Earn Your Next Pay Raise with a Master’s in Business Analytics

Are you ready for the next level in your career? Obtaining a Master’s in Business Analytics is a great way to achieve this goal. It’s easy to let career advancement slip away from you. However, keep in mind that if you aren’t challenging yourself, you may wind up losing interest or becoming complacent in your career. Pursuing higher education provides many benefits. Not only will it potentially lead to a promotion, it can also win you a decent pay raise. All the while, you’ll get yourself excited about your job again and increase your motivation and productivity.

The study of business analytics involves a mixture of computer science and business management principles. The purpose of the MSBA program is to expand students’ knowledge and skills in collecting, organizing, and interpreting data that has an influence over business operations. With the continuous growth of big data, business analytics careers are in demand and universities are expanding business analytics master’s programs.

Below we will discuss how obtaining a Master’s in Business Analytics will help you increase your salary. We will also explore potential jobs, as well as a sample of universities that report MS Business Analytics salary increases upon graduation.

How will I get an increase from a Master’s in Business Analytics salary?

Deciding to pursue higher education is without a doubt a major commitment. You have to be willing to sacrifice time, money, and energy to achieve this goal so it’s important to know whether you will receive a proper return on your investment. Luckily, Noodle has some encouraging points to share that will help you in making this determination. However, remember that you will ultimately determine what the best course of action will be, as only you truly know your personal situation.

Many choose to pursue a this program because a Master’s in Business Analytics salary is typically higher than other areas. We have good news for you: analytics is in demand. According to a recent IBM report, data science and analytics jobs are growing rapidly. In 2015, IBM reported 2.4 million data science and analytics job listings, with an additional 364,000 on the way by 2020. Analytics is a blossoming trend, and companies are searching for viable candidates to fill these roles. These are great statistics for anyone who is thinking about obtaining a master’s degree with the intention to enter this field. If you are qualified in business analytics, you will be very marketable.

Due to the demand for an analytics skillset, universities are expanding their data science and analytics master’s programs. With the understanding that many of their prospective students are already working professionals, most of these programs are offered online or have on-campus flexibility. This is very valuable because you won’t have to make many life changes that could potentially have a financial impact just so you can attend school. Completing an online master’s program allows for flexibility to maintain a full-time job, keep up with family obligations, and attend courses at your own pace.

There are typically a few different types of people who are interested in an MSBA, such as recent graduates interested in going straight into a master’s program. However, this article focuses on current professionals who are interested in exploring this program so they have the potential to generate a higher master of science in business analytics salary.

MS in Business Analytics salary

If you are currently in the field of business analytics and are interested in expanding your career, Noodle is delighted to tell you that you have a lot of promising options. Our expert research indicates earning your Master’s in Business Analytics gives you the potential to land the following careers. We have also provided average salaries, as reported on Glassdoor, and available jobs and top hiring cities, as reported on Indeed. Pursuing a career in business analytics also provides a fairly clear promotional path.

Pricing and Revenue Analyst

• Typical responsibilities: Maximize business growth by analyzing revenue trends.
• Average salary: $58,540
• Jobs available: 1,814
• Top cities hiring: New York, NY, Chicago, IL, San Francisco, CA

Market Research Analyst

• Typical responsibilities: Evaluate market trends and recommend products and services.
• Average salary: $60,429
• Jobs available: 9,797
• Top cities hiring: New York, NY, Chicago, IL, San Francisco, CA

Big Data Analytics Specialist

• Typical responsibilities: Manage the company’s big data and have the ability to quickly obtain results from large datasets.
• Average salary: $65,470
• Jobs available: 11,453
• Top cities hiring: New York, NY, San Francisco, CA, Chicago, IL

Data Analyst

• Typical responsibilities: Translate data that will help companies make better business decisions.
• Average salary: $65,470
• Jobs available: 81,913
• Top cities hiring: New York, NY, Chicago, IL, San Francisco, CA

Operations Research Analyst

• Typical responsibilities: Help organizations identify and solve operational problems and make better decisions.
• Average salary: $68,571
• Jobs available: 13,738
• Top cities hiring: New York, NY, Washington, DC, Chicago, IL

Management Consulting Analyst

• Typical responsibilities: Propose managerial methods to reduce costs, increase revenue, and improve company efficiency.
• Average salary: $75,091
• Jobs available: 10,873
• Top cities hiring: New York, NY, Washington, DC, Chicago, IL

Business Intelligence Analyst

• Typical responsibilities: Analyze past trends and current conditions to improve company profit.
• Average salary: $79,613
• Jobs available: 8,384
• Top cities hiring: New York, NY, Washington, DC, Chicago, IL

Program and Marketing Manager

• Typical responsibilities: Create compelling marketing campaigns that direct customers to the company’s products and services.
• Average salary: $80,673
• Jobs available: 92,151
• Top cities hiring: New York, NY, Washington, DC, Seattle, WA

Performance Management Consultant

• Typical responsibilities: Use strategy expertise to streamline operations.
• Average salary: $104,967
• Jobs available: 37,996
• Top cities hiring: New York, NY, Chicago, IL, Washington, DC

Business Intelligence and Analytics Consultant

• Typical responsibilities: Design, develop and implement business intelligence and analytics systems.
• Average salary: $113,845
• Jobs available: 1,818
• Top cities hiring: New York, NY, Chicago, IL, Reston, VA

Data Scientist

• Typical responsibilities: Take initiative in gathering data to provide an understanding of business performance.
• Average salary: $120,931
• Jobs available: 24,755
• Top cities hiring: New York, NY, Chicago, IL, Washington, DC

What will ultimately influence my MS in Business Analytics salary increase?

There are a number of factors that will impact your salary goals. Below we explore how education, experience, and location can lead to a higher salary.

Education: As we have discussed, obtaining a master’s degree typically helps you make more money that you made with just a bachelor’s degree. PayScale also says you can land a job with a higher salary by furthering your education. Assuming you are a Data Analyst in New York City with a bachelor’s degree and have 3 years of experience, PayScale estimates that you could achieve a 13 percent pay increase by obtaining your master’s degree.

Experience: Even after you obtain your MSBA, you can expect to generate further salary increases just by gaining more years of experience. According to PayScale, a Market Research Analyst in Chicago with a master’s degree and 3 years of experience will likely have an average salary of $57,000 per year. If you maintained the same job, in the same location, with the same education level, but had 6 years of experience, you would likely have an average salary of $63,000 per year. It’s the gift that keeps on giving.

Location: Sometimes it just comes down to location and cost of living. According to Glassdoor, a Data Scientist in San Francisco has an average salary of $142,729 per year, landing at 18 percent above the national average, whereas a Data Scientist in New Orleans averages at $96,754 per year, which is 20 percent below the national average. We do want to point out, however, that many remote companies, like Zapier and Automattic don’t take your location into consideration when determining employee salary, which means you won’t have to worry about taking a paycut if you wind up moving somewhere with a lower cost of living.

MSBA graduating salaries

Below we provide a list of universities that report average student salaries within one year of graduation. Investing in graduate school is a huge commitment. It’s important that you make an informed decision to ensure you are obtaining a proper return on your investment. If you’re worried about how you’re going to pay for graduate school, Noodle has some tips for you.

With the exception of Merrimack College, which is exclusively offered online, these MSBA programs provide both an online and on-campus option. We want to provide a special note about the value in an online program. Online programs are very useful and provide the same level of education that on-campus programs offer. If you have never experienced online education, we recommend you read Noodle’s article on what to expect. You can also follow with a similar article that busts some of the myths about online education.

Arizona State University

Arizona State University offers a Master’s in Business Analytics program that seeks to deepen participants’ quantitative and analytical skills. The program is geared toward using analytical skills upon graduation, and Arizona State offers lifetime career support. The program is flexible, allowing you to work at your own pace, and you can connect with professors and fellow students via live chat. There is a three-day orientation on campus so program participants can meet one another and professors.

• Location: Tempe, AZ
• Minimum GPA: Average GPA 3.5
• GMAT/GRE required: Yes
• Accredited by AACSB: Yes
• Tuition: $33,000 for residents, and $51,000 for non-residents
• Program length: 9 months
• Master of Business Analytics salary: $77,000 per year

Boston University

Students at Boston University gain real-life experience using various analytical models and decision-support tools in the Master of Science in Applied Business Analytics. The school aims to support working students by offering an affordable education that can be completed on a part-time basis. Boston University is dedicated to supporting program participants in obtaining the necessary knowledge and skills to use data in business practices.

• Location: Boston, MA
• Minimum GPA: N/A
• GMAT/GRE required: N/A
• Accredited by AACSB: Yes
• Tuition: $34,400
• Program length: 18-24 months
• Master of Business Analytics salary: $77,000 per year

Merrimack College

Merrimack College is designed for working students. Therefore, if you are already deep in a career, the coursework is designed to be directly applicable to the job you are currently doing. Merrimack College’s mantra is to gain applicable skills, not just theory. Along the same lines, the program offers an analytics capstone project.

• Location: North Andover, MA
• Minimum GPA: 3.0
• GMAT/GRE required: N/A
• Accredited by AACSB: No
• Tuition: $27,730
• Program length: 15 months
• Master of Business Analytics salary: $82,000 per year

Oklahoma State University

At Oklahoma State University, you are truly getting a blend of data and business. The business data analytics program is conducted in a multi-platform environment that includes tools such as SAS, Python, R, SQL, and Tableau, but also emphasizes soft skills and business acumen development. The program typically includes approximately 40 cohorts, and in 2017, all participants received a paid summer internship. Furthermore, according to Oklahoma State, 90 percent of 2017 graduates received offers within three months from graduation.

• Location: Stillwater, OK
• Minimum GPA: N/A
• GMAT/GRE required: Yes
• Accredited by AACSB: Yes
• Tuition: $14,366 for residents, $33,021 for non-residents
• Program length: 20 months
• Master of Business Analytics salary: $81,000 per year

Saint John’s University

Almost all participants of the Master of Science in Business Intelligence & Analytics program at Saint John’s University have a full-time job while completing the program, so flexibility is a staple. According to a university representative, this dynamic program is well-suited for prospective students from all backgrounds, whether you already work in the field or are making a complete career change. Although, it was suggested that those making a career change are math proficient.

• Location: Philadelphia, PA
• Minimum GPA: N/A
• GMAT/GRE required: Yes, but can be waived
• Accredited by AACSB: No
• Tuition: $30,690
• Program length: Two years
• Master of Business Analytics salary: $90,000 – $100,000 per year

Wittenberg University

Wittenberg University offers an online Master of Science in Analytics program that requires students spend three days on campus per month. Each class is capped at eight students. The program is inclusive of recent college graduates, early-career professionals, and more experienced professionals. The majority of students secure a $20,000 raise after graduation, which secures a pretty decent MS Business Analytics salary. Wittenberg University also has a large alumni network.

• Location: Springfield, OH
• Minimum GPA: N/A
• GMAT/GRE required: No
• Accredited by AACSB: No
• Tuition: $35,970
• Program length: 12 months
• Master of Business Analytics salary: Pay increase of $20,000 per year

Final thoughts

Business analytics truly is an interesting and popular program that will likely lead to a long-standing career. Another item worth noting is that completing the MSBA program will open a lot of doors because companies are often connected with universities that complete capstone projects. Having an alumni status will provide ongoing career support as well. Hopefully after reading through some of this information you are left with positive feelings about your decision to pursue a Master’s in Business Analytics.

Questions or feedback? Email editor@noodle.com