If you’re fresh out of college, you may be considering pursuing further studies. With the rise in popularity of business analytics, perhaps pursuing your master’s in this field may be a good choice.
You may also be a young professional wanting to become a more skilled and valuable employee. A master’s degree is a great way to expand your knowledge and hone your skills.
Today, we’re going to discuss whether a master’s degree in business analytics is worth it. By the end of the article, you should have all the information you need to make an informed decision. Check it out below.
What Is Business Analytics?
First, let’s understand what exactly business analytics is. Business analytics is the practice of researching, analyzing, and interpreting data to follow a company’s performance. Simply put, business analytics is using data to determine whether a company is performing well or not.
However, if you look into business analytics more closely, it becomes much more than merely making sense of data. Business analytics allows companies to spot strengths and weaknesses in various corporate processes. This information is then used to improve on certain key areas, allowing for future growth.
A business analyst may use a whole host of statistical methods to extract vital information regarding a specific project or product.
The Application of Business Analytics
Data is not only limited to the numbers that scientists obtain from experiments. Data can cover various topics such as interactions on social media and even crime statistics utilized by law enforcement agencies.
Around ninety percent of all data circulating today was created in just the past few years. About 2.5 quintillion bytes of data are created each day. When taken individually, you can imagine how big of a mess this amounts to.
The job of business analytics is to weave the data into cohesive chunks of information that can be used in millions of different ways.
Industries for Business Analytics Graduates
A master’s in business analytics does not limit you to a career in one specific field. Masterful command over data is a skill that all types of employers deem valuable. Therefore, graduates of business analytics can pursue various high-level opportunities in a diverse number of industries.
Listed below are just a few of the industries that business analytics graduates delve into.
- Healthcare. Healthcare and technology have grown together to become more and more integrated. This integration has led to a need for those with an eye for data. Business analytics graduates may apply their skills to numerous aspects of the healthcare industry, such as facility operations and predictive analytics. The practical application of business analytics can produce a more holistic approach to data, which may enable healthcare facilities to run with greater efficiency. Imagine how patient health can improve with an efficiently-run healthcare facility.
- Computing Systems. Computing systems and networks are becoming more advanced with each passing day. Unfortunately, cybercriminals have also adapted their methods and have become more sophisticated in deploying attacks. Business analytics courses typically feature data management and strategic analysis, which allow graduates to spot network vulnerabilities and security flaws.
- Hospitality. Guests from all over the world bring different demands and expectations. Business analytics graduates can focus on database management and help optimize guest experience and improve overall results.
Continued Job Growth
One of the key reasons a person may pursue a master’s degree in any field is to open the door to greater career plans. With business analytics, graduates are promised great opportunity potential in an area with massive growth.
- Data is becoming more and more relevant for big businesses.
- As of 2020, around 2.7 million data-related roles have been left unfilled.
- Employers find that it is particularly challenging to find employees with a firm grasp of computer analytics.
Business Analytics Salary
Aside from a massive potential in career growth, a master’s in business analytics also pays handsomely.
Data science was the most promising job in America in terms of salary and career progress, according to LinkedIn in 2019.
Fresh graduates of master’s in business analytics can earn as high as $6,500 per month in Hong Kong, according to Dr. Jingqu Wang, program director of Business Analytics at Hong Kong University.
Universities Offering Master’s in Business Analytics
As the field of business analytics grows in popularity, more and more universities have been offering them to graduate students. The following are just four of the many universities in Massachusetts offering business analytics degrees.
Massachusetts Institute of Technology
The MIT Sloan Master of Business Analytics program prepares students for careers that apply and manage modern data science to solve critical business hurdles. You can complete the program in just 12 months.
The university tailored the program for current students or fresh college graduates who aim to pursue a career in the data science industry. The program is also applicable for engineers, mathematicians, physicists, computer programmers, and other high-tech professionals aiming to advance their careers or take their jobs in a different direction.
The university created the program to answer the industry’s demand for skilled graduates who can confidently apply data science to solve business problems.
Massachusetts Institute of Technology offers a business analytics degree at the undergraduate, graduate, and doctoral levels.
University of Massachusetts Boston
The business analytics program at the University of Massachusetts Boston is a ten-course, 30 credit degree program. To complete the program, students must complete a minimum of 10 courses, including the analytical core courses, the electives, and the capstone course.
The program aims to prepare students to utilize analytical techniques, methods, and applications to manipulate data in diverse organizations and enterprises of all kinds.
University of Massachusetts Amherst
The University of Massachusetts Amherst offers a master’s in business analytics that can be taken on-campus or online.
It aims to provide professionals without a bachelor of business administration degree the necessary analytical tools and skills that are sought after by all kinds of companies.
Currently, the curriculum covers the foundations of business management in addition to data management, business intelligence, and data mining. The program has been classified as a STEM program.
The 100% online Master of Science in Business Analytics with a focus on marketing from the D’Amore-McKim School of Business prepares students for problem-solving by coupling comprehensive data analytics skills with an understanding of the big questions faced by companies.
It can be completed part-time in 20 months.
More schools that offer the program in Massachusetts:
- University of Massachusetts Lowell
- Clark University
- Suffolk University
- Babson College
- Bentley University
- Merrimack College
Is It Worth It?
The big question: is it worth it? If you’re in search of a career that will place you in high demand among employers from different industries, the answer is a clear yes.
The rise of data has created a need for more employees who are skilled in both the fields of data analytics and business.
Companies use data to power growth and expand into new business sectors. With their expansion comes a need for more data scientists.
There is an established shortage of professionals equipped with knowledge of business analytics. Therefore, there are more than enough growth opportunities for students pursuing a master’s in business analytics.
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