Is A Master's in Business Analytics Worth It?
Learn more about business analytics to decide whether a master's degree in this field is a worthwhile pursuit. Look at common courses, admission requirements, and the different career options resulting from the degree.
Degree Information for Business Analytics Master's Degrees
Master's degrees in business analytics can be a suitable option for students who are analytically inclined or students who have an agile mindset and like new challenges. The field of business analytics involves recognizing economical trends through analysis and using them to advise profitable business decisions. If you decide to pursue your master's in business analytics you can expect approximately 12-14 months of work and study to obtain it. Here are several courses that are often part of a master's degree program in business analytics.
Courses in data analytics take a mathematical approach to focus on data operations which will typically include advanced analytics. This type of course can help you to understand statistical analytics and decision-based analytics which will typically give you a better understanding of probability and how it applies to business.
Financial management courses can keep you heavily involved with the accountancy and mathematical aspects focused on in data analytics. This sort of course can provide you with an adequate framework that should give you an understanding of the impact that financial decisions can have on business.
Information Technology (I.T.)
Different courses surrounding the world of computers and I.T. can be very beneficial while pursuing your master's in business analytics. I.T. courses should give you a strong understanding of different computing processes that will be essential assets in the field of business analytics.
Taking a course in business communication has potential benefits, and you can become well-versed on what goes into having successful relationships with different business leaders and companies. This area of study is usually focused almost exclusively on the communication and relationship-building aspect of business. Upon completion, you should have an adequate understanding of different business presentation strategies, business writing, group communication, and communication on a global scale.
Deciding to educate yourself in economics would most likely benefit your understanding in the transfer of wealth and goods while conducting business. Primarily, you will look at the analysis and description of production and distribution, as well as how consumption of scarce goods and services plays into this. After finishing your studies in economics, you should walk away with a better understanding of the impact that the economy has on the behaviors of individuals and groups.
Admission Requirements for Master's Degrees in Business Analytics
Although you will need to hold a bachelor's degree in order to apply, that would not necessarily need to be a bachelor's degree in a business field. You will need to have prior computer knowledge and capabilities. These capabilities should include but are not limited to: word processing, spreadsheets, networking, and database management systems. Experience in programming languages such as C, C++, Python, Java, and HTML, coupled with knowledge of using statistical software packages are also helpful. You will typically need to have either performed well on your Graduate Record Exam (GRE) or have a GPA of 3.25 or higher.
Careers with a Master's Degree in Business Analytics
The main role of a management analyst is to provide new ways to improve the efficiency and productivity of a business or organization. Management analysts will frequently travel to meet with different clients, which may occasionally lead to work weeks that are longer than 40 hours. Although all job opportunities in this field do not require a master's degree, having the degree should help prove your worth and set you above other candidates. According to the U.S. Bureau of Labor Statistics, there are projected to be 99,900 job openings in this field from 2018-2028.
Market Research Analyst
The majority of time spent as a market analyst will consist of researching, studying and analyzing the market to give insight into the potential sales of a product or service. Most industries require market analysts, so the type of company you work for may differ from job to job. Market research analysts are required to meet tight deadlines and should be prepared to work under pressure. Some job opportunities may exist with only a bachelor's degree, but there are other research positions that require a master's degree. There are a projected 90,700 job openings for market research analysts from 2018-2028, according to the U.S. Bureau of Labor Statistics.
Financial analysts will typically analyze the market and the economy and use their research to provide guidance for personal clients and businesses. They will primarily provide assistance in advising the terms of the investments that the clients will pursue. Most financial analysts work normal 40 hour work weeks. A master's degree may improve your chances for advancement with the organization. According to the U.S. Bureau of Labor Statistics, 30,900 job openings in this field are projected from 2018-2028.
|Job Title||Median Salary (2018)||Job Growth (2018-2028)|
|Management Analyst||$83,610||14% (much faster than average)|
|Market Research Analyst||$63,120||20% (much faster than average)|
|Financial Analyst||$85,660||6% (as fast as average)|
Source:*U. S. Bureau of Labor Statistics
A master's program in business analytics carries certain typical admission requirements, and it takes about a year to earn the degree. This accomplishment has the potential to open up many analytics job opportunities in management, finance and market research, which are careers with strong potential growth.