These days, it's hard to find an industry untouched by technology. Businesses of all stripes have embraced digital tools to analyze their sales reports, surveys, and customer feedback to understand their business, improve their decision-making, and plan smartly for the future. Who handles all this heavy lifting? Business analysts, that's who.
Whether you’re familiar with the adage via Francis Bacon, Thomas Jefferson, or "Schoolhouse Rock," you've likely heard that "knowledge is power." Most businesses have loads of data but aren’t always sure how to use it effectively to maximize their processes, sales, and profits. That's why proficient business analysts are in demand. Primarily, they analyze a business’ current operations and identify areas of improvement. They also research and recommend the newest business processes and information technology (IT) advancements that apply to their field. In short, they know how to transform knowledge into power.
As Michael Yoo, Skillsoft’s general manager of technology and developer portfolio told Fortune: "Today, virtually every business is a technology business, and what drives growth in technology-enabled businesses is understanding patterns in the oceans of data produced by these businesses." Yoo added that businesses seek :patterns in how customers behave, how their sales channels sell, how their products and services are used, and how they perform versus their competitors."
If you’re considering earning your master’s in business analytics, you’re most likely wondering about Master of Business Analytics salaries (2022). In this article we address this as well as:
According to the US Bureau of Labor Statistics (BLS), demand for business analysts is rising in all sectors, with projected growth of 14 percent over the next decade (which translates to around 99,400 new job openings each year).
To prepare and position yourself in this growing field, you may want to explore a master's degree in business analytics. Not only will you receive the business analysis training you need for a successful career, you'll also earn more. Fortune reports that "business analysts in North America who have a master’s or doctorate degree earn 17 percent more than those people in the same roles who hold undergraduate degrees."
Where you work and your years of experience impacts your earning potential significantly. Job listings for business analytics and related jobs in cities like New York, San Francisco, and Los Angeles tend to pay above the national average (although the cost of living in these cities can eat into these higher earnings).
Let's have a look at some of the positions a Master of Business Analytics will prepare you for.
Business systems analysts and senior business analysts are well-paid,with an estimated total salary range of $101,816 to $105,651. This leadership role in businesses like healthcare, telecom, and business reorganization requires analytics skills to identify business expansion opportunities and communicate these recommendations to stakeholders.
Business analysts and management analysts are all about making business more efficient. They focus on gathering and analyzing revenue, expenditures, employment reports, and financial data. The average business analyst salary varies by industry, with higher pay in tech and financial services and management positions ($100,170 and $96,940 respectively) and slightly lower in insurance and government jobs ($81,090 to $83,050).
Data scientists work analyzing big data in commerce, science, tech and government services. They command an average salary of about $102,370. Years of experience can move data scientists into senior roles with higher pay. In three to five years, the average salary can rise to about $118,000 or more.
Financial analysts earn the most in New York at over $130,000, but can find lucrative job openings on both coasts. Typically these are job postings in the financial sector, but they are also found in the insurance industry.
Data analysts use programs like Microsoft Excel, Microsoft Access, SharePoint, and SQL databases to interpret and communicate survey findings. Depending on a candidate's years of experience, a data analyst's salary ranges from about $58,000 at entry-level to $75,000 with a few years of work experience.
Success in business analytics requires a long list of skills—both technical and personal. Let's take a look at a list of the basics.
Work in this field requires you to know a lot about research, financial planning, marketing, data analysis, database management, interface and query software, object and component-oriented development software, and web platform development software. Personal skills that help on the job include active listening and learning, reading and writing comprehension, problem-solving, critical thinking, organization, negotiation, and verbal and written communication skills.
So where can you get all these skills and learn to use them effectively? The personal skills can be learned and developed, but should probably come naturally to someone who is looking at a business analytics career path. The technical skills and knowledge are taught in business analytics master's programs and honed through years of work experience. While you can start with an entry-level job and a bachelor's degree, a master's can get you further, faster.
A Master of Science in Business Analytics (MSBA) is a graduate-level degree that relies on a solid STEM base. It combines statistics, computer and data science, and business intelligence to recognize patterns from data analysis. Typically applicants for these business analytics programs have been working in the industry already and are looking to increase their earning potential and advance their careers.
Core curriculum coursework in Master of Science in Business Intelligence and Analytics (MSBI&A) programs like the one offered by the Stevens Institute of Technology include classes in:
The school boasts alumni who have gone on to work with organizations like BMW, IBM, Lockheed Martin, and Goldman Sachs.
Elective course selection varies by program, but you can find a range of options like the offerings at the Simon Business School at the University of Rochester, such as:
Specializations are also program-specific. For instance, Butler University offers two areas of concentration for its MS in Data Analytics program: one in healthcare (including an advanced applications capstone project) and one in business (with marketing accounting and supply chain coursework).
Typically it takes about two years to complete your MSBA, but some schools offer flexibility with program design. If you need to continue full-time work while you study, many schools offer a part-time program that can be completed over four or five years. Some offer accelerated master's programs, which can significantly shorten your timeline. Flexibility can also be found in online offerings, which may schedule asynchronous coursework in addition to synchronous class time.
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