Business Analytics. The aspirant needs to be proficient in Mathematics and should possess good computational skills. Moreover, a strong Quantitative Aptitude along with a firm knowledge of some programming languages like C, Java, Python, and R.
In order to pursue this program, it is highly recommended that one should have already completed an undergraduate course in Business Analytics or maybe received some certification for the same. This would provide the aspirant with basic domain knowledge.
The growing need for MBAs with analytical skills has made Business Analytics a comparatively latest and successful specialisation in the management area. One gets various career options in business field after MBA in Business analytics. In the MBA in Business Analytics, professionals are taught data analysis and how to apply the insights to raise business earnings and profits. Moreover, with the help of the Internet, social media and the increasing propagation of smart gadgets and IoT, jobs in this field of concentration are observing enormous growth with a long-term perspective.
MBA in Business Analytics is a developing field of expertise that is obtaining growing traction in all areas of the industry. The concentration confers a decisive and encouraging outlook. For those of you who have remained cynical about picking this program, you can’t stop thinking and start considering joining the MBA in Business Analytics!