In today’s technology-driven world, everything we use, from mobile phones to debit cards and websites, generates data. Researchers indicate that as much as 2.5 quintillion bytes of data are generated each day! The data captured by businesses is known as Big Data, and it plays a very crucial role in the day-to-day operations of a company. However, collecting raw data and properly analyzing it to generate valuable insights are two completely different things.
This is where business analytics comes into play.
What is Business Analytics?
Before we delve into the scope of MBA in data analytics, let’s start with the basics. Business analytics comprises two words- Business and Analytics. The latter refers to the various processes and techniques used to turn data into information and knowledge that drive the profitability of a business. It supports the business decision-making process by providing valuable insights and enhancing organizational performance.
It can be described as an umbrella term that features two distinct fields of practice, namely
- Business Intelligence
- Advanced Analytics
It refers to the process of scrutinizing historical data to evaluate the performance of a department or a product line over a period of time. Some of the practices involved in business intelligence include
- Online Analytical Processing(OLAP)
It is a specialized field that involves in-depth statistical analysis, such as performing predictive analytics to understand or predict the effectiveness of a new website design or service on sales. Some of the practices involved in Advanced analytics include
- Cluster Analysis
- Simulation Algorithms and
- Data mining
Some of the various advantages that a company can reap from business analytics include,
- Getting faster answers to essential business questions
- Generating answers that are based on information instead of simple guesswork.
- Gaining valuable insights into customer purchasing behavior
- Discovering areas of improvement for cross-selling and up-selling
MBA In Business Analytics
Simply put, an MBA in Business Analytics is a traditional two-year course with a concentration in business analytics. It helps aspirants develop an enhanced knowledge of various data analytical tools. It includes training individuals in technical and non-technical skills, business fundamentals, leadership qualities, management practices, and all the necessary skills specific to business analytics.
It is the perfect degree for those who wish to switch professions or launch new careers, as it opens the door to many job opportunities. Working professionals who wish to advance their careers to higher management positions can also apply for this degree. Both part-time and online mode is available for the convenience of aspirants.
Topics Covered Under An MBA In Business Analytics
A typical MBA in Business Analytics program comprises complete case studies and hands-on training in the most up-to-date business analytical tools. Students get to execute projects, some of which might be based on real-life challenges faced by the business world. Some of the various topics that are usually covered under this course include,
- Human Resources
- International Business
- Corporate Valuation
- Brand Management
- Supply Chain Analytics
- Social Entrepreneurship
- Model Business Decision
Eligibility Criteria For MBA In Business Analytics
The eligibility criteria for an MBA in Business Analytics differ from institute to institute. In general, candidates must have a Bachelor’s degree in similar fields from any recognized university.
The program is specifically designed for aspirants who are either already working in analytics or want to enhance their knowledge in this field. Therefore, significant working experience is approved.
What Is The Scope Of MBA In Business Analytics
The scope of an MBA in data analytics is bright and lucrative. Surveys indicate that 50% of major global enterprises plan to hire MBA holders for data analytics roles.
Yet another report published by the McKinsey Global Insitute claims a nationwide shortage of 1.5 million analysts and managers who are properly trained to harness the power of analytics in making effective data-driven business decisions.
These stats speak for growing demand and the lack of skilled talent in the industry, implying aspirants should start preparing to become a valued part of tomorrow’s business analytics!
Jobs After MBA In Business Analytics
Below are some excellent MBA in Business Analytics job roles that come alongside cross-functional exposure and high-compensation packages.
A business analyst is expected to properly analyze and improve a business’s functioning and day-to-day operations. The ultimate goal is to reduce the opening cost while maximizing the output.
The average salary of a business analyst is $81759 per year.
The role of a data analyst revolves around collecting and analyzing data to help business organizations make better data-driven business decisions.
The average salary of a data analyst is estimated to be $73237 per annum.
Market Research Analyst
Market research analysts are required to gather and analyze market data to increase the profitability of a business. The average salary of a market research analyst is $63,920 per year.
Business Intelligence Analyst
A business intelligence analyst is required to oversee a business organization’s design, development, support mission, and management.
The average salary of a business intelligence analyst is $87,751 per annum. The given figure is subject to growth as employees at the business analyst role will proceed to climb the corporate ladder and pursue positions like, consultants, senior business analysts, business analyst manager, and eventually, the head of business analysis.
Big Data Analyst
Big data analysts are required to import, clean, cover and analyze data in order to generate valuable insights which can later be used in the decision-making processes.
The average salary of a big data analyst is $103,569 per annum.
A quantitative analyst is required to look for profitable investment opportunities and manage an organization’s risk factors.
The average salary for this role is estimated at $138931 per annum.
Apart from these above-mentioned roles, one can explore several other career paths with an MBA in Business Analytics. Those include Operations Analyst, Supply Chain Analyst, Financial Analyst, and Personal Financial Advisor, among others.
Top Business Analyst Recruiters
The job market for a business analyst has expanded a lot over the years. Several MNCs and big companies are on the lookout for skilled and experienced data analysts. On that note, here are some of the big recruiters in the business analytics field.
|Average Salary per annum
|Wells Fargo India
|McKinsey and Company
With this, we come to the end of our blog containing MBA in Business Analytics scope and salary. Hopefully, this has cleared all your doubts and queries regarding the same. Analytics undoubtedly play a very important role in a company’s overall growth and development. In order to emerge as successful leaders in this field, aspirants need to have an in-depth understanding of statistics, programming, and data management, in addition to being good with numbers. Although it is a relatively new specialization, the demand for the same has increased manifold over the years.
On that note, we present the Master of Business Administration program brought to you by Golden Gate University in collaboration with upGrad. Contrary to most other programs that usually take two years to complete, at GGU, you can complete your degree in just 15 months.
It is specifically designed for working professionals and offers five areas of concentration: Finance, Business Analytics, General, Marketing, and Adaptive Leadership. Candidates can choose any one or a combination of topics from these listed concentrations.
So what are you waiting for? Enrol now!
Q1: Is Business Analytics a high-paying job?
Business analysts are responsible for thoroughly analyzing and scrutinizing data to improve the decision-making strategies in a business organization. The role of a business analyst is currently regarded as one of the highest-paid data analytics jobs.
Q2: Is an MBA in Business Analytics hard to pursue?
In its strictest sense, an MBA in Business Analytics is not especially hard. It can be a great opportunity for individuals who like to solve complex problems haunting the business world or offer practical solutions based on real business data. Thus, almost anyone with basic maths abilities can pursue this degree.
Q3: Is MBA in Business Analytics a good choice?
Earning an MBA in Business Analytics helps candidates to stay up-to-date with the latest concepts, such as Python, R-programming, and Big Data Analytics, among others. A typical MBA in Business Analytics program consists of data-driven studies, alongside topics such as marketing management, business and management principles, and business ethics, among others.
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