In this age of Big Data, business analytics and data science experts who use data to tackle challenges have become the go-to problem solvers in the business world. They mine and interpret data for instructive trends to solve a range of programs, including how to:
Not every company is properly utilizing the power of data, and those that are have a distinct advantage over the competition. Companies that take a more data-driven approach enjoy significant cost savings and increased revenue.
When you earn a Master of Science in Business Analytics (MSBA) degree, you'll have the skills and knowledge you need to make a measurable difference to your employer's bottom line.
In this guide to a Master of Science in Business Analytics degree, we'll cover:
Analytics is crucial to success in business. Companies increasingly collect as much data (known as business intelligence) as possible, but information in its rawest form isn't particularly useful. Business analytics turns raw data into a valuable asset for making decisions and developing strategies. Business analytics professionals __ make sense of all the raw information companies collect using various statistical methods, software applications, and techniques. They help companies to use data to do things like:
A number of career paths will open to you when you earn a Master of Science in Business Analytics should open a number of career paths to you. Among them:
These analytics professionals look at the big picture of any business. In this highly technical role, which pays $91,060 per year on average, you'll:
Earning a Master of Science in Business Analytics is probably not the fastest way to become a data scientist (a Master of Science in Data Science might be a more direct route), but it is one way. Look for schools with MSBAs that have programming courses in the core curriculum.
The biggest difference between data scientists and data analysts is that data analysts are more likely to apply existing applications, algorithms, and models to approach a problem. Data scientists, in contrast, are more likely to develop new applications, algorithms, and models in solving a problem. Data analytics usually pays about $59,559 per year (increasing to about $80,000 for a more senior role), you'll be responsible for gathering data from different sources and:
To enter this field, look for business analytics programs that teach database querying languages like SQL, statistical programming languages like R, and data visualization tools.
As a management analyst, you will use data to improve organizations' efficiency and performance. It's a good career choice for MSBAs who enjoy travel because management analysts (who earn about $83,610 per year on average) are often sent from site to site or work independently as consultants.
Operations research analysts use advanced data analysis and mathematical modeling to solve such complex problems las how to dispatch police officers more efficiently, or how to price goods higher without losing sales in the process. In this role, you might work in:
The average salary for operations research analysts is about $75,772 per year on average. In a management role, you'll make upwards of $120,000 per year.
Also known as market research analysts, marketing analysts are responsible for:
Analysts earn about $55,000 per year, while managers make $126,318 per year on average.
How much money you earn with a master's degree will depend mainly on your work history, location, and your level of seniority. In addition to the roles above, MSBA holders work as:
The most important prerequisite for aspiring MSBA students is a bachelor's degree. A bachelor's with a focus on business analytics will serve you well. Two notable option:
Most master's programs don't require applicants to have earned a specific degree or to have completed specific courses, although a few do. Many others simply prefer students whose undergraduate degrees demonstrate preparation for this quant-heavy, computer-science-heavy discipline. They favor applicants with bachelor's degrees in science, math, computer science, statistics, or engineering.
If you're currently working toward a bachelor's but are not majoring in a quantitative discipline, you can still become a more attractive MSBA candidate by taking math, statistics, and programming classes.
Because the MSBA is a business degree, many universities require applicants to submit GMAT or GRE scores. A few, including Iowa State University's Debbie and Jerry Ivy College of Business, don't require either exam. Some schools allow applicants with significant work experience or another graduate degree to request a test waiver. Always read graduate program admissions descriptions carefully.
Most master's degree programs take about two years to complete as a full-time student, three to four years as a part-time student. Accelerated programs can reduce this time somewhat.
In most Master of Science in Business Analytics programs, you'll study:
You may also take computer science and information theory courses, along with coding classes in R, Python, SAS, and SQL. In most programs, you will complete a capstone project.
You'll learn how to:
You'll also get to network with people in the analytics and business worlds.
That said, MSBA curricula vary depending on their curricular focus. Some emphasize business skills and principles; others stress quant skills; others still highlight computer science. Study the curricula for each program you seriously consider. The program description on each school's website should reveal its program's emphases.
The MS in business analytics and the MS in business intelligence both serve aspiring data professionals and, at first glance, they look rather similar. There are key differences you should be aware of, however. Business analytics emphasizes predictive models, with a focus on anticipating emerging trends. Business intelligence is much more concerned with mining data to analyze and solve existing problems.
No guide to a Master of Science in Business Analytics would be complete without a look at the pros and cons. Getting any master's degree represents a significant commitment in both time and money. Think carefully about whether you can afford not just the price tag of a master's degree, but also the loss of income, the cost of extras like housing and books, and the time expenditure.
If your goal is to work as an analyst or to manage other business analysts, then earning your Master of Science in Business Analytics is a good idea (assuming that the numbers add up). There are plenty of jobs for analysts and data scientists — job openings in data science and analytics tend to remain open for at least 45 days — but you'll still need to develop the credentials and résumé to earn those positions.
The best thing about getting a master's degree in business analytics is that you can apply the knowledge across many industries. You can work in:
Business analysts are needed everywhere, and an MSBA should provide the necessary credentials to pivot from one industry to another throughout your career. In today's fast-changing business climate, that's a huge plus.