The concept of business analytics is implemented in most of the world’s major companies and notably with start-ups, where business owners are keen to exploit any data-driven advantages.This will also help them to compete with other businesses in the mass market.
Due to the increasing interest in business analytics in the tech sector, more business schools have begun to offer a master’s program in business analytics. This rise has mainly been driven by American universities and schools, which clearly explains why the majority of schools in the QS Business Analytics Rankings are from the US.
Over 1 billion people use Facebook every day, trillions of photos are being taken, and billions are shared. By the year 2020, it is estimated that there will be over 6.1 billion smartphone users. Also, 1/3rd of all data will be transmitted through the cloud platform. Apart from these, there is a lot of data involving online banking, business, movies, television, music, and games.
Companies collect all these data but lack professionals who can use these data effectively. It is essential to capture, analyze, and generate meaningful business insights from the data gathered. Once businesses have a plan for collecting all the desired data, organizing the data, and analyzing it, they are in a position to develop strategies to have a competitive edge in the market.
Some of the popular reasons for which people pursue a masters program in business analytics are as follows-
High in Demand
While Masters in Business Analytics is more or less comparatively new, it’s regarded as quite popular among the world’s major MNCs. The companies not having their in-house Business Analyst need to outsource and take the services of Business Analytics companies. It is due to the rise in interest in Business Analytics in the IT sector that various Business Schools have started to offer Masters in Business Analytics.
Master in Business analytics is 12 to 14 month (Full Time) long program. It is regarded as one of the shortest masters programs for an in-demand job.
Usually, the pay scale for candidates who have Masters in Business Analytics is quite large. The average salary is approximately around $80,000. In the US, the employment rate for Masters in Business Analytics graduates is about 69.4%.
Various Job Profiles
Even if you hold a degree in Masters in Business Analytics, it doesn’t necessarily mean that you have to be a Business Analyst. There are different job profiles, such as Financial Analyst, Statistician, Market Research analysts, and others. So, you are free to explore according to your wish! Graduates having a masters in Business Analytics work at large companies, or start their businesses, work in banks or FinTech, go for web-based companies, retail and food companies, media companies, and marketing companies.
According to surveys and studies by the US Bureau of Labour Statistics, jobs as a Business Analyst are estimated to increase by 20% by 2020. To sum up, the job opportunities for Business Analysts are already growing and will continue to prosper over the years.